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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 11, 2025

MaxCyte, Inc.

(Exact name of registrant as specified in its charter)


Delaware	001-40674	52-2210438
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

9713 Key West Avenue, Suite 400

Rockville, Maryland 20850

(Address of principal executive offices, including zip code)

(301) 944-1700

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	MXCT	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial account standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On March 11, 2025, MaxCyte, Inc. (the “Company”) issued a press release announcing its financial results for the quarter and year ended December 31, 2024. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in this Current Report on Form 8-K, including Exhibit 99.1 hereto, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section. The information contained herein and in the accompanying exhibit is not incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any filings, except as expressly set forth by specific reference in such a filing.

Item 7.01. Regulation FD Disclosure.

On March 11, 2025, the Company posted an updated corporate presentation, which the Company may use from time to time in communications or conferences, to its website at https://investors.maxcyte.com. A copy of the corporate presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in this Current Report on Form 8-K, including Exhibit 99.2 hereto, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. The information contained herein and in the accompanying exhibit is not incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any filings, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Exhibit Description

99.1		Press Release, dated March 11, 2025
99.2		Corporate Presentation, dated March 2025
104		Cover Page Interactive Data (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	MaxCyte, Inc.

Dated: March 11, 2025	By:	/s/ Douglas Swirsky
		Douglas Swirsky
		Chief Financial Officer

EX-99.1 2 mxct-20250311xex99d1.htm EX-99.1

Exhibit 99.1

MaxCyte Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Full Year 2025 Guidance

ROCKVILLE, MD, March 11, 2025 — MaxCyte, Inc., (NASDAQ: MXCT; LSE: MXCT), a leading, cell-engineering focused company providing enabling platform technologies to advance the discovery, development and commercialization of next-generation cell therapeutics, today announced its fourth quarter and full year ended December 31, 2024 financial results and initiated its 2025 guidance.

Fourth Quarter and Full Year Highlights

●

Total revenue of $8.7 million in the fourth quarter of 2024, a decrease of 45% over the fourth quarter of 2023. The decrease in total revenue was due to multiple one-time approval milestones in the fourth quarter of 2023.

●

Core business revenue of $8.6 million in the fourth quarter of 2024, an increase of 20% over the fourth quarter of 2023.

●

Strategic Platform License (SPL) Program-related revenue was $0.1 million for the fourth quarter of 2024, compared to $8.5 million in the fourth quarter of 2023.

●

Total revenue of $38.6 million for the full year 2024, a decrease of 6% over the full year 2023.

●

Core business revenue of $32.5 million for the full year 2024, an increase of 9% over the full year 2023.

●

SPL Program-related revenue was $6.1 million for the full year 2024, compared to $11.5 million in full year 2023.

●

Ended the year with 28 active SPL agreements that include 18 active programs currently in the clinic (defined as programs with at least a cleared IND or equivalent) and 1 active commercial program.

●

Total cash, cash equivalents and investments were $190.3 million as of December 31, 2024.

“We are pleased to report strong financial results in 2024, including a return to core revenue growth and disciplined cash management, driven by the execution of our team,” said Maher Masoud, President and CEO of MaxCyte. “We signed a record six SPLs in 2024 and continue to see momentum in the SPL pipeline with the addition of TG Therapeutics early in 2025. We also implemented a more disciplined capital and operational approach at MaxCyte, which has already enabled new strategic initiatives, and a more efficient and streamlined business, underpinning our commitment to long-term value creation for our shareholders. In 2025, we will continue to drive strong commercial execution, support the progression of SPL programs through the clinic, and make disciplined investments to position MaxCyte as a premier cell engineering solutions provider, including the integration and growth of SeQure Dx.”

The following tables provide details regarding the sources of our revenue for the periods presented.

	Three Months Ended					Year Ended
	December 31,					December 31,
	2024		2023		%	2024		2023		%
	(Unaudited)					(Unaudited)
(in thousands, except percentages)
Instrument	$	1,629	$	2,330	(30%)	$	7,083	$	8,317	(15%)
PAs and consumables		4,169		2,163	93%		14,006		10,283	36%
Licenses		2,554		2,406	6%		10,297		10,326	(0%)
Other		258		263	(2%)		1,126		897	26%
Total Core Revenue	$	8,610	$	7,162	20%	$	32,512	$	29,823	9%
Program-Related		83		8,504	(99%)		6,115		11,465	(47%)
Total Revenue	$	8,693	$	15,666	(45%)	$	38,627	$	41,288	(6%)

In addition to revenue, management regularly reviews key business metrics to evaluate our business, measure performance, identify trends affecting our business, formulate financial projections and make strategic decisions. As of the dates presented, these key metrics were as follows:


	As of December 31, 2024
	2024	2023	2022
Installed base of instruments (sold or licensed)	760	683	616
Core Revenue Generated by SPL Clients as a % of Core Revenue	55%	48%	42%
Number of active SPLs	28	23	18
Total number of active licensed clinical programs under SPLs currently in the clinic *	18	16	16
Total number of active licensed programs under SPLs currently commercial *	1	1	—

*Number of licensed clinical programs and commercial programs under SPLs are by number of product candidates and not by indication.

Fourth Quarter 2024 Financial Results

Total revenue for the fourth quarter of 2024 was $8.7 million, compared to $15.7 million in the fourth quarter of 2023, representing a decrease of 45%. The decrease in total revenue was due to multiple one-time approval milestones in the fourth quarter of 2023.

Core business revenue (sales of instruments, PAs and consumables, and licenses to customers, excluding SPL Program-related revenue) for the fourth quarter of 2024 was $8.6 million, compared to $7.2 million in the fourth quarter of 2023, representing an increase of 20%.

