MaxCyte Reports $38.6 Million Revenue for Fiscal Year 2024, Faces 6% Decline

MaxCyte, Inc. reported a total revenue of $38.6 million for the fiscal year ending December 31, 2024, a decrease of 6% from $41.3 million in 2023. The decline was primarily attributed to a significant drop in program-related revenue, which fell by 47% to $6.1 million, reflecting fewer clinical and regulatory milestones achieved by customers. In contrast, core revenue, which includes sales of instruments and processing assemblies (PAs), increased by 9% to $32.5 million, driven mainly by a 36% rise in PA and consumable sales. The company incurred a net loss of $41.1 million for 2024, compared to a loss of $37.9 million in the previous year, resulting in an accumulated deficit of $216.9 million.

Operationally, MaxCyte's installed base of instruments grew to 760 by the end of 2024, up from 683 in 2023. The company has established 29 Strategic Platform License (SPL) agreements, with 18 active clinical programs currently in development. The SPL agreements have the potential to generate over $2 billion in pre-commercial milestone payments, although the realization of these payments remains uncertain due to the unpredictable nature of clinical development. The company also expanded its workforce to 114 full-time employees, with a focus on enhancing its sales and marketing capabilities to drive future growth.

In January 2025, MaxCyte acquired SeQure Dx, a leader in editing assessment services for cell and gene therapies, for an initial cash consideration of $4.5 million, with potential additional payments based on revenue targets. This acquisition is expected to enhance MaxCyte's offerings and support its customers in the development of cell-based therapies. The company continues to invest in research and development, with expenses totaling $22.2 million in 2024, as it aims to innovate and expand its product portfolio.

Looking ahead, MaxCyte anticipates continued investment in its growth strategy, which includes expanding its commercial infrastructure and entering new markets. The company expects to incur operating losses in the near term as it scales its operations and develops new technologies. Despite the challenges, MaxCyte remains optimistic about its position in the rapidly growing cell therapy market, driven by increasing demand for non-viral delivery methods and the ongoing adoption of its ExPERT platform.