MXCT - Earnings call transcript Q2 2024

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Operator

" Ladies and gentlemen, thank you for standing by. Welcome to MaxCyte Second Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. I would like now to turn the conference over to Scott Feinberg, Finance and Investor Relations Associate. ahead. go Please

Unknown Executive

My for everyone. for Scott and Feinberg, in Good Relations name here responsible Investor conference you at I'm today's afternoon, call. is MaxCyte. participating Thank

the press and Doug A June website. Chief Maher the on Joining financial we MaxCyte Earlier XX, release copy Swirsky, on from second results company's Chief Officer; and XXXX. for Financial have the me is Executive available Masoud, call today, President the released Officer. of MaxCyte ended quarter

publicly to the the call be Any may results following are need expressed The will those federal factors or I predictions made of our are during from statements may forward-looking turn implied in materially has information, that, Statements that differ laws. begin, call whether any over comments Maher. expectations future performance company the or a forward-looking forward-looking of or no any SEC we Before statements. this read or due to statements otherwise. And contained securities detail I meaning future to Actual statement. events variety to relate or to this events, within with because statements of of results discussed update in filings. forward-looking new in call statements, which in obligation

Maher Masoud

Scott. SPL million quarter in afternoon, the $X.X quarter, of for XXXX Thank second $XX.X of you you, of revenue second Good and revenue total everyone, core $X.X earnings MaxCyte reported joining thank and million call. MaxCyte Program-related including million. revenue

our platform the progress to made to commercial the far XXXX, provide have our our in end-to-end with Electroporation to execution, excited so and support the for demand differentiated afforded are we that we continue made have We customers. efforts continued by ExPERT

we signed Biotech. the five also have recently which year, encouraged that are includes Legend We the most signed SPLs new this by

Our expectations. cell in in with and with performance in our line was the that therapy results business discovery solid quarter the second drug were core

developers, backdrop, or first therapy initial XXXX. changed in second for which tied the funding provided at the see to not with remains time spending scientific and space the to the optimism this our which overall Our quarter, in quarter remained Amidst but evolution customers the environment optimistic a continue therapy for cell cell since performance significantly improved leaves guidance we market cautious has this, stable Despite in or about general current operate incredibly mindset. us long-term MaxCyte's the capital opportunities. we

whole. To provide will remain XXth. June our quarter, and This an customer as in XXX be on the impacted Instrument non-viral revenue in revenue current on for given industry in involve a base support to of the as in the move are business some stages settings. SPL We that outlook installed cover we which by believe by of paradigm cell medicine second equipment well continue the The approaches therapies and and change early to therapy instrument allogeneic cell detail, market to the the our therapy. that more therapy context Doug about capital continues and to core cell complexity to cell therapies a our cell growth MaxCyte grew of be meet more purchases. position future the complex disease performance very are cell developed continues we will our years in optimistic autologous and and types. future engineering to the over strong of technology bodes variety We XXXX, new of across can expanding therapy our of in customers for caution prospective towards

derived slightly second $X.X of year-over-year, million first customers stable customers from Both contribution of in from clinic. XXXX. XXXX core speaking stage lease declined and SPL However, early million. of and we clients, pleased our quarter XX% in was the from revenue both revenue PA $X with remained were but to of revenue quarter the of

reported of before, revenue of I in $X.X the the in million million we first SPL year. mentioned us second Program-related the half As at quarter, $X putting

We revenue for milestone are progress clinic, SPL clients' through continued resulting by the encouraged MaxCyte. in

SPL to We and evidenced are also Biotech, by quarter, continuing total second in our so bringing SPLs to far SPLs signed expand new BE portfolio in our as the Biopharma two Legend signed XXXX five.

remains the of remember, to of to Legend SPL addition therapies and leader the pipeline recently technology, programs, announced Biotech a They have our scientific within With life-threatening Legend Electroporation platform-of-choice our scientist diseases. support types with and signed total and of Biotech of support we and Master regulatory It portfolio our variety important from industry. is the SPLs to company's global revenue developing asset firmly SPL marketed Biotech, new these to The with signed that to a provide we across therapy success customers' provide our that cell eight our of the and products, in and programs. is in Our development licensing. commercial technical, currently brings field access our number in platform XX. believe us expertise one trained with unparalleled cell opportunity in modalities. Legend participate the May, to MaxCyte the know-how, industry, MaxCyte's cell and sales partnerships File FDA application most therapies regulatory target relationships

a have pipeline patients cell SPL for clients with innovative and gene prospective develop which vigorously robust our working all strong to and in need. We current therapies SPL of relationships are of clients,

