MaxCyte, Inc.
MXCTHealthcare|Biotechnology|US
$1.26
-0.05 (-3.82%)
Tangible Book / Share
$1.48
Cash / Share
$0.99
Financials
Financial Snapshot
Market Cap
$130.0M
Enterprise Value
$132.2M
Revenue (TTM)
$31.1M
Net Income (TTM)
-$35.6M
Cash & Investments
$105.7M
Net Cash
$88.4M
Free Cash Flow (TTM)
-$23.8M
Operating CF (TTM)
-$23.0M
Debt/Equity
0.11
Cash Runway & Burn Rate
Cash on Hand
$105.7M
Quarterly Burn
$5.7M
Monthly Burn
$1.9M
Est. Runway
~18.4 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $11.7M | $25.3M | $14.4M | $16.7M | $34.8M | $255.0M | $227.3M | $168.3M | $154.5M | $103.0M | $105.7M | |
| Operating Cash Flow | -$2.3M | -$9.7M | -$10.5M | -$8.8M | -$8.8M | -$10.7M | -$14.8M | -$21.7M | -$27.6M | -$34.4M | -$23.0M | |
| Free Cash Flow | -$2.6M | -$10.3M | -$11.2M | -$10.1M | -$10.9M | -$14.5M | -$33.3M | -$25.4M | -$29.3M | -$36.2M | -$23.8M | |
| Capital Expenditure | -$218.8K | -$609.7K | -$709.7K | -$1.3M | -$2.1M | -$3.8M | -$18.5M | -$3.7M | -$1.7M | -$1.8M | -$815.0K | |
| Financing Cash Flow | $11.9M | $23.9M | $226.8K | $12.3M | $28.9M | $234.7M | $2.9M | $2.1M | $2.1M | $656.0K | -$1.3M |
R&D Spending
R&D (TTM)
$16.8M
R&D Intensity
54.0%
R&D Growth vs Prior
-19.5%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.3M | $14.0M | $16.7M | $21.6M | $26.2M | $33.9M | $44.3M | $41.3M | $38.6M | $33.0M | $31.1M | |
| R&D Expense | $4.7M | $11.3M | $11.2M | $17.6M | $17.7M | $15.4M | $19.5M | $23.8M | $22.2M | $20.8M | $16.8M | |
| R&D % of Revenue | 38.3% | 80.7% | 67.5% | 81.4% | 67.8% | 45.5% | 44.1% | 57.7% | 57.5% | 63.1% | 54.0% | |
| SG&A | $9.0M | $10.5M | $12.0M | $13.4M | $15.7M | $31.7M | $44.5M | $57.0M | $56.4M | $47.0M | $38.9M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.3M | $14.0M | $16.7M | $21.6M | $26.2M | $33.9M | $44.3M | $41.3M | $38.6M | $33.0M | $31.1M | |
| Cost of Revenue | $1.3M | $1.5M | $1.8M | $2.5M | $2.8M | $3.6M | $5.1M | $4.7M | $7.1M | $6.2M | $6.4M | |
| Gross Profit | $11.0M | $12.5M | $14.8M | $19.1M | $23.4M | $30.2M | $39.2M | $36.5M | $31.5M | $26.8M | $24.7M | |
| R&D | $4.7M | $11.3M | $11.2M | $17.6M | $17.7M | $15.4M | $19.5M | $23.8M | $22.2M | $20.8M | $16.8M | |
| SG&A | $9.0M | $10.5M | $12.0M | $13.4M | $15.7M | $31.7M | $44.5M | $57.0M | $56.4M | $47.0M | $38.9M | |
| Operating Income | -$2.7M | -$9.3M | -$8.4M | -$12.4M | -$11.1M | -$18.2M | -$27.4M | -$48.3M | -$51.2M | -$45.3M | -$34.7M | |
| Interest Expense | $637.8K | $625.3K | $614.6K | $681.1K | $825.6K | $1.0M | $126.9K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$3.3M | -$9.9M | -$8.9M | -$12.9M | -$11.8M | -$19.1M | -$23.6M | -$37.9M | -$41.1M | -$44.6M | -$35.6M | |
