0001104659-26-095971 | 10-Q | XBRL Viewer

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Commitments and Contingencies - Maturities of lease liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Maturities of operating lease liabilities
Remainder of 2026	$ 1,324
2027	2,709
2028	2,338
2029	2,396
2030	2,456
2031	2,518
2032 and thereafter	9,786
Total undiscounted lease payments	23,527
Discount factor	(6,276)
Present value of lease liabilities	$ 17,251	$ 17,943

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X of the U.S. Securities and Exchange Commission (the “SEC”). In the Company’s opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of both normal recurring adjustments, and adjustments for material unusual or infrequently occurring transactions or events, which are necessary to present fairly the Company’s financial position, results of operations, and cash flows as of and for the periods presented. The condensed consolidated balance sheet at December 31, 2025 has been derived from audited consolidated financial statements as of that date. The unaudited condensed consolidated financial statements are not necessarily indicative of the results that may occur for the full fiscal year or any other future year or period. Certain information and notes disclosure normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to instructions, rules, and regulations prescribed by the SEC. The Company believes that the disclosures provided herein are adequate to make the information presented not misleading when these unaudited interim condensed consolidated financial statements are read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 25, 2026 (the “2025 Form 10-K”).

Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the notes to its audited consolidated financial statements for the year ended December 31, 2025 included in the 2025 Form 10-K and have not materially changed during the three and six months ended June 30, 2026.

Basis of Consolidation

The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, SeQure Dx (“SeQure”) and CCTI, Inc. All significant intercompany balances have been eliminated in consolidation.

Concentration of Risk

The Company maintains its cash and cash equivalents with financial institutions that management believes to be of high credit quality. At times, the Company’s cash balances may exceed federally insured limits and cash may also be deposited

in foreign bank accounts that are not covered by federal deposit insurance. The Company does not believe that this results in any significant credit risk beyond the normal credit risk associated with commercial banking relationships.

Significant customers are those that accounted for 10% or more of the Company’s total revenue for the period or accounts receivable as of the end of a reporting period.

Significant customers that represented 10% or more of revenue are set forth in the following table:


		Three months ended June 30,						Six months ended June 30,
		2026			2025			2026			2025
Customer A			35	%		25	%		27	%		27	%
Customer B			*			15	%		*			*
Customer C			*			*			21	%		*

*Customer accounted for less than 10% of revenue for the respective period.

As of June 30, 2026 and December 31, 2025, Customer A accounted for 43% and 18% of the Company’s accounts receivable.

Certain components included in the Company’s products are obtained from a single source or a limited group of suppliers. During the three months ended June 30, 2026 and 2025, 21% and 11%, respectively, of the Company’s additions to inventory were from one supplier. During the six months ended June 30, 2026 and 2025, 16% and 15%, respectively, of the Company’s additions to inventory were from one supplier. At June 30, 2026 and December 31, 2025, this supplier accounted for 11% and 10% of accounts payable, respectively.

Accounts Receivable

Accounts receivable are recorded net of an allowance for expected credit losses. The Company recorded an allowance for credit losses of an amount equal to anticipated future write-offs. The Company recorded an allowance for expected credit losses of $6 at June 30, 2026 and December 31, 2025. Accounts receivable include both trade and lease receivables. Lease receivables arising from operating leases are evaluated for collectability in accordance with Accounting Standards Codification (“ASC”) 842, Leases, and therefore are not included in the Company's allowance for expected credit losses.

Deferred Asset Acquisition Costs

The Company capitalizes incurred direct, incremental costs related to potential transactions that, if consummated, would be accounted for as an asset acquisition under ASC 805-50 . These costs primarily consist of professional fees, including legal, advisory, accounting, and other transaction-specific services that are directly attributable to the contemplated acquisition and included in other assets on the Company’s balance sheet. During the three and six months ended June 30, 2026, the Company decided not to pursue continued evaluation of a certain asset acquisition and recorded a charge of $1,582 related to previously capitalized costs in general and administrative expenses in the condensed consolidated statement of operations.

Intangible Assets

The Company recognizes acquired intangible assets at fair value on the date of acquisition. Intangible assets with finite lives are amortized over their useful lives using the straight-line method. The useful lives of the Company’s intangible assets range from seven to 15 years.

Foreign Currency

The Company’s functional currency is the U.S. dollar; transactions denominated in foreign currencies are subject to currency risk. The Company recognized ($67) and $26 in foreign currency (losses) gains for the three months ended June 30, 2026 and 2025, respectively, and ($150) and $7 in foreign currency (losses) gains for the six months ended June 30, 2026 and 2025, respectively.

Leases

For transactions in which the Company is the lessee, at the inception of a contract, the Company determines if the arrangement is, or contains, a lease. See Note 7 for additional details about leases under which the Company is the lessee.

All transactions in which the Company is the lessor are short-term (one year or less) and have been classified as operating leases. All leases require upfront payments covering the full period of the lease and thus, there are no future payments expected to be received from existing leases. See Note 3 for details on revenue recognition related to lease agreements.

Loss Per Share

Basic loss per share is computed by dividing net loss available to common stockholders by the weighted-average number of shares of common stock outstanding during the period.

For periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all dilutive potential common shares is anti-dilutive. The number of anti-dilutive shares excluded from the computation of diluted loss per share, consisting of shares of underlying stock options, restricted stock units, performance stock units, and shares under employee stock purchase plans was 17.7 million for the three and six months ended June 30, 2026 and 19.5 million for the three and six months ended June 30, 2025.

Recent Accounting Pronouncements

New Accounting Pronouncement Recently Adopted

In January 2026, the Company adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides a practical expedient that all entities can use when estimating expected credit losses, which permits an entity to assume that the current conditions it has applied in determining credit loss allowances remain unchanged for the remaining life of those assets. The adoption of this guidance did not have a material impact on the Company’s unaudited condensed consolidated financial statements and disclosures.

New Accounting Pronouncement Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (“ASU 2024-03”). The amendments in ASU 2024-03 improve the transparency of expenses by nature by requiring additional disaggregated expense disclosures. The Company is in the process of evaluating the information and reporting process necessary to comply with the new disclosure requirements, which are effective beginning with the Company’s 2027 annual financial statements.

Organization and Description of Business	6 Months Ended
Jun. 30, 2026
Organization and Description of Business
Organization and Description of Business	1. Organization and Description of Business MaxCyte, Inc. (the “Company” or “MaxCyte”) was incorporated as a majority-owned subsidiary of EntreMed, Inc. (“EntreMed”) on July 31, 1998, under the laws and provisions of the State of Delaware and commenced operations on July 1, 1999. In November 2002, MaxCyte was recapitalized, and EntreMed was no longer deemed to control the Company. MaxCyte is a global life sciences company focused on providing comprehensive cell engineering solutions to advance the discovery, development, and commercialization of next-generation cell therapies. The Company’s enabling platform technologies, including its proprietary Flow Electroporation® technology, support biotechnology and pharmaceutical company customers who are engaged in cell therapy, including gene-editing and immuno-oncology, as well as in drug discovery and development and biomanufacturing. The Company licenses and sells its instruments and technology, sells its related processing assemblies (“PAs”) and consumables, and provides on target and off-target gene-editing characterization assessment services (“Assay Services”).

Organization and Description of Business

6 Months Ended

Jun. 30, 2026

Organization and Description of Business

Organization and Description of Business

1. Organization and Description of Business

MaxCyte, Inc. (the “Company” or “MaxCyte”) was incorporated as a majority-owned subsidiary of EntreMed, Inc. (“EntreMed”) on July 31, 1998, under the laws and provisions of the State of Delaware and commenced operations on July 1, 1999. In November 2002, MaxCyte was recapitalized, and EntreMed was no longer deemed to control the Company.

