MaxCyte Inc
maxcyte.comWhat Do They Do?
Sells electroporation instruments, processing assemblies and consumables to cell-therapy developers, biopharmaceutical and biotechnology companies, and academic or government research institutions.
10-K for FY2025, filed Mar 25, 2026
How Do They Make Money?
Customers pay for instruments, processing assemblies, consumables and assay services when the goods or services are provided. They also pay annual instrument-license fees over the license term; SPL agreements can add milestone payments when customers reach development goals and sales-based payments after commercialization.
10-K for FY2025, filed Mar 25, 2026The Company recognizes revenue upon the satisfaction of its performance obligation generally upon transfer of control of promised goods or…View ↗
Licensing fee revenue for licenses of symbolic intellectual property is recognized ratably over the license period as a single performance…View ↗
Some of these licensing arrangements include provisions for milestone payments to the Company, if the customer accomplishes certain…View ↗
Our SPL customers typically pay an annual license fee per instrument per year for a research license (for preclinical use) or per…View ↗
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10-K for FY2025, filed Mar 25, 2026
FY2025 revenue by product or service ↗
$33M
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10-K for FY2025, filed Mar 25, 2026
$33M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product sales
Sold outright
10-K for FY2025, filed Mar 25, 2026 |
57%
FY2022: 63%
|
Product sales, FY2025
$18.7M Sources
|
Sold outright |
|
Licenses
Recurring
10-K for FY2025, filed Mar 25, 2026 |
37% |
Licenses, FY2025
$12.4M Sources
|
Recurring |
|
Assay and other service revenue
Sold outright
|
6.0% |
Assay and other service revenue, FY2025
$2M Sources
|
Sold outright |
Who Are Their Customers?
Customers work directly with MaxCyte, buying instruments or entering research, clinical, and strategic platform license agreements.
10-K for FY2025, filed Mar 25, 2026In addition to sales of our instruments, as part of our business model we enter into the following types of instrument license agreements…View ↗
Research licenses are agreements with academic institutions or commercial entities which provide access to the use of our instruments for…View ↗
Clinical licenses are agreements with academic institutions or commercial entities that provide access to the use of our instruments for…View ↗
Given our value proposition in non-viral delivery, we have established strategic relationships in the form of SPL agreements with a growing…View ↗
10-K for FY2025, filed Mar 25, 2026
Significant customers are those that accounted for 10% or more of the Company’s total revenue for the period or accounts receivable as the…View ↗
Do Revenues Turn Into Profits?
No. It lost $44.6M in FY2025.
10-K for FY2025, filed Mar 25, 2026
−$51.9MView ↗
10-K for FY2025, filed Mar 25, 2026
−$44.6MView ↗
10-K for FY2025, filed Mar 25, 2026
−$36.2MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 13, 2026
−$8.9MView ↗
- ▼ −28% (Loss)
- vs −$12.4M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 13, 2026
Open tableView ↗
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Aug 12, 2026
Announces a multi-platform technology license partnership with Genentech
Also reiterated its full-year revenue guidance.
Sources
8-K, filed Aug 12, 2026
Following end of quarter, announced strategic, multi-platform technology license partnership with Genentech in JulyView ↗
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May 12, 2026
Reiterates full-year revenue guidance
The 2026 revenue outlook was $30 million to $32 million.
Sources
8-K, filed May 12, 2026
Reiterates 2026 revenue guidance of $30-32 million; with Core revenue of $25-27 million and Strategic Platform License (SPL)…View ↗
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Mar 27, 2026
Appoints Parmeet Ahuja as Chief Financial Officer
He succeeds Douglas Swirsky, who is transitioning from the role.
Sources
8-K, filed Mar 27, 2026
On March 23, 2026, the Board of Directors (the “Board”) of MaxCyte, Inc. (the “Company”) appointed Parmeet Ahuja as the Company’s Chief…View ↗
Flat. Revenue was $33M in FY2025, about the same as the $33.9M of FY2021.
Discovery instrument
The latest report adds the DTx discovery platform to the ExPERT family, whereas the older report described an instrument lineup without DTx.
10-K for FY2022, filed Mar 15, 2023 10-K for FY2025, filed Mar 25, 2026Our ExPERT platform, which is based on our Flow Electroporation technology, has been designed to address this rapidly expanding cell…View ↗
Our ExPERT platform, which is based on our Flow Electroporation technology, has been designed to address this rapidly expanding cell…View ↗
Expanded assay services
The latest report says the SeQure Dx acquisition expanded services for cell and gene therapy developers, alongside the electroporation platform business described in the older report.
10-K for FY2022, filed Mar 15, 2023 10-K for FY2025, filed Mar 25, 2026We are a leading commercial cell engineering company focused on providing enabling platform technologies to advance the discovery…View ↗
In January 2025, we acquired SeQure Dx, (“SeQure”) a market leader for on-target and off-target editing assessment services for cell and…View ↗
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