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.

 •  4/28/2025 Letter Continued (Full PDF)
 •  4/28/2023 MXCT Stockholder Letter
 •  5/1/2024 MXCT Stockholder Letter
 •  More "Biotechnology" Category Stockholder Letters
 •  MXCT Benford's Law Stock Score = 98

MXCT Shareholder/Stockholder Letter Transcript:

MaxCyte, Inc. 2024
Annual Report

MAXCYTE 2024 ANNUAL REPORT
Dear Stockholders,
This is the fourth annual report of MaxCyte following the listing of our common stock on the Nasdaq
Global Select Market in July 2021.
At MaxCyte, we are the pioneers of non-viral gene editing and have spent over twenty-five years
building clinical cell engineering expertise used to support our customers. We work each day with a
goal to ensure the ExPERT platform remains the premier cell engineering technology in our industry
and are investing to grow our offerings to become an end-to-end cell engineering solutions provider.
MaxCyte   s performance in 2024 was highlighted by a return to core revenue growth, the support of
CASGEVY   s launch, the first non-viral engineered cell therapy product approved by the FDA, developed
by our strategic platform licenses (SPL) client[s] CRISPR Therapeutics and Vertex Pharmaceuticals,
as well as strategic investments and improvements to our team and operations.
In 2024, core revenue growth was driven by our team   s execution over the course of the year, as we
operated in a stable, but challenging end market environment. Instrument revenue was most impacted
by customer caution on capital equipment purchases, while Processing Assembly (PA) revenue grew
strongly, with sales to both early stage and clinical customers.
MaxCyte also began to generate a small amount of commercial royalty revenue in the second half of
2024, related to CASGEVY following completion of patient dosing. We are very excited by the
opportunity of CASGEVY and strongly believe in its potential to benefit patients around the world. Vertex
has reported quarterly increases in patients with cells collected and continues to expand access to
CASGEVY globally, with additional regulatory approvals in the Middle East in 2024.
A focus throughout 2024 was the evaluation and implementation of new strategic initiatives and process
improvements, which streamlined our organization by increasing capital and operational efficiency. We
invested prudently within organic areas of the Company that we believe promise the best return and
will contribute to long-term growth, while reducing spend in redundant and non-core areas. Our
investment focuses are the development of additional capabilities and products that our customers will
need in the future, as well as maintaining flexibility to evaluate inorganic opportunities that we believe
would benefit MaxCyte. The investments and changes to the organization throughout 2024 have
positioned the Company well for 2025 and beyond.
Our focus on investing in the growing industry of Cell and Gene Therapy was highlighted by our
acquisition of SeQure Dx, early in 2025. SeQure Dx is a market leader of on-target and off-target editing
assessment services for cell and gene therapies, addressing the increasingly prominent issue of safety
for regulatory success. This strategic acquisition strengthens MaxCyte's ability to serve ex vivo and in
vivo cell and gene therapy developers with an innovative suite of tools and services spanning early
R&D through clinical development and commercialization. By integrating SeQure Dx into MaxCyte,
MaxCyte will expand its service offerings and leverage its commercial and field application scientist
teams to work with developers earlier in their research processes.
The core of our strategy at MaxCyte remains focused on expanding our SPLs, and in 2024 we grew
our SPL clients across diverse cell types, disease indications and geographic regions. We now have a
total of 29 SPLs including the addition of TG Therapeutics early in 2025. Across our SPL portfolio, the
opportunity for future approved therapies is vast and growing as we continue to add new SPL
customers. In 2027 and 2028, we see an opportunity for eight potential approved programs for
lymphoma, leukemia, sickle cell disease, and genetic disease indications. As we approach 2029 to
2031, we believe there is potential for an additional twelve approved programs with indication expansion
to solid tumors, multiple myeloma, and autoimmune diseases. Beyond 2030, we see potential for
additional approvals within neurodegenerative disease indications.
Importantly, we enter 2025 with significant confidence in the value of our ExPERT platform for the
industry, the strength of our SPLs and pipeline opportunities, and the long-term prospects of SeQure
Dx. We are honored to support our customers, and believe we remain the platform of choice for nonviral cell engineering technology. Our vision for MaxCyte is to continue to invest for growth, positioning
the Company to be an end-to-end cell and gene engineering solutions provider. 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-long term growth opportunities for MaxCyte.
Thank you for your continued support of MaxCyte.
Maher Masoud
Chief Executive Officer

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This report to stockholders contains "forward-looking statements" within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995. These statements about us and our
industry involve substantial known and unknown risks, uncertainties, and assumptions that may cause
our actual results, performance or achievements to be materially different from any future results,
performance or achievements expressed or implied by the forward-looking statements. All statements
other than statements of historical facts contained in this report, including statements regarding our
future results of operations or financial condition, business strategy and plans and objectives of
management for future operations, are forward-looking statements. Forward-looking statements
include, but are not limited to, statements about the Company   s strategic platform license (SPL) program
revenue and statements about possible or future results of operations or financial position. In some
cases, you can identify forward-looking statements because they contain words such as "may,"    might,   
"will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe,"    expect,    "estimate,"
   seek,    "predict,"    future,    "project," "potential," "continue,"    contemplate,    "target,    the negative of these
words and similar words or expressions. These statements are inherently uncertain, and investors are
cautioned not to unduly rely on these statements. The forward-looking statements contained in this
report, include, without limitation, statements concerning the following: our expected future growth and
success of our business model; the size and growth potential of the markets for our products, and our
ability to serve those markets, increase our market share, and achieve and maintain industry leadership;
our ability to expand our customer base and enter into additional SPL partnerships; our expectation that
our partners will have access to capital markets to develop and commercialize their cell therapy
programs; our financial performance and capital requirements; the adequacy of our cash resources and
availability of financing on commercially reasonable terms; our expectations regarding our ability to
obtain and maintain intellectual property protection for our products, as well as our ability to operate our
business without infringing the intellectual property rights of others; our expectations regarding general
market and economic conditions that may impact investor confidence in the biopharmaceutical industry
and affect the amount of capital such investors provide to our current and potential partners; and our
use of available capital resources.
These and other risks and uncertainties are described in greater detail in Item 1A under the heading
"Risk Factors,    in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with
the Securities and Exchange Commission on March 11, 2025, as well as in discussions of potential
risks, uncertainties, and other important factors in the other filings that we make with the Securities and
Exchange Commission from time to time. These documents are available through the Investor Menu,
Financials section, under    SEC Filings    on the Investors page of our website at
http://investors.maxcyte.com. Any forward-looking statements in this report are based on our current
beliefs and opinions on the relevant subject based on information available to us as of the date of such
report, and you should not rely on forward-looking statements as predictions of future events. We
undertake no obligation to update any forward-looking statements made in this report to reflect events
or circumstances after the date of this report or to reflect new information or the occurrence of
unanticipated events, except as required by law.



 4/28/2025 Letter Continued (Full PDF)