MaxCyte is a global life sciences company focused on providing comprehensive cell engineering solutions to advance the discovery, development, and commercialization of next-generation cell therapies. The Company’s enabling platform technologies, including its proprietary Flow Electroporation® technology, support biotechnology and pharmaceutical company customers who are engaged in cell therapy, including gene-editing and immuno-oncology, as well as in drug discovery and development and biomanufacturing. The Company licenses and sells its instruments and technology, sells its related processing assemblies (“PAs”) and consumables, and provides on target and off-target gene-editing characterization assessment services (“Assay Services”).

Segment Reporting (Details) $ in Thousands	3 Months Ended				6 Months Ended
Segment Reporting (Details) $ in Thousands	Jun. 30, 2026 USD ($)	Mar. 31, 2026 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Jun. 30, 2026 USD ($) segment	Jun. 30, 2025 USD ($)
Segment Reporting
Number of reportable segments \| segment					1
Segment Reporting
Total revenue	$ 7,271		$ 8,507		$ 16,922	$ 18,897
Cost of goods sold	1,675		1,519		3,244	3,016
Gross profit	5,596		6,988		13,678	15,881
Research and development	4,253		6,269		8,110	12,172
Sales and marketing	3,364		5,786		6,792	11,484
General and administrative	7,258		8,080		13,224	16,606
Depreciation and amortization	953		1,080		1,969	2,141
Stock-based compensation	1,160		3,514		2,301	6,553
Total operating expenses	15,828		21,215		30,095	42,403
Other income	1,358		1,870		2,793	3,904
Net loss	(8,874)	$ (4,750)	(12,357)	$ (10,261)	(13,624)	(22,618)
Cell Engineering Technology Segment
Segment Reporting
Core revenue	6,503		8,198		12,721	16,441
Non-core revenue	768		309		4,201	2,456
Total revenue	7,271		8,507		16,922	18,897
Cost of goods sold	1,675		1,519		3,244	3,016
Gross profit	5,596		6,988		13,678	15,881
Research and development	4,062		5,671		7,772	10,941
Sales and marketing	3,107		5,146		6,274	10,254
General and administrative	6,546		5,804		11,779	12,514
Depreciation and amortization	953		1,080		1,969	2,141
Stock-based compensation	1,160		3,514		2,301	6,553
Total operating expenses	15,828		21,215		30,095	42,403
Other income	1,358		1,870		2,793	3,904
Net loss	$ (8,874)		$ (12,357)		$ (13,624)	$ (22,618)

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies

Commitments and Contingencies

7. Commitments and Contingencies

Leases

The following table represents the Company’s lease cost and supplemental lease information:



		Three months ended June 30,					Six months ended June 30,
		2026			2025		2026			2025
Operating lease cost		$	536		$	536	$	1,072		$	1,046
Short-term lease cost			4			3		8			6
Variable lease cost			393			308		703			593
Total lease cost		$	933		$	847	$	1,783		$	1,645



	As of June 30,			As of December 31,
	2026			2025
Operating leases
Assets
Right-of-use asset - operating leases	$	10,472		$	10,920
Liabilities
Operating lease liability, current	$	1,528		$	1,456
Operating lease liabilities, net of current portion		15,723			16,487
Total operating lease liabilities	$	17,251		$	17,943
Other information
Weighted-average remaining lease term (in years)		8.9			9.3
Weighted-average incremental borrowing rate		7.1%			7.1%

The following table reconciles the remaining minimum lease payments to the lease liability as of June 30, 2026:


		Operating Leases
Remainder of 2026		$	1,324
2027			2,709
2028			2,338
2029			2,396
2030			2,456
2031			2,518
2032 and thereafter			9,786
Total undiscounted lease payments			23,527
Discount factor			(6,276)
Present value of lease liabilities		$	17,251

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting

Schedule of significant segment expenses


		Three months ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Core revenue		$	6,503		$	8,198		$	12,721		$	16,441
Non-core revenue			768			309			4,201			2,456
Total revenue			7,271			8,507			16,922			18,897
Cost of goods sold			1,675			1,519			3,244			3,016
Gross profit			5,596			6,988			13,678			15,881

Expenses:
Research and development			4,062			5,671			7,772			10,941
Sales and marketing			3,107			5,146			6,274			10,254
General and administrative			6,546			5,804			11,779			12,514
Depreciation and amortization			953			1,080			1,969			2,141
Stock-based compensation			1,160			3,514			2,301			6,553
Total operating expenses			15,828			21,215			30,095			42,403

Other income			1,358			1,870			2,793			3,904

Net loss		$	(8,874)		$	(12,357)		$	(13,624)		$	(22,618)

Schedule of revenue by geographic location


		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Revenue
Inside the United States		$	4,630		$	5,313		$	11,246		$	13,347
Outside the United States			2,641			3,194			5,676			5,550
Total revenue		$	7,271		$	8,507		$	16,922		$	18,897

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

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+ Details

Summary of Significant Accounting Policies - Loss Per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Loss Per Share
Anti-dilutive shares excluded from the computation of diluted loss per share	17.7	19.5	17.7	19.5

Condensed Consolidated Balance Sheet Components - Accrued expenses and other (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Condensed Consolidated Balance Sheet Components
Accrued compensation	$ 2,802	$ 5,628
Accrued professional fees, overhead and other	1,368	2,184
Total accrued expenses	$ 4,170	$ 7,812

Stockholders' Equity - Share Repurchase (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	May 31, 2026	Jun. 30, 2026	Jun. 30, 2026
Stockholders' Equity
Authorized amount for purchase of share	$ 10,000
Share repurchase plan period	1 year
Repurchase of common stock (in shares)			1,313,066
Aggregate purchase amount		$ 1,478	$ 1,478
Amount available for share repurchases		$ 8,522	$ 8,522

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Number of shares that have been repurchased during the period and are being held in treasury.

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- Definition

Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.

+ References + Details

Condensed Consolidated Balance Sheet Components - Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Condensed Consolidated Balance Sheet Components
Raw materials inventory	$ 3,600	$ 3,864
Finished goods inventory	3,627	3,182
Work in progress	571	501
Total inventory, net	7,798	7,547
Allowance for obsolete inventory	$ 1,797	$ 1,531

Stockholders' Equity - Stock Options (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Stock Options
Stockholders' Equity
Weighted-average fair value of the options granted	$ 0.71	$ 1.17	$ 0.49	$ 1.72
RSUs
Stockholders' Equity
Weighted average fair value of the RSUs granted	$ 0.95	$ 2.16	$ 0.75	$ 3.05

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Stockholders' Equity - Stock Incentive Plans (Details) - USD ($) $ in Thousands				6 Months Ended
	Jun. 18, 2025	Jun. 11, 2024	Jun. 22, 2023	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	May 31, 2022
Stock Options
Stockholders' Equity
Unrecognized compensation expense				$ 8,133
Unrecognized compensation expense, recognition period				2 years 4 months 24 days
2022 Plan
Stockholders' Equity
Awards available to be issued				5,708,000		8,413,000	3,692,397
New shares							1,928,000
Shares available that were transferred from the 2016 Plan							1,764,397
Additional shares for issuance	2,950,000	2,300,000	6,069,000
2026 Inducement Plan
Stockholders' Equity
Awards available to be issued				411,000
Shares reserved for future issuance					1,000,000

Revenue

6 Months Ended

Jun. 30, 2026

Revenue

Revenue

3. Revenue

The Company generates revenue from the sale of instruments and related PAs and consumables, licenses of its proprietary technology, and Assay Services. Under Strategic Platform License (“SPL”) agreements, which include annual license payments, the Company generates revenue according to achievement of the customer’s associated clinical progress milestones and sales-based royalty payments. Certain customer arrangements include multiple goods and services, including licenses, instruments, consumables, and services.