SPL Program-related revenue was $0.1 million in the fourth quarter of 2024, as compared to $8.5 million in the fourth quarter of 2023.

Gross profit for the fourth quarter of 2024 was $6.4 million (74% gross margin), compared to $14.1 million (90% gross margin) in the fourth quarter of 2023. Non-GAAP adjusted gross margin was 84% when excluding SPL Program-related revenue and reserves for excess and obsolete inventory, compared to non-GAAP adjusted gross margin of 86% in the fourth quarter of 2023.

Operating expenses for the fourth quarter of 2024 were $19.3 million, compared to operating expenses of $22.2 million in the fourth quarter of 2023.

Fourth quarter 2024 net loss was $10.6 million compared to net loss of $5.3 million for the same period in 2023. EBITDA, a non-GAAP measure, was a loss of $11.8 million for the fourth quarter of 2024, compared to a loss of $7.0 million for the fourth quarter of 2023; stock-based compensation expense was $3.1 million in the fourth quarter of 2024 compared to $3.6 million in the fourth quarter of 2023.

Full Year 2024 Financial Results

Total revenue for 2024 was $38.6 million, compared to $41.3 million in 2023, representing a decrease of 6%.

Core business revenue (sales of instruments, PAs and consumables, and licenses, excluding SPL Program-related revenue) for 2024 was $32.5 million, compared to $29.8 million for 2023, representing an increase of 9%.

SPL Program-related revenue was $6.1 million in 2024, as compared to $11.5 million in 2023.

Gross profit for 2024 was $31.5 million (82% gross margin), compared to $36.5 million (89% gross margin) in the prior year. Non-GAAP adjusted gross margin was 84% when excluding SPL Program-related revenue and reserves for excess and obsolete inventory, compared to non-GAAP adjusted gross margin of 86% in 2023.

Operating expenses for 2024 were $82.7 million, compared to operating expenses of $84.8 million in 2023.

Full year 2024 net loss was $41.1 million compared to a loss of $37.9 million in 2023. 2024 EBITDA was a loss of $46.9 million compared to a loss of $44.1 million in 2023; total stock-based compensation for 2024 was $13.1 million, compared to $14.0 million for 2023.

Total cash, cash equivalents and investments were $190.3 million as of December 31, 2024, compared to $211.2 million as of December 31, 2023.

2025 Guidance

MaxCyte is providing initial 2025 revenue guidance for core business revenue and SPL Program-related revenue:

●

Core revenue is expected to grow 8% to 15% compared to 2024, inclusive of revenue from SeQure Dx.

●

SPL Program-related revenue is expected to be approximately $5 million for the year. SPL-program related revenue guidance includes both expected revenue from pre-commercial milestone payments and commercial royalties/sales-based payments.

MaxCyte expects to end 2025 with $160 million in total cash, cash equivalents and investments.

Webcast and Conference Call Details

MaxCyte will host a conference call today, March 11, 2025, at 4:30 p.m. Eastern Time. Investors interested in listening to the conference call are required to register online. A live and archived webcast of the event will be available on the “Events” section of the MaxCyte website at https://investors.maxcyte.com/.

About MaxCyte

At MaxCyte, we pursue cell engineering excellence to maximize the potential of cells to improve patients’ lives. We have spent more than 25 years honing our expertise by building best-in-class platforms, perfecting the art of the transfection workflow, and venturing beyond today’s processes to innovate tomorrow’s solutions. Our ExPERT™ platform, which is based on our Flow Electroporation® technology, has been designed to support the rapidly expanding cell therapy market and can be utilized across the continuum of the high-growth cell therapy sector, from discovery and development through commercialization of next-generation, cell-based medicines. The ExPERT family of products includes: four instruments, the ATx™, STx™, GTx™ and VLx ™; a portfolio of proprietary related processing assemblies or disposables; and software protocols, all supported by a robust worldwide intellectual property portfolio. By providing our partners with the right technology platform, as well as scientific, technical and regulatory support, we aim to guide them on their journey to transform human health. Learn more at maxcyte.com and follow us on X and LinkedIn.

Non-GAAP Financial Measures

This press release contains EBITDA, which is a non-GAAP measure defined as earnings before interest income and expense, taxes, depreciation and amortization. MaxCyte believes that EBITDA provides useful information to management and investors relating to its results of operations. The company’s management uses this non-GAAP measure to compare the company’s performance to that of prior periods for trend analyses, and for budgeting and planning purposes. The company believes that the use of EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the company’s financial measures with other companies, many of which present similar non-GAAP financial measures to investors, and that it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making.

This press release also contains Non-GAAP Gross Margin, which we define as Gross Margin when excluding SPL program related revenue and reserves for excess and obsolete inventory. The Company believes that the use of Non-GAAP Gross Margin provides an additional tool to investors because it provides consistency and comparability with past financial performance, as Non-GAAP Gross Margin excludes non-core revenues and inventory reserves, which can vary significantly between periods and thus affect comparability.

