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Performance in Q1 met internal expectations despite a 7% total revenue decline, primarily attributed to inventory management by a major customer and the non-renewal of clinical leases from discontinued programs.

Management notes that the ex-vivo cell and gene therapy sector rationalization has largely normalized, with partners now increasingly focused on advancing their lead clinical programs.

Strategic positioning is shifting toward later-stage clinical programs where capital remains available, contrasting with the continued challenging funding environment for early-stage biotech.

The company has successfully transitioned to a leaner operating model, realizing the full benefit of 2025 restructuring actions which reduced operating expenses by approximately $7 million year-over-year.

The launch of ExPERT DTX is intended to capture earlier discovery and optimization workflows, creating a seamless scale-up path to the company's cGMP manufacturing instruments.

Management views the recent FDA draft guidance on off-target editing risk assessment as a structural tailwind for the SeQure business, validating the strategic rationale behind the acquisition.

Full-year 2026 guidance is reiterated with total revenue expected between $30 million and $32 million, assuming core revenue growth will be weighted toward the second half of the year.

Core revenue guidance of $25 million to $27 million assumes increased adoption of the ExPERT DTX product and easier year-over-year comparisons in the latter half of 2026.

The company anticipates five clinical programs could reach commercial launch by 2027 or 2028, with four expected to enter registrational studies within the next 18 months.

Operating expenses are expected to remain stable at approximately $60 million for the full year, with management targeting a clear path to further reduced cash burn as revenue growth returns.

Guidance for SPL milestones and royalties is set at $5 million, with the remaining $2 million for the year expected to come from commercial royalties rather than additional milestones.

The SPL partner list was reduced to 29 following the removal of Catamaran Bio and Walking Fish Therapeutics, both of which ceased operations.

A new $10 million share repurchase program was authorized, with management intending to execute the majority of the buyback before year-end to address perceived valuation disconnects.

The company maintains a strong liquidity position with $147.7 million in cash and no debt, providing flexibility for strategic investments despite the buyback program.

A $3 million regulatory milestone was recognized in Q1, triggered by a clinical customer initiating patient dosing in a registrational study.

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Management explained that milestones are contractually tied to specific dosing timings in pivotal trials rather than just trial initiation.

While additional milestones are possible, the current guidance reflects a cautious approach based on the specific dosing regimens of partner programs.

Early interest is coming