The Company accounts for revenue from contracts with customers in accordance with ASC 606, Revenue from Contracts with Customers, and its licensed revenue for leased equipment under ASC 842, Leases. Contracts with customers may contain one or more distinct performance obligations. For contracts with multiple performance obligations, the Company allocates the transaction price to each performance obligation based on its relative standalone selling price.

Revenue is recognized when, or as, control of the promised goods or services transfers to the customer in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services.

Revenue from the sale of instruments, PAs, and consumables is generally recognized upon shipment to the customer. Revenue from Assay Services is recognized when performance obligations have been met, typically upon delivery of the characterization report. Revenue associated with extended warranties and other service arrangements is recognized when the related performance obligations are satisfied.

The Company enters into SPL arrangements that may include licenses of proprietary technology, milestone payments, sales-based royalties, and leased instruments. Revenue from licenses of functional intellectual property is generally recognized at a point in time when control of the license transfers to the customer. Revenue from licenses of symbolic intellectual property is recognized over the license term.

Milestone payments included in SPL arrangements represent variable consideration and are recognized when it is probable that a significant reversal of cumulative revenue recognized will not occur, usually upon a customer’s obtainment of the milestone. Sales-based royalties associated with licenses of intellectual property are recognized in the period when the underlying customer sales occur.

Lease components included in customer arrangements are accounted for under ASC 842, Leases, with revenue recognized in accordance with that guidance reflected as license revenue.

Disaggregation of Revenue

The following table depicts the disaggregation of revenue by type of contract:


		Three months ended June 30, 2026									Six months ended June 30, 2026
		Revenue from			Revenue
		Contracts			from						Revenue from			Revenue
		with			Lease			Total			Contracts with			from Lease			Total
		Customers			Elements			Revenue			Customers			Elements			Revenue
Product sales		$	4,098		$	—		$	4,098		$	7,737		$	—		$	7,737
Licenses			255			2,335			2,590			635			7,485			8,120
Assay and other service revenue			583			—			583			1,065			—			1,065
Total		$	4,936		$	2,335		$	7,271		$	9,437		$	7,485		$	16,922


		Three months ended June 30, 2025									Six months ended June 30, 2025
		Revenue from			Revenue
		Contracts			from						Revenue from			Revenue
		with			Lease			Total			Contracts with			from Lease			Total
		Customers			Elements			Revenue			Customers			Elements			Revenue
Product sales		$	5,269		$	—		$	5,269		$	10,585		$	—		$	10,585
Licenses			245			2,683			2,928			275			7,330			7,605
Assay and other service revenue			310			—			310			707			—			707
Total		$	5,824		$	2,683		$	8,507		$	11,567		$	7,330		$	18,897

Additional Disclosures Relating to Revenue from Contracts with Customers

Deferred revenue represents payments received for performance obligations not yet satisfied and is presented as current or long-term in the accompanying condensed consolidated balance sheets based on the expected timing and satisfaction of the underlying goods or services. Deferred revenue was $2,765 and $3,861 as of June 30, 2026 and December 31, 2025, respectively. During the three months ended June 30, 2026 and 2025, the Company recognized $1,694 and $2,041 of revenue, respectively, that was included in deferred revenue at the beginning of such periods. During the six months ended June 30, 2026 and 2025, the Company recognized $3,071 and $4,416 of revenue, respectively, that was included in deferred revenue at the beginning of such periods.

As of June 30, 2026, remaining contract consideration due to unsatisfied performance obligations with an original expected duration greater than one year as of June 30, 2026 was $427, of which the Company expects to recognize $125 in one year or less, $125 in one to two years, $38 in two to three years, and $139 thereafter.

As of June 30, 2026, the Company had unsatisfied performance obligations in the amount of $260 from Assay Services contracts that the Company expects to recognize in under 12 months.

For the three and six months ended June 30, 2026 and 2025, the Company did not incur, and therefore did not defer, any material incremental costs to obtain contracts or costs to fulfill contracts.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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-Subparagraph (b)(2)
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Revenue - Changes in deferred revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Revenue from Contracts with Customers
Deferred revenue	$ 2,765		$ 2,765		$ 3,861
Revenue recognized in the current period from amounts included in the beginning balance	$ 1,694	$ 2,041	$ 3,071	$ 4,416

Condensed Consolidated Balance Sheet Components - Property and equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Property and equipment, Net
Accumulated depreciation and amortization	$ (17,398)		$ (17,398)		$ (17,264)
Property and equipment, net	14,897		14,897		17,531
Transfer of instruments			222	$ 62
Assets held for sale	200		200
Depreciation and amortization expense	961	$ 1,089	1,991	$ 2,175
Leasehold improvements
Property and equipment, Net
Property and equipment, gross	14,787		14,787		14,787
Furniture and equipment
Property and equipment, Net
Property and equipment, gross	9,998		9,998		12,542
Internal-use software
Property and equipment, Net
Property and equipment, gross	5,500		5,500		4,635
Instruments
Property and equipment, Net
Property and equipment, gross	1,995		1,995		1,923
Construction in process
Property and equipment, Net
Property and equipment, gross	$ 15		$ 15		$ 908

Commitments and Contingencies - Lease costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Lease costs
Operating lease cost	$ 536	$ 536	$ 1,072	$ 1,046
Short-term lease cost	4	3	8	6
Variable lease cost	393	308	703	593
Total lease cost	933	$ 847	1,783	$ 1,645
Assets
Right-of-use asset - operating leases	10,472		10,472		$ 10,920
Liabilities
Operating lease liability, current	1,528		1,528		1,456
Operating lease liabilities, net of current portion	15,723		15,723		16,487
Total operating lease liabilities	$ 17,251		$ 17,251		$ 17,943
Other information
Weighted-average remaining lease term (in years)	8 years 10 months 24 days		8 years 10 months 24 days		9 years 3 months 18 days
Weighted-average incremental borrowing rate	7.10%		7.10%		7.10%

Summary of Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Summary of Significant Accounting Policies
Foreign currency transaction (losses) gains	$ (67)	$ 26	$ (150)	$ 7

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies

Schedule of lease costs



		Three months ended June 30,					Six months ended June 30,
		2026			2025		2026			2025
Operating lease cost		$	536		$	536	$	1,072		$	1,046
Short-term lease cost			4			3		8			6
Variable lease cost			393			308		703			593
Total lease cost		$	933		$	847	$	1,783		$	1,645

Schedule of operating lease assets, liabilities and other information



	As of June 30,			As of December 31,
	2026			2025
Operating leases
Assets
Right-of-use asset - operating leases	$	10,472		$	10,920
Liabilities
Operating lease liability, current	$	1,528		$	1,456
Operating lease liabilities, net of current portion		15,723			16,487
Total operating lease liabilities	$	17,251		$	17,943
Other information
Weighted-average remaining lease term (in years)		8.9			9.3
Weighted-average incremental borrowing rate		7.1%			7.1%

Schedule of maturities of operating lease liabilities

The following table reconciles the remaining minimum lease payments to the lease liability as of June 30, 2026:


		Operating Leases
Remainder of 2026		$	1,324
2027			2,709
2028			2,338
2029			2,396
2030			2,456
2031			2,518
2032 and thereafter			9,786
Total undiscounted lease payments			23,527
Discount factor			(6,276)
Present value of lease liabilities		$	17,251

Stockholders' Equity - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Stock-based Compensation Expense
Stock-based compensation expense	$ 1,160	$ 3,514	$ 2,301	$ 6,553
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Stock-based Compensation Expense
Stock-based compensation expense	713	2,276	1,445	4,092
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Stock-based Compensation Expense
Stock-based compensation expense	191	598	338	1,231
Location, Statement of Income, Balance [Axis]: us-gaap:SellingAndMarketingExpense
Stock-based Compensation Expense
Stock-based compensation expense	$ 256	$ 640	$ 518	$ 1,230

Subsequent Event (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
Subsequent Event (Details) - USD ($) $ in Thousands	Aug. 13, 2026	Jun. 30, 2026	Jun. 30, 2026
Subsequent Event
Repurchase of common stock (in shares)			1,313,066
Aggregate purchase amount		$ 1,478	$ 1,478
Subsequent events
Subsequent Event
Repurchase of common stock (in shares)	2,947,468
Aggregate purchase amount	$ 4,022

- Definition

Number of shares that have been repurchased during the period and are being held in treasury.