Management does not consider these Non-GAAP financial measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these Non-GAAP financial measures is that they exclude significant revenues and expenses that are required by GAAP to be recorded in the Company’s financial statements. In order to compensate for these limitations, management presents these Non-GAAP financial measures along with GAAP results. Non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. Reconciliation tables of net loss, the most comparable GAAP financial measure, to EBITDA, and Gross Margin, the most comparable GAAP financial measure, to Non-GAAP Gross Margin, are included at the end of this release. MaxCyte urges investors to review the reconciliation and not to rely on any single financial measure to evaluate the company’s business

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements about us and our industry involve substantial known and unknown risks, uncertainties, and assumptions, including those described in Item 1A under the heading “Risk Factors” and elsewhere in our report on Form 10-K, that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements include, but are not limited to, statements about the Company’s preliminary results of operations, including fourth quarter and full year total revenue, core revenue, and SPL program revenue and statements about possible or future results of operations or financial position. In some cases, you can identify forward-looking statements because they contain words such as "may," “might,” "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," “expect,” "estimate," “seek,” "predict," “future,” "project," "potential," "continue," “contemplate,” "target,” the negative of these words and similar words or expressions. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. The forward-looking statements contained in this press release, include, without limitation, statements concerning the following: our expected future growth and success of our business model; the size and growth potential of the markets for our products, and our ability to serve those markets, increase our market share, and achieve and maintain industry leadership; our ability to expand our customer base and enter into additional SPL partnerships; our expectation that our partners will have access to capital markets to develop and commercialize their cell therapy programs; our financial performance and capital requirements; the adequacy of our cash resources and availability of financing on commercially reasonable terms; our expectations regarding our ability to obtain and maintain intellectual property protection for our products, as well as our ability to operate our business without infringing the intellectual property rights of others; our expectations regarding general market and economic conditions that may impact investor confidence in the biopharmaceutical industry and affect the amount of capital such investors provide to our current and potential partners; and our use of available capital resources.

These and other risks and uncertainties are described in greater detail in Item 1A , entitled "Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on or about March 12, 2024, as well as in discussions of potential risks, uncertainties, and other important factors in the other filings that we make with the Securities and Exchange Commission from time to time. These documents are available through the Investor Menu, Financials section, under “SEC Filings” on the Investors page of our website at http://investors.maxcyte.com. Any forward-looking statements in this press release are based on our current beliefs and opinions on the relevant subject based on information available to us as of the date of such press release, and you should not rely on forward-looking statements as predictions of future events. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

MaxCyte Contacts:

US IR Adviser

Gilmartin Group

David Deuchler, CFA

+1 415-937-5400

ir@maxcyte.com

US Media Relations

Spectrum Science

Jordan Vines

jvines@spectrumscience.com

+1 540-629-3137

Nominated Adviser and Joint Corporate Broker

Panmure Liberum

Emma Earl / Freddy Crossley

Corporate Broking

Rupert Dearden

+44 (0)20 7886 2500

UK IR Adviser

ICR Healthcare

Mary-Jane Elliott

Chris Welsh

+44 (0)203 709 5700

maxcyte@icrhealthcare.com

MaxCyte, Inc.

Consolidated Balance Sheets

(in thousands, except share and per share amounts)


	December 31, 2024		December 31, 2023
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	27,884	$	46,506
Short-term investments, at amortized cost		126,598		121,782
Accounts receivable, net		4,682		5,778
Inventory		8,914		12,229
Prepaid expenses and other current assets		3,606		3,899
Total current assets		171,684		190,194

Investments, non-current, at amortized cost		35,781		42,938
Property and equipment, net		19,707		23,513
Right-of-use asset - operating leases		10,766		11,241
Other assets		1,532		388
Total assets	$	239,470		268,274

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	1,358	$	743
Accrued expenses and other		8,302		11,269
Operating lease liability, current		864		774
Deferred revenue, current portion		5,251		5,069
Total current liabilities		15,775		17,855

Operating lease liability, net of current portion		17,170		17,969
Other liabilities		274		283
Total liabilities		33,219		36,107

Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.01 par value; 5,000,000 shares authorized and no shares issued and outstanding at December 31, 2024 and December 31, 2023		—		—
Common stock, $0.01 par value; 400,000,000 shares authorized, 105,711,093 and 103,961,670 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively		1,057		1,040
Additional paid-in capital		422,047		406,925
Accumulated deficit		(216,853)		(175,798)
Total stockholders’ equity		206,251		232,167
Total liabilities and stockholders’ equity	$	239,470	$	268,274

MaxCyte, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share amounts)


	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
	(Unaudited)		(Unaudited)		(Unaudited)
Revenue	$	8,693	$	15,666	$	38,627	$	41,288
Cost of goods sold		2,281		1,573		7,100		4,742
Gross profit		6,412		14,093		31,527		36,546

Operating expenses:
Research and development		4,614		5,842		22,227		23,817
Sales and marketing		6,473		7,196		26,661		26,975
General and administrative		7,206		8,087		29,693		30,068
Depreciation and amortization		1,020		1,063		4,143		3,985
Total operating expenses		19,313		22,188		82,724		84,845
Operating loss		(12,901)		(8,095)		(51,197)		(48,299)

Other income:
Interest income		2,304		2,818		10,142		10,376
Total other income		2,304		2,818		10,142		10,376
Net loss	$	(10,597)	$	(5,277)	$	(41,055)	$	(37,923)
Basic and diluted net loss per share	$	(0.10)	$	(0.05)	$	(0.39)	$	(0.37)
Weighted average shares outstanding, basic and diluted		105,547,751		103,703,240		104,849,222		103,268,502

MaxCyte, Inc.

