MaxCyte, Inc.

Good day and thank you for standing by. Welcome to the MagSight First Quarter Earnings Conference Call. At this time, all participants are on the listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. Please note that today's conference is being recorded. I will now hand the conference over to your speaker host, Eric Abdo of Investillations. Please go ahead.

Good afternoon, everyone. Thank you for participating in today's conference call. Joining me on the call from MaxSight, we have Meher Masood, President and Chief Executive Officer, Harmeet Ahuja, Chief Financial Officer, and Shawn Menarguez, Senior Director of Business Development. Earlier today, MaxSight released financial results for the first quarter and in March 31st, 2026. 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 meaning of federal securities laws. Any statement 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 first quarter 2026 earnings call. I'd like to start by providing a brief overview of our financial performance in the first quarter. MACSA reported $9.7 million of total revenue, including $6.2 million of core revenue and $3.4 million of SPL program-related revenue, which consists of milestones and royalties. These revenue results met our expectations. As discussed on the last course call, the first half of 2026 is a difficult year-over-year comparison given two factors. This continued SPL programs, which resulted in GTX clinical leases that did not renew, and inventory management by our largest customer. Elevated SPL program turnover was generally a part of a broader rationalization in ex vivo cell gene therapy, which has largely normalized as we exited 2025, with SPL partners increasingly focused on their lead programs. While the cell gene therapy ecosystem remains challenged for earlier stage clinical programs, Their environment is not worsening from what was a challenging funding backdrop in 2025. Within the ex-viewable market, the number of companies financed remains stable, and we continue to see pockets of capital directed towards high-quality, later-stage programs, including by Lyell, Allogene, and Vittoria, building on activity from Beam, Adacet, Woojin, and Anoka last year. Against this backdrop, we are placing instruments across all stages of development lifecycle, and increasing our pipeline of future SPL partners. Given our qualified instrument funnel, easier accounts, and contribution from our new DTX product, we expect core revenue growth in the second half of 2026. Maxar reported $3.4 million from SPL milestones and royalties in the first quarter of 2026. This included $3 million of milestones driven by a clinical customer who began dosing patients in a registrational study in the first quarter. We are encouraged by the progress of this program, as well as the four additional programs that are expected to enter registrational trials in the next 18 months. We also recognize 0.4 million in relative revenue during the first quarter. Virtex reported approximately 43 million in cash chevy revenue for the first quarter of 2026. On their earnings call, Virtex noted that more than 500 patients have initiated the cash chevy treatment journey, with hundreds globally having completed cell collection highlighting strong patient flow across the U.S., Europe, and the Middle East. Patients continue to advance from referral to cell collection and ultimately infusion, reinforcing the therapy's multibillion-dollar commercial potential. Vertex also highlighted recent regulatory progress, including the submission of a supplemental BLA for CasGevian patients aged 5 to 11 with sickle cell disease or beta thalassemia. This filing has been granted a Commissioner's National Priority Voucher by the FDA, underscored the significance of expanding access to younger patient populations. Overall, we remain encouraged by the continued growth in patient cell collections and infusions as Vertex scales Cash Chevy commercially, with Vertex noting secured reimbursements, continued ATC network expansion, and a growing number of patients progressing through each stage of the treatment journey. We remain confident in Cash Chevy's long-term trajectory and transformative potential for patients around the globe. Following these first core results, we are reiterating our core revenue and SPL milestone and relative revenue guidance for the full year of 2026, which Parmeet will elaborate on. Turning to our SPL portfolio, we updated slide 3 in the SPL deck on the IR website, which now reflects 29 SPL partners. We have not seen any changes in the number of SPL partners or the number of clinical programs supported since our last update in March. However, we did remove Catamaran Bio and Walking Fish Therapeutics from our list of SPL partners because both companies previously ceased operations. Among these 29 SPL partners, 30 programs are both in clinical and pre-clinical development, supporting diversified revenue streams across the medium and long term. Of these, there are five clinical programs with the