MAXCYTE, INC.
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 13, 2025
MXCT$1.26-3.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0001558370-25-010554
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001104659-25-111396
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 117 previous paragraphs and 124 current paragraphs.
75 unchanged; 35 reworded; 14 added; 4 removed; 3 previous and 0 current paragraphs rearranged.
Tables are not compared: 42 previous and 42 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
On September 22, 2025, we began to implement a workforce reduction plan (the “Plan”) as part of our ongoing efforts to streamline operations, improve our cost structure, and align resources with strategic priorities. The Plan is expected to result in a reduction of approximately 34% of the Company’s workforce globally, which includes both directly employed personnel and individuals engaged through third-party employer-of-record arrangements, and is expected to be substantially completed by November 2025.
Current report
On November 12, 2025, the Company entered into an amendment (the "CFO Severance Agreement Amendment") to that certain Severance Agreement, dated March 10, 2025, by and between the Company and Douglas Swirsky, pursuant to which Mr. Swirsky will transition from his position as Chief Financial Officer of the Company, effective May 31, 2026 (the “Retention Date”). Mr. Swirsky will continue to be eligible for bonus payments for fiscal year 2025 and the applicable portion of 2026; in addition, to support the retention of Mr. Swirsky through the Retention Date and in exchange for executing a separation and release agreement, he will be entitled to a one-time payment of $150,000, payable following the Retention Date. Following May 31, 2026, Mr. Swirsky will provide the company with consulting services for a period of eighteen consecutive months during which his equity awards will continue to vest in accordance with their terms based on his continued service and the Company will reimburse Mr. Swirsky for the cost of his COBRA benefits. Mr. Swirsky will be eligible to receive a monthly fee of $10,000 per month, payable in arrears, for services to the Company
Current report
Cost of goods sold decreased by $0.3 million or 17%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The decrease was primarily driven by decreases in instrument and PA sales.
Current report
Research and development expenses remained flat for the three months ended September 30, 2025 compared to the three months September 30 2024. Increases of $0.2 million of lab expense, $0.1 million in professional fees, and $0.1 million in software expenses, all due to timing of expenses were offset by decreases of $0.3 million in stock-based compensation and $0.1 million of compensation expenses.
Current report
Restructuring Expense
Current report
We incurred $3.1 million in restructuring expense during the three months ended September 30, 2025 due to the implementation of the Plan. We did not incur restructuring expense during the three months ended September 30, 2024.
Current report
Comparison of the Nine Months Ended September 30, 2025 and 2024
Current report
Total revenue for the nine months ended September 30, 2025 was $25.7 million, a decrease of $4.2 million, or 14%, compared to $29.9 million during the nine months ended September 30, 2024. The decrease was primarily driven by a decrease in program-related revenue.
Current report
Restructuring Expense
Current report
We incurred $3.1 million in restructuring expense during the nine months ended September 30, 2025 due to the implementation of the Plan. We did not incur restructuring expense during the nine months ended September 30, 2024.
Current report
Goodwill
Current report
We evaluate goodwill for possible impairment at least annually or upon the occurrence of events or circumstances that indicate that they would more likely than not reduce the fair value of a reporting unit below its carrying amount. We have concluded we are a single reporting unit, and therefore the quantitative assessment of goodwill impairment would involve comparing our fair value to our carrying value. If the carrying value exceeds the fair value, a goodwill impairment charge is recorded. Determining our fair value required us to make assumptions and estimates, the most significant of which are projected future growth rates, discount rates, capital expenditures, tax rates, gross margins and terminal value. Changes in key estimates or market conditions, could result in an impairment charge. For the three and nine months ended September 30 2025, we did not recognize a goodwill impairment.
