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, 2024

☐ 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 and Zip Code)

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, 2024, the registrant had 104,544,289 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	26
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	28
Item 4.	Mine Safety Disclosures	28
Item 5.	Other Information	28
Item 6.	Exhibits	29
Signatures		30

Table of Contents

Part I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements (Unaudited)

MaxCyte, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share amounts)


	March 31,		December 31,
	2024		2023
		(Unaudited)		(See Note 2)
Assets
Current assets:
Cash and cash equivalents	$	22,249	$	46,506
Short-term investments, at amortized cost		135,264		121,782
Accounts receivable, net		5,991		5,778
Inventory		11,960		12,229
Prepaid expenses and other current assets		3,210		3,899
Total current assets		178,674		190,194

Investments, non-current, at amortized cost		45,031		42,938
Property and equipment, net		22,805		23,513
Right-of-use asset - operating leases		11,125		11,241
Other assets		295		388
Total assets	$	257,930	$	268,274

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	1,674	$	743
Accrued expenses and other		6,502		11,269
Operating lease liability, current		825		774
Deferred revenue, current portion		4,476		5,069
Total current liabilities		13,477		17,855

Operating lease liability, net of current portion		17,815		17,969
Other liabilities		279		283
Total liabilities		31,571		36,107

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, 2024 and December 31, 2023		—		—
Common stock, $0.01 par value; 400,000,000 shares authorized, 104,405,111 and 103,961,670 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively		1,044		1,040
Additional paid-in capital		410,639		406,925
Accumulated deficit		(185,324)		(175,798)
Total stockholders’ equity		226,359		232,167
Total liabilities and stockholders’ equity	$	257,930	$	268,274

See accompanying notes to unaudited condensed consolidated financial statements.

Table of Contents

MaxCyte, Inc.

Unaudited Condensed Consolidated Statements of Operations

(in thousands, except share and per share amounts)


	Three Months Ended March 31,
	2024		2023
Revenue	$	11,342	$	8,576
Cost of goods sold		1,403		1,000
Gross profit		9,939		7,576

Operating expenses:
Research and development		6,678		6,047
Sales and marketing		7,365		6,296
General and administrative		7,103		7,499
Depreciation and amortization		1,068		912
Total operating expenses		22,214		20,754
Operating loss		(12,275)		(13,178)

Other income:
Interest income		2,749		2,296
Total other income		2,749		2,296
Loss before income taxes		(9,526)		(10,882)
Provision for income taxes		—		—
Net loss	$	(9,526)	$	(10,882)
Basic and diluted net loss per share	$	(0.09)	$	(0.11)
Weighted average shares outstanding, basic and diluted		104,089,758		102,846,036

See accompanying notes to unaudited condensed consolidated financial statements.

Table of Contents

MaxCyte, Inc.

Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity

(in thousands, except share amounts)


								Total
	Common Stock			Additional		Accumulated		Stockholders’
	Shares	Amount		Paid-in Capital		Deficit		Equity
Balance at January 1, 2023	102,397,913	$	1,024	$	390,819	$	(137,875)	$	253,968
Stock-based compensation expense	—		—		3,277		—		3,277
Exercise of stock options	506,832		5		1,451		—		1,456
Net loss	—		—		—		(10,882)		(10,882)
Balance at March 31, 2023	102,904,745	$	1,029	$	395,547	$	(148,757)	$	247,819

Total