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1. Company Snapshot

1.a. Company Description

MaxCyte, Inc., a global life sciences company, engages in the discovery, development, and commercialization of next-generation cell therapies.Its products include ExPERT ATx, a static electroporation instrument for small to medium scale transfection; ExPERT STx, a flow electroporation for protein production and drug development, as well as expression of therapeutic targets for cell-based assays; ExPERT GTx, a flow electroporation for large scale transfection in therapeutic applications; and ExPERT VLx for very large volume cell-engineering.The company also provides disposable processing assemblies (PAs) to process and electroporate cells; and accessories supporting PAs, such as electroporation buffer solution and software protocols.


The company was incorporated in 1998 and is headquartered in Rockville, Maryland.

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1.b. Last Insights on MXCT

The recent 3 months performance of MaxCyte, Inc. was negatively impacted by a decline in investor sentiment, with the stock experiencing a significant drop in value. This downturn can be attributed to a combination of factors, including the company's acquisition of SeQure Dx, which may have raised concerns among investors about the company's ability to integrate the new entity. Additionally, the company's recent earnings release, which reported a decline in revenue, may have contributed to the negative sentiment. Furthermore, the ongoing geopolitical tensions and economic slowdown have likely exacerbated the negative sentiment towards the company.

1.c. Company Highlights

2. MaxCyte's Q3 2025 Earnings: A Stabilizing Business with Growth Prospects

MaxCyte reported $6.8 million in total revenue for Q3 2025, comprising $6.4 million from core revenue and $0.4 million from SPL program-related revenue. The company's gross margin was 77%, and non-GAAP adjusted gross margin was 81%. Total operating expenses were $19.4 million, including $3.1 million in restructuring charges. The actual EPS came out at '-0.12' relative to estimates at '-0.11', indicating a slight miss. With $158 million in cash, equivalents, and investments, MaxCyte is well-positioned to navigate the current landscape.

Publication Date: Nov -20

📋 Highlights
  • Revenue and SPL Growth: MaxCyte generated $6.8M total revenue in Q3 2025 ($6.4M core, $0.4M SPL-related), with 32 SPLs signed and 14 active clinical programs across 18 trials.
  • Restructuring and Cost Savings: 34% workforce reduction to 89 employees, saving $17-19M annually, alongside $3.1M restructuring charges in Q3 operating expenses.
  • Financial Position: Ended Q3 with $158M in cash, maintaining 77% gross margin (81% non-GAAP) and reaffirming 2025 guidance for $5M SPL revenue and $152-155M cash reserves.
  • SPL Pipeline and Market Confidence: 18 active SPL programs in clinical trials, with five expected to enter pivotal studies in 6-18 months and a growing funnel supporting 3-5 annual SPL signings.

Business Developments and Pipeline

The company signed two new SPLs in Q3, Adicet Bio and Anocca AB, and announced a new SPL with Moonlight Bio in October, bringing the total to 32 SPLs. 14 SPL customers have 18 active programs in the clinic, with five programs expected to enter pivotal studies in the next 6-18 months. The SeQure business has a bigger funnel for next year, and the company feels great about its potential. A new platform is being launched early next year, which could provide additional growth.

Restructuring and Cost Savings

MaxCyte undertook a restructuring initiative, reducing its global workforce by 34% to 89 employees, resulting in $17-19 million in annualized savings. The restructuring will allow MaxCyte to remain nimble and invest in growth opportunities. The company is planning to reinvest in the business and focus on M&A in a disciplined way.

Valuation and Growth Prospects

With a P/S Ratio of 5.27 and an EV/EBITDA of -3.98, the market is pricing in a certain level of growth for MaxCyte. Analysts estimate next year's revenue growth at 10.7%. The company's strong cash position, coupled with its growing SPL pipeline and potential for increased instrument sales, supports its growth prospects. As the company continues to navigate the cell and gene therapy landscape, its focus on curative therapies and CASGEVY royalties could drive incremental decisions and growth.

Outlook and Conclusion

MaxCyte reiterated its 2025 guidance, expecting core revenue to be flat to a 10% decline compared to 2024 and SPL program-related revenue to be approximately $5 million. The company expects to end 2025 with $152-155 million in cash equivalents and investments. With a strong funnel for SPLs and a growing SeQure business, MaxCyte is well-positioned for growth in the coming years. The company's plans to reinvest in the business and focus on M&A in a disciplined way could further support its growth prospects.