Current report
Subsequent Events
Current report
On November 12, 2025, the Company entered into the CFO Severance Agreement Amendment with Douglas Swirsky, pursuant to which Mr. Swirsky will transition from his position as Chief Financial Officer of the Company, effective as of the Retention Date. Mr. Swirsky will continue to be eligible for bonus payments for fiscal year 2025 and the applicable portion of 2026; in addition, to support the retention of Mr. Swirsky through the Retention Date and in exchange for executing a separation and release agreement, he will be entitled to a one-time payment of $150,000, payable following the Retention Date. Following May 31, 2026, Mr. Swirsky will provide the company with consulting services for a period of eighteen consecutive months during which his equity awards will continue to vest in accordance with their terms based on his continued service and the Company will reimburse Mr. Swirsky for the cost of his COBRA benefits. Mr. Swirsky will be eligible to receive a monthly fee of $10,000 per month, payable in arrears, for services to the Company
Removed paragraphs (4)
Previous report
Cost of goods sold increased by $31,000, or 2%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was primarily driven by increases in instrument and PA sales.
Previous report
Research and development expenses increased by $0.7 million, or 12%, for the three months ended June 30, 2025 compared to the three months ended June 30 2024. The increase was primarily driven by a $0.8 million increase in compensation expense primarily due to an increase in headcount from the acquisition of SeQure, $0.2 million increase in
Previous report
Comparison of the Six Months Ended June 30, 2025 and 2024
Previous report
Total revenue for the six months ended June 30, 2025 was $18.9 million, a decrease of $2.9 million, or 13%, compared to $21.8 million during the six months ended June 30, 2024. The decrease was primarily driven by a decrease in program-related revenue.
Reworded paragraphs (35)
Previous wording
From leading commercial cell therapy drug and biologic developers and top biopharmaceutical companies to top academic and government research institutions, including the U.S. National Institutes of Health, our customers have extensively validated our technology. We believe the features and performance of our platform have led to sustained customer engagement. Our existing customer base, which includes but is not limited to our 31 SPL partners, ranges from large biopharmaceutical companies, including a majority of the top 25 pharmaceutical companies based on 2024 global revenue, to hundreds of biotechnology companies and academic centers focused on translational research. Our Flow Electroporation technology is used by one of our SPL partners to engineer the first ex-vivo cell therapy approved by the FDA in December 2023.
Current wording
From leading commercial cell therapy drug and biologic developers and top biopharmaceutical companies to top academic and government research institutions, including the U.S. National Institutes of Health, our customers have extensively validated our technology. We believe the features and performance of our platform have led to sustained customer engagement. Our existing customer base, which includes but is not limited to our 32 SPL partners, ranges from large biopharmaceutical companies, including a majority of the top 25 pharmaceutical companies based on 2024 global revenue, to hundreds of biotechnology companies and academic centers focused on translational research. Our Flow Electroporation technology is used by one of our SPL partners to engineer the first ex-vivo cell therapy approved by the FDA in December 2023.
Previous wording
Since our inception, we have incurred significant operating losses. Our ability to generate revenue sufficient to achieve profitability will depend on the successful further development, commercialization adoption, and market acceptance of our products. We generated revenue of $18.9 million and incurred a net loss of $22.6 million for the six months ended June 30, 2025. As of June 30 2025, we had an accumulated deficit of $240.0 million. We expect to continue to incur net losses as we focus on growing commercial sales of our products in both the U.S. and international markets, including growing our sales force, scaling our manufacturing operations, and continuing research and development efforts to develop new products and further enhance our existing products.
Current wording
Since our inception, we have incurred significant operating losses. Our ability to generate revenue sufficient to achieve profitability will depend on the successful further development, commercialization adoption, and market acceptance of our products. We generated revenue of $25.7 million and incurred a net loss of $35.0 million for the nine months ended September 30, 2025. As of September 30 2025, we had an accumulated deficit of $251.9 million. We expect to continue to incur net losses as we focus on growing commercial sales of our products in both the U.S. and international markets, including expanding our sales force, scaling our manufacturing operations, and continuing research and development efforts to develop new products and further enhance our existing products.
Previous wording
In January 2025, weacquired SeQure Dx, Inc. (“SeQure”) a provider of on-target and off-target editing assessment services for cell and gene therapies. We expect that this acquisition will strengthen our ability to serveex vivo andin vivo cell and gene therapy developers with an innovative suite of tools and services spanning early R&D through clinical development and commercialization. We anticipate that successful integration of SeQure into our Company (which is not guaranteed) will allow us to expand our service offerings for our partners and leverage our commercial and field application scientist teams to work with developers earlier in their research processes. See Note 8 – Business Combination in the Notes to the Consolidated Financial Statements in Item 1 of this Quarterly Report on Form 10-Q for more information.
