MaxCyte Inc on Tuesday said its annual loss widened amid higher costs and falling revenue, but it remains optimistic about growth prospects for 2025.
The Rockville, Maryland-based cell engineering technology company said its net loss widened to $41.1 million in 2024 from $37.9 million a year prior.
Diluted net loss per share was $0.39, worsening from $0.37.
Revenue fell 6.4% to $38.6 million from $41.3 million as the cost of goods sold increased 50% to $7.1 million from $4.7 million.
Research & development expenses were cut by 6.7% to $22.2 million from $23.8 million, sales & marketing expenses fell 1.2% to $26.7 million from $27.0 million, and general & administrative expenses declined 1.2% to $29.7 million from $30.1 million.
MaxCyte’s holdings of cash and cash equivalents reduced by 40% to $27.9 million from $46.5 million while total current liabilities fell 12% to $15.8 million from $17.9 million.
In the fourth quarter ended December 31 alone, net loss widened to $10.6 million from $5.3 million as revenue fell 45% to $8.7 million from $15.7 million.
Chief Executive Officer Maher Masoud said: ‘We signed a record six [strategic platform licences] in 2024 and continue to see momentum in the SPL pipeline with the addition of TG Therapeutics early in 2025. We also implemented a more disciplined capital and operational approach at MaxCyte, which has already enabled new strategic initiatives, and a more efficient and streamlined business, underpinning our commitment to long-term value creation for our shareholders.’
Looking ahead, MaxCyte said it expects to grow core revenue by 8% to 15% in 2025.
‘In 2025, we will continue to drive strong commercial execution, support the progression of SPL programs through the clinic, and make disciplined investments to position MaxCyte as a premier cell engineering solutions provider, including the integration and growth of SeQure Dx,’ CEO Masoud added.
MaxCyte shares closed 1.5% higher at $3.47 each in New York on Tuesday before falling 10% to $3.11 after hours.
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