U.S. know, in likely the FDA Vertex, therapy MaxCyte its in customer, approval SPL first the you As CASGEVY, approved of cell supported the non-viral

confident that through Britain, life-changing Bahrain, capability enable European midway approval are Great has the CASGEVY patients With States, to XXXX, to United Union, commercial worldwide. Saudi in strong. remains the CASGEVY and Arabia treatment Now, opportunity for we

had the are presented secondary approved, as continues clinical data US, approximately the centers demonstrated trials with patients associated we We or opportunity. Currently a consistency that Middle beta-thalassemia. CASGEVY number treatment from a transfusion-dependent have begin journey encouraged timing with The infusion, endpoints cells There in with expect and Europe activated do the dollar treatment recently and global represents patients now XX is enrollment of given CASGEVY dosing every [indiscernible] and over collected, globally, are patient primary total previously visibility by to of not and the studies. long-term patients see initiating patient already for Vertex for to XX where process with completion the growing prior recently region communicated, XXX multi-billion into approximately to begins. CASGEVY view Vertex activate journey the reported the lengthy centers they of once efficacy from have patients and continue the XX East.

exclude by our from with and patients We therapy. outlook continue benefit to potential As CASGEVY to to commercial come first CASGEVY-related CRISPR only very excited gene plan editing updates such, they revenue milestone as the remain of the Vertex. we as approved from XXXX you provide and

from long-term, beta-thalassemia. to approximately near, have commercial XXXX. we of cell five through revenue opportunity our five programs and SPLs, The significant sickle clinic and next the see SPL solid lymphoma, the address with they opportunities wave medium as Over disease therapies the potential These and launch progress in includes across leukemia, potential tumors, clients reach commercialization. potential

XXXX additional indications this, opportunity approved programs between and multiple of XXXX. autoimmune see disease we Beyond XX across and myeloma for

our opportunities larger. in to sign and the As commercial grow and SPLs of new we future expand, SPLs basket grows continue existing the

remain growth of we'll align remainder core on innovations. of areas therapy with that focused cell competency, the XXXX, investing high For in MaxCyte's advancing

return Over half investment investment promise our the our reallocated are and that of portfolio this year, have projects and our VLX. we we reducing on first and impact and our best the for resources of high growth. investments reviewed with long-term moderating Commensurate expectations the in opportunities towards realignment

early customers. We made will maximize the VLX, adopters future and in investments to work previously continuing with

we are prioritizing for therapy, realignment up, proposition marketing which deliver growth Doug? goals engineering MaxCyte. To that remain sales and results. our turn are provide and call I reach therapy Doug value we customers within continue is to results financial clients cell industry. With to that wrap efficiencies premier for will and the operational that discuss over second focuses continues a truly quarter to cell support and on differentiated large platform-of-choice pleased gene cell with and I opportunity solid now and believe to on XXXX. the portfolio our track to and we on that, our our to the MaxCyte's Our be believe we sustainable the in and

Douglas Swirsky

million compared $X.X XXXX. which in declined million, revenue in was the $X.X in from therapy customers Total quarter and comparable in core or second assembly X% the quarter quarter, reported revenue Maher. XXXX $X.X in to We compared million, was drug year decline of comparable compared to to of $X million to an second core you, quarter instrument prior PA XX%. million million the of $XX.X XXXX, of of from million was second million million compared cell in million year-over-year. includes the quarter. This million discovery second year and $X.X $X.X representing revenue was revenue million increase of Thank year-over-year, $X.X the of prior revenue, declined which of $X.X quarter of revenue XX% Within revenue $X.X to compared the revenue X%. representing customers Lease processing $X $X.X XXXX, a

in performance, in Year-to-date, achieved compared Program-related XXXX. which revenue revenue remained revenue mentioned, in million in revenue capital remained quarter recognized in were solid customers. the SPL sequential we SPL million stable, same Program-related time, both to second of our and $X of by Program-related environment have of partners. impacted be million pleased instrument the At revenue to the $X.X clinical As from strength We continues second PA see. SPL quarter revenue. has Maher revenue spending $X.X our for XXXX most cautious SPL year-over-year we of lease to indicating the