Current wording
In January 2025, weacquired SeQure Dx, Inc. (“SeQure”) a provider of on-target and off-target editing assessment services for cell and gene therapies. We expect that this acquisition will strengthen our ability to serveex vivo andin vivo cell and gene therapy developers with an innovative suite of tools and services spanning early R&D through clinical development and commercialization. We anticipate that successful integration of SeQure into our Company (which is not guaranteed) will allow us to expand our service offerings for our partners and leverage our commercial and field application scientist teams to work with developers earlier in their research processes. See Note 8 – Business Combination in the Notes to the Unaudited Condensed Consolidated Financial Statements in Item 1 of this Quarterly Report on Form 10-Q for more information.
Previous wording
We have continued to enter into SPL agreements with our cell therapy customers. These agreements, which are discussed in more detail under the caption “Results of Operations” below, provide us with revenue from instrument sales and leases and disposables sales as well as pre-commercial milestones based on progress of our partners’ programs through the clinic and sales-based payments upon commercialization of our partners’ programs. In 2025, we have signed SPL agreements with three new partners, TG Therapeutics, Anocca AB and Adicet Bio. We continue to grow our SPL pipeline and, while the specific timing of any agreement is uncertain, we look forward to continuing to build on our existing SPL partnerships and develop additional SPL partnerships in the future.
Current wording
We have continued to enter into SPL agreements with our cell therapy customers. These agreements, which are discussed in more detail under the caption “Results of Operations” below, provide us with revenue from instrument sales and leases and disposables sales as well as pre-commercial milestones based on progress of our partners’ programs through the clinic and sales-based payments upon commercialization of our partners’ programs. In 2025, we have signed SPL agreements with four new partners, TG Therapeutics, Anocca AB, Adicet Bio and Moonlight Bio. We continue to grow our SPL pipeline and, while the specific timing of any agreement is uncertain, we look forward to continuing to build on our existing SPL partnerships and develop additional SPL partnerships in the future.
Previous wording
In order to evaluate how our sales are trending across key markets, as well as the contribution of program economics from our SPL agreements, we separately analyze our core revenue and our performance-based milestone revenues we recognize under our SPL agreements. Core revenue includes instrument sales, PAs and consumables, research and clinical licenses,
Current wording
In order to evaluate how our sales are trending across key markets, as well as the contribution of program economics from our SPL agreements, we separately analyze our core revenue and our performance-based milestone revenues we recognize under our SPL agreements. Core revenue includes instrument sales, PAs and consumables, research and clinical licenses, and assay services, while non-core revenue relates to SPL program-related revenue. We recognize both core and non-core revenue in accordance with US GAAP.
Previous wording
Total revenue for the three months ended June 30, 2025 was $8.5 million, a decrease of $1.9 million, or 18%, compared to $10.4 million during the three months ended June 30, 2024. The decrease was primarily driven by a decrease in program-related revenue, offset by an increase in a core revenue in the amounts shown in the table above.
Current wording
Total revenue for the three months ended September 30, 2025 was $6.8 million, a decrease of $1.3 million, or 16%, compared to $8.2 million during the three months ended September 30, 2024. The decrease was primarily driven by a decrease in a core revenue in the amounts shown in the table above.
Previous wording
Total core revenue for the three months ended June 30, 2025 was $8.2 million, an increase of $0.6 million, or 8%, compared to the three months ended June 30, 2024. Our overall increase in core revenue was primarily driven by increases in instrument revenue and PA revenue of $0.4 million, and $0.2 million, respectively.
Current wording
Total core revenue for the three months ended September 30, 2025 was $6.4 million, a decrease of $1.7 million, or 21%, compared to the three months ended September 30, 2024. Our overall decrease in core revenue was primarily driven by decreases in instrument revenue, PA revenue and license revenue of $0.4 million, $0.9 million, and $0.7 million, respectively.
Previous wording
The $2.5 million decrease in program-related revenues for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 resulted from customer variability in achievement of contractually specified clinical and regulatory milestones during the respective periods. We expect program-related revenue to continue to experience variability for some time, although we anticipate that variability may moderate as the volume of SPL partnerships and associated milestones grows and matures.