Consolidated Statements of Cash Flows

(in thousands)


	Year ended December 31,
	2024		2023
		(unaudited)		(unaudited)
Cash flows from operating activities:
Net loss	$	(41,055)	$	(37,923)

Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		4,315		4,171
Lease right-of-use asset amortization		475		395
Net book value of consigned equipment sold		63		94
Loss on disposal of property and equipment		861		30
Stock-based compensation		13,083		13,979
Credit loss (recovery) expense		(130)		171
Change in excess/obsolete inventory reserve		1,771		697
Amortization of discounts on investments		(6,242)		(7,120)

Changes in operating assets and liabilities:
Accounts receivable		1,226		5,226
Accounts receivable – TIA*		—		1,912
Inventory		1,362		(4,534)
Prepaid expense and other current assets		293		(641)
Other assets		(1,213)		421
Accounts payable, accrued expenses and other		(1,883)		3,252
Operating lease liability		(709)		(133)
Deferred revenue		182		(1,644)
Other liabilities		(9)		(39)
Net cash used in operating activities		(27,610)		(21,686)

Cash flows from investing activities:
Purchases of investments		(150,857)		(255,095)
Maturities of investments		159,440		313,770
Purchases of property and equipment		(1,651)		(3,700)
Proceeds from sale of equipment		—		9
Net cash provided by investing activities		6,932		54,984

Cash flows from financing activities:
Proceeds from exercise of stock options		1,597		1,874
Proceeds from issuance of common stock under employee stock purchase plan		459		269
Net cash provided by financing activities		2,056		2,143
Net (decrease) increase in cash and cash equivalents		(18,622)		35,441
Cash and cash equivalents, beginning of period		46,506		11,065
Cash and cash equivalents, end of period	$	27,884	$	46,506

*Tenant improvement allowance (“TIA”)

Unaudited Reconciliation of Net Loss to EBITDA

(in thousands)

(Unaudited)


	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
(in thousands)
Net loss	$	(10,597)	$	(5,277)	$	(41,055)	$	(37,923)
Depreciation and amortization expense		1,057		1,102		4,315		4,171
Interest income		(2,304)		(2,818)		(10,142)		(10,376)
Income taxes		—		—		—		—
EBITDA	$	(11,844)	$	(6,993)	$	(46,882)	$	(44,128)

Unaudited Reconciliation of Gross Margin to Non-GAAP Adjusted gross margin

(in thousands, except for percentages)

(Unaudited)

	Three months ended December 31, 2024						Three months ended December 31, 2023
	GAAP		Adjustments		Non-GAAP		GAAP		Adjustments		Non-GAAP
Revenue	$	8,693	$	(83)	$	8,610	$	15,666	$	(8,504)	$	7,162
Cost of Goods Sold		2,281		(916)		1,365		1,573		(581)		992
Gross Margin		6,412		833		7,245		14,093		(7,923)		6,170
Gross Margin %		74%				84%		90%				86%

	Year ended December 31, 2024						Year ended December 31, 2023
	GAAP		Adjustments		Non-GAAP		GAAP		Adjustments		Non-GAAP
Revenue	$	38,627	$	(6,115)	$	32,512	$	41,288	$	(11,465)	$	29,823
Cost of Goods Sold		7,100		(1,771)		5,329		4,742		(581)		4,161
Gross Margin		31,527		(4,344)		27,183		36,546		(10,884)		25,662
Gross Margin %		82%				84%		89%				86%

(1)	Adjustments include the exclusion of SPL program related revenue from Revenue, and the exclusion of reserves for excess and obsolete inventory from Cost of Goods Sold.

EX-99.2 3 mxct-20250311xex99d2.htm EX-99.2

Exhibit 99.2

® ® ® ® TM is a trademark of MaxCyte, Inc. are registered trademarks of MaxCyte, Inc. in the U.S.A. Driving the Next Generation of Cell-Based Therapies MaxCyte Corporate Presentation NASDAQ: MXCT • LSE: MXCT March 2025

2 Disclaimer The content of this document (the “Presentation”) has not been approved by an authorized person within the meaning of the Financial Services and Markets Act 2000 (“FSMA”), as amended. Reliance on this document for the purpose of engaging in any investment activity may expose an individual or organization to a significant risk of losing all of their investment. If you are in any doubt about the investment to which this Presentation relates, you should consult a person authorized by the Financial Conduct Authority who specializes in advising on securities of the kind described in this Presentation or your stockbroker, bank manager, solicitor, accountant or other financial adviser. This Presentation has been issued by MaxCyte Inc (the “Company”) and does not constitute or form part of, and should not be construed as, an offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for any securities in the Company in any jurisdiction. Neither this Presentation, nor any part of it nor anything contained or referred to in it, nor the fact of its distribution, should form the basis of or be relied on in any connection with or act as an inducement in relation to a decision to purchase or subscribe for or enter into any contract or make any other commitment whatsoever in relation to any such securities. This Presentation does not constitute a recommendation regarding the securities of the Company. This Presentation is only addressed to and directed at (i) persons who are outside the United Kingdom, (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), (iii) persons who are high net worth entities falling within Article 49(2)(a) to (d) of the Order, and/or (iv) any other persons to whom this Presentation may otherwise lawfully be communicated without contravention of section 21 of the Financial Services and Markets Act 2000 or to whom it may otherwise lawfully be distributed (all such persons together being referred to as "relevant persons"). This Presentation may not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this Presentation relates is available only to relevant persons. Certain statements in this Presentation are, or may be deemed to be, forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding our expected potential future revenue. The words "may," "might," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "expect," "estimate," "seek," "predict," "future," "project," "potential," "continue," "target" and similar words or expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this Presentation are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this Presentation, including, without limitation, statements regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. These and other risks and uncertainties are described in greater detail in the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023, our quarterly reports for the periods ended March 31, 2024, June 30, 2024, and September 30, 2024, as well as discussions of potential risks, uncertainties, and other important factors in the other filings that we make with the Securities and Exchange Commission from time to time. These documents are available on the Securities and Exchange Commission website and through the Investor Menu, Financials section under "SEC filings" on the Investors page of our website at http://investors.maxcyte.com. No statement in this Presentation is intended to be, or intended to be construed as, a profit forecast or profit estimate or to be interpreted to mean that earnings per Company share for the current or future financial years will necessarily match or exceed the historical earnings per Company share. As a result, no undue reliance should be placed on such statements. Any forward-looking statements represent our views only as of the date of this Presentation and should not be relied upon as representing our views as of any subsequent date. We explicitly disclaim any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. This Presentation also contains Non-GAAP Gross Margin, which we define as Gross Margin when excluding SPL program related revenue and reserves for excess and obsolete inventory. The Company believes that the use of Non-GAAP Gross Margin provides an additional tool to investors because it provides consistency and comparability with past financial performance, as Non-GAAP Gross Margin excludes non-core revenues and inventory reserves, which can vary significantly between periods and thus affect comparability. Management does not consider these Non-GAAP financial measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these Non-GAAP financial measures is that they exclude significant revenues and expenses that are required by GAAP to be recorded in the Company’s financial statements. Non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. A reconciliation table of Gross Margin, the most comparable GAAP financial measure, to Non-GAAP Gross Margin is included in the appendix of this release. © 2024 MaxCyte, Inc. All Rights Reserved

