MaxCyte, Inc. Files 2023 Annual Report on Form 10-K

Ticker: MXCT · Form: 10-K · Filed: Mar 12, 2024 · CIK: 1287098

Maxcyte, INC. 10-K Filing Summary
FieldDetail
CompanyMaxcyte, INC. (MXCT)
Form Type10-K
Filed DateMar 12, 2024
Risk Level
Pages15
Reading Time18 min
Key Dollar Amounts$0.01, $4, $11.7 billion
Sentimentneutral

Sentiment: neutral

Topics: MaxCyte, 10-K, Annual Report, Biotechnology, Financials

TL;DR

<b>MaxCyte, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

MAXCYTE, INC. (MXCT) filed a Annual Report (10-K) with the SEC on March 12, 2024. MaxCyte, Inc. filed its 2023 Form 10-K on March 12, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 9713 Key West Avenue, Suite 400, Rockville, MD 20850. MaxCyte, Inc. is classified under SIC code 8731 (Services-Commercial Physical & Biological Research). The filing includes details on various financial statement items and equity transactions.

Why It Matters

For investors and stakeholders tracking MAXCYTE, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of MaxCyte's financial health, operational activities, and strategic direction for investors and stakeholders. The detailed financial disclosures within the report are crucial for understanding the company's performance, risks, and future prospects in the biotechnology research sector.

Risk Assessment

Risk Level: — MAXCYTE, INC. shows moderate risk based on this filing. The company's financial performance and future growth are subject to the inherent risks of the biotechnology and research sector, including regulatory approvals, market adoption, and competition, as detailed in the risk factors section of the 10-K.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess MaxCyte's financial stability and growth potential.

Key Numbers

Key Players & Entities

FAQ

When did MAXCYTE, INC. file this 10-K?

MAXCYTE, INC. filed this Annual Report (10-K) with the SEC on March 12, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by MAXCYTE, INC. (MXCT).

Where can I read the original 10-K filing from MAXCYTE, INC.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by MAXCYTE, INC..

What are the key takeaways from MAXCYTE, INC.'s 10-K?

MAXCYTE, INC. filed this 10-K on March 12, 2024. Key takeaways: MaxCyte, Inc. filed its 2023 Form 10-K on March 12, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal business address is 9713 Key West Avenue, Suite 400, Rockville, MD 20850..

Is MAXCYTE, INC. a risky investment based on this filing?

Based on this 10-K, MAXCYTE, INC. presents a moderate-risk profile. The company's financial performance and future growth are subject to the inherent risks of the biotechnology and research sector, including regulatory approvals, market adoption, and competition, as detailed in the risk factors section of the 10-K.

What should investors do after reading MAXCYTE, INC.'s 10-K?

Review the detailed financial statements and risk factors in the 10-K to assess MaxCyte's financial stability and growth potential. The overall sentiment from this filing is neutral.

How does MAXCYTE, INC. compare to its industry peers?

MaxCyte operates in the commercial physical and biological research sector, focusing on technologies that advance cell and gene therapies.

Are there regulatory concerns for MAXCYTE, INC.?

The company is subject to SEC regulations governing public company filings, including the requirement to submit annual reports (10-K) detailing financial and operational information.

Industry Context

MaxCyte operates in the commercial physical and biological research sector, focusing on technologies that advance cell and gene therapies.

Regulatory Implications

The company is subject to SEC regulations governing public company filings, including the requirement to submit annual reports (10-K) detailing financial and operational information.

What Investors Should Do

  1. Analyze the financial statements within the 10-K for revenue trends, profitability, and cash flow.
  2. Review the 'Risk Factors' section to understand potential challenges and uncertainties facing MaxCyte.
  3. Examine management's discussion and analysis (MD&A) for insights into the company's strategy and outlook.

Key Dates

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing.