Current wording
The $0.4 million increase in program-related revenues for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 resulted from customer variability in achievement of contractually specified clinical and regulatory milestones during the respective periods. We expect program-related revenue to continue to experience variability for some time, although we anticipate that variability may moderate as the volume of SPL partnerships and associated milestones grows and matures.
Previous wording
We expect total revenue to increase over time as our customers’ programs advance and our markets grow, resulting in additional instrument sales and license and PA sales and also as the percentage of our installed base that are under SPL license agreements increases. We expect revenue from PA and instrument sales and instrument licenses to cell therapy customers will continue to grow as those customers advance their preclinical pipeline programs into clinical development and move their existing drug development programs into later-stage clinical trials and, potentially, into commercialization. In addition, we believe we are well-positioned to attract new customers who may contribute to these revenues, based on the underlying growth in the cell therapy pipeline among companies in this market, the extent to which capital is available to support such companies, and in particular the switch by some cell therapy companies away from viral to non-viral approaches. We expect, however, that our revenue may fluctuate from period to period due to the timing of securing product sales and licenses, the inherently uncertain nature of the timing of our partners’ achievements of clinical progress, and our dependence on the program decisions of our partners.
Current wording
Notwithstanding decreases in 2025, we expect total revenue to increase over time as our customers’ programs advance and our markets grow, resulting in additional instrument sales and license and PA sales and also as the percentage of our installed base that are under SPL license agreements increases. We expect revenue from PA and instrument sales and instrument licenses to cell therapy customers will continue to grow as those customers advance their preclinical pipeline programs into clinical development and move their existing drug development programs into later-stage clinical trials and, potentially, into commercialization. In addition, we believe we are well-positioned to attract new customers who may contribute to these revenues, based on the underlying growth in the cell therapy pipeline among companies in this market, the extent to which capital is available to support such companies, and in particular the switch by some cell therapy companies away from viral to non-viral approaches. We expect, however, that our revenue may fluctuate from period to period due to the timing of securing product sales and licenses, the inherently uncertain nature of the timing of our partners’ achievements of clinical progress, and our dependence on the program decisions of our partners.
Previous wording
instrument leases as opposed to sales, changes in the costs to produce our various products, the launch of new products or changes in existing products, our cost structure for manufacturing including changes in production volumes, and the pricing of our products which may be impacted by market conditions. We price our instruments at a premium given what we believe to be the broad benefits of our platform, and the limited availability of alternative clinically-validated non-viral delivery approaches. Instrument pricing also depends upon the customer’s specific market. However, the market for non-viral delivery is highly competitive, and introduction of a Good Manufacturing Practices (“GMP”) grade platform by a competitor that delivers similar performance across a similar diversity of cell types could negatively impact our business and lead to increased price pressure that negatively impacts our gross margins.
Current wording
Our gross profit in future periods will depend on a variety of factors, including sales mix among instruments, disposables and milestones, the specific mix among types of instruments or disposables, the proportion of revenues associated with instrument leases as opposed to sales, changes in the costs to produce our various products, the launch of new products or changes in existing products, our cost structure for manufacturing including changes in production volumes, and the pricing of our products which may be impacted by market conditions. We price our instruments at a premium given what we believe to be the broad benefits of our platform, and the limited availability of alternative clinically-validated non-viral delivery approaches. Instrument pricing also depends upon the customer’s specific market. However, the market for non-viral delivery is highly competitive, and introduction of a Good Manufacturing Practices (“GMP”) grade platform by a competitor that delivers similar performance across a similar diversity of cell types could negatively impact our business and lead to increased price pressure that negatively impacts our gross margins.
Previous wording
During the three months ended June 30, 2025, gross margin was 82% compared to 86% for the three months ended June 30, 2024. The decrease in gross margin was primarily due to a decrease in program-related revenue.
Current wording
During the three months ended September 30, 2025, gross margin was 77% compared to 76% for the three months ended September 30, 2024. The increase in gross margin was primarily due to an increase in program-related revenue.
Previous wording
Gross profit decreased by $2.0 million, or 22%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The decrease was primarily driven by the decrease in program-related revenue.