+ References

+ Details

- Definition

Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.

+ References + Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value - Assets and Liabilities Measured at Fair Value on Recurring and Non-Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Fair Value
Allowance for credit losses	$ 0		$ 0		$ 0
Impairment charges	630	$ 0	$ 630	$ 0
Minimum
Fair Value
Maturity period of long term investments			1 year
Maximum
Fair Value
Maturity period of long term investments			2 years
Recurring basis
Fair Value
Fair value, net asset (liability)	$ 0		$ 0		$ 0

Subsequent Event

6 Months Ended

Jun. 30, 2026

Subsequent Event

Subsequent Event

9.	Subsequent Event

Since June 30, 2026, the Company repurchased 2,947,468 shares of its common stock for an aggregate purchase amount of $4,022.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Aug. 07, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2026
Securities Act File Number	001-40674
Entity Registrant Name	MaxCyte, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2210438
Entity Address, Address Line One	9713 Key West Avenue
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Rockville
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20850
City Area Code	301
Local Phone Number	944-1700
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	MXCT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		103,206,206
Entity Central Index Key	0001287098
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

Segment Reporting - Revenue by geographic location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting
Revenue	$ 7,271	$ 8,507	$ 16,922	$ 18,897
Inside the United States
Segment Reporting
Revenue	4,630	5,313	11,246	13,347
Outside the United States
Segment Reporting
Revenue	$ 2,641	$ 3,194	$ 5,676	$ 5,550

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Revenue | Customer concentration risk

Summary of Significant Accounting Policies

Schedule of concentration risk

Significant customers that represented 10% or more of revenue are set forth in the following table:


		Three months ended June 30,						Six months ended June 30,
		2026			2025			2026			2025
Customer A			35	%		25	%		27	%		27	%
Customer B			*			15	%		*			*
Customer C			*			*			21	%		*

*Customer accounted for less than 10% of revenue for the respective period.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Fair Value (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value

Summary of financial instruments measured at fair value on a non-recurring basis

The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis as of June 30, 2026:


							Gross			Gross
				Amortized			unrecognized			unrecognized			Aggregate
Description		Classification		cost			holding gains			holding losses			fair value
Commercial paper		Short-term investments		$	29,561		$	—		$	(32)		$	29,529
U.S. Treasury securities and government agency bonds		Short-term investments			36,462			16			(39)			36,439
Corporate debt		Short-term investments			24,625			—			(27)			24,598
Corporate debt		Long-term investments			6,196			—			(40)			6,156
U.S. Treasury securities and government agency bonds		Long-term investments			30,037			—			(186)			29,851
Total short-term investments and long-term investments				$	126,881		$	16		$	(324)		$	126,573

The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis as of December 31, 2025:


							Gross			Gross
				Amortized			unrecognized			unrecognized			Aggregate
Description		Classification		cost			holding gains			holding losses			fair value
Commercial paper		Short-term investments		$	22,077		$	7		$	(4)		$	22,080
U.S. Treasury securities and government agency bonds		Short‑term investments			42,004			106			—			42,110
Corporate debt		Short‑term investments			18,898			14			(2)			18,910
Corporate debt		Long-term investments			39,558			125			—			39,683
U.S. Treasury securities and government agency bonds		Long-term investments			13,012			33			—			13,045
Total short-term investments and long-term investments				$	135,549		$	285		$	(6)		$	135,828

Condensed Consolidated Balance Sheet Components - Intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Intangible assets with finite lives
Gross Carrying Amount	$ 853		$ 853		$ 703
Accumulated Amortization	(87)		(87)		(53)
Net Carrying Amount	766		766		650
Finite-lived intangible asset impairment	0	$ 0	0	$ 0
Amortization expense of intangible assets	17	$ 12	$ 34	$ 21
Developed technology
Intangible assets with finite lives
Weighted Average Life			15 years
Gross Carrying Amount	621		$ 621		471
Accumulated Amortization	(50)		(50)		(28)
Net Carrying Amount	571		$ 571		443
Trade names
Intangible assets with finite lives
Weighted Average Life			10 years
Gross Carrying Amount	176		$ 176		176
Accumulated Amortization	(25)		(25)		(17)
Net Carrying Amount	151		$ 151		159
Customer relationships
Intangible assets with finite lives
Weighted Average Life			7 years
Gross Carrying Amount	56		$ 56		56
Accumulated Amortization	(12)		(12)		(8)
Net Carrying Amount	$ 44		$ 44		$ 48

Fair Value - Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jan. 29, 2025
SeQure Inc
Securities held to maturity
Maximum amount of contingent consideration			$ 2,500
Non-recurring basis
Securities held to maturity
Amortized cost	$ 126,881	$ 135,549
Gross unrecognized holding gains	16	285
Gross unrecognized holding losses	(324)	(6)
Aggregate fair value	126,573	135,828
Non-recurring basis \| Commercial paper, Short-term investments
Securities held to maturity
Amortized cost	29,561	22,077
Gross unrecognized holding gains		7
Gross unrecognized holding losses	(32)	(4)
Aggregate fair value	29,529	22,080
Non-recurring basis \| U.S. Treasury securities and government agency bonds, Short-term investments
Securities held to maturity
Amortized cost	36,462	42,004
Gross unrecognized holding gains	16	106
Gross unrecognized holding losses	(39)
Aggregate fair value	36,439	42,110
Non-recurring basis \| Corporate debt, Short-term investments
Securities held to maturity
Amortized cost	24,625	18,898
Gross unrecognized holding gains		14
Gross unrecognized holding losses	(27)	(2)
Aggregate fair value	24,598	18,910
Non-recurring basis \| Corporate debt, Long-term investments
Securities held to maturity
Amortized cost	6,196	39,558
Gross unrecognized holding gains		125
Gross unrecognized holding losses	(40)
Aggregate fair value	6,156	39,683
Non-recurring basis \| U.S. Treasury securities and government agency bonds, Long-term investments
Securities held to maturity
Amortized cost	30,037	13,012
Gross unrecognized holding gains		33
Gross unrecognized holding losses	(186)
Aggregate fair value	$ 29,851	$ 13,045

Revenue (Tables)

6 Months Ended

Jun. 30, 2026

Revenue

Schedule of disaggregation of revenue


		Three months ended June 30, 2026									Six months ended June 30, 2026
		Revenue from			Revenue
		Contracts			from						Revenue from			Revenue
		with			Lease			Total			Contracts with			from Lease			Total
		Customers			Elements			Revenue			Customers			Elements			Revenue
Product sales		$	4,098		$	—		$	4,098		$	7,737		$	—		$	7,737
Licenses			255			2,335			2,590			635			7,485			8,120
Assay and other service revenue			583			—			583			1,065			—			1,065
Total		$	4,936		$	2,335		$	7,271		$	9,437		$	7,485		$	16,922


		Three months ended June 30, 2025									Six months ended June 30, 2025
		Revenue from			Revenue
		Contracts			from						Revenue from			Revenue
		with			Lease			Total			Contracts with			from Lease			Total
		Customers			Elements			Revenue			Customers			Elements			Revenue
Product sales		$	5,269		$	—		$	5,269		$	10,585		$	—		$	10,585
Licenses			245			2,683			2,928			275			7,330			7,605
Assay and other service revenue			310			—			310			707			—			707
Total		$	5,824		$	2,683		$	8,507		$	11,567		$	7,330		$	18,897