© 2024 MaxCyte, Inc. All Rights Reserved MaxCyte at a Glance Our Mission We power the future of cell and gene therapy with innovative, scalable cell engineering solutions that enable our customers to deliver advanced therapies to patients Base-editing (CRISPR), CRISPR, ARCUS, RNA-Based Engineering, TALENS, Zinc Finger Nucleases (ZFNs) 19 Clinical and Commercial Therapies Supported $38.6M 2024 Revenue 84% 2024 Non-GAAP Adjusted Gross Margins2 Genetic diseases, solid tumors, infectious disease, Hematological Malignancies, autoimmune disease 29 SPL Customers $190M Cash & Cash Equivalents1 1. As of Dec. 31 2024 2. Excluding SPL Program-related revenue and reserves for excess and obsolete inventory. See appendix for reconciliation to GAAP gross margins

Cell and Gene Therapy Development Cell Engineering (Electroporation) Cell Proliferation In-Vivo Ex-Vivo Viral/Non-Viral Vector for delivery to Specific Organ Tissue The engineering of cells to develop therapies addressing a host of human diseases with unmet medical needs Cells Collected from Universal Donor or Patient Personalized Therapy Cryopreservation Patient Cell & Gene Therapy is one of the fastest growing and most promising treatment modalities ~1,950 active clinical trials focused on as of Dec 2024* Aggregate of $15.2B raised in 2024* Genetic diseases, solid tumors, infectious disease, hematological, and autoimmune 44 approved cell and gene therapies** *Alliance for Regenerative Medicine (“ARM”) as of Dec 2024 **FDA approved Cellular and Gene Therapy Products

Addressing the Challenges of Cell & Gene Therapy Development Next-generation cell therapy programs have become increasingly complex requiring multiple edits Regulatory risk increases with new unknowns (donor cells, next-gen approaches, new indications) Vein-to-vein manufacturing times are high; optimizations needed to deliver medicines to patients faster Lack of industry standard for cell engineering process development causes costly and inconsistent manufacturing runs Many steps in the cell engineering process with lack of support or safety assessments before regulatory review

Large Opportunity in Ex-Vivo Cell and Gene Therapy MaxCyte # of Potential SPLs Research & Discovery Pre-Clinical Clinical Commercial 124 Programs 82 Non-Viral Programs (66%) 383 Programs 193 Non-Viral Programs (50%) 249 Programs 84 Non-Viral Programs (37%) 10 Programs 1 Non-Viral Program (10%) Ex-Vivo Cell & Gene Therapy TAM 201 Ex-Vivo Cell & Gene Therapy Biotechs 83 Non-Viral Ex-Vivo Cell & Gene Therapy Biotechs Gene Editing Tools: • ARCUS • Base-editing (CRISPR) • Prime-editing (CRISPR) • CRISPR • RNA-Based Engineering • Transposon • TALENS • Zinc Finger Nucleases (ZFNs) Source: MaxCyte Company Estimates for U.S. and EU Markets Programs with undisclosed vector are assumed to be Viral and Non-Viral at the market concentration ratio of 53% to 47%, respectively

The ExPERT PlatformTM Enabling Non-Viral Cell Engineering Full scale RUO Small/mid-scale RUO Large Scale RUO/cGMP Full scale RUO/cGMP 75 thousand to 700 million cells 75 thousand to 20 billion cells 5 billion to 200 billion cells 75 thousand to 20 billion cells High Performance: • >90% transfection efficiencies (depending on cell type and molecule) • >90% cell viabilities • Computer-controlled system for reproducible results Flexibility: • Single, fully-defined, animal component-free electroporation buffer for all cell types • Pre-loaded library of validated, cell-specific protocols Scalability – Ability to Transfect: • 75,000 to 7 million cells in seconds • Up to 20 billion cells in less than 30 minutes • And up to 200 billion cells in less than 30 minutes with the high scale VLx High Quality: • Sterile, single-use processing assemblies (PAs) • Closed, cGMP-compliant, ISO-certified, and CE marked instruments • Supported by US FDA Master File and global equivalents Key Applications: Ex-Vivo Engineered Cell Therapies Customer Base: Leading global cell therapy developers and academic translational centers Additional Electroporation Applications in Drug Discovery Viral Vector Production – Transfect adherent or suspension cells to produce a variety of viral vectors. Cell Based Assays – Produce assay-ready cells faster with scalable electroporation. Gene Editing – Navigate the complexities of genome engineering with highly efficient delivery. Antibody & Protein Production – Accelerate biotherapeutic development with transient expression for gram-scale protein production. Vaccine Development – Innovate vaccine research with our adaptable platform for production of recombinant proteins, virus-like particles and more.

