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Cell-based therapies developer MaxCyte booked a deeper annual loss after it upped spending on R&D, though its sales were higher than hoped.
Net losses for the year through December amounted to $12.9m, compared to losses of $8.9m on-year.
Revenue rose 30% to $21.6m, which the company said was ahead of prior market expectations.
'Our life sciences business continued to exhibit strong growth, reflecting MaxCyte's leadership as an enabler of next-generation cell-based therapies and resulting in a period of financial outperformance,' chief executive Doug Doerfler said.
'Over the year we maintained progress with our lead CARMA candidate, MCY-M11, which is advancing through a Phase I clinical trial, demonstrating the feasibility of our one-day cell therapy manufacturing process.'
'We remain fully committed to the MCY-M11 clinical development programme, though are prepared for an impact on timelines due to delays caused by Covid-19 restrictions.'
'In March 2020, dosing in the 4th cohort commenced according to schedule and at the higher dosing level. I am really proud of this achievement and would like to thank everyone involved in the trial to date.'
'With unprecedented restrictions in place due to Covid-19, we remain mindful of the potential impact on revenues through slowdowns in customer operations or delays in clinical trials.'
'However, we remain confident that MaxCyte has a resilient business model underpinned by strong recurring revenues and prospects for continued growth.'
At 8:00am: (LON:MXCT) MaxCyte Inc share price was 0p at 137.5p