MXCT

MaxCyte is a two-decade-old cell-engineering platform company (Flow Electroporation / ExPERT, 200+ patents, 857 instruments placed, a majority of the top-25 pharma as customers) that has never turned the corner. On the SEC XBRL figures, FY2025 revenue was $21.0M — down 5.7% YoY and essentially flat versus the $21.6M it did back in FY2021 — while the net loss widened again to -$44.6M, the fifth straight year of losses and the worst yet in a clean deteriorating sequence (-$19.1M → -$23.6M → -$37.9M → -$41.1M → -$44.6M). Operating margin is -247.6%, ROE -26%, and the accumulated deficit has swelled to -$261M. Management is explicit in the 10-K: 'We expect that our expenses and operating losses may continue for the foreseeable future,' and profitability hinges on the speculative path of realizing precommercial SPL milestone payments and future partnerships that may never materialize. This is not a growth story right now; it's a burn story.

What keeps it out of 'sell/avoid' is the balance sheet and the price. Liabilities are just $31.0M against $171M of equity (0.18x leverage), current assets of $118M dwarf $14.3M of current liabilities, and management asserts cash plus short-term investments funds at least the next 12 months. At a $130M market cap and $1.22 the stock trades at roughly 0.76x book — you are buying below stated equity, with meaningful net-current-asset support underneath. That asymmetry is real for a patient holder.