Revenue - Disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Revenue from Contracts with Customers	$ 4,936	$ 5,824	$ 9,437	$ 11,567
Revenue from Lease Elements	2,335	2,683	7,485	7,330
Total revenue	7,271	8,507	16,922	18,897
Product sales
Revenue
Revenue from Contracts with Customers	4,098	5,269	7,737	10,585
Total revenue	4,098	5,269	7,737	10,585
Licenses
Revenue
Revenue from Contracts with Customers	255	245	635	275
Revenue from Lease Elements	2,335	2,683	7,485	7,330
Total revenue	2,590	2,928	8,120	7,605
Assay and other service revenue
Revenue
Revenue from Contracts with Customers	583	310	1,065	707
Total revenue	$ 583	$ 310	$ 1,065	$ 707

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Paragraph 91
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 91
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Subparagraph (f)
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Condensed Consolidated Balance Sheet Components

6 Months Ended

Jun. 30, 2026

Condensed Consolidated Balance Sheet Components

Condensed Consolidated Balance Sheet Components

5. Condensed Consolidated Balance Sheet Components

Inventory

Inventory is carried at the lower of cost or net realizable value. The following tables show the components of inventory:


		June 30,			December 31,
		2026			2025
Raw materials inventory		$	3,600		$	3,864
Finished goods inventory			3,627			3,182
Work in progress			571			501
Total inventory, net		$	7,798		$	7,547

An allowance of $1,797 and $1,531 as of June 30, 2026 and December 31, 2025, respectively, was recorded to reduce the value of inventory for items that are potentially obsolete due to expiry, product demand, or to adjust costs to their net realizable value.

Property and Equipment

Property and equipment are stated at cost. Depreciation is computed using the straight-line method. Leasehold improvements are amortized over the shorter of the estimated lease term or useful life.

Property and equipment include capitalized costs to develop internal-use software. Applicable costs are capitalized during the development stage of the project and include direct internal costs, third-party costs and allocated interest expense as appropriate.

Property and equipment consisted of the following:


		June 30,			December 31,
		2026			2025
Leasehold improvements		$	14,787		$	14,787
Furniture and equipment			9,998			12,542
Internal-use software			5,500			4,635
Instruments			1,995			1,923
Construction in process			15			908
Accumulated depreciation and amortization			(17,398)			(17,264)
Property and equipment, net		$	14,897		$	17,531

During the six months ended June 30, 2026 and 2025, the Company transferred $222 and $62, respectively, of instruments previously classified as inventory to property and equipment leased to customers. During the three and six months ended June 30, 2026, the Company committed to a plan to sell certain equipment. Accordingly, the assets met the criteria to be classified as held for sale and were written down to their estimated fair value less costs to sell. As of June 30, 2026, assets held for sale of $200 are included within current assets on the condensed consolidated balance sheets.

For the three months ended June 30, 2026 and 2025, the Company incurred depreciation and amortization expense of property and equipment of $961 and $1,089, respectively. For the six months ended June 30, 2026 and 2025, the Company incurred depreciation and amortization expense of property and equipment of $1,991 and $2,175, respectively.

Intangible Assets

Intangible assets with finite lives consist of the following:


		As of June 30, 2026						As of December 31, 2025
	Weighted Average Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed technology	15 years	$	621	$	(50)	$	571	$	471	$	(28)	$	443
Trade names	10 years		176		(25)		151		176		(17)		159
Customer relationships	7 years		56		(12)		44		56		(8)		48
Total intangible assets		$	853	$	(87)	$	766	$	703	$	(53)	$	650

The Company recognizes acquired intangible assets at fair value on the date of acquisition. Intangible assets with finite lives are amortized over their useful lives using the straight-line method. The Company recorded no impairment on its finite-lived intangibles for the three and six months ended June 30, 2026 and 2025.

For the three months ended June 30, 2026 and 2025, the Company incurred amortization expense of intangible assets of $17 and $12, respectively. For the six months ended June 30, 2026 and 2025, the Company incurred amortization expense of intangible assets of $34 and $21, respectively.

Accrued Expenses and other

Accrued expenses and other consist of the following:


		June 30,			December 31,
		2026			2025
Accrued compensation		$	2,802		$	5,628
Accrued professional fees, overhead and other			1,368			2,184
Total accrued expenses		$	4,170		$	7,812

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 15,042	$ 20,065
Short-term investments, at amortized cost	90,648	82,979
Accounts receivable, net	3,922	3,503
Inventory, net	7,798	7,547
Prepaid expenses and other current assets	3,664	4,275
Assets held for sale	200
Total current assets	121,274	118,369
Investments, non-current, at amortized cost	36,233	52,570
Property and equipment, net	14,897	17,531
Right-of-use asset - operating leases	10,472	10,920
Intangible assets, net	766	650
Other assets	1,030	2,467
Total assets	184,672	202,507
Current liabilities:
Accounts payable	1,734	1,401
Accrued expenses and other	4,170	7,812
Operating lease liability, current	1,528	1,456
Deferred revenue, current portion	2,463	3,598
Total current liabilities	9,895	14,267
Operating lease liability, net of current portion	15,723	16,487
Other liabilities	302	263
Total liabilities	25,920	31,017
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred stock, $0.01 par value; 5,000,000 shares authorized and no shares issued and outstanding at June 30, 2026 and December 31, 2025
Common stock, $0.01 par value; 400,000,000 shares authorized, 107,447,077 and 106,789,618 shares issued, and 106,134,011 and 106,789,618 outstanding at June 30, 2026 and December 31, 2025, respectively	1,074	1,068
Additional paid-in capital	434,263	431,905
Treasury stock, 1,313,066 shares, at cost	(1,478)
Accumulated deficit	(275,107)	(261,483)
Total stockholders' equity	158,752	171,490
Total liabilities and stockholders' equity	$ 184,672	$ 202,507

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Condensed Consolidated Statements of Operations and Comprehensive Loss
Revenue	$ 7,271	$ 8,507	$ 16,922	$ 18,897
Cost of goods sold	1,675	1,519	3,244	3,016
Gross profit	5,596	6,988	13,678	15,881
Operating expenses:
Research and development	4,253	6,269	8,110	12,172
Sales and marketing	3,364	5,786	6,792	11,484
General and administrative	7,258	8,080	13,224	16,606
Depreciation and amortization	953	1,080	1,969	2,141
Total operating expenses	15,828	21,215	30,095	42,403
Operating loss	(10,232)	(14,227)	(16,417)	(26,522)
Other income:
Interest income	1,358	1,870	2,793	3,904
Total other income	1,358	1,870	2,793	3,904
Loss before income taxes	(8,874)	(12,357)	(13,624)	(22,618)
Provision for income taxes
Net loss	(8,874)	(12,357)	(13,624)	(22,618)
Other comprehensive income
Comprehensive loss	$ (8,874)	$ (12,357)	$ (13,624)	$ (22,618)
Basic net loss per share (in dollars per share)	$ (0.08)	$ (0.12)	$ (0.13)	$ (0.21)
Diluted net loss per share (in dollars per share)	$ (0.08)	$ (0.12)	$ (0.13)	$ (0.21)
Weighted-average shares outstanding, basic (In shares)	106,822,633	106,403,540	106,848,715	106,178,262
Weighted-average shares outstanding, diluted (In shares)	106,822,633	106,403,540	106,848,715	106,178,262

Segment Reporting

6 Months Ended

Jun. 30, 2026

Segment Reporting

Segment Reporting

8.	Segment Reporting

The Company has one reportable segment, cell engineering technology. The cell engineering technology segment generates revenue principally from the sale of instruments, PAs and consumables, and research and clinical license fees to the Company’s customers, as well as milestone and royalty revenues as our SPL customers achieve development and regulatory milestones. The cell engineering technology used in the Company’s license revenue arrangements and instrument sales arrangements is deployed and implemented by customers in a similar manner, and brings the Company similar economic outcomes. The accounting policies of the cell engineering technology segment are the same as those described in the summary of significant accounting policies. The Company’s chief operating decision maker (“CODM”) is the executive team which includes the Chief Executive Officer and Chief Financial Officer. The CODM assesses performance for the cell engineering technology segment and decides how to allocate resources based on net loss and core revenues. Core revenue includes sales of instruments, PAs and consumables, Assay and other service revenue, as well as fees from research and clinical licenses, while non-core revenue relates to SPL milestone and royalty revenue. We recognize both core and non-core revenue in accordance with US GAAP. The CODM uses net loss to determine whether to further resources in the cell engineering technology segment or into other parts of the entity such as for acquisitions. The CODM also uses core revenue to assess performance of the segment and to establish Management’s compensation. The measure of segment assets is reported on the consolidated balance sheet as total assets. The Company does not have intra-entity sales or transfers.