MaxCyte’s Solutions Span Cell & Gene Engineering Industry-leading, scalable ExPERT Electroporation Platform and best-in-class customer support Commercial Strategic platform license for clinical & commercial manufacturing IND-enabling lease Discovery Process Development IND-enabling activities IND-enabling study / Clinical IND filing BLA filing Instrument purchase & research scale Instrument purchase & full scale with flow EP RUO RUO GMP GMP Screening Validation Lead ID Concept Discovery Optimization Verification RUO: 25L – 3.5mL on RUO: 25L – 100mL on GMP: 25L – 100mL on 21 CFR Part 11 Compliant Strategic platform license for large allogeneic manufacturing GMP: 25L – 1L on 21 CFR Part 11 Compliant GMP

MaxCyte’s Flow Electroporation® technology integrates efficiently within a closed cGMP cell therapy workflow Cell Isolation & Expansion CCBE Electroporation Cell Expansion Cryopreservation Add loading agent (mRNA, pDNA, RNP…) and Electroporate Process cells on different platforms Wash media and exchange from different platforms to MaxCyte Buffer Infusion and cryopreservation Seamlessly scale from initial cell therapy concept to commercialization • Leverages the reversible permeability of the cell membrane in response to an electric charge • Universally delivers molecules, such as nucleic acids, gene-editing tools and proteins, into cells • Agnostic to cell type, approach (auto/allo) and/or gene manipulation technology • Supported by a robust intellectual property portfolio (200+ patents granted in US and foreign jurisdictions and 100+ patents pending worldwide) • Enables customers to use a single platform from concept through to the clinic in a GMP environment • >100 protocols optimized through 25 years of research by experts in biophysics, biochemistry and cell biology

Development of Ex Vivo Cell Therapies Requires Highly Specialized Engineering Tools and Assays 10 Lentivirus Adeno-associated virus Lipid nanoparticles Electroporation Engineering Tools Delivery Technologies CRISPR/Cas gene editing Transposase integration mRNA transient expression Stable DNA transduction Engineered Cell Therapy Starting Cell Material Post-engineering analyses: ➢ On-target editing confirmation ➢ Off-target editing risk assessment ➢ Cell functional assays ➢ Cell phenotype characterization Engineering Strategies Pre-engineering analyses: ➢ Cell health determination ➢ Cell purity characterization ➢ Cell identity confirmation ➢ Single alteration vs. multiple alterations ➢ Sequential engineering vs. simultaneous engineering ➢ Integrating vs. non-integrating approaches Developing engineering ex vivo cell therapies is highly complex

MaxCyte’s Solutions are Uniquely Positioned to Support Cell Therapy Development Flow Electroporation® technology facilitates multiplex and sequential engineering without the payload and capacity limitations of viral approaches 33+ Field Application Scientists support our customers in their development process ExPERT platform provides industry leading transfection efficiency & cell viability at high scale in 30 minutes or less, enabling manufacturers to quickly scale up production Regulatory Support Superior Results Complex Engineering Optimization Scientific Support FDA Master File can be referenced in regulatory filings to accelerate and de-risk regulatory review MaxCyte technology allows plug and play processes with rapid optimization delivering reproducible outcomes and the ability to seamlessly scale up from pre-IND to the clinic and commercialization

MaxCyte’s Platform Generates Recurring Revenue in Pre-Clinical, Clinical, and Commercial 12 © 2024 MaxCyte, Inc. All Rights Reserved Razor/Razor Blade Economics Full scale RUO Preclinical and Academic Revenue Model Instrument Sale Clinical and Commercial Revenue Model Annual License Fee Razor/Razor Blade Economics + Share of Therapeutic Economics Clinical Milestones and Commercial Royalties/Sales Based Payments Single-use Disposables (PAs) Full scale GMP Single-use Disposables (PAs) + + + MaxCyte captures unique economic participation in customers success as a result of its proven technology and differentiated technical, scientific, and regulatory support

MaxCyte’s Strategic Platform Licenses (SPLs) 1 Commercial Program* 29 SPL Customers 18 Programs are currently in clinical development* Cleared INDs or Equivalent *Updated as of December 31, 2024 Strategic relationships with leading cell therapy developers in clinical development and with commercial therapies Sana Biotechnology Beam Therapeutics Lyell Immunopharma cGMP Compatible Platform FDA Master File and Technical Files Experienced FAS and sales support Leading know-how and engineering process improvement 18 Active Clinical Programs Represents >$220 of precommercial milestone potential1 1. Inclusive of ~$10 million of milestones already received by MaxCyte

Typical MaxCyte SPL Economics Early Clinical: (Phase 1/2) Years 1-3 • Mid 6-figure up to low 7-figure milestones • 1-3+ instruments + disposables Mid-late Clinical: (Phase 2/3) Years 3-5+ • 7-figure milestone • Increasing instrument and disposables usage Approval: Year 5+ • Multiple 7-figure milestones based on geographic region (e.g. US and Europe) Commercial Phase • Royalty and/or sales-based payments • Annual instrument fees and disposable sales Instruments and Processing Assemblies Milestones Royalties & Sales-Based Payments Pre-commercial milestones in early clinical, mid-late clinical and product approval Significant development milestones and high-value participation in future commercial success of partners Recurring revenues from lease of instruments and sales of single-use disposables Royalites and Sales-based payments upon partner’s product commercialization