Filing Stats: 4,450 words · 18 min read · ~15 pages · Grade level 16.9 · Accepted 2024-03-12 17:00:43

Key Financial Figures

Filing Documents

Business

Business 8 Item 1A.

Risk Factors

Risk Factors 26 Item 1B. Unresolved Staff Comments 70 Item 1C. Cybersecurity 70 Item 2.

Properties

Properties 71 Item 3.

Legal Proceedings

Legal Proceedings 71 Item 4. Mine Safety Disclosures 72 PART II 73 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 73 Item 6. [Reserved] 74 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 74 Item 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 90 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 92 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 113 Item 9A.

Controls and Procedures

Controls and Procedures 113 Item 9B. Other Information 113 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 114 PART III 115 Item 10. Directors, Executive Officers and Corporate Governance 115 Item 11.

Executive Compensation

Executive Compensation 115 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 115 Item 13. Certain Relationships and Related Transactions, and Director Independence 115 Item 14. Principal Accountant Fees and Services 115 PART IV 116 Item 15. Exhibits and Financial Statement Schedules 116 Item 16. Form 10-K Summary 118

Signatures

Signatures 119 2 Table of Contents Risk Factors Summary Our business is subject to numerous risks that you should carefully consider. These risks are more fully described in the section titled "Risk Factors" included in Item 1A of this Annual Report on Form 10-K. These risks, which could materially and adversely affect our business, financial condition, operating results and prospects include, but are not limited to, the following: We are a cell engineering and life sciences company and have incurred significant losses since our inception, and we expect to incur losses for the foreseeable future. We have limited product offerings approved for commercial sale and may never achieve or maintain profitability. We are highly dependent on a limited number of product offerings. Our revenue has been primarily generated from the sale and licensing of our instruments, as well as sales of single-use disposable processing assemblies ("PAs"), which require a substantial sales cycle and are prone to quarterly fluctuations in revenue, as well as revenues earned based upon customer clinical development progress events which are outside of our control and highly variable from period to period. We may never generate a level of revenue that is sufficient to support our operations or achieve profitability . Our business is dependent on adoption of our products by organizations such as biopharmaceutical companies and academic institutions for their research and development activities focused on cell-based therapeutics. If organizations such as biopharmaceutical companies and academic institutions are unwilling to change current practices to adopt our products, it may negatively affect our business, financial condition, prospects and results of operations. We may be unable to compete successfully against our existing or future competitors. If we cannot maintain and expand current partnerships and enter into new partnerships, that generate marketed licensed products, our bu

Business

Item 1. Business Overview We are a leading commercial cell engineering company focused on providing enabling platform technologies to advance the discovery, development and commercialization of next-generation cell therapeutics including cell and gene therapies and to support innovative cell-based research and development. Over more than two decades, we have developed and commercialized our proprietary Flow Electroporation technology, which is used by biopharmaceutical companies in the complex engineering of a wide variety of cells. Electroporation is a method of transfection, or the process of deliberately introducing molecules into cells, that involves applying an electric field in order to temporarily increase the permeability of the cell membrane. This precisely controlled increase in permeability allows the intracellular delivery of molecules, such as genetic material and proteins, that would not normally be able to cross the cell membrane as easily. With increased knowledge of cell complexity and systems biology in the scientific community, researchers have sought to leverage or repurpose cell functions and/or machinery for research or therapeutic purposes. The ability to engineer living cells by introducing foreign molecules, such as gene editing systems and transgenes, has led to a revolution in biological research and resulted in numerous biological discoveries. Living human cells can also be engineered ex vivo , or outside the body, where they are repaired or reprogrammed to fight disease. In this case, the engineered cell itself is the drug. Cell therapy has emerged as one of the fastest growing and most promising treatment modalities to address a host of human diseases. Recent developments in multiple U.S. Food and Drug Administration (the " FDA") approved cell therapies in generating promising data suggests that they may be able to provide long-lasting amelioration of symptoms or presence of disease has catalyzed tremendous investment—leading t

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