On this page of StockholderLetter.com we present the latest annual shareholder letter from MAXCYTE, INC. — ticker symbol MXCT. Reading current and past MXCT letters to shareholders can bring important insights into the investment thesis.

 •  5/1/2024 Letter Continued (Full PDF)
 •  4/28/2023 MXCT Stockholder Letter
 •  More "Biotechnology" Category Stockholder Letters
 •  MXCT Benford's Law Stock Score = 91

MXCT Shareholder/Stockholder Letter Transcript:

MaxCyte, Inc. 2023
Annual Report

MAXCYTE 2023 ANNUAL REPORT
Dear Stockholders,
This is the third annual report of MaxCyte following the listing of our common stock on the Nasdaq
Global Select Market in July 2021.
This year marks our 25th year anniversary. We can proudly say we have dedicated the last twenty-five
years building our clinical cell engineering expertise and are the pioneers of non-viral gene editing. My
promise to you and all our customers is that we will continue to work each day to ensure the ExPERT
platform remains the premier cell engineering technology in our industry. Our platform supports the
development of a growing portfolio of advanced cell-based therapeutics, including CASEGEVY, the first
non-viral engineered cell therapy product approved by the FDA, developed by our SPL client CRISPR
Therapeutics and Vertex Pharmaceuticals. 2023 was a monumental year for MaxCyte, in being the first
and only electroporation platform to support a non-viral engineered therapy through FDA approval;
however, we believe this is just the first of many potential approvals by MaxCyte SPL clients over the
coming years.
MaxCyte   s performance in 2023 was challenged by headwinds faced in our industry. Early-stage
customers in cell therapy and drug discovery had limited access to capital, and some clinical customers
adjusted their spending and extended project timelines, impacting our core business performance.
Despite this, non-viral cell therapy market trends and development advancements towards novel
approaches, new indications, and more complex engineering, continued to bode well for our platform.
These industry trends all drive demand for MaxCyte   s electroporation technology. While a challenging
operating environment may persist into 2024, we expect the non-viral cell therapy opportunity and
regulatory backdrop for cell therapies to continue to improve and we remain confident in our ability to
grow our business over the long term.
Our strategy remains focused on expanding our SPLs, and in 2023 we grew our SPL clients across
diverse cell types, disease indications and geographic regions. We now have a total of 27 SPLs
including our four most recent SPLs announced in 2024, which include Be Biopharma, Wugen,
Imugene, and Lion TCR. Across our SPL portfolio, programs continue to make exciting progress with
several entering and/or progressing through the clinic. Overall, our global customer base is expanding
across all stages of development and across a growing number of diseases. We now have an
instrument installed base of 683 at the end of 2023, compared to just 616 instruments at the end of
2022.
Since our IPO, MaxCyte has strategically invested to support the growth opportunity ahead of us.
Notably, we have made investments to ensure that we have the strongest manufacturing, regulatory,
and quality capabilities to support our customers throughout development and commercialization. We
have added to our teams across the organization in order to scale the business, and we have made
targeted product development enhancements. We believe these investments have positioned MaxCyte
to better capture the substantial growth opportunity in our industry.
In 2024, we will be measured in our investments, and focus on areas that we believe will deliver
significant returns to our customers and MaxCyte in the long-term. The key areas of investment may
include improvements to our best in-class electroporation systems, building additional application knowhow, building capabilities to work with customers earlier in the continuum of development, and
expanding into new applications for EP. We believe these are the right investments to drive continued
business momentum across our customer base, and position us well over the long-term.
Importantly, we enter 2024 with significant confidence in the value that our ExPERT platform provides
to the industry, as well as the strength of our SPLs and pipeline opportunities. We are honoured to
support our customers, and believe we remain the platform of choice for non-viral cell engineering
technology, supporting critical programs through development to commercialization. The cell and gene
therapy industry is in the early innings of significant global opportunity to deliver therapies to patients
and we remain very optimistic about the medium-to-longer term growth opportunities for MaxCyte.
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Thank you for your continued support of MaxCyte.
Maher Masoud
Chief Executive Officer
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 5/1/2024 Letter Continued (Full PDF)