MaxCyte, Inc.

Good day and thank you for standing by. Welcome to the MAC site third quarter earnings conference call. At this time all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 11 on your telephone. You will then hear an automated message advising you your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Eric Abdao, Investor Relations. Please go ahead, sir.

Good afternoon, everyone. Thank you for participating in today's conference call. Joining me on the call from MacSite, we have Meher Masood, President and Chief Executive Officer, and Doug Swirsky, Chief Financial Officer. Earlier today, MacSite released financial results for the third quarter and it's September 30th, 2025. 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 meanings 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 detail in our SEC filings. Except as required by applicable law, The company has 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 Mehar.

Thank you, Eric. Good afternoon, everyone, and thank you for joining MaxSight's third quarter 2025 earnings call. Today, I want to briefly highlight our financial performance before diving into the future we are building at MaxSight. Consistent with our preliminary financials announced last week, MaxSight reported $6.8 million of total revenue in the third quarter, which included $6.4 million of core revenue and $0.4 million of SPL program-related revenue. While the third quarter was a bit light due to the timing of instrument orders, revenue was in line with our expectations and previous guidance, with the second half of the year weighted more towards the fourth quarter. We recently signed a new strategic platform license with Moonlight Bio, bringing its own number of signed SPLs this year to four, in line with our guidance for a number of new SPLs for the year. On the services side, SecurityX is fully integrated and we are excited by the market validation of that technology and long-term opportunity. As covered in our previous earnings call, the operating environment remains challenging. We continue to believe in the curative potential of our customers' therapies and the long-term commercial viability of our SPLs, but we understand that the funding environment for ex vivo therapies has remained depressed longer than anticipated, and the commercial adoption has been slower than expected, despite our belief in their long-term potential. While we will discuss the impact of these events, I'd like to first discuss the long-term value of our SPL partnerships, which we believe is increasing. Ensuring we capture the value of those agreements drives many of the decisions we make about our business. When thinking of our SPLs, 14 of our SPL customers have a total of 18 active programs in the clinic. Five of these current 18 clinical programs are anticipated to enter pivotal studies in the next 6 to 18 months. Programs run by CRISPR, Woojin, Amygene, Caribou, and one undisclosed SPL. We believe these programs have the potential to launch commercially in 2027 and 2028 and can help shape the future of cell and gene therapy. This past Monday, CAREBO announced positive phase 1 data for the allogeneic CAR-T programs for lymphoma and multiple myeloma, on par with autologous CAR-T therapies and with a safety profile that supports outpatient administration. It is exciting to see our second wave of STL programs, which are the next generation of cell and gene therapies, advance pivotal studies and potentially BLA submissions. Our balance of SPL clients continues to get stronger as we sign new licenses. As a reminder, in the third quarter, we signed two new SPLs, Addis Abayo, who is working to develop allogeneic gamma-delta T-cell therapies for cancer and autoimmune diseases, and Anoka AB, a T-cell immunotherapy company developing a deep pipeline of T-cell receptor-engineered therapies. Recently, both completed financing rounds to fund the advancement of their therapies following Addis Abayo's positive preliminary Phase I data and Anoka AB's preclinical data for their lead T-cell receptor therapy. We are encouraged by this financing activity, which highlights investor interest in the space and allows for funding through key milestones for these important customers. We're also excited to highlight the most recent SPL we announced in October, Moonlight Bio, where MaxSci will support the scalable development and manufacturing of its T-cell therapy pipeline. Moonlight Bio was our fourth SPL signed this year, bringing our total number of signed SPLs to 32. Despite the continuation of a difficult operating environment, we see our consistent additions of new SPLs as a testament of the strength of the expert platform. We also continue to increase the programs we work with at the top of the funnel, now supporting 20 programs of pre-clinical development with a launch potential in 2032 and beyond. The opportunity from our current SPL base remains very large, with MaxTag well positioned to participate in the economics of successful and unsuccessful programs. I also want to take a moment and highlight the breadth of indications we are supporting in these SPLs and why our licensing model can provide significant growth in the years to come. Our business model has positioned us to build franchises across disease states. For example, we are supporting four programs for B-cell malignancies, eight clinical programs for blood cancers, multiple programs for autoimmune diseases, such as lupus, vasculitis, and type 1 diabetes, as well as five late-stage programs for solid tumors. While we know individual programs have clinical or commercial risk, we are confident that the multiple shots on goal that