MaxCyte (NASDAQ:MXCT) reported lower first-quarter revenue compared with the prior year, as management said discontinued SPL programs and inventory management by its largest customer weighed on core revenue, while milestone revenue from a registrational-stage program helped offset part of the decline.
The cell engineering technology company reported total revenue of $9.7 million for the quarter ended March 31, 2026, down 7% from $10.4 million in the first quarter of 2025. Core revenue was $6.2 million, down 25% from $8.2 million a year earlier. SPL program-related revenue, which includes milestones and royalties, rose to $3.4 million from $2.1 million in the prior-year quarter.
President and Chief Executive Officer Maher Masoud said the results were in line with company expectations and reflected “a difficult year-over-year comparison” in the first half of 2026. He cited discontinued SPL programs that led to non-renewed GTx clinical leases, along with inventory management by MaxCyte’s largest customer.
Core Revenue Pressured, But Second-Half Growth Expected
Chief Financial Officer Parmeet Ahuja, participating in his first earnings call as MaxCyte’s CFO, said instrument revenue was $1.3 million, compared with $1.4 million a year earlier. License revenue was $2.1 million, down from $2.5 million, while processing assembly revenue declined to $2.3 million from $3.9 million.
Ahuja said 44% of core revenue in the quarter came from SPL partners, compared with 57% in the first quarter of 2025, reflecting the SPL-related headwinds discussed by management.
Despite the weaker core revenue, Masoud said MaxCyte expects core revenue growth in the second half of 2026, supported by its qualified instrument funnel, easier year-over-year comparisons and the contribution of the company’s new ExPERT DTx product.
MaxCyte reiterated its full-year 2026 guidance, expecting total revenue of $30 million to $32 million, including $25 million to $27 million of core revenue and $5 million from SPL milestones and royalties. Ahuja said second-quarter core revenue is expected to be approximately in line with the first quarter.
SPL Portfolio Includes Five Potential 2027-2028 Launch Candidates
Masoud said MaxCyte now lists 29 SPL partners after removing Catamaran Bio and Walking Fish Therapeutics because both companies had ceased operations. He said the company has 30 programs in clinical and preclinical development across those SPL partners.
Among the portfolio, Masoud highlighted five clinical programs with potential commercial launches in 2027 and 2028. Those include four programs that could begin registrational studies over the next 18 months and one program that dosed patients in a registrational study during the first quarter. He identified several programs, including zugo-cel from CRISPR Therapeutics, WU-CART-007 from Wugen, azer-cel from Imugene and two programs from undisclosed SPL partners.
MaxCyte recorded $3 million in milestone revenue during the quarter, tied to a clinical customer beginning patient dosing in a registrational study. The company also recognized $0.4 million in royalty revenue.
During the Q&A session, analyst Julie Simmonds of Panmure Liberum asked why the company was not forecasting additional milestone revenue for the remainder of 2026. Masoud said milestone timing depends on patient dosing in pivotal trials rather than the initiation of those trials, adding that any additional milestone could occur but may be more likely in the first part of next year depending on trial dosing schedules.
CASGEVY Royalties and SeQure Growth in Focus
Masoud discussed Vertex Pharmaceuticals’ commercial progress with CASGEVY, noting that Vertex reported approximately $43 million in first-quarter CASGEVY revenue. He said Vertex also reported more than 500 patients had initiated the CASGEVY treatment journey, with hundreds globally having completed cell collection.
Masoud said MaxCyte remains encouraged by the growth in patient cell collections and infusions as Vertex scales CASGEVY commercially. He also noted Vertex’s submission of a supplemental biologics license application for CASGEVY in patients ages five to 11 with sickle cell disease or beta thalassemia.
MaxCyte also reported progress in its SeQure business, which provides assays related to gene-editing safety assessment. Ahuja said SeQure generated $0.6 million in first-quarter revenue, including license and services revenue. In response to a question from TD Cowen analyst Brendan Smith, Masoud said SeQure revenue was up about 11% sequentially from the fourth quarter of 2025 and was three times the level of the first quarter of 2025.
Masoud said a recent FDA Center for Biologics Evaluation and Research draft guidance on safety assessment of genome editing using next-generation sequencing was a “structural positive” for SeQure, because sponsors are expected to characterize off-target and on-target editing outcomes with high sensitivity.
DTx Launch Builds Pipeline Across Cell Therapy and Biologics
Masoud said the commercial launch of ExPERT DTx is progressing well, with early adoption in discovery and optimization workflows across ex vivo and in vivo cell and gene therapy, as well as protein screening for biologics development.
In response to William Blair analyst Matt Larew, Masoud said the DTx funnel is building well and that sales are expected to increase in the second half of the year. He said MaxCyte is seeing traction in academic accounts, as well as interest from large pharmaceutical companies in protein screening for biologics.
Masoud said DTx is included in the company’s full-year guidance and is expected to contribute to second-half core revenue growth, though he cautioned that MaxCyte is still focused on commercial execution and learning from the launch.
Cost Cuts Flow Through as Board Authorizes Buyback
Ahuja said total operating expenses were $14.3 million in the first quarter, down from $21.2 million a year earlier. He attributed the reduction to restructuring and cost-efficiency actions taken in 2025, which are now being reflected in the company’s profit and loss statement.
MaxCyte ended the quarter with $147.7 million in cash equivalents and investments and no debt. Ahuja said the company continues to expect to end 2026 with at least $136 million in cash equivalents and investments, excluding capital used for share repurchases.
The company’s board authorized a share repurchase program of up to $10 million. Masoud said the authorization reflects confidence in MaxCyte’s long-term value, strategic investments and balance sheet. Ahuja said the company expects to execute the majority of the program by year-end through a mix of open-market purchases and systematic activity.
Management also reiterated that it does not expect meaningful growth in operating expenses from current levels. Ahuja said full-year operating expenses are expected to be around $60 million, compared with roughly $79 million to $80 million last year.
About MaxCyte (NASDAQ:MXCT)
MaxCyte, Inc (NASDAQ: MXCT) is a clinical‐stage cell therapy platform company that develops and commercializes proprietary flow electroporation technology for the delivery of macromolecules into living cells. The company's instruments and consumables are designed to support research, preclinical development and clinical‐scale manufacturing of cell therapies across a variety of modalities, including engineered T cells, natural killer (NK) cells and induced pluripotent stem cell (iPSC) therapies.
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