| Net Income | -$3.3M | -$9.9M | -$8.9M | -$12.9M | -$11.8M | -$19.1M | -$23.6M | -$37.9M | -$41.1M | -$44.6M | -$35.6M | |
| EPS (Diluted) | -0.10 | -0.20 | -0.17 | -0.24 | -0.18 | -0.22 | -0.19 | -0.37 | -0.39 | -0.42 | -0.33 | |
| EBITDA | -$2.6M | -$9.1M | -$7.9M | -$11.6M | -$9.9M | -$16.6M | -$20.7M | -$33.4M | -$36.7M | -$39.5M | -$30.8M | |
| Shares Out. (M) | 33.52 | 48.64 | 51.18 | 56.40 | 69.46 | 90.62 | 101.70 | 103.27 | 104.85 | 106.43 | 106.82 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $11.7M | $25.3M | $11.2M | $15.2M | $18.8M | $47.8M | $11.1M | $46.5M | $27.9M | $20.1M | $15.0M | |
| Short-Term Investments | $0.00 | $0.00 | $3.2M | $1.5M | $16.0M | $207.3M | $216.3M | $121.8M | $126.6M | $83.0M | $90.6M | |
| Total Current Assets | $15.8M | $30.6M | $22.4M | $24.5M | $45.3M | $270.4M | $252.3M | $190.2M | $171.7M | $118.4M | $121.3M | |
| Total Assets | $16.1M | $31.4M | $24.3M | $30.0M | $51.8M | $284.1M | $286.7M | $268.3M | $239.5M | $202.5M | $184.7M | |
| Total Current Liabilities | $5.7M | $7.2M | $6.6M | $9.3M | $11.6M | $15.6M | $15.4M | $17.9M | $15.8M | $14.3M | $9.9M | |
| Long-Term Debt | $5.0M | $4.2M | $5.1M | $4.9M | $4.9M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $11.0M | $11.8M | $12.0M | $16.4M | $18.6M | $21.2M | $32.7M | $36.1M | $33.2M | $31.0M | $25.9M | |
| Stockholders' Equity | $5.1M | $19.6M | $12.3M | $13.6M | $33.2M | $262.9M | $254.0M | $232.2M | $206.3M | $171.5M | $158.8M | |
| Retained Earnings | -$51.7M | -$61.6M | -$70.5M | -$83.4M | -$95.2M | -$114.3M | -$137.9M | -$175.8M | -$216.9M | -$261.5M | -$275.1M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.3M | -$9.7M | -$10.5M | -$8.8M | -$8.8M | -$10.7M | -$14.8M | -$21.7M | -$27.6M | -$34.4M | -$23.0M | |
| Capital Expenditure | -$218.8K | -$609.7K | -$709.7K | -$1.3M | -$2.1M | -$3.8M | -$18.5M | -$3.7M | -$1.7M | -$1.8M | -$815.0K | |
| Free Cash Flow | -$2.6M | -$10.3M | -$11.2M | -$10.1M | -$10.9M | -$14.5M | -$33.3M | -$25.4M | -$29.3M | -$36.2M | -$23.8M | |
| Investing Cash Flow | -$218.8K | -$609.7K | -$3.8M | $454.5K | -$16.6M | -$195.0M | -$24.8M | $55.0M | $6.9M | $25.9M | $24.1M | |
| Financing Cash Flow | $11.9M | $23.9M | $226.8K | $12.3M | $28.9M | $234.7M | $2.9M | $2.1M | $2.1M | $656.0K | -$1.3M | |
| Issuance of Stock | $11.9M | $23.9M | $230.0K | $12.3M | $28.6M | $236.1M | $2.9M | $269.0K | $2.1M | $656.0K | $182.0K | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$1.5M | |
