MaxCyte, Inc.

Thank you for standing by and welcome to the MaxSight second quarter earnings conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star one on your telephone. Please be advised that today's conference may be recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker today, Sean Menarges, Investor Relations. Please go ahead.

Good afternoon, everyone. Thank you all for participating in today's conference call. On the call from MaxSight, we have Doug Dorfler, Chief Executive Officer, and Amanda Murphy, Chief Financial Officer. Earlier today, MaxSight released financial results for the second quarter ended June 30, 2021. A copy of the press release is available on the company's website. Before we begin, I need to read the following statement. Statements or comments made during this call may be forward-looking statements. within the meeting of federal securities laws. Any statements containing this call that relate to expectations or predictions of future events, results, or performance are forward-looking statements. Actual results may differ materially from these expressed or implied in the forward-looking statements due to a variety of factors which are discussed in detail in our SD filings. The company undertakes 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 Doug.

Well, thank you, Sean, and good afternoon, everyone, and thanks for joining MaxSight's second quarter earnings call. I'll begin the call with a discussion about business and operational highlights during the quarter. Followed that, Amanda will give a detailed financial review, and then we'll open up the call for questions. I'd like to start off by saying that we're very excited to be speaking with you for the first time, following our IPO on that back on July 30th, after trading five years on the AIM London Stock Exchange, which we look forward to continuing. Through the U.S. offering, we raised approximately $200 million in gross proceeds, which followed a $55 million pipe earlier in 2021. And on behalf of the MaxA team, I would like to thank everyone who was involved with and supported us doing this. the IPO process. We are thankful for the hard work of our MaxSight dedicated team, our board of directors, our advisors, and for the support of our customers, partners, their patients, new stockholders, new shareholders, and the ongoing support of long-term shareholders, both in the UK and the US. With the NASDAQ IPO now complete, we're raising over $200 million and $73 million in cash and short-term investments on the balance sheet as of June 30th, 2021. We are better positioned than ever to become the premier cell engineering platform technology to support the development of advanced therapeutics. Now, Amanda will provide more details later in the call, but we realize very strong second quarter results as outlined in the press release published just a few minutes ago. This was driven by robust performance in our core enabling cell therapy engineering business in both cell therapy and drug discovery end markets. Total revenue was just over $7 million, representing growth close to 40% compared to the same period in 2020. Self therapy and drug discovery revenues, including both instruments and disposables, each grew approximately 60% versus the second quarter of 2020. We also recognized half a million dollars in pre-commercial milestone revenues from our SPL, Strategic Partnership Licensed Commercial Partners. As many of you know, investment into and innovation in next-generation self-therapy has been explosive. The next-generation self-therapy market has become quite an exciting opportunity from that site as it has become one of the fastest-growing and most promising treatment modalities to address a host of human diseases with high unmet medical needs. We're seeing incredible and ongoing success from our partners in their efforts to progress next-generation self-therapies into and through the clinic. And this is translated into positive revenue momentum in our enabling cell engineering business and burgeoning strategic partnership pipeline. MaxSight's proprietary flow electroporation platform provides both a scale-up and high performance needed to support the development and manufacture of complex next-generation engineered cell therapies in a CGMP-compliant manner. We believe MaxSight's value has been validated by the ongoing success we have had in signing usually beneficial long-term collaborative arrangements with a growing number of leading cell therapy developers across a broad range of applications. With the addition of myeloid therapeutics in the first quarter, cellularity in the second quarter, incentive biotechnology in the third quarter, we now have 14 of those agreements, or we refer to as strategic platform licenses or SPLs. In addition, our electroporation system has been used to manufacture drug products now for over 35 clinical trials. As of January 20th, 2021, we indicated that our SPLs had the potential to generate close to $1 billion in pre-commercial milestone revenues if all of our licensed programs were achieved regulatory approvals. Given our commitment to providing confidentiality to our partners, we expect to update key metrics around the SPL agreements more formally at the end of the fiscal year. including the potential pre-commercial milestone revenue, number of programs covered under the SBLs, and progression of those programs into the clinic. But with the three additional partners year-to-date, MaxSight has potential to realize and potential future downstream economics to continue to grow. As we have indicated, as these partners move closer to commercialization, one of our major initiatives is to position ourselves to support our customers through the regulatory process and into approval. which includes investing in our own manufacturing capability and automation. Following our NASDAQ IPO, we are committed to investing in the business to accelerate growth. We are expanding our commercial efforts and investing in research and development. More specifically, we're investing in research and development initiatives for the export portfolio, as well as developing new applications for our systems, including the commercialization of our largest scale PLX platform under the export umbrella. We're on track to release the improved VLX large-scale system by the end of 2021. And as a reminder, the VLX can process 10 times the capacity of the number of cells as our CGMP-compliant system, the GTX, used by cell therapy developers. And while a long-term initiative, we're excited about the opportunities for the VLX to enable the company to expand into larger-scale bioprocessing applications over time. We're also investing... meaningfully in the people. This year, we have made key hires and announced important internal promotions, including the promotion of Dr. Sarah Meeks, the Senior Vice President of Business Development, Dr. Jim Brady, the Senior Vice President of Technical Applications, and Steve Nardi, who joined us recently for Humanetics, the Senior Vice President of Manufacturing and Engineering Operations. We are also adding resources to our Alliance Management Team as a reflection of our increased interest on the part of Promotional Cell Therapy developers to work with us on a more strategic basis, and we're expanding our corporate development team, including the addition of Kevin Cutshall, Vice President of Strategy and Corporate Development, who recently joined us from Millipore Sigma. Finally, we continue to add to our sales, marketing, and field application team with opportunities we see to move into new applications and new geographies. Finally, we expanded our board of directors with the addition of Ms. Rekha Ambarajani, current Chief Executive Officer and Director of Jaya Acquisition Corp., and Dr. Yassir Al-Wakil, current Chief Financial Officer and Head of Corporate Development for Kronos Bio. Ms. Hemrajani and Dr. Al-Wakil bring valuable insights and perspective to our board, and we look forward to their contributions in the future. So in closing, we had a very strong first half of the year, highlighted by our IPL NASDAQ, the announcement of three SPLs, and important additions to our team and our board. We're very excited about our opportunity going forward, particularly in the self-therapy market, and believe we are making the right investments in executing on our plan to drive growth across all of our business. I will now turn the call over to Amanda to discuss our financial results. Amanda?