Current wording
Gross profit decreased by $1.0 million, or 16%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The decrease was primarily driven by the decrease in instrument and PA sales.
Previous wording
Sales and marketing expenses decreased by $0.8 million, or 13%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The decrease was primarily driven by a $0.6 million decrease in compensation expenses due to a reduction in headcount, and a $0.2 million decrease in stock-based compensation.
Current wording
Sales and marketing expenses decreased by $2.3 million, or 37%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The decrease was primarily driven by a $1.0 million decrease in compensation expenses due to a reduction in headcount, and a $0.5 million decrease in stock-based compensation, a $0.3 million decrease in marketing expenses, and a $0.1 million decrease in travel expense.
Previous wording
General and administrative increased $0.4 million, or 6%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was primarily driven by a $0.4 million increase in stock-based compensation, a $0.1 million increase in compensation expense, a $0.4 million increase in public company expenses, and a $0.1 million increase in overhead expenses, offset by a $0.3 million decrease in legal fees, and $0.3 million from a one-time fixed asset disposal loss occurring during three months ended June 30, 2024.
Current wording
General and administrative decreased $1.7 million, or 22%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The decrease was primarily driven by a $0.6 million decrease in stock-based compensation, a $0.6 million decrease in legal fees, a $0.2 million increase in compensation expense, and $0.2 million decrease in public company expenses, and a $0.1 million decrease in overhead expenses.
Previous wording
We expect that our general and administrative expenses will continue to increase in absolute dollars in future periods, primarily due to increased headcount to support anticipated growth in the business.
Current wording
We expect that our general and administrative expenses will increase in absolute dollars in future periods, primarily due to support anticipated growth in the business.
Previous wording
Depreciation and amortization expense increased by $46,000, or 5%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024.
Current wording
Depreciation and amortization expense increased by $23,000, or 2%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024.
Previous wording
Interest income represents interest on our cash balances and investments. Interest income decreased $0.7 million, or 28% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The decrease was driven by decreases in interest rates and average cash and investment balances during the three months ended June 30, 2025.
Current wording
Interest income represents interest on our cash balances and investments. Interest income decreased $0.8 million, or 31% for the three months ended September 2025 compared to the three months ended September 30, 2024. The decrease was driven by decreases in interest rates and average cash and investment balances during the three months ended September 30, 2025.
Previous wording
Total core revenue for the six months ended June 30, 2025 was $16.4 million, an increase of $0.7 million, or 4%, compared to the six months ended June 30, 2024. Our overall increase in core revenue was primarily driven by increases in PA revenue of $0.6 million and assay service revenue of $0.2 million, offset by a decrease in instrument sales of $0.1 million.
Current wording
Total core revenue for the nine months ended September 30, 2025 was $22.8 million, a decrease of $1.1 million, or 4%, compared to the nine months ended September 30, 2024. Our overall decrease in core revenue was primarily driven by decreases in license revenue of $0.8 million, decreases in instrument and PA revenue of $0.5 million and $0.3 million, respectively, offset by an increase in assay and other service revenue of $0.5 million.
Previous wording
The $3.6 million decrease in program-related revenues for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 resulted from customer variability in achievement of contractually specified clinical and regulatory milestones during the respective periods. We expect program-related revenue to continue to experience variability for some time, although we anticipate that variability may moderate as the volume of SPL partnerships and associated milestones grows and matures.
Current wording
The $3.2 million decrease in program-related revenues for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 resulted from customer variability in achievement of contractually specified clinical and regulatory milestones during the respective periods. We expect program-related revenue to continue to experience variability for some time, although we anticipate that variability may moderate as the volume of SPL partnerships and associated milestones grows and matures.
Previous wording
Cost of goods sold increased by $0.1 million or 4%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was primarily driven by increases in PA sales.
Current wording
Cost of goods sold decreased by $0.2 million or 4%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The decrease was primarily driven by decreases in instrument and PA sales.
Previous wording
Gross profit decreased by $3.0 million, or 16%, for the six months ended June 30, 2025 compared to the three months ended June 30, 2024. The decrease was primarily driven by the decrease in program-related revenue.
