BTIG Downgrades MaxCyte to Neutral Citing Ongoing Challenges for Cell and Gene Therapy Customers

MaxCyte's 2025 revenue guide was lowered by $5M, or 14%, due to ongoing challenges for its cell and gene therapy customers to obtain capital. Despite this, the firm believes the company has a best-in-class electroporation platform and that its customers' ability to raise money will drive the business turnaround. BTIG downgraded MaxCyte to Neutral from Buy.

MaxCyte, Inc. (NASDAQ: MXCT) has announced an adjustment to its 2025 revenue guidance due to ongoing challenges faced by its cell and gene therapy customers in securing capital. The company reported its second-quarter financial results for the period ended June 30, 2025, and updated its full-year 2025 guidance [1].

Core business revenue for the second quarter of 2025 stood at $8.2 million, an 8% increase over the same period in 2024. However, total revenue decreased by 18% to $8.5 million, reflecting a decrease in strategic platform license (SPL) program-related revenue [1]. The company attributed this decline to the timing variability of SPL Program-related revenue milestones and royalties [1].

MaxCyte has added two new SPL clients, Adicet Bio and Anocca AB, bringing the total number of SPL agreements to 31. Despite these additions, the company has lowered its 2025 revenue guidance by $5 million, or 14%, to account for customer inventory management and pipeline consolidation [1]. The core revenue is now expected to be flat to a 10% decline compared to 2024, while SPL program-related revenue is expected to be approximately $5 million for the year [1].

The company’s financial performance in the second quarter of 2025 showed a net loss of $12.4 million, compared to $9.4 million for the same period in 2024. Gross profit for the quarter was $7.0 million, with a gross margin of 82% [1]. Operating expenses increased to $21.2 million, reflecting an increase in stock-based compensation expense to $3.5 million [1].

MaxCyte’s CEO, Maher Masoud, expressed confidence in the company’s position in the cell and gene therapy industry, noting the strong pipeline of potential SPL agreements and the company’s best-in-class Flow Electroporation® technology [1]. The company remains committed to prudent spending and investing in product enhancements and SeQure Dx [1].

BTIG Research downgraded MaxCyte to Neutral from Buy, citing concerns over the company’s ability to navigate the current operating environment and the impact of capital challenges on its customers [2].

References:
[1] https://www.nasdaq.com/press-release/maxcyte-reports-second-quarter-2025-financial-results-and-updates-full-year-2025
[2] BTIG Research, "MaxCyte Downgraded to Neutral"