Highly Technical Employees Field Application Scientists (FAS) and Commercial Team Unparalleled scientific support to customers Customer relationships at early stages of cell & gene therapy development Signed SPL *Updated as of December 31, 2024 MaxCyte has a team of 33+ highly trained FAS* Global teams providing scientific, technical, and FAS works with prospective customers to optimize and implement regulatory expertise cell engineering methods, processes, and applications Differentiated Commercial Relationships Expand Sales Funnel MaxCyte grows its sales funnel by leading with scientific, technical, and regulatory expertise 64 Advanced Degrees and 23 PhDs* Support academic and translational institutions, biotech companies, and pharma companies in discovery and pre-clinical

16 © 2025 MaxCyte, Inc. All Rights Reserved As of March 2025 / Includes SPL Clinical Trials Allogeneic Autologous Cell Approach Phase 1 Phase 1/2 Pivotal Commercial Clinical Phase HSCs Other cell types HSCs T-cells T-cells Trem-cel (Vor Biopharma) Nula-Cel (Kamau Therapeutics) CB010 (NHL) (Caribou Biosciences) Azer-Cel (NHL) (Imugene) CB010 (AID) (Caribou Biosciences) Azer-Cel (AID) (TG Therapeutics) KSQ-001EX (KSQ Therapeutics) KSQ-004EX (KSQ Therapeutics) VIPER-101 (Vittoria Biotherapeutics) Other cell types CASGEVYTM for SCD and B-thal (Vertex Pharmaceuticals) CTX112 (B-cell malignancies) (CRISPR Therapeutics) CTX131 (Solid Tumors) (CRISPR Therapeutics) CTX131 (Hematologic Malignancies) (CRISPR Therapeutics) CTX112 (AID) (CRISPR Therapeutics) Indications in Active MaxCyte-Enabled Clinical Trials Genetic Diseases Beta-Thalassemia Sickle Cell Disease Hemophilia B Chronic Granulomatous Disease (CGD) Solid Tumors Non-small Cell Lung Cancer Head and Neck Cancer Glioblastoma Renal Cell Carcinoma Melanoma Other Solid Tumors Hematological Malignancies Acute Lymphoblastic Leukemia Acute Myeloid Leukemia Chronic Lymphocytic Leukemia Multiple Myeloma Non-Hodgkin Lymphoma T Cell Lymphoma Autoimmune Disease Lupus Nephritis ANCA-associated Vasculitis Multiple Sclerosis Type 1 Diabetes Other autoimmune diseases SPL Portfolio: 24 Active Clinical Trials

SPL Case Study: CASGEVY® CASGEVY® for Sickle Cell Disease (SCD) and for Transfusion-Dependent Beta-Thalassemia (TDT) (2023 and 2024) 2013 – MaxCyte supports Inception Genomics (Changed name to CRISPR Therapeutics AG in 2014) ▪ Support for programs in research 2018 – Vertex/CRISPR achieves IND Milestone Sept 28, 2022 – MaxCyte Signs SPL with Vertex to advance Exa-cel ▪ Vertex obtains non-exclusive clinical and commercial rights to use MaxCyte’s ExPERT platform Dec 8, 2023 – FDA Approves CASGEVY® (for treatment of SCD) 2021 - Vertex initiated Pivotal Trial for CASGEVY® Jan 16, 2024 – FDA Approves CASGEVY® (for treatment of TDT) Feb 12, 2024 – European Commission Approves CASGEVY® (for treatment of SCD and TDT) Nov 15, 2023 – UK MHRA Approves CASGEVY® (for treatment of SCD and TDT) CASGEVY® Jan 9, 2024 –SFDA Approves CASGEVY® (for treatment of SCD and TDT)

1 Approved Partner Program Launched: 2023 SPL Program: Vertex’s Exa-Cel Indications: Sickle Cell Disease Beta-Thalassemia 8 Potential Approved Partner Programs Launch Potential: 2027-2028 Indications: Lymphoma/Leukemia Sickle Cell Disease Genetic Disease 12 Potential Approved Partner Programs Launch Potential: 2029-2031 Example Indications: Solid Tumors Lymphoma/Leukemia Multiple Myeloma Genetic Diseases Autoimmune Diseases Additional Preclinical Partner Programs Launch Potential: 2031+ Example Indications: Solid Tumors Autoimmune Diseases Neurodegenerative Diseases Genetic Diseases Lymphoma/Leukemia Additional Licensed Programs and New Partnerships Signed Launch Potential: 2032+ 18 Source: Evaluate Pharma and MaxCyte Internal Estimates as of March 2025 © 2024 MaxCyte, Inc. All Rights Reserved MaxCyte Supports the Future of Cell & Gene Therapies

MaxCyte’s Roadmap to Becoming a Premier Cell Engineering Solutions Providers 19 Electroporation technology provider Comprehensive cell engineering solutions Gene Editing Tools Over $1.25b market • Key markets addressed: in vivo and ex vivo cell therapy • Other key markets addressed: Agbio, bioprocessing, research and discovery tools Genetic Payloads Over $6.0b market • Key markets addressed: in vivo and ex vivo cell therapy • Other key markets addressed: vaccines, bioprocessing, research and discovery tools Biological Delivery Over $4.0b market • Key markets addressed: in vivo and ex vivo cell therapy • Other key markets addressed: vaccines, bioprocessing, research and discovery tools Cell engineering risk assessment Organic and Inorganic Investment Product Development Acquisitions Licensing Deals Distribution Deals Source: Internal analysis “Loss of Function” Technologies (i.e. gene editing) “Gain of Function” Technologies (i.e. gene insertion/expression) Other Delivery Technologies