we have are the same indication, and the multiple indications we have in our portfolio provide a higher probability for material commercial revenues. Balancing a belief in the long-term potential of our SPLs and the short-term challenges in our end market, we made the difficult decision to engage in a restructuring initiative, which included a 34% global workforce reduction, bringing MaxSight's total full-time employee headcount to 89 today, compared to $133,000 as of January 31, 2025, after the SecureDX acquisition. I undertook this restructuring to maximize the cash available to deploy on organic and inorganic investment opportunities and ensure our operating spend is aligned with the current environment. As part of the cost reduction initiative, we reorganized the company and removed layers of management in certain areas to ensure a more efficient and entrepreneurial environment that will continue to enable growth. To put in perspective the size of our organization and why our ability to grow has not been affected by the restructuring, today we have 89 employees compared to the 51 employees in January 2020 when we began to scale the organization for the future growth of our end market. We anticipate this initiative will result in $17 to $19 million of annualized savings with $13.6 million of annualized savings previously disclosed from headcount reductions, which will begin to be realized in the fourth quarter of 2025 but will be more impactful to the 2026 P&L. These savings reflect a detailed review of non-headcount related spending and have identified 4 to 5 million of incremental cost reductions on an analyzed basis, which we expect to realize in 2026. In R&D, our reductions primarily relate to reducing layers of management and natural expense reduction that we expect as a new product we are developing moves out of R&D and into commercialization. We still expect to invest heavily in new technology, which we intend to do via both organic and inorganic means. We have optimized the function to reduce the spending in certain areas that we believe no longer aligns with the market. It is important to note that we have maintained the structure of our field application scientist team, which provides much of the innovation of the company via collaborations with our SPL customers. In G&A, our headcount reductions relate to consolidating management of functions and reducing layers. Non-headcount-related spending was decreased from a reduction of public company expenses that were associated with our aim listing, as well as a reduction of vendor spending driven by our detailed review of finding lower-cost alternatives. It is important to note that these reductions are not inclusive of the $900,000 in transaction expenses related to SecureDX, which we also expect not to occur. Lastly, our sales and marketing reduction is primarily related to marketing, where we will look to be more diligent in our spend. we will continue to build our brand in the field with our world-class FES team and sales team and the superior results of our platform in the hands of our customers. My main priority of this restructuring was to position MaxSight to remain nimble, operate with accountability, and grow our offerings organically and inorganically, even as we face short-term headwinds from some of our key customers who have rationalized programs this year, which will continue to create a drag on our growth through the first half of next year. This will allow the organization to invest for the future and operate efficiently for an SPL pipeline that remains strong and diversified. Regarding our desire, capacity, and willingness to invest, these cost savings will result in a cash burn of roughly $10 to $15 million in 2026. We also expect our operating cash burn to improve further in the coming years as our customers progress through their Concur programs. As mentioned previously, we continue to see a large opportunity to grow our portfolio and consolidate the tool space and advanced therapies. by means of organic and inorganic investment. We have already invested in a new product discussed during our second quarter earnings call. This product is a line extension to our leading expert electrification platforms, and we are working with beta users that will continue to validate the platform before a broader commercial launch in 2026 that will contribute to revenue. While this product is moving from the investment to commercialization phase, we will continue to look for additional opportunities to expand our expert franchise. To summarize, I firmly believe in the future of cell and gene therapy and the role that MaxSight plays in it. We are transforming our company into an end-to-end platform with multiple products that can support cell and gene therapy customers at different stages in their development with the appropriate cost structure to reach profitability. Before turning the call over to Doug to discuss our financial results, I want to thank Doug for his support over the years. As we announced today, Doug will transition from the role of MaxSight CFO in the first half of 2026 and we have initiated a search process to identify a successor. I would like to truly thank Doug for his hard work and contributions to MaxSight. Doug and I have decided that now is the right time for both him and the company to undertake this transition. I appreciate his willingness to stay with the company through the transition period and act as an advisor to the company in the future. We do not anticipate any disruptions to operations or financial results during this period. With that, I will now turn the call over to Doug to discuss our financial results.