Current wording
Gross profit decreased by $4.0 million, or 16%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The decrease was primarily driven by the decrease in license and program-related revenue.
Previous wording
Research and development decreased by $0.1 million, or 1%, for the six months ended June 30, 2025 compared to the six months ended June 30 2024. Decreases of $0.6 million in lab expense and $0.4 million in stock-based compensation were offset by increases of $0.3 million in compensation expense primarily due to an increase in headcount from the acquisition of SeQure, and a $0.3 million increase in both engineering expenses and professional fees, both due to timing of expenses.
Current wording
Research and development decreased by $0.1 million, or 1% for the nine months ended September 30, 2025 compared to the nine months ended September 30 2024. Decreases of $0.7 million in stock-based compensation and $0.5 million in lab expense were offset by increases of $0.4 million in both engineering expenses and professional fees, both due to timing of expenses, $0.2 million in occupancy expenses, and $0.1 million in compensation expenses.
Previous wording
Sales and marketing expenses decreased by $2.5 million, or 18%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The decrease was primarily driven by a $1.5 million decrease in compensation expenses due to a reduction in headcount, a $0.4 million decrease in travel expense commensurate with the reduction in headcount, a $0.4 million decrease in professional fees, and a $0.2 million decrease in stock-based compensation.
Current wording
Sales and marketing expenses decreased by $4.8 million, or 24%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The decrease was primarily driven by a $3.0 million decrease in compensation expenses due to a reduction in headcount, a $0.5 million decrease in travel expense commensurate with the reduction in headcount, a $0.4 million decrease in professional fees, a $0.2 million decrease in marketing expenses, and a $0.7 million decrease in stock-based compensation.
Previous wording
General and administrative increased by $1.9 million, or 13%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was primarily driven by a $0.6 million increase in stock-based compensation, a $0.2 million increase in compensation expense, a $0.6 million increase in professional fees, a $0.3 million increase in public company expenses, and a $0.4 million increase in legal fees, offset by a $0.2 million decrease from a one-time fixed asset disposal loss occurring during six months ended June 30, 2024.
Current wording
General and administrative increased by $0.1 million, or 1%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was primarily driven by a $0.6 million increase in professional fees, offset by a $0.2 million decrease in legal fees, and by a $0.3 million decrease from a one-time fixed asset disposal loss occurring during nine months ended September 30, 2024.
Previous wording
Depreciation and amortization expense increased by $39,000, or 2%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024.
Current wording
Depreciation and amortization expense increased by $62,000, or 2%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.
Previous wording
Interest income decreased $1.4 million, or 27%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The decrease was driven by decreases in interest rates and average cash and investment balances during the six months ended June 30, 2025.
Current wording
Interest income decreased $2.2 million, or 28%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The decrease was driven by decreases in interest rates and average cash and investment balances during the nine months ended September 30, 2025.
Previous wording
Since our inception, we have experienced losses and negative cash flows from operations. For the six months ended June 30, 2025, we incurred a net loss of $22.6 million. As of June 30, 2025, we had an accumulated deficit of $239.5 million. To date, we have funded our operations primarily with proceeds from sales of common stock, borrowings under loan agreements and cash flows associated with sales and licenses of our products to customers. On August 3, 2021, we completed our U.S. IPO, generating gross proceeds of $201.8 million. We received net proceeds of $184.3 million after deducting aggregate underwriting commissions and offering expenses of $17.6 million.
Current wording
Since our inception, we have experienced losses and negative cash flows from operations. For the nine months ended September 30, 2025, we incurred a net loss of $35.0 million. As of September 30, 2025, we had an accumulated deficit of $251.9 million. To date, we have funded our operations primarily with proceeds from sales of common stock, borrowings under loan agreements and cash flows associated with sales and licenses of our products to customers. On August 3, 2021, we completed our U.S. IPO, generating gross proceeds of $201.8 million. We received net proceeds of $184.3 million after deducting aggregate underwriting commissions and offering expenses of $17.6 million.