| Net Debt Issuance | -$16.6K | -$14.3K | -$3.2K | -$152.2K | -$63.7K | -$5.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $154.1K | $514.5K | $1.3M | $1.8M | $2.5M | $8.0M | $0.00 | $14.0M | $0.00 | $9.2M | $1.9M | |
| Net Change in Cash | $9.3M | $13.6M | -$14.1M | $4.0M | $3.5M | $29.0M | -$36.7M | $35.4M | -$18.6M | -$7.8M | -$183.0K |
Dilution Tracker
Shares outstanding grew 53.2% over 5 years — significant dilution
Shares Outstanding
103M
5-Year Share Growth
+53.2%
Stock Issuance (TTM)
$182.0K
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 33.52 | 48.64 | 51.18 | 56.40 | 69.46 | 90.62 | 101.70 | 103.27 | 104.85 | 106.43 | 106.82 | |
| Change vs Prior % | — | 45.1% | 5.2% | 10.2% | 23.2% | 30.5% | 12.2% | 1.5% | 1.5% | 1.5% | 0.4% | |
| Stock Issuance | $11.9M | $23.9M | $230.0K | $12.3M | $28.6M | $236.1M | $2.9M | $269.0K | $2.1M | $656.0K | $182.0K | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$1.5M | |
| Stock Based Comp. | $154.1K | $514.5K | $1.3M | $1.8M | $2.5M | $8.0M | $0.00 | $14.0M | $0.00 | $9.2M | $1.9M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 89.3% | 89.6% | 89.0% | 88.4% | 89.4% | 89.2% | 88.5% | 88.5% | 81.6% | 81.2% | 79.4% | |
| Operating Margin % | -22.2% | -66.4% | -50.5% | -57.4% | -42.3% | -53.7% | -61.8% | -117.0% | -132.5% | -137.1% | -111.6% | |
| Net Margin % | -27.3% | -70.9% | -53.2% | -59.6% | -45.2% | -56.3% | -53.3% | -91.8% | -106.3% | -135.1% | -114.8% | |
| EBITDA Margin % | -21.2% | -65.4% | -47.5% | -53.7% | -38.0% | -49.0% | -46.9% | -80.8% | -95.1% | -119.6% | -99.2% | |
| FCF Margin % | -20.8% | -73.6% | -67.2% | -46.6% | -41.5% | -42.8% | -75.1% | -61.5% | -75.8% | -109.5% | -76.6% | |
| ROE % | -65.8% | -50.6% | -72.2% | -94.8% | -35.6% | -7.3% | -9.3% | -16.3% | -19.9% | -26.0% | -21.0% | |
| ROA % | -20.8% | -31.6% | -36.5% | -43.0% | -22.8% | -6.7% | -8.2% | -14.1% | -17.1% | -22.0% | -19.3% | |
| ROIC % | -26.1% | -37.1% | -47.6% | -58.7% | -27.1% | -6.8% | -10.1% | -19.2% | -22.8% | -23.9% | -19.7% | |
| R&D / Revenue % | 38.3% | 80.7% | 67.5% | 81.4% | 67.8% | 45.5% | 44.1% | 57.7% | 57.5% | 63.1% | 54.0% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 32.1% | 14.0% | 19.2% | 29.7% | 21.0% | 29.5% | 30.6% | -6.7% | -6.4% | -14.5% | |
| Gross Profit | 32.7% | 14.3% | 18.3% | 29.0% | 22.4% | 29.2% | 29.5% | -6.7% | -13.7% | -15.0% | |
| Operating Income | -257.8% | -241.2% | 9.3% | -47.4% | 11.0% | -64.5% | -50.4% | -76.5% | -6.0% | 11.5% | |
| Net Income | -131.4% | -196.4% | 10.6% | -45.4% | 8.4% | -61.5% | -23.5% | -60.9% | -8.3% | -8.7% | |
