MaxCyte, Inc.

Thank you for standing by and welcome to MaxEye's fourth quarter and full year 2021 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 will need to press star one on your telephone. Please be advised that today's call may be recorded. Should you require any further assistance, please press star zero. I would now like to hand the call over to Sean Menargus, Investor Relations. Please go ahead.

Thank you, Lateef. And good afternoon, everyone. Thank you all for participating in today's conference call. On the call for MaxSight, we have Doug Dorfler, Chief Executive Officer, and Amanda Murphy, Chief Financial Officer. Earlier today, MaxSight released financial results for the fourth quarter and full year ended December 31, 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 contained in this call 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 our SEC 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 thank you for joining Maxite's fourth quarter and full year earnings call. I'll begin with a discussion of our business and operational highlights during the quarter, followed by a detailed financial review from Amanda. We will then open the call for questions. I am very excited with our team's performance in 2021. as we became a NASDAQ-listed company and continue to deliver on all of our financial and strategic objectives in our plan. MaxSight's platform remains the premier cell engineering technology, supporting the development of advanced cell therapeutics, and we continue to invest in our people and capabilities at a measured but healthy rate. Amanda will provide more details later in the call, but I note that we generated very strong fourth quarter and full year 2020 results, as outlined in the press release published earlier today, driven by robust performance in our core cell engineering business to both cell therapy and drug discovery customers. Fourth quarter revenues were $10.2 million, up 19% over the fourth quarter of 2020. We saw very strong growth in our core business with growth in revenue to customers in cell therapy of 43%, and drug discovery of 32%. For the full year of 2021, total revenue was $33.9 million, representing growth of 30% compared to 2020. Our core instruments and disposables in cell therapy and drug discovery grew 37% in the year, ahead of our historical five-year CAGR of approximately 25%. Our install base of instruments, both sold and leased, grew to over 500 by the end of 2021, compared to over 400 at the end of 2020. During the year, we also recognized $2.5 million in pre-commercial clinical milestone revenues from our strategic platform license or SPL commercial partners. As we have previously indicated, we take the confidentiality of our partnership agreements very seriously, so we'll be unable to answer any specific questions related to our SPL partners and their respective development programs. However, I can say that we are generally excited about the progress our partners have been making in the clinic over the past year. We continue to see additional SPL programs enter the clinic and have seen our existing clinical SPL portfolio progress in the later stages, including pivotal trials, suggesting we may see our first commercial product as early as 2023. We are extremely proud to be able to support our partners in their efforts to bring advanced therapeutics to patients. We have continued to see our partners invest in ex vivo cell therapies and expand the scope of their research, including new cell types, modalities, and indications, which, if successful, would be positive for Mexcite over the long term. In addition, our value continues to be further validated by our expanding customer base, including the ongoing success we have had in signing SPLs, with four new SPL agreements in 2021 and one agreement with Intima Biosciences signed in early 2022. We now have 16 SPL partners covering more than 95 programs, of which more than 15 percent have entered the clinic. This compares to our last update in January 2021 of 12 SPLs covering over 75 programs, of which more than 15 percent have entered the clinic. The total pre-commercial revenue potential from our total SPL programs is now greater than $1.2 billion, up from $950 million at the end of 2020. In the near term, we are optimistic about the potential for our SPL partners to generate meaningful revenue from both the research and production progress, as well as clinical milestones over the next 12 to 24 months. Our partners continue to achieve both scientific and clinical success, particularly in moving their next generation product candidates into pivotal trials. We also see the potential for several new IND filings by our existing SPL partners for novel ex vivo engineered cell therapies this year. Amanda will share more details around the progression of potential pre-commercial milestones that we expect to see over the next few years. With ongoing investment in the ex vivo engineered cell therapy space, we continue to see strengthening of our SPL pipeline across a variety of geographies, cell types, approaches, and indications, and expect additional SPL partnership announcements later this year. The economics of our recent SPL partnerships remain comparable to prior partnerships, representative of the value MaxSight brings to the relationships and the customer's commitment to a long-term partnership. Much of our focus in 2021 was investing in the business and refining our strategic plan. One of our investments has been in the VLX instrument, which we released under the expert brand in 2021. After alpha testing the product for several years with select customers and receiving valuable feedback, the VLX has entered the marketplace. And we believe we'll be a disruptive technology in large-scale bioprocessing applications. In 2022, we plan to work with several beta customers on the Expert VLX to build up applications data to support our expansion into the large-scale bioprocessing market, and we have been encouraged by the interest we have seen from customers participating in the VLX beta testing program. While the market expansion opportunity for the VLX in the large-scale bioprocessing applications will take time to evolve, we are encouraged by the progress to date and look forward to updating investors on the evolution of the VLX product roadmap over time. Finally, we launched three new processing assemblies or single-use disposables in 2021, which continued to strengthen the core business for the full year and particularly in the fourth quarter. We are also investing in manufacturing and process development as our partners move closer to the commercial launch of therapeutic products. We are on track with our plans to move into a new facility this year, which more than triples our manufacturing space and expands our process development capabilities. We also continue to further insource key elements of our manufacturing process, particularly around processing assemblies. Additionally, we are investing meaningfully in sales and marketing and made substantial progress in 2021, scaling our commercial organization, including our field scientist team. We are hiring at a strong pace and remain committed to maintaining MaxSight's strong culture of excellence. We are also excited to announce Jake Suman joined us earlier this month as MaxSight's Chief Scientific Officer. Jake brings deep experience in technology, applications, and platform assessments, the development of commercial partnerships, and leading collaborations to accelerate scientific and technical innovations. As we look more into 2022, we expect MaxLight to continue to grow its team across most areas of the organization, particularly in research development and sales and marketing. In closing, we have had an excellent 2021 as we continue to execute our financial and strategic goals. We are very excited about our opportunity going forward, particularly in the cell therapy market, and believe we are making the right investments to drive growth across the business. I will now turn the call over to Amanda to discuss our financial results. Amanda?