Previous wording
Net cash used in operating activities for the six months ended June 30, 2025 was $24.3 million, and consisted primarily of our net loss of $22.6 million, which was offset in part by net non-cash expenses of $7.8 million. Net non-cash expenses include stock-based compensation of $6.6 million, depreciation and amortization expenses of $2.2 million, and an aggregate $0.6 million in other non-cash charges offset by amortization of discounts on investments of $1.6 million. We also had net cash outflows of $9.5 million due to changes in our operating assets and liabilities. Net changes in our operating assets and liabilities consisted primarily of a decrease in accounts payable and accrued expenses of $5.4 million due to timing considerations, a decrease in deferred revenue and other liabilities of $2.9 million, an increase in accounts receivable of $1.1 million, an increase in other assets of $1.1 million, and a decrease in operating lease liabilities of $0.6 million, offset by a decrease in prepaid expenses and other current assets of $0.8 million and a decrease in inventory of $0.8 million.
Current wording
Net cash used in operating activities for the nine months ended September 30, 2025 was $31.7 million, and consisted primarily of our net loss of $35.0 million, which was offset in part by net non-cash expenses of $10.9 million. Net non-cash expenses include stock-based compensation of $8.5 million, depreciation and amortization expenses of $3.3 million, and an aggregate of $1.3 million in other non-cash charges offset by amortization of discounts on investments of $2.2 million. We also had net cash outflows of $7.6 million due to changes in our operating assets and liabilities. Net changes in our operating assets and liabilities consisted primarily of a decrease in accounts payable and accrued expenses of $3.3 million due to timing considerations, an increase in accounts receivable of $3.6 million, an increase in other assets of $0.9 million, a decrease in operating lease liabilities of $0.9 million, and a decrease in deferred revenue and other liabilities of $0.1 million, offset by a decrease in prepaid expenses and other current assets of $0.7 million and a decrease in inventory of $0.6 million.
Previous wording
Net cash used in operating activities for the six months ended June 30, 2024 was $15.4 million, and consisted primarily of our net loss of $18.9 million, which was offset in part by net non-cash expenses of $5.7 million. Net non-cash expenses include stock-based compensation of $6.6 million, depreciation and amortization expenses of $2.2 million, and an aggregate $0.6 million in other non-cash charges offset by amortization of discounts on investments of $3.7 million. We also had net cash outflows of $2.2 million due to changes in our operating assets and liabilities. Net changes in our operating assets and liabilities consisted primarily of a decrease in accounts payable and accrued expenses of $3.5 million due to timing considerations, a decrease in deferred revenue of $1.7 million, an increase in other assets of $0.3 million, and a decrease in operating lease liabilities of $0.2 million, offset by a decrease in prepaid expenses and other current assets of $1.3 million, a decrease in accounts receivable of $1.3 million, and a decrease in inventory of $0.8 million.
Current wording
Net cash used in operating activities for the nine months ended September 30, 2024 was $19.8 million, and consisted primarily of our net loss of $30.5 million, which was offset in part by net non-cash expenses of $9.7 million. Net non-cash expenses include stock-based compensation of $9.9 million, depreciation and amortization expenses of $3.3 million, an increase to our excess and obsolete inventory reserve of $0.8 million, and an aggregate of $0.7 million in other non-cash charges offset by amortization of discounts on investments of $5.1 million. We also had net cash inflows of $1.0 million due to changes in our operating assets and liabilities. Net changes in our operating assets and liabilities consisted primarily of an increase in deferred revenue of $1.6 million, a decrease in accounts receivable of $1.3 million, and a decrease in inventory of $0.8 million, offset by a decrease in accounts payable and accrued expenses of $1.4 million due to timing considerations, an increase in other assets of $0.7 million, a decrease in operating lease liabilities of $0.4 million and an increase in prepaid expenses and other current assets of $0.2 million.
Previous wording
Net cash provided by investing activities during the six months ended June 30, 2025 was $11.1 million, which was primarily attributable to maturities of investments of $77.6 million, offset by purchases of investments of $63.5 million, $1.8 million for the acquisition of SeQure, net of cash acquired, and purchases of property and equipment of $1.2 million.
Current wording
Net cash provided by investing activities during the nine months ended September 30, 2025 was $16.3 million, which was primarily attributable to maturities of investments of $117.6 million, offset by purchases of investments of $98.0 million, $1.8 million for the acquisition of SeQure, net of cash acquired, and purchases of property and equipment of $1.5 million.