down by primarily XXXX, XXXX. in $XX.X expenses. the margin than million for $XX.X marketing slightly operating quarter quarter expenses second quarter of higher second Moving Total of growth of expenses in XXXX XX% gross of million and The was was compared the second overall in to the sales were the in in XX% quarter driven second XXXX. increase P&L, operating the

targeted company finished high the cash no and the second growth returns. equivalents quarter making of forward, debt. $XXX.X long-term We that moderate be total areas disciplined, Going cash, continues and with in to offer million combined investments and investments

first million. from of greater This full for updating the $XXX expect our as we year revenue the that in now investments discussed. as end and management, resources core and realignment expectations Program-related expense with previous year-end Continuing of reiterating guidance, SPL our outlook. guidance XXXX estimate SPL our well and increasing result equivalents are cash our up than to Maher revenue Program-related including is year We revenue of revenue XXXX with $XXX half disciplined are a expected of million, our the

approximately be expect to We to XXXX. be revenue to $X continue now in to core XXXX. to million expect compared flat We Program-related SPL growth X% revenue

Program-related SPL to predict programs. difficult subject Our timing revenue of the development partner and is to

expectation Our receive base will case for indicates additional milestones we the not XXXX. year in

outlook royalty with reminder, a long-term also to our in include growth. close, a spend XXXX CASGEVY. To focus continued XXXX on disciplined remains revenue deliver from MaxCyte As execute exercising not our outlook on great does to position a

call I'll Maher. back Now, turn the over to

Unknown Executive

you, Thank Doug.

We turn like team to thank and our they the forward are supporting Q&A. that, each of day. With back work and company as far progress dedicated clinic. every to progress over I in through our customers operator and the MaxCyte will look their XXXX would thus Operator? our for for the to proud call our customers to the I

Operator

question Instructions] from with the [Operator comes first And you. Jacob Thank Stephens. Johnson

open. now is line Your

Hannah Hefley

my for questions. any things? leased on on Hannah instrument you PA of or Thanks the Jacob. actually Benefitâ€¦ revenue, from taking volumes benefit side for it's Have commercial lease Hey, seen

Maher Masoud

Hannah, this is Maher.

Hannah Hefley

[indiscernible] I'm sorry.

Maher Masoud

for second. I there up question repeat Can It the again? Yes. a broke you apologize.

Hannah Hefley

Yes.

seen of benefit As it to business, on have instrument leased side the commercial volumes PA you relates any from or the base things?

Maher Masoud

So, CASGEVY revenue? a about our whether is on asking not or material impact having you're core

Hannah Hefley

Yes.

Douglas Swirsky

Yes.

don't we out that separately. So, break

you that a partner I of we're PAs XX-Q. that using, we point. in point not get up. obviously, do of for to break stage think But out, the about the do we including commercial best include commercialization can the going not to participating I something unfortunately, this not sort at product that how from We of PAs they variety this lease do are commercial information that in is it we is revenue, used only the setting. mind in keep at settings since really The concentration position direct that customer potentially in talk in include, commercial really incremental that many are break probably a have reasons, maintaining we're do to the confidentiality that's a one components

Hannah Hefley

this both would discovery about and Okay, like call sequentially. more And just It else little thanks. you Was one bit drug then seasonality? Is looks declined anything cell that? out follow-up. a therapy there

Maher Masoud

take take me Let want Doug? you me that one, that one Do Hannah. to

the been over very declined course So, consistent. year, of But year-over-year. the obviously, it it's

in discovery abnormality. overall, is consistent consistent So, with with for putting versus we solid our very which customers revenue not cell orders It's for a lumpiness it from with and and have, other to to the a Drug QX some QX, drug QX is line quarters But certain customers smaller we we're that bit a that happy tied very last therapy. might as few to QX of quarters. of in sales bit few both an year, quarter us. a more discovery itself really a comparing well have

Douglas Swirsky

sort a business forward. about tried point we I is to think make seasonality thing one our in earlier of year this talked of lack going a we the of that

That's occasional nature of just We are to going the the see business. lumpiness.

see influence general, on discovery things. point feel this we both You we order in drug therapy. big But, occasionally cell pleased a are and with in where customers at and put --

Hannah Hefley

All I'll it right, there. thanks. leave

Douglas Swirsky

Thank you, Hannah.