3. NewsRoom

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Cellares Appoints Former MaxCyte Commercial Chief Ali Soleymannezhad as Chief Commercial Officer to Lead Global IDMO Expansion, Catalyze Next Wave of Partnerships, Prepare for IPO

Dec -01

Source: businesswire.com

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MaxCyte, Inc. (MXCT) Q3 2025 Earnings Call Transcript

Nov -13

Source: seekingalpha.com

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MaxCyte Announces Planned CFO Transition in 2026

Nov -12

Source: globenewswire.com

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MaxCyte Reports Third Quarter 2025 Financial Results and Reiterates Full Year 2025 Revenue Guidance

Nov -12

Source: globenewswire.com

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MaxCyte Reports Preliminary Third Quarter 2025 Financial Results and Reiterates Full Year 2025 Revenue Guidance

Nov -05

Source: globenewswire.com

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MaxCyte (MXCT) to Release Quarterly Earnings on Wednesday

Nov -04

Source: defenseworld.net

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MaxCyte to Report Third Quarter 2025 Financial Results on November 5, 2025

Oct -08

Source: globenewswire.com

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MaxCyte Announces Strategic Platform License Agreement with Moonlight Bio to Advance T Cell Therapies for Solid Tumors

Oct -06

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.77%)

6. Segments

Cell Therapy

Expected Growth: 14.43%

MaxCyte's Cell Therapy segment growth is driven by increasing adoption of its Flow Electroporation Technology, enabling scalable and efficient cell engineering for CAR-T and gene editing therapies. Strong partnerships with leading biopharma companies, such as CRISPR Therapeutics, and growing demand for cell-based cancer treatments contribute to the 14.43% growth.

Program-related

Expected Growth: 10.57%

MaxCyte's program-related growth is driven by increasing adoption of its Flow Electroporation Technology, expansion into new therapeutic areas, and strategic partnerships with leading biopharma companies. The 10.57% growth rate is also fueled by the rising demand for cell-based therapies and gene editing, as well as the company's ability to provide high-quality, scalable, and cost-effective solutions for cell engineering.

Drug Discovery

Expected Growth: 10.8%

MaxCyte's 10.8% growth in Drug Discovery is driven by increasing adoption of its Flow Electroporation Technology, enabling scalable and efficient cell engineering for gene editing and immunotherapy. Growing demand for precision medicine, partnerships with biotech and pharma companies, and expansion into new therapeutic areas also contribute to this growth.

7. Detailed Products

Electroporation Instruments

MaxCyte's electroporation instruments are designed for high-throughput, high-efficiency transfection of cells with minimal cell damage.

Flow Electroporation Technology

MaxCyte's flow electroporation technology enables high-throughput, high-efficiency transfection of cells in a continuous flow process.

ATLAS Platform

The ATLAS platform is a fully automated, high-throughput electroporation system for large-scale cell engineering and gene editing.

ExPERT Platform

The ExPERT platform is a high-throughput, automated electroporation system for large-scale cell engineering and gene editing.

Cell Isolation and Expansion

MaxCyte's cell isolation and expansion products enable the isolation and expansion of specific cell populations for research and therapeutic applications.

8. MaxCyte, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

MaxCyte, Inc. has a moderate threat of substitutes due to the availability of alternative cell engineering technologies, but the company's proprietary Flow Electroporation Technology provides a unique value proposition that differentiates it from competitors.

Bargaining Power Of Customers

MaxCyte, Inc.'s customers, primarily biotechnology and pharmaceutical companies, have limited bargaining power due to the company's specialized technology and high barriers to entry in the cell engineering market.

Bargaining Power Of Suppliers

MaxCyte, Inc. has a moderate bargaining power of suppliers due to the availability of multiple suppliers for raw materials and equipment, but the company's dependence on a few key suppliers for critical components may limit its negotiating power.

Threat Of New Entrants

The threat of new entrants in the cell engineering market is low due to the high barriers to entry, including significant capital expenditures, regulatory hurdles, and the need for specialized expertise and technology.

Intensity Of Rivalry

The intensity of rivalry in the cell engineering market is high due to the presence of established competitors and the high stakes of innovation, leading to a competitive landscape where companies must continually innovate to stay ahead.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 7.47%
Debt Cost 3.95%
Equity Weight 92.53%
Equity Cost 9.26%
WACC 8.86%
Leverage 8.07%

11. Quality Control: MaxCyte, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Artivion

A-Score: 4.5/10

Value: 4.8

Growth: 4.4

Quality: 4.9

Yield: 0.0

Momentum: 8.5

Volatility: 4.7

1-Year Total Return ->

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Surmodics

A-Score: 3.7/10

Value: 7.2

Growth: 1.9

Quality: 5.3

Yield: 0.0

Momentum: 2.0

Volatility: 5.7

1-Year Total Return ->

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Quanterix

A-Score: 3.3/10

Value: 8.6

Growth: 4.9

Quality: 4.7

Yield: 0.0

Momentum: 0.0

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
ZimVie

A-Score: 3.0/10

Value: 5.1

Growth: 2.3

Quality: 3.4

Yield: 0.0

Momentum: 6.5

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
MaxCyte

A-Score: 2.9/10

Value: 8.0

Growth: 2.3

Quality: 5.0

Yield: 0.0

Momentum: 0.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Bioventus

A-Score: 2.8/10

Value: 6.6

Growth: 3.4

Quality: 4.1

Yield: 0.0

Momentum: 0.0

Volatility: 2.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.51$

Current Price

1.51$

Potential

-0.00%

Expected Cash-Flows