MaxCyte, Inc. is a commercial cell-engineering company headquartered in Rockville, Maryland. Founded in 1999, it has pioneered Flow Electroporation® technology, which is used to introduce molecules such as DNA, RNA, and proteins into cells for therapeutic applications. The company's product line includes the ExPERT family of instruments: ATx for static ...MaxCyte, Inc. is a commercial cell-engineering company headquartered in Rockville, Maryland. Founded in 1999, it has pioneered Flow Electroporation® technology, which is used to introduce molecules such as DNA, RNA, and proteins into cells for therapeutic applications. The company's product line includes the ExPERT family of instruments: ATx for static electroporation, STx for flow electroporation in protein production and drug development, GTx for large-scale transfection in therapeutic applications, and VLx for very large volume cell engineering. Additionally, MaxCyte provides disposable processing assemblies, buffers, and software protocols to support these systems. The company operates globally, licensing its technology and selling instruments and consumables to pharmaceutical and biotechnology companies, as well as cell therapy developers. With a focus on non-viral cell engineering, MaxCyte aims to advance the discovery, development, and commercialization of next-generation cell therapeutics. The company went public in July 2021 and is listed on NASDAQ under the ticker MXCT. As of the latest data, MaxCyte employs 91 people and is led by CEO Maher Masoud, who took over in January 2024. Financially, the company has been investing heavily in R&D, with a gross margin of approximately 80.7% but net losses, reflecting its growth-stage status. Its products are utilized in various applications, including drug discovery, biomanufacturing, and gene editing, and it collaborates with major players in the biotech industry to support the development of innovative therapies. MaxCyte's mission is to empower cell engineering at any scale, from research to commercial manufacturing, and it continues to expand its platform and partnerships to drive growth in the cell and gene therapy sector.
Operator: Good day. Thank you for standing by. Welcome to the MaxCyte Second Quarter Earnings Conference Call. At this time, all-- After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you will need to press star-11 on your telephone. You will then hear automated messages by saying it is raised. [Inaudible] To withdraw your question, please press star-11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Erik Abdo of Investor Relations. Please go ahead.
Erik Abdo: Good afternoon, everyone. Thank you for participating in today's conference call. Joining me on the call from MaxCyte, I have Maher Masoud, President and Chief Executive Officer; Parmeet Ahuja, chief financial officer, and Sean Menarguez, senior director of business development. Earlier today, MaxCyte released financial results for the second quarter ended June 30, 2026. A copy of the press release is available on the company's website. Before we begin, I need to read the following statement. Statement or comments made during this call may be forward looking statements within the meaning of federal securities laws. Any statements contained in this call other than statements of historical fact including those that relate to expectations or predictions of future events results, or performance, are forward looking statements. Actual results may differ materially from those expressed or implied in any forward looking statements due to a variety of factors, which are discussed in detail in our SEC filings. Except as required by applicable law the company has no obligation to publicly update any forward looking statements whether because of new information, future events, or otherwise. And with that, I will turn the call over to Maher.
Maher Masoud: Thank you, Eric. Good afternoon, everyone, and thank you for joining MaxCyte's second quarter 26 earnings call. MaxCyte reported $7.3 million of total revenue in the second quarter, including $6.5 million of core revenue and $0.8 million of SPL program related revenue, which consists of milestones and royalties. Results were ahead of our expectations and consistent with the framework we laid out coming into the year. As expected, we entered 2026 facing several headwinds. Including inventory drawdown by our largest customer, and headwinds resulting from the discontinuation of a few partner clinical programs last year. Despite those challenges, our objective was clear. Stabilize revenue in the first half and to return to growth in the second half. Our first half results reflect the stabilization where both our Q1 and Q2 revenues were ahead of our expectations. And we remain confident in our ability to achieve our goal of returning to growth in the back half of the year. We achieved sequential revenue growth in Q2 compared to Q1, primarily driven by instrument placements across our portfolio …