Operator

our with Panmure question from Simmonds Julie And Liberum. next comes

is line now open. Your

Julie Simmonds

in last year. of Hi. question. things; SPL Firstly just you Thanks five A for very agreements terms taking clearly much did of the couple

You've you we Are this have on already. another for year wait more going notice year. what really to done I six-months one? to of do rest no the for five than guidance more this might

Douglas Swirsky

signing we to the can on the can sales a years. say opportunity signed, have three A has an relationship. nine-months, little that can again. will historically healthy we I a question, funnel, Good of for bit when take happens, five three-months, that update to Right? healthy one basis. will now what hear on SPL Good we depending Julie. you don't anywhere customers six-months, The is speak from then feel to until to We Obviously, comfortable longer cycle regular SPL from those sometimes comment if we happen. another over Obviously, six. we We have have XX-months. there's sign been SPL this, but SPL can't sign the

six months more Our of the five focus necessarily and signing regular it on not over basis to next is months the happens whether those just a that or ensuring few we're thereafter. three timing on a

the basis to we that's way, saying on I year, especially guess, we a five can't but we very in, of healthy feel promise So, a long this Julie, a regular three have that confident continue we much to the on funnel have that come. from SPLs to to our opportunity that years that can and we list larger grow XX we have a amount over the

Julie Simmonds

or starts up yet you're to bit we should where manufacturing forwards? say this try. historically. lower gross because and anything, a Thank Is sort little at the look looking now on that you've going been you'd of Didn't volumes just point it's doing business the the where still sort be to little you. get but basis than I to it of in-house level rebalance the on at it's you Then a to core bit a if think that had margin,

Douglas Swirsky

a Julie. it of big part That's certainly

here support manufacturing So, is can multiple a stage customers. established what that facility commercial we've

do our base, And to the capacity much excess rates. some that. so margins It have some absorption with go that support, have ready It does customer does to to our change impact capacity. of we

bit We also were quite last a year. manufacturing

manufactured had We we we we that the inventory. with levels year so, guess, appropriate I as make definitely sure more last year, had to want need. we of down And -- than maintain

about we've they're back I potential still think, before, and this very delivering to we they But, margins feel as go have to down level this point said really so. to and somewhat even it -- substantial to industry-leading are. they margins so, we're are at because continue we And that good be the back these where again, the

Maher Masoud

Can Doug. something I add there as well,

the potentially when manufacturing on controlling positive quality in-house, on our was So basis. an could a knew much how in can and of capacity margins. we produce the Julie, annual a because hit But start we brought we we that can in that view short-term take we

out So, manufacturing long-term customers bringing short-term and we both the we're for the that get hit benefit then they also success through of for getting and is in-house we're taking capacity in that partners and worth pivotal mind, for as our be that our well customers especially that stages that to get will we're support, as through well. going quality our our the in-house have clinic, and go crucial commercialization us the

Julie Simmonds

Excellent. Thank you. final just me. one And from one

we've little On was the cost there, clearly slightly of seen continues additional whether the of all the of bit whether sort lower quarter? than is there's VLX, from that the line spend? of just more I'm comes expenses spending or pulling where you're back a the in reallocation of wondering, sort a be maybe to that it is going because noticed going off a I sort sort traditional to therapy there that previous cell some back

Maher Masoud

now that long let itself that Yes. I'll the a business the Obviously, this well. to to We're the where bit always for potential us. is our speak we can that where more have at and minimization Doug well. we're the therapy. speak Julie, we and of always reallocate, -- to a let Obviously, growth most there VLX, looking cell believe as as expenses we we looking VLX me in right as see sustainable spend,

stay by study, with and cell allogeneic therapy So, a we currently the us very the in in more in of market out market. that the transfection scale VLX does have for a is become terms unmatched -- have a provide else case and good electroporation the VLX grows anything study therapies The case use use as platforms. of can transfection

is protein to case with provides we transient a because, work those that for and we scale use But have to to we're greatest be that greatest is let and potential. looking at support continuing production. the in there we've we're as to your in continue future the the on best it allocation the future where we for investment means line, there's not adopters our to or But our customers to as early VLX where the I'll where spend bottom the customers obviously past early the point, VLX need refocusing customers. spend always much there. space have that a future need speak Doug as minimized with we going the that. it's spend us, to spend focusing those bioprocessing where that for for have We're for of What us growth there So, believe can to return ensuring the

Douglas Swirsky

that, as mean, which investments being had about think again, Maher The said milestone I Yes. we with some our we'll in fact what come areas previous just other but prudent said well fact expenditures, is in perfectly. cash only both and call equivalents the we've in unexpected here, in how reprioritizing is spending, raised as emphasize our reflect and we've it the year I to that we've with I'd to just that the revenue much for that thing of end expectations of terms some add as talked that well. we're more VLX already

Julie Simmonds

Lovely. Thank you very much.

