MaxCyte Q4 revenue drops 16% to $7.3M, guides $30–32M in 2026
MaxCyte reported Q4 2025 revenue of $7.3 million, down 16% year-over-year, and full-year 2025 revenue of $33.0 million, a 15% decline, with core revenue down 9%. The company ended 2025 with $155.6 million in cash and guided 2026 revenue of $30–32 million while maintaining at least $136 million in year-end cash.
1. Financial Results
In the fourth quarter of 2025, MaxCyte generated total revenue of $7.3 million, representing a 16% decline year-over-year, driven by a 22% decrease in core business revenue to $6.8 million and a rise in SPL Program-related revenue to $0.5 million. For the full year 2025, total revenue was $33.0 million, down 15%, with core revenue at $29.6 million and SPL revenue at $3.4 million.
2. Cash Position and Guidance
As of December 31, 2025, the company held $155.6 million in cash, cash equivalents and investments, having reduced annual cash burn by over $16 million. For 2026, MaxCyte forecasts total revenue of $30–32 million—including $25–27 million in core revenue and $5 million in SPL Program-related revenue—and expects to maintain at least $136 million in cash by year-end.
3. Strategic Progress and Pipeline
MaxCyte signed four new SPL agreements in 2025, bringing the total to 32, with 13 clinical programs and one commercial program licensed under SPLs. The company launched its ExPERT DTx discovery platform, expects up to four cell therapy candidates in Phase III trials by end of 2026, and has already received a milestone payment for one program.