| EPS (Diluted) | -199.7% | -100.4% | 15.0% | -41.2% | 25.0% | -22.2% | 13.6% | -94.7% | -5.4% | -7.7% | |
| Operating Cash Flow | -1193.6% | -314.4% | -8.4% | 16.1% | 0.2% | -21.6% | -38.4% | -46.7% | -27.3% | -24.6% | |
| Free Cash Flow | -828.7% | -302.8% | -8.8% | 10.0% | -7.7% | -33.7% | -129.2% | 23.7% | -15.3% | -23.6% | |
| R&D Expense | 56.1% | 140.3% | -0.4% | 56.5% | 0.8% | -13.1% | 26.7% | 22.1% | -6.7% | -6.3% | |
| SG&A Expense | 49.5% | 17.2% | 13.9% | 11.7% | 17.1% | 101.8% | 40.4% | 28.2% | -1.2% | -16.5% | |
| Total Assets | 151.1% | 95.4% | -22.7% | 23.6% | 72.7% | 448.7% | 0.9% | -6.4% | -10.7% | -15.4% | |
| Book Value / Share | 313.9% | 165.6% | -40.4% | 0.5% | 98.3% | 506.5% | -13.9% | -10.0% | -12.5% | -18.1% | |
| Debt | -0.7% | 0.5% | 0.5% | 42.6% | -3.4% | -18.4% | 183.3% | 16.5% | -3.8% | -0.5% | |
| Diluted Shares | -22.9% | 45.1% | 5.2% | 10.2% | 23.2% | 30.5% | 12.2% | 1.5% | 1.5% | 1.5% |
Valuation
P/E (TTM)At Loss
P/S4.19
10Y Low / Med / High4.99 / 44.34 / 59.13
P/B0.85
10Y Low / Med / High0.96 / 35.54 / 112.08
EV/EBITDAAt Loss
EV/Revenue4.26
10Y Low / Med / High4.93 / 43.97 / 57.68
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$1.48
Net Current Assets / Share
$0.92
Graham Net-Net
$0.81
Cash / Share
$0.99
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -170.34 | -85.00 | -100.00 | -70.83 | -94.44 | -46.32 | -28.74 | -12.70 | -10.67 | -3.69 | -3.77 | |
| P/S Ratio | 46.44 | 59.13 | 52.21 | 44.34 | 45.13 | 27.24 | 12.55 | 11.76 | 11.29 | 4.99 | 4.19 | |
| P/B Ratio | 112.08 | 42.20 | 70.85 | 70.49 | 35.54 | 3.51 | 2.19 | 2.09 | 2.11 | 0.96 | 0.85 | |
| EV/EBITDA | -216.39 | -88.17 | -109.21 | -81.96 | -117.58 | -53.05 | -27.01 | -13.72 | -11.60 | -4.12 | -4.29 | |
| EV/Revenue | 45.89 | 57.68 | 51.83 | 43.97 | 44.68 | 26.00 | 12.66 | 11.08 | 11.04 | 4.93 | 4.26 |
Analyst Estimates & Quality
Altman Z-Score
1.18
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $32.2M | $37.2M | $38.8M |
| Net Income | -$29.8M | -$26.8M | -$25.5M |
| EPS | $-0.27 | $-0.25 | $-0.24 |
| # Analysts (EPS) | 3 | 3 | 1 |
Revenue Segments
By Product
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Other | $784.6K | $1.0M | $897.0K | — | — |
| Product sales | $20.8M | $27.7M | $18.6M | — | — |
| Product and Service, Other | — | — | — | $1.1M | — |
| Product | — | — | — | $21.1M | $18.7M |
| License | — | — | — | — | $12.4M |
By Geography
| Segment | 2024 | 2025 |
|---|---|---|
| Non-US | $12.9M | $11.9M |
| UNITED STATES | $25.8M | $21.1M |