Douglas Swirsky

you, Thank Julie.

Maher Masoud

you. Thank

Operator

Mah next Steven our from with question comes And Cowen. TD

now line open. Your is

Unknown Analyst

questions. SPLs. up a Thanks Maybe taking questions for couple of Great. follow the just on

how BD larger maybe change. evolving and -- could are little on how maybe five discussions companies, give how thoughts BD any the if you players SPLs discussions and that kind of be this and with smaller So year to notice your of on bit maybe the us mid between mid-sized tend color a companies. companies on companies, to might larger the Maybe that mix are color size smaller signed on or maybe going

Douglas Swirsky

Steven. questions, Good

big. based bigger taken much traditionally not focus being working we've color Legend that approach to in we're therapy working companies there that companies. their little say me back therapies. back a XXXX. with with CRISPR so companies a sense, a they've -- whether were what to And it's called as that, whether now. small smaller they're that bit, approaches non or cell again, our we're they're not really can, on It you is company give was cell that company -- and to taking Therapeutics. I a on said, want or Let many that speak to company of, pursuing, bring really, in as ensuring company is Inception some we'll bigger signed. we're -- small is they company considered a is non-viral It's worked kind it what that obviously, really And viral bigger That with we the was you we

we first CASGEVY working had -- to product which So, or which not company, Therapeutics, would small the Vertex, right, which which their is company cell now with a CRISPR a is therapy is we if is select big which be tried company now licensed approved. to non-viral

it's focus therapy go them all of grow. So, is to our small, is really we're after. cell continue going trying that medium, to space The big, to

working become bigger company, I our where and make We of think a become that's for want we're a them, can big what can small a is sure part company of goal. a Steve, now all program company company small as now the with to well.

Unknown Analyst

makes sense, That [indiscernible] appreciate the I Yes. color.

Douglas Swirsky

Yes. a a commercialize going to a a platform this product add is the good all with companies bets, are of space. I a you if that will, generate our We're and setting trying companies in that's quality to ultimately to clinical Steve portfolio. this using roster just we milestones we're in really spreading build and selling client potential to portfolio was believe development and

to Some won't that many as support possible, them of as succeed them of want we them can. so and of many

Unknown Analyst

larger in maybe cycles then could you instrument Yes. color if taking sales Maybe longer. more how given lengthening side away provide green you discussions going? or kind could in looking And some seeing if from could the saying on instrument kind give in, what side, or you sounds from add cell signs if what some maybe are the of Understood. and is are things companies gene what some marketplace? some others on in the improvements, color business, how with you're therapy us bioprocessing Thank It also you're squeeze leasing maybe shoots one And and on versus marketplace. are seeing maybe your of I perspective of stage like square your are on or customers, early that instrument those size of can you. stated customers some there sales

Douglas Swirsky

Thank Steve. you,

instruments, out to between companies -- break come more and the smaller the that's a more larger into flow focused on the clearly the to industry regards the the focused difference companies, been the lot on larger companies, that's of been with So, has capital public companies.

So, certainly some elongated. of have these sales cycles

And so, I difference there a think is there.

For ground these the area for sort to to the team, of our the This we the both what's really we're up we're to us, team to today, forecast that something we're able we're likelihood really able instrumentation guidance converting, which one work forecasting. We've where going tightened as reach the we That's have best changes, zero of which is of build revenue. to with and FASs very objectives unless really through the is why that that the core up understand up. tracking set sales our probability. commercial from ourselves, system -- be opportunity-by-opportunity to X% that is comfortable closely on

year, revenue, we lumpiness. We occasional So, good we're we total a not stand core seeing this but big is that year quarter lumpiness. second last today. There like terms in about some of feel saw where

are meet add goals. our want Maher, to We track anything on to here?