Editing Assessment Services MaxCyte provides ex-vivo and in-vivo developers with best-in-class on-target and off-target risk assessment services Use Cases: candidate guide screening, guide RNA selection Use Cases: Off-target risk assessment, guide RNA selection, IND filings ✓ Highly sensitive ✓ Universal for all editors ✓ Population-scale variant assessment ✓ Multiple orthogonal methods ✓ Variant effect prediction ✓ GLP-grade Guide Screening ✓ Rapid turnaround time ✓ Comprehensive report ✓ Minimize risk from variation at on-target locus Guide RNA Selection ✓ Low-cost per guide ✓ Evaluate multiple guides ✓ Reduce program risk through early profiling and selection Use Cases: Off-target risk assessment, guide RNA selection, IND filings ✓ Highly sensitive ✓ Universal for all editors ✓ Population-scale variant assessment ✓ Multiple orthogonal methods ✓ Variant effect prediction ✓ GLP-grade ✓ Increases program likelihood of success ✓ Decreases risk of unexpected costs or program delays ✓ Aligns with most recent FDA guidance for gene edited therapies ✓ Quicker time to clinic and safer therapies Discovery Pre-Clinical Development and IND-Enabling Studies BENEFITS Screening Guide Profiler Guide Select Nomination ONE-seq DEUX-seq GUIDE-seq Confirmation SAFER Detection Amplicon-seq

$11.7 $8.3 $7.1 $16.0 $10.3 $14.0 $10.9 $10.3 $10.3 $1.0 $0.9 $1.1 $4.6 $11.5 $6.1 2022 2023 2024 Instrument PAs Licenses Other SPL Program-related Core Revenue: (25%) Decline Core Revenue: +9% Growth Financial Summary 1. Excluding SPL Program-related revenue and reserves for excess and obsolete inventory. See appendix for reconciliation to GAAP gross margins $41.3 $38.6 Total Revenue (millions) $44.3 Financial Highlights (As of December 31, 2024) 84% Non-GAAP adjusted Gross Margin1 55% SPL Program-Related revenue as a percentage of Core revenue 760 Total Installed Base of Instruments (sold or leased) $190 million Total cash, cash equivalents, and investments Core Revenue

Financial Summary In millions, except percentages 2023 2024 Total Core Revenue $29.8 $32.5 y/y growth (25%) 9% SPL-Program Related Revenue $11.5 $6.1 y/y growth 148% (47%) Total Revenue $41.3 $38.6 y/y growth (7%) (6%) Gross Profit $36.5 $31.5 Gross Margin % 89% 82% Non-GAAP Adjusted Gross Margin %1 86% 84% Operating Expenses $84.8 $82.7 Net Income (Loss) ($37.9) ($41.1) EBITDA2 ($44.1) ($46.9) Full Year Ended December 31, 1. Excluding SPL Program-related revenue and reserves for excess and obsolete inventory. See appendix for reconciliation to GAAP gross margins 2. See appendix for Unaudited Reconciliation of Net Loss to EBITDA

Appendix – Historical Core Business Disclosure 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q’24 3Q’24 4Q’24 (in $ thousands) Instrument 1,627 1,417 2,517 2,917 2,728 2,697 2,575 3,705 2,189 2,126 1,672 2,330 1,928 1,762 1,764 1,629 PAs 2,449 2,624 2,927 4,309 3,840 4,114 4,350 3,721 2,600 3,293 2,226 2,163 3,432 2,974 3,432 4,169 Licenses 2,252 2,386 2,527 2,643 2,726 2,622 2,736 2,813 2,809 2,667 2,444 2,406 2,604 2,610 2,528 2,554 Other 163 177 165 279 290 171 227 331 174 203 258 263 224 229 416 258 Total Core Revenue 6,491 6,604 8,135 10,148 9,583 9,604 9,889 10,570 7,772 8,289 6,600 7,162 8,188 7,575 8,140 8,610 Installed base of instruments (sold or leased) 420 445 472 502 521 546 575 616 633 654 664 683 708 723 739 760 Core Revenue Generated by SPL Clients as a % of Core Revenue 42% 43% 37% 39% 47% 47% 40% 34% 52% 49% 45% 45% 53% 51% 53% 55%

Appendix – Unaudited Reconciliation of Gross Margin to Non-GAAP Adjusted gross margin 1. Adjustments include the exclusion of SPL program related revenue from Revenue, and the exclusion of reserves for excess and obsolete inventory from Cost of Goods Sold. Unaudited Reconciliation of Gross Margin to Non-GAAP Adjusted gross margin (in thousands, except for percentages) Year ended December 31, 2024 Year ended December 31, 2023 GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Revenue $ 38,627 $ (6,115) $ 32,512 $ 41,288 $ (11,465) $ 29,823 Cost of Goods Sold 7,100 (1,771) 5,329 4,742 (581) 4,161 Gross Margin 31,527 (4,344) 27,183 36,546 (10,884) 25,662 Gross Margin % 82% 84% 89% 86%

Appendix – Unaudited Reconciliation of Net Loss to EBITDA Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023 (in thousands) Net loss $ (10,597) $ (5,277) $ (41,055) $ (37,923) Depreciation and amortization expense 1,057 1,102 4,315 4,171 Interest income (2,304) (2,818) (10,142) (10,376) Income taxes — — — — EBITDA $ (11,844) $ (6,993) $ (46,882) $ (44,128) Unaudited Reconciliation of Net Loss to EBITDA (in thousands) (Unaudited)