Previous wording
Net cash provided by investing activities during the six months ended June 30, 2024 was $5.0 million, which was primarily due maturities of investments of $85.4 million, offset by purchases of investments of $79.4 million and purchases of property and equipment of $1.1 million.
Current wording
Net cash provided by investing activities during the nine months ended September 30, 2024 was $8.6 million, which was primarily due maturities of investments of $128.4 million, offset by purchases of investments of $118.3 million and purchases of property and equipment of $1.5 million.
Previous wording
Net cash provided by financing activities during the six months ended June 30, 2025 and 2024 was $0.5 million and $1.4 million, respectively, from the exercise of stock options and employee purchases of common stock from our employee stock purchase plan.
Current wording
Net cash provided by financing activities during the nine months ended September 30, 2025 and 2024 was $0.6 million and $1.6 million, respectively, from the exercise of stock options and employee purchases of common stock from our employee stock purchase plan.
Previous wording
Our contractual obligations and commitments as of June 30, 2025 consisted primarily of operating lease obligations. In May 2021, we entered into the Headquarters Lease for new office, lab and warehouse/manufacturing space. The Headquarters Lease term expires on August 31, 2035. The total incremental remaining non-cancellable lease payments under the Headquarters Lease was $25.0 million through the lease term. Upon acquisition of SeQure, we assumed the SeQure Lease, which term expires on December 31, 2027. The total incremental remaining non-cancellable lease payments under the SeQure lease was $1.1 million throughout the lease term. We expect to be able to fund our obligations under these leases, both in the short-term and in the long-term, from cash on hand, investments and operating cash flows.
Current wording
Our contractual obligations and commitments as of September 30, 2025 consisted primarily of operating lease obligations. In May 2021, we entered into the Headquarters Lease for new office, lab and warehouse/manufacturing space. The Headquarters Lease term expires on August 31, 2035. The total incremental remaining non-cancellable lease payments under the Headquarters Lease are $24.4 million through the lease term. Upon acquisition of SeQure, we assumed the SeQure Lease, which term expires on December 31, 2027. The total incremental remaining non-cancellable lease payments under the SeQure lease are $0.9 million throughout the lease term. We expect to be able to fund our obligations under these leases, both in the short-term and in the long-term, from cash on hand, investments and operating cash flows.
Previous wording
There have been no material changes, except as described below to our critical accounting estimates from those disclosed in our consolidated financial statements and the related notes and other financial information included in the 2024 Form 10-K.
Current wording
There have been no material changes, except as described below to our critical accounting estimates from those disclosed in our condensed consolidated financial statements and the related notes and other financial information included in the 2024 Form 10-K.
Previous wording
Assets acquired and liabilities assumed as part of a business acquisition are generally recorded at their fair value at the date of acquisition. The excess of purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Determining fair value of intangible assets, requires management to make estimates, which are based on all available information and in some cases assumptions with respect to the timing and amount of future revenues and expenses associated with an asset. These estimates affect the amount of consideration that is allocable to assets and liabilities acquired in the business acquisition. The Company recorded $432,000 in developed technology upon the acquisition of SeQure.
Current wording
Assets acquired and liabilities assumed as part of a business acquisition are generally recorded at their fair value at the date of acquisition. The excess of purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Determining fair value of intangible assets requires management to make estimates, which are based on all available information and in some cases assumptions with respect to the timing and amount of future revenues and expenses associated with an asset. These estimates affect the amount of consideration that is allocable to assets and liabilities acquired in the business acquisition. The Company recorded $471,000 in developed technology upon the acquisition of SeQure.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
and assay services, while non-core revenue relates to SPL program-related revenue. We recognize both core and non-core revenue in accordance with US GAAP.
Previous report — wording carried elsewhere
Our gross profit in future periods will depend on a variety of factors, including sales mix among instruments, disposables and milestones, the specific mix among types of instruments or disposables, the proportion of revenues associated with
Previous report — wording carried elsewhere
engineering expenses and a $0.2 million increase in professional fees, both due to timing of expenses. The increases were offset by a $0.3 million decrease in stock-based compensation, and a $0.2 million decrease in lab expense.