Maher Masoud

we're what very we've taken an seeing is mentioned, as performance in previously And opportunity. in very Steve, where look previously of into third new throughout consistent in seeing of to. still is look at quarter so forecast a and it the We're into we the we we're -- in the doing well. third No, quarter guided terms this we basis, one on we're the year. what terms thing confident we to the one feel as Doug Again, one-month month confident add year. fresh guided we and this opportunity-by-opportunity I feel and how think We

confident year, we the rest the Steve. So, of feel very in

Douglas Swirsky

conditions say living guidance be some do of overall is our right we on now. in one through type Yes. continues to thing we're not And market just improvement to want the based that

things manifest. we So, upside sheets year. the if green feeling are if those point for at that in good where represents do some we're -- But this

Unknown Analyst

for Okay, great. Thanks that.

Douglas Swirsky

Thank you, Steve.

Operator

And William comes next from Blair. question Matt Larew with the

Matthew Larew

on -- the Hi. We're Good morning afternoon. afternoon.

technology catch with that VLX but have also to wanted or much to R&D out to field, a core Obviously, has part there cell engineering. to had the about perhaps perhaps create tried there for future ask being So, sort up, of just others gap business areas I de-prioritized, even over automated you're and priority quite solutions. improvements the Most development. that your as integrated broader new one others of And are Or and trying least do core the are a technologies iterative process are in last humbly do, would platform, does been, involve system, R&D has that the PA And as, at company focused. consumables? does to largely in creating your new if technologies? acquiring on I years, bigger a describe or of around several your What the things this revolve you become to VLX, space? not it can of

Maher Masoud

question, Good Matt. Yes.

that take me Let one.

as internally the past over reasons, them. as actually of cell you begin R&D, priorities reason healthy in solutions approach been we sure Kolenbrander. on our us, how are ensuring where as Jeremy to therapy well, We into organization that balance that competitive focus workflow development We be products begin why we're the product We of doing and therapy. the therapy. His as our for focus provide that will engineering. can said, name Obviously, formerly very getting from is again, cell terms landscape over to, He way joins hired our truly the to what remains tangential a have in taking medicine us needs we that of as have And, the believe of tangential focus main those see I a and to cell for to one well. very on and focus customers that that of without on for sheet new XX-plus the focused is sustainable as change that R&D, a years cell then a working the provide at MaxCyte. come. we're that obviously, provide believe need current that part make is remains Obviously, So, opportunities those complementary for head is focus on on on healthy long financial year. as driver to focus profile the we Cellares therapy well. it years well -- the they is as can [indiscernible] we've our that new sustainable our and going in we to we working in workflows and R&D complementary run type of a

huge our And tangential like for driver for on to said there's And of growth -- So, in the just of and than complementary bringing in the customers. engineering solutions and a there's past, we're needs to be but focus you starting more workflows creating trying been those that's Right? iterative, that. those head provide us. taking a it's really and there why

Matthew Larew

to commercial manufacturing you. I And you've capability capacity, and therapies. described the support thank multiple then obviously Okay, having should say,

organizational to addressable do not application you in for broader market opportunity therapies, it but place, of the field SPL current support have? commercial marketing, cetera, way broader to terms want sales you the with be technology the infrastructure the placement et that that really partners, total in future In or and your multiple pursuing penetrate to specialists, you just have

Maher Masoud

PhDs field years a of question. reps to strengths of the have built support is customers, where sales one very organization the of we scientists. and and current out with our that we sales then space. great marketing with our organization, provide experience application and in Many sales them Yes, we have That's

support have, the to the growth scientific current that That that for drive feel competitors, type infrastructure we as compared market us we So, can penetrate and we that especially have. of leverage towards we organization plus that we can though in the we current don't the have that. allows regulatory other over support that competitors X, beyond smaller and believe that next years, X addressable to or

sales appropriate whether Matt, confident, organization to to question of begin yes, we to the of we your take So, very advantage us. have ahead opportunities feel

Matthew Larew

you. Thank Okay.

Maher Masoud

Thanks, Absolutely. Matt.

