UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from___ to___

Commission file number: 001-40674

MaxCyte, Inc.

(Exact name of registrant as specified in its charter)


Delaware		52-2210438
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

9713 Key West Avenue, Suite 400

Rockville, Maryland 20850

(Address of principal executive offices)

Registrant’s telephone number, including area code: (301) 944-1700

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	MXCT	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒ No☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐	Non-accelerated filer	☒
Smaller reporting company	☒	Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 2, 2023, the registrant had 103,050,899 shares of common stock, $0.01 par value per share, issued and outstanding.

Table of Contents

Table of Contents

		Page No
PART I. FINANCIAL INFORMATION		3
Item 1.	Financial Statements (Unaudited)	3
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Changes in Stockholders’ Equity	5
	Condensed Consolidated Statements of Cash Flows	6
	Notes to Unaudited Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27
Item 4.	Controls and Procedures	27
PART II. OTHER INFORMATION		28
Item 1.	Legal Proceedings	28
Item 1A.	Risk Factors	28
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	28
Item 3.	Defaults Upon Senior Securities	29
Item 4.	Mine Safety Disclosures	29
Item 5.	Other Information	29
Item 6.	Exhibits	30
Signatures		31

Table of Contents

Part I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements (Unaudited)

MaxCyte, Inc.

Condensed Consolidated Balance Sheets


	March 31,		December 31,
	2023		2022
		(Unaudited)		(Note 2)
Assets
Current assets:
Cash and cash equivalents	$	37,833,400	$	11,064,700
Short-term investments, at amortized cost		186,819,300		216,274,900
Accounts receivable		8,294,800		11,654,600
Accounts receivable - TIA (Note 7)		996,600		1,912,400
Inventory		10,264,900		8,580,800
Prepaid expenses and other current assets		2,230,600		2,778,800
Total current assets		246,439,600		252,266,200

Property and equipment, net		24,947,900		23,724,700
Right of use asset - operating leases		9,757,600		9,853,500
Other assets		399,300		809,000
Total assets	$	281,544,400	$	286,653,400

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	3,502,100	$	531,800
Accrued expenses and other		6,912,900		8,025,300
Operating lease liability, current		475,200		156,800
Deferred revenue, current portion		5,749,200		6,712,600
Total current liabilities		16,639,400		15,426,500

Operating lease liability, net of current portion		15,777,200		15,938,100
Other liabilities		1,309,000		1,321,600
Total liabilities		33,725,600		32,686,200

Commitments and contingencies (Note 7)
Stockholders’ equity
Preferred stock, $0.01 par value; 5,000,000 shares authorized and no shares issued and outstanding at March 31, 2023 and December 31, 2022		—		—
Common stock, $0.01 par value; 400,000,000 shares authorized, 102,904,745 and 102,397,913 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively		1,029,100		1,024,000
Additional paid-in capital		395,546,600		390,818,500
Accumulated deficit		(148,756,900)		(137,875,300)
Total stockholders’ equity		247,818,800		253,967,200
Total liabilities and stockholders’ equity	$	281,544,400	$	286,653,400

See accompanying notes to unaudited condensed consolidated financial statements.

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MaxCyte, Inc.

Unaudited Condensed Consolidated Statements of Operations


	Three Months Ended March 31,
	2023		2022
Revenue	$	8,576,300	$	11,587,300
Cost of goods sold		999,800		1,062,600
Gross profit		7,576,500		10,524,700

Operating expenses:
Research and development		6,046,500		3,765,300
Sales and marketing		6,296,100		3,838,700
General and administrative		7,498,900		6,632,500
Depreciation and amortization		912,200		447,300
Total operating expenses		20,753,700		14,683,800
Operating loss		(13,177,200)		(4,159,100)

Other income:
Interest income		2,295,600		91,800
Total other income		2,295,600		91,800
Net loss	$	(10,881,600)	$	(4,067,300)
Basic and diluted net loss per share	$	(0.11)	$	(0.04)
Weighted average shares outstanding, basic and diluted		102,846,036		101,305,943

See accompanying notes to unaudited condensed consolidated financial statements.

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MaxCyte, Inc.

Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity


								Total
	Common Stock			Additional		Accumulated		Stockholders’
	Shares	Amount		Paid-in Capital		Deficit		Equity
Balance at January 1, 2022	101,202,705	$	1,012,000	$	376,189,600	$	(114,304,500)	$	262,897,100
Stock-based compensation expense	—		—		2,462,400		—		2,462,400
Exercise of stock options	307,187		3,100		889,500		—		892,600
Net loss	—		—		—		(4,067,300)		(4,067,300)
Balance at March 31, 2022	101,509,892	$	1,015,100	$	379,541,500	$	(118,371,800)	$	262,184,800


								Total
	Common Stock			Additional		Accumulated		Stockholders’
	Shares	Amount		Paid-in Capital		Deficit		Equity
Balance at January 1, 2023	102,397,913	$	1,024,000	$	390,818,500	$	(137,875,300)	$	253,967,200
Stock-based compensation expense	—		—		3,276,600		—		3,276,600
Exercise of stock options	506,832		5,100		1,451,500		—		1,456,600
Net loss	—		—		—		(10,881,600)		(10,881,600)
Balance at March 31, 2023	102,904,745	$	1,029,100	$	395,546,600	$	(148,756,900)	$	247,818,800

See accompanying notes to unaudited condensed consolidated financial statements.

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MaxCyte, Inc.

Unaudited Condensed Consolidated Statements of Cash Flows


	Three Months Ended March 31,
	2023		2022
Cash flows from operating activities:
Net loss	$	(10,881,600)	$	(4,067,300)

Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		961,700		487,400
Net book value of consigned equipment sold		16,800		32,800
Stock-based compensation		3,276,600		2,462,400
Amortization of discounts on short-term investments		(1,730,100)		(33,200)

Changes in operating assets and liabilities:
Accounts receivable		3,359,800		(1,750,800)
Accounts receivable - TIA		915,800		(2,119,200)
Inventory		(1,706,000)		(1,377,000)
Prepaid expense and other current assets		548,200		1,117,200
Right of use asset – operating leases		95,900		(5,212,600)
Other assets		409,700		(738,200)
Accounts payable, accrued expenses and other		1,227,000		(150,500)
Operating lease liability		157,500		7,569,000
Deferred revenue		(963,400)

SEC Form 10-Q filed by MaxCyte Inc.