The CODM is regularly provided with the following significant segment expenses which are included in the measurement of the single measure of profit (net loss).


		Three months ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Core revenue		$	6,503		$	8,198		$	12,721		$	16,441
Non-core revenue			768			309			4,201			2,456
Total revenue			7,271			8,507			16,922			18,897
Cost of goods sold			1,675			1,519			3,244			3,016
Gross profit			5,596			6,988			13,678			15,881

Expenses:
Research and development			4,062			5,671			7,772			10,941
Sales and marketing			3,107			5,146			6,274			10,254
General and administrative			6,546			5,804			11,779			12,514
Depreciation and amortization			953			1,080			1,969			2,141
Stock-based compensation			1,160			3,514			2,301			6,553
Total operating expenses			15,828			21,215			30,095			42,403

Other income			1,358			1,870			2,793			3,904

Net loss		$	(8,874)		$	(12,357)		$	(13,624)		$	(22,618)

Revenue by geographic location is provided below.


		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Revenue
Inside the United States		$	4,630		$	5,313		$	11,246		$	13,347
Outside the United States			2,641			3,194			5,676			5,550
Total revenue		$	7,271		$	8,507		$	16,922		$	18,897

As of June 30, 2026 and December 31, 2025, substantially all of the Company’s assets were located in the United States.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value

6 Months Ended

Jun. 30, 2026

Fair Value

Fair Value

6. Fair Value

The Company’s condensed consolidated balance sheets include various financial instruments (primarily cash and cash equivalents, accounts receivable and accounts payable) that are carried at cost, which approximates fair value due to the short-term nature of the instruments.

The Company’s held-to-maturity investments, which consist primarily of commercial paper, U.S. Treasury securities and government agency bonds, and corporate debt instruments, are carried at amortized cost and are periodically evaluated for expected credit losses. Based on the Company’s assessment as of June 30, 2026 and December 31, 2025, no allowance for credit losses was required. Unrecognized holding losses were due to factors other than credit loss, such as changes in interest rates and other market conditions. As of June 30, 2026, the Company’s long-term investments mature between one and two years.

The Company’s held-to-maturity investments consisted of the following amounts of amortized cost, gross unrecognized gains and losses, and estimated fair value by security type and balance sheet classification as of June 30, 2026 and December 31, 2025:

The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis as of June 30, 2026:


							Gross			Gross
				Amortized			unrecognized			unrecognized			Aggregate
Description		Classification		cost			holding gains			holding losses			fair value
Commercial paper		Short-term investments		$	29,561		$	—		$	(32)		$	29,529
U.S. Treasury securities and government agency bonds		Short-term investments			36,462			16			(39)			36,439
Corporate debt		Short-term investments			24,625			—			(27)			24,598
Corporate debt		Long-term investments			6,196			—			(40)			6,156
U.S. Treasury securities and government agency bonds		Long-term investments			30,037			—			(186)			29,851
Total short-term investments and long-term investments				$	126,881		$	16		$	(324)		$	126,573

The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis as of December 31, 2025:


							Gross			Gross
				Amortized			unrecognized			unrecognized			Aggregate
Description		Classification		cost			holding gains			holding losses			fair value
Commercial paper		Short-term investments		$	22,077		$	7		$	(4)		$	22,080
U.S. Treasury securities and government agency bonds		Short‑term investments			42,004			106			—			42,110
Corporate debt		Short‑term investments			18,898			14			(2)			18,910
Corporate debt		Long-term investments			39,558			125			—			39,683
U.S. Treasury securities and government agency bonds		Long-term investments			13,012			33			—			13,045
Total short-term investments and long-term investments				$	135,549		$	285		$	(6)		$	135,828

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company had no assets or liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025.

Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The Company measures certain non-financial assets and liabilities, such as goodwill, intangible assets, and property and equipment, at fair value on a non-recurring basis when events or changes in circumstances indicate that their carrying amounts may not be recoverable. If the asset group is determined not to be recoverable, an impairment loss is recognized for the amount by which the carrying amount exceeds its fair value.

During the three and six months ended June 30, 2026, the Company recognized an impairment charge of $630 related to certain property and equipment that management determined would no longer be used and was actively marketed for sale. The fair value of the assets was determined primarily on unobservable inputs (Level 3) based on an independent third-party estimate of anticipated recovery values for the assets. The impairment charge is included in research and development expense in the accompanying unaudited condensed consolidated statements of operations. There were no impairment charges recognized for the three and six months ended June 30, 2025.

The Company’s acquisition of SeQure in January 2025 included a contingent consideration agreement where the Company agreed to pay an amount up to $2,500 if SeQure achieves certain revenue targets for the years ended December 31, 2025 and December 31, 2026. The fair value of the contingent consideration was estimated to be de minimis as of June 30, 2026 and December 31, 2025. Contingent consideration is classified within Level 3 of the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
-Subparagraph (e)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

Condensed Consolidated Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2026

Condensed Consolidated Balance Sheet Components

Schedule of inventory


		June 30,			December 31,
		2026			2025
Raw materials inventory		$	3,600		$	3,864
Finished goods inventory			3,627			3,182
Work in progress			571			501
Total inventory, net		$	7,798		$	7,547

Schedule of property and equipment


		June 30,			December 31,
		2026			2025
Leasehold improvements		$	14,787		$	14,787
Furniture and equipment			9,998			12,542
Internal-use software			5,500			4,635
Instruments			1,995			1,923
Construction in process			15			908
Accumulated depreciation and amortization			(17,398)			(17,264)
Property and equipment, net		$	14,897		$	17,531

Schedule of Intangible assets with finite lives


		As of June 30, 2026						As of December 31, 2025
	Weighted Average Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed technology	15 years	$	621	$	(50)	$	571	$	471	$	(28)	$	443
Trade names	10 years		176		(25)		151		176		(17)		159
Customer relationships	7 years		56		(12)		44		56		(8)		48
Total intangible assets		$	853	$	(87)	$	766	$	703	$	(53)	$	650

Schedule of Accrued expenses


		June 30,			December 31,
		2026			2025
Accrued compensation		$	2,802		$	5,628
Accrued professional fees, overhead and other			1,368			2,184
Total accrued expenses		$	4,170		$	7,812

Stockholders' Equity - Employee Stock Purchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Stockholders' Equity
Stock-based compensation expense	$ 1,160	$ 3,514	$ 2,301	$ 6,553
2021 Employee Stock Purchase Plan
Stockholders' Equity
Maximum amount of employee's earnings to purchase shares (as a percent)			15.00%
Purchase price of common stock expressed as a percentage			85.00%
Purchase period (in months)			6 months
ESPP for this purchase period	$ 0.33		$ 0.33

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stockholders' Equity - Common and Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Stockholders' Equity
Preferred stock, authorized (in shares)	5,000,000		5,000,000
Preferred stock, par value (in dollars per share)	$ 0.01		$ 0.01
Preferred stock, issued (in shares)	0		0
Preferred stock, outstanding (in shares)	0		0
Proceeds from issuance of common stock under employee stock purchase plan	$ 34	$ 134
2021 Employee Stock Purchase Plan
Stockholders' Equity
Issuance of common stock under employee stock purchase plan, shares	38,116
Proceeds from issuance of common stock under employee stock purchase plan	$ 34
Stock Options
Stockholders' Equity
Stock option exercised, shares issued	29,448
Gross proceeds	$ 29
RSUs
Stockholders' Equity
Shares issued	589,895

Stockholders' Equity

6 Months Ended

Jun. 30, 2026

Stockholders' Equity

Stockholders' Equity

4. Stockholders’ Equity

Common Stock

During the six months ended June 30, 2026, the Company issued 29,448 shares of common stock as a result of stock option exercises, for gross proceeds of $29, issued 589,895 shares from the vesting of restricted stock units and issued 38,116 shares to employees pursuant to the MaxCyte, Inc. 2021 Employee Stock Purchase Plan (the “ESPP”) for gross proceeds of $34.