Operator

question Numis. next Paul with the Deutsche comes Paul. from And Cuddon

from Jack it Our next Group. Capital question, will Siedow with Craig-Hallum come

is open. line now Your

Unknown Analyst

Matt. Hey, from guys. on right? me Can This hear all is you Jack

Douglas Swirsky

absolutely. Jack, you, hear can We

Unknown Analyst

All right.

you just from Just the heard that others prepared industry funding of we've are what cautious when and environment hearing their remarks the they participating still is environment deploy with your the of I improving. overall pharma earnings, them in at looking throughout color customers? more provide in biotech QX macro being from kind some that from capital. far so you're know your how some Could

or seeing are guys you what Thanks. interested of hearing. kind Just

Douglas Swirsky

makes the improving I bit. have a Obviously, one question that little but is little day think like you only day. you yesterday, market it's bit, a a

We're the good versus feeling For anecdotal. then I bar forecast, at building think hearing I think not our if ourselves, where optimistic? are things. certainly, in market improvement the mean, set financings, seeing some we're the And significant is very we that we execute just here point, out some we're against be industry. to at raise and objectives will improves, it's for in us, for any that our But some again, looking that, green reasons we're the ourselves. Does this improvement there's shoots goal detailed the to but we the plan. for in some there, not we're landscape

Maher Masoud

Yes.

clinic through of see. going believe likelihood Let a changed what still sense the in see me products nothing has lead from quarter and focusing our Right? seeing want and having what you their pipeline, their assets so That's as on they to the sign. their commercial that well. the add I and mean, of as rationalize previous there highest customers what good has something the we're I success.

rationalization. to still optimistic. cautiously healthy that We're You want have

the some which of Doug of seeing here green the companies macro environment time, is there, mentioned, a but towards stability -- as we're is positive. there, same we're and see we but out end same we're there, year the we at shoots to As well. that saw seeing as to many somewhat that a QX still macro -- That for still last the environment. It's still tied stability it's challenging going

Unknown Analyst

makes for That question. right. All our sense. Thanks taking

Operator

And from Cuddon with the comes Deutsche next Numis. question Paul

now is open. line Your

Unknown Analyst

you Yes. me afternoon, okay time? this Good Can hear guys.

Maher Masoud

Yes.

Unknown Analyst

Okay.

before. about Sorry

sort on step mean, QX question. quick gain. is of I a Just up a PA

particularly new of of I'm wondering, kind targets thinking, any So, your if of sort high of cell just areas and types, customers of coming different there? some sort you're seeing consumption through non-T-cell

Douglas Swirsky

modality? Obviously, customer towards variety Yes. types. sales been It's particular to, Is one cell a type always question for of what there a of the alluding is us, base -- that concentration seeing Different we're is towards, you're certain changed your is so, our customers. of That hasn't case. Paul? I Paul. getting guess

Unknown Analyst

absolutely. Yes,

Douglas Swirsky

it's TCRs. again, whether I across or think range, TILs No, it's the T-cells Yes. or

have see, that or out indication companies modality you you seeing. or or CDXX a I say pursuing But it's different CDXXs. across. there one type we're There's cell For particular lot not would targets, of obviously,

complexity. fact, to of of five persistence customers reducing you're we're tie cell Whether seeing in what wouldn't have T-cell creating is the T-cell, some therapy itself. complexity We're three, cell seeing space. they're particular target or seeing in or four, one and it I seeing down really therapy in edits. market the of we're -- begin more itself the it's space, type In where evolving the our so exhaustion to more partners cell an any

Unknown Analyst

side, Thank moving you fairly should downs so obviously, the anticipate that can continued me, VLX, just drug sort of with from a sustain you. back or this you little level the Thank bit? quarter. And step think to back Is going now you. weak sort secondly kind of of we a discovery

Douglas Swirsky

run line. in at in at looking are we're I Right? by renewing. the When we're dip QX. the we're PA did looking and guiding instrument specific think at a don't we place rates, we the looking of year, the So, opportunities, forecast that leases the So, specifically rest we're see

of separately, of discovery we some evolve, always how cell again, there There and quarter-to-quarter? which, therapy we set regardless guide Is we've drug noise don't is. about So, individually ourselves. for guidance the sort confident feel

of company, of therapy we're the and participate on as mentioned, where the cell to We our side. panicking. opportunity But we customers, where let's biggest the on the not And technology side. few But a both couple the know success is of see we've months in drug therapy discovery certainly cell economic we back so, months do focus here check our here, stand. see a there's great downstream in and the for applications

Maher Masoud

Doug. right, That's

Unknown Analyst

very you Thank much.

Maher Masoud

Thank you, Paul. Yes.

Douglas Swirsky

Thank you.