potential for commercial launches in 2027 and 2028, including four that could begin registrational studies over the next 18 months, and one that does patients in a registrational study in the first quarter. These five include ZugoCell from CRISPR Therapeutics for B-cell malignancies, WooCarT007 from WooGen for hematological malignancies, AzurCell from Imugene for hematological malignancies, and two programs from undisclosed SPL partners. Across our 12 SPL programs currently in the clinic, the total future pre-commercial milestone opportunity is approximately $100 million. While any individual program carries clinical commercial risk, the multiple shots on goal we have across the same indications and across many different indications gives us a high probability of generating meaningful core revenue, regulatory milestones, and commercial royalties over time. Speaking of MaxSight's leadership in the gene editing field, The first CRISPR-Cas9-approved therapy was on the MaxSci platform, and we believe the first base editing and prime editing-approved therapies would be on the MaxSci platform as well. On the product side, the commercial launch of X-ray DTX is progressing well. Early traction is very encouraging, with adoption and discovery and early optimization workflows across ex vivo and in vivo CGT, as well as protein screening for biologic development. We are seeing initial pipeline build with leading academic centers biotech, and large pharma. The DTX is fully compatible with the rest of our export platform, so as customers adopt the instrument in discovery, they will have a seamless path to scale up on our STX and GTX instruments, proceed GMP manufacturing, and ultimately into an SPL agreement. We expect DTX adoption to build through the balance of 2026, with increased adoption the second half of the year and into next year. Moving to secure, we are seeing steady progress as we build up the commercial engine of the business. We added new assay service agreements during the first quarter with customer engagement across both executable and individual developers, including several programs approaching IND enabling stages where off-target characterization is most critical. We continue to believe that secure assays will become part of the industry standard for off-target risk assessment and gene editing, and early 2026 customer feedback has reinforced that. In mid-April, the FDA Center for Biological Evaluation and Research, or CBER, issued a draft guidance titled Safety Assessment of Genome Editing in Human Gene Therapy Products Using Next-Generation Sequencing. The guidance focused specifically on the use of next-generation sequencing-based methods to evaluate off-target editing risks and provides ex vivo and in vivo developers with recommendations on sequencing strategies, sample selection, analysis parameters, and reporting. all of which are intended to support non-clump of data packages submitted with IND and VLA applications. We view this as a structural positive for Secure as sponsors are now expected to quantify editing outcomes with high sensitivity and utilize multiple complementary approaches. The guidance makes it clear that understanding editing outcomes is foundational to development. Overall, we believe the investments we are making across the portfolio, such as the VTX and Secure, have substantial commercial potential over time, and are diversifying MaxSight's revenue streams. To close, we entered 2026 with a fundamentally different spending profile than in prior years. The full benefit of the 2025 restructuring cost efficiency actions is now flowing through our P&L, and the year-over-year reduction in operating expenses is clearly visible in our results. We do not expect the mill to grow operating expenses from here, and we see a clear path to reducing cash burn further as revenue growth returns. Before wrapping up, today we announce the board's authorization of a $10 million share repurchase program. The decision to authorize a share repurchase underscores the board and management's confidence in MaxSite's long-term value, strategic investments, and the business prospects, as well as the strength of our balance sheet. I want to take a step back and highlight the reason for this repurchase program at this time. Over the last two years, we have taken steps to dramatically strengthen our financial position, acquire and build new products, and are now supporting multiple clinical programs that could be approved in the next 18 to 24 months. We have never been better positioned to grow with our end market. While we continue to invest in the execution of our business and expand our product portfolio, such execution will always be done with financial and commercial discipline. As such, we believe our shares represent a compelling investment opportunity, and we intend to execute the majority of our share repurchase program before the year ends. I will now turn the call over to Parmeet, who joins us today for his first earnings call as MaxEye's Chief Financial Officer.