Preferred Stock

The Company’s certificate of incorporation authorizes the issuance of up to 5,000,000 shares of preferred stock, par value $0.01 per share. As of June 30, 2026 and December 31, 2025, no shares of preferred stock were issued or outstanding.

Share Repurchase

In May 2026, the Board of Directors authorized a share repurchase program under which the Company may purchase up to $10,000 of its outstanding common stock over a one-year period. Repurchases of common stock under the program may be made from time to time in the open market, in privately negotiated transactions or by other methods, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or the Exchange Act, at the Company’s discretion, and in accordance with the limitations set forth in Rule 10b-18 promulgated under the Exchange Act and other applicable federal and state laws and regulations. During the six months ended June 30, 2026, the Company repurchased 1,313,066 shares of its common stock for an aggregate purchase amount of $1,478, and $8,522 remained available for share repurchases under the program.

Stock Incentive Plans

In May 2022, the Board of Directors adopted, and in June 2022, the Company’s stockholders approved, the MaxCyte, Inc. 2022 Equity Incentive Plan (the “2022 Plan”) to provide for the awarding of (i) incentive stock options, (ii) non-qualified stock options, (iii) stock appreciation rights, (iv) restricted stock awards, (v) restricted stock unit awards, (vi) performance awards, and (vii) other awards. Following the approval of the 2022 Plan, the Company ceased granting awards under its previously adopted MaxCyte Inc. Long-Term Incentive Plan (the “2016 Plan”) and the MaxCyte Inc. 2021 Inducement Plan (the “2021 Inducement Plan”), although all outstanding awards continue to remain subject to the terms of the applicable plan.

Upon the effectiveness of the 2022 Plan, a total of 3,692,397 shares were initially reserved for issuance pursuant to future awards under the 2022 Plan, consisting of 1,928,000 new shares and 1,764,397 shares previously available under the 2016 Plan. If and to the extent that outstanding options under the 2016 Plan or the 2021 Inducement Plan are forfeited, the shares underlying such forfeited options will become available for issuance under the 2022 Plan. At the Company’s Annual Meetings of Stockholders held on June 18, 2025, June 11, 2024 and June 22, 2023, the Company’s stockholders approved to reserve an additional 2,950,000, 2,300,000, and 6,069,000 shares, respectively, for issuance pursuant to future awards under the 2022 Plan.

At June 30, 2026 and December 31, 2025, there were 5,708,000 and 8,413,000 shares, respectively, available to be issued under the 2022 Plan.

In March 2026, the Board of Directors adopted the MaxCyte, Inc. 2026 Inducement Plan (the “2026 Inducement Plan”) to provide for the awarding of (i) non-statutory stock options; (ii) stock appreciation rights; (iii) restricted stock awards; (iv)

restricted stock unit awards; (v) performance awards; and (vi) other awards, in each case, only to persons eligible to receive grants of awards who satisfy the standards for inducement grants under Nasdaq Marketplace Rule 5635(c)(4) or 5635(c)(3), if applicable, and the related guidance under Nasdaq IM 5635-1. Upon adoption, 1,000,000 shares of common stock were reserved for issuance under the 2026 Inducement Plan. As of June 30, 2026, there were 411,000 shares available to be issued under the 2026 Inducement Plan.

The value of an equity award is recognized as expense on a straight-line basis over the requisite service period. At June 30, 2026, total unrecognized compensation expense was $8,133, which will be recognized over an estimated weighted-average period of 2.4 years.

Stock Options

The weighted-average fair value of the stock options granted during the three months ended June 30, 2026 and 2025 was estimated to be $0.71 and $1.17 per option share, respectively. The weighted-average fair value of the stock options granted during the six months ended June 30, 2026 and 2025 was estimated to be $0.49 and $1.72 per option share, respectively.

Restricted Stock Units (“RSUs”)

The weighted-average fair value of the RSUs granted during the three months ended June 30, 2026 and 2025 was estimated to be $0.95 and $2.16 per RSU, respectively. The weighted-average fair value of the RSUs granted during the six months ended June 30, 2026 and 2025 was estimated to be $0.75 and $3.05 per RSU, respectively.

Employee Stock Purchase Plan

The ESPP allows eligible employees to purchase a number of shares of the Company’s common stock, through accumulated payroll deductions, up to a maximum of 15% of the employee’s earnings during a purchase period, as defined in the ESPP, subject to certain limitations. The purchase price will be the lesser of 85% of the fair market value of a share of Company common stock on (i) the beginning of each purchase period and (ii) the last day of the purchase period. Purchase periods are generally six months in length.

The most recent purchase period began on May 19, 2026. The weighted average fair value for the shares estimated to be purchased under the ESPP for this purchase period was $0.33 per share, which the Company will expense over the current purchase period.

Stock-based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories on its unaudited condensed consolidated statements of operations:


		Three months ended June 30,					Six months ended June 30,
		2026			2025		2026			2025
General and administrative		$	713		$	2,276	$	1,445		$	4,092
Sales and marketing			256			640		518			1,230
Research and development			191			598		338			1,231
Total		$	1,160		$	3,514	$	2,301		$	6,553

Condensed Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($)
Condensed Consolidated Statements of Cash Flows
Cash acquired in business acquisition	$ 541

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (13,624)	$ (22,618)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,025	2,196
Impairment of fixed assets	630	0
Lease right-of-use asset amortization	448	378
Net book value of consigned equipment sold	102	55
Loss on disposal of property and equipment	22	113
Stock-based compensation	2,301	6,553
Credit loss expense		10
Provision for inventory reserve	379	165
Amortization of discounts on investments	(838)	(1,635)
Changes in operating assets and liabilities, net of effects of acquisition:
Accounts receivable	(419)	(1,077)
Inventory	(852)	754
Prepaid expense and other current assets	611	773
Other assets	1,449	(1,140)
Accounts payable, accrued expenses and other	(3,276)	(5,340)
Operating lease liability	(692)	(593)
Deferred revenue	(1,135)	(2,831)
Other liabilities	39	(26)
Net cash used in operating activities	(12,830)	(24,263)
Cash flows from investing activities:
Purchases of investments	(36,494)	(63,523)
Maturities of investments	46,000	77,600
Purchases of property and equipment	(134)	(1,237)
Acquisition of intangible assets	(150)
Acquisition of business, net of cash acquired of $541		(1,773)
Net cash provided by investing activities	9,222	11,067
Cash flows from financing activities:
Proceeds from exercise of stock options	29	403
Proceeds from issuance of common stock under employee stock purchase plan	34	134
Repurchases of common stock	(1,478)
Net cash (used in) provided by financing activities	(1,415)	537
Net decrease in cash and cash equivalents	(5,023)	(12,659)
Cash and cash equivalents, beginning of period	20,065	27,884
Cash and cash equivalents, end of period	$ 15,042	15,225
Supplemental cash flow information:
Property and equipment purchases included in accounts payable and accrued expenses		91
Right-of-use assets obtained in business combination by assumption of lease liabilities		$ 956