Operator

Massaro from with BTIG. And our comes next question Mark

Mark Massaro

congrats guys. you strong the Hey, quarter. and Thank taking the on for questions

You But SPL guys came in above at and least to the my by side. start estimates wanted core about I asking on both SPL. the the

you the with million target. So, a $X started year

$X to it raised You million.

walk you talk about a that and that $X the in half. or in $X.X we upside in be just And about over as a the done already the pulled what could the opportunity potential of nothing million Should little things forward Can it's think maybe first million types might You've surprising yes, maybe you little that QX? me there's XXXX? consider just through back half. we have

Douglas Swirsky

you. Thank Yes.

call, there things lumpiness we speaks this, last we the is And expected. which any we're off, that things provide to when to the that really there position would to in predict year SPL to occur. No. are we year we this we're and cases, milestones to year in to won't than of on some in Program-related revenue suggesting why development difficulty discussed didn't we are earnings think were XXXX. The we have will first not a and guidance So, of the these the happen in include guide earlier today? position on the a that expecting some the in receive that both reason milestones occurred Absolutely Are XXXX rest milestones royalties?

assume difficult conservative having what we particular some at growing could we when bit, and sort think milestone done weight let's is money, our mailbox to view That hit what look can this we're just to One that business. a of predict can year, lumpiness it. to set money, on of We're to benefit gotten this achieved. we've a out is say taking We're don't to roster point smooth at it but things, have going SPL focus to very going probability that XXXX. as that going -- we the for of a about going we be were guidance be customers a year of we little running milestone here and not

We're -- not business XXXX, some into upside. it's for pulled of gets counting year. not it thinking on the that's about else the the how impacting Something we're rest

Mark Massaro

Okay. that. Got it. Appreciate

some not went of globally. assume talk and You about I launch walk or XX an Can those full And US, guys of then of potential you between maybe opportunity in? Maybe but maybe that talking launch programs that just XXXX approved about Can and through about approvals, approval, you indications with just the commercial programs multiple across talked you five XXXX. XX that? in probability regulatory and in you're estimates? XXXX myeloma assumptions about for disease talked assumptions just autoimmune the success other clarify me

Maher Masoud

Yes, absolutely.

You're right.

be first. always So, the these or occurs the approvals. in in likely, whether most regulatory would U.S. Europe, are it's That in But it's whichever U.S.

little Let me walk through bit. a you

then have approved have we is program there programs we start So, about we a starting currently that'll for one three we're and programs in four pivotal are therapies X. almost be 'XX the 'XX Phase 'XX, to 'XX currently saying pivotal in potential -- and potentially could enter have reason five it's actually, in

line it So, what conservatively, time and at in, when can potentially at 'XX be looking those thing Same we're they think you programs. to you approved thereafter. look as for do I the

have into They'll be a few We other entering programs. years pivotal thereafter.

'XX, is they're Some pivotal. of into entering 'XX when them year, one

that's after one a Phase or that in four pivotal that, 'XX, to look years right So, have you looking speak. programs program three in in X. a at really, we're where now the approvals near-term, we'd two back if But projecting at so additional you're X to start

the do math, at starting you 'XX. approvals you're If in looking

think, whether You other tough our for do we get you'll I call, number possibly talked see guess. that because, market therapy fewer we obviously, sooner the line us But the and, last about, it's the Right? cell is, as success, earnings than there's modalities. that, oftentimes, on of insight to efficacy tough of I with for patients very can efficacy with a of of beauty patients. different be thing a do to terms that's probability of one us to business, in if we'd the Now, could in -- do,

begin it 'XX then, years the five feel get thereafter, starts we'll anticipated. -- potentially in few an see a hopefully, then efficacy, there can -- five these clarity than So, we sooner we when more But pivotal their we we'll in that. going and after have confident when into are obviously, see If 'XX. therapies that we'll additional

Mark Massaro

guys. Thanks, Excellent.

Maher Masoud

Absolutely.

Operator

show time to in closing would Maher like further now back turn call I questions remarks. no at to for the queue. I this the

Maher Masoud

on earnings you, and to look Thank call. to Yes. during in operator, everyone, today's call next us everyone forward the a for again joining you, thank months. We speaking few

Operator

today's concludes conference This for participating. call. you Thank

disconnect. now may You

MaxCyte (MXCT) 6 Aug 242024 Q2 Earnings call transcript