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Condensed Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	400,000,000	400,000,000
Common stock, issued (in shares)	107,447,077	106,789,618
Common stock, outstanding (in shares)	106,134,011	106,789,618
Treasury Stock, Shares	1,313,066

Summary of Significant Accounting Policies - Intangible Assets (Details)	Jun. 30, 2026
Minimum
Intangible Assets
Intangible assets useful life	7 years
Maximum
Intangible Assets
Intangible assets useful life	15 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Dec. 31, 2025
Accounts Receivable
Allowance for expected credit losses	$ 6	$ 6	$ 6
Capitalized costs	$ 1,582	$ 1,582

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

Summary of Significant Accounting Policies

Basis of Presentation and Significant Accounting Policies

Basis of Presentation

Significant Accounting Policies

Basis of Consolidation

Concentration of Risk

Significant customers are those that accounted for 10% or more of the Company’s total revenue for the period or accounts receivable as of the end of a reporting period.

Significant customers that represented 10% or more of revenue are set forth in the following table:


		Three months ended June 30,						Six months ended June 30,
		2026			2025			2026			2025
Customer A			35	%		25	%		27	%		27	%
Customer B			*			15	%		*			*
Customer C			*			*			21	%		*

*Customer accounted for less than 10% of revenue for the respective period.

As of June 30, 2026 and December 31, 2025, Customer A accounted for 43% and 18% of the Company’s accounts receivable.

Accounts Receivable

Deferred Asset Acquisition Costs

Basic loss per share is computed by dividing net loss available to common stockholders by the weighted-average number of shares of common stock outstanding during the period.

Recent Accounting Pronouncements

New Accounting Pronouncement Recently Adopted

New Accounting Pronouncement Not Yet Adopted

Summary of Significant Accounting Policies - Concentration of Risk (Details) - item	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Revenue \| Customer concentration risk \| Customer A
Summary of Significant Accounting Policies
Concentration risk percentage	35.00%	25.00%	27.00%	27.00%
Revenue \| Customer concentration risk \| Customer B
Summary of Significant Accounting Policies
Concentration risk percentage		15.00%
Revenue \| Customer concentration risk \| Customer C
Summary of Significant Accounting Policies
Concentration risk percentage			21.00%
Accounts receivable \| Credit concentration risk \| Customer A
Summary of Significant Accounting Policies
Concentration risk percentage			43.00%		18.00%
Inventory \| Supplier concentration risk \| Supplier one
Summary of Significant Accounting Policies
Concentration risk percentage	21.00%	11.00%	16.00%	15.00%
Number of major suppliers	1	1	1	1
Accounts payable \| Supplier concentration risk \| Supplier one
Summary of Significant Accounting Policies
Concentration risk percentage			11.00%		10.00%

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Deficit	Total
Balances, at Beginning of period at Dec. 31, 2024	$ 1,057	$ 422,047		$ (216,853)	$ 206,251
Balances, at Beginning of period, Shares at Dec. 31, 2024	105,711,093
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		3,039			3,039
Exercise of stock options	$ 3	380			383
Exercise of stock options, shares	290,993
Vesting of restricted stock units	$ 3	(3)
Vesting of restricted stock units, shares	311,632
Net loss				(10,261)	(10,261)
Balances, at end of period at Mar. 31, 2025	$ 1,063	425,463		(227,114)	199,412
Balances, at end of period, Shares at Mar. 31, 2025	106,313,718
Balances, at Beginning of period at Dec. 31, 2024	$ 1,057	422,047		(216,853)	206,251
Balances, at Beginning of period, Shares at Dec. 31, 2024	105,711,093
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss					(22,618)
Balances, at end of period at Jun. 30, 2025	$ 1,066	429,128		(239,471)	190,723
Balances, at end of period, Shares at Jun. 30, 2025	106,592,139
Balances, at Beginning of period at Mar. 31, 2025	$ 1,063	425,463		(227,114)	199,412
Balances, at Beginning of period, Shares at Mar. 31, 2025	106,313,718
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		3,514			3,514
Exercise of stock options		20			20
Exercise of stock options, shares	18,542
Vesting of restricted stock units	$ 2	(2)
Vesting of restricted stock units, shares	191,700
Issuance of common stock under employee stock purchase plan	$ 1	133			134
Issuance of common stock under employee stock purchase plan, shares	68,179
Net loss				(12,357)	(12,357)
Balances, at end of period at Jun. 30, 2025	$ 1,066	429,128		(239,471)	190,723
Balances, at end of period, Shares at Jun. 30, 2025	106,592,139
Balances, at Beginning of period at Dec. 31, 2025	$ 1,068	431,905		(261,483)	171,490
Balances, at Beginning of period, Shares at Dec. 31, 2025	106,789,618
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		1,141			1,141
Exercise of stock options		5			5
Exercise of stock options, shares	4,814
Vesting of restricted stock units	$ 3	(3)
Vesting of restricted stock units, shares	327,240
Net loss				(4,750)	(4,750)
Balances, at end of period at Mar. 31, 2026	$ 1,071	433,048		(266,233)	167,886
Balances, at end of period, Shares at Mar. 31, 2026	107,121,672
Balances, at Beginning of period at Dec. 31, 2025	$ 1,068	431,905		(261,483)	171,490
Balances, at Beginning of period, Shares at Dec. 31, 2025	106,789,618
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of common stock					(1,478)
Net loss					(13,624)
Balances, at end of period at Jun. 30, 2026	$ 1,074	434,263	$ (1,478)	(275,107)	158,752
Balances, at end of period, Shares at Jun. 30, 2026	107,447,077
Balances, at Beginning of period at Mar. 31, 2026	$ 1,071	433,048		(266,233)	167,886
Balances, at Beginning of period, Shares at Mar. 31, 2026	107,121,672
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		1,160			1,160
Exercise of stock options		24			24
Exercise of stock options, shares	24,634
Vesting of restricted stock units	$ 3	(3)
Vesting of restricted stock units, shares	262,655
Issuance of common stock under employee stock purchase plan		34			34
Issuance of common stock under employee stock purchase plan, shares	38,116
Repurchases of common stock			(1,478)		(1,478)
Net loss				(8,874)	(8,874)
Balances, at end of period at Jun. 30, 2026	$ 1,074	$ 434,263	$ (1,478)	$ (275,107)	$ 158,752
Balances, at end of period, Shares at Jun. 30, 2026	107,447,077

Revenue - Performance Obligations (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Revenue Performance Obligations
Remaining performance obligation	$ 427
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue Performance Obligations
Remaining performance obligation	$ 125
Remaining performance obligation expects to recognize as revenue	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 \| Assay and other service revenue
Revenue Performance Obligations
Remaining performance obligation	$ 260
Remaining performance obligation expects to recognize as revenue	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01
Revenue Performance Obligations
Remaining performance obligation	$ 125
Remaining performance obligation expects to recognize as revenue	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-04-01
Revenue Performance Obligations
Remaining performance obligation	$ 38
Remaining performance obligation expects to recognize as revenue	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-04-01
Revenue Performance Obligations
Remaining performance obligation	$ 139
Remaining performance obligation expects to recognize as revenue	0 years

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2026

Stockholders' Equity

Schedule of stock-based compensation expense


		Three months ended June 30,					Six months ended June 30,
		2026			2025		2026			2025
General and administrative		$	713		$	2,276	$	1,445		$	4,092
Sales and marketing			256			640		518			1,230
Research and development			191			598		338			1,231
Total		$	1,160		$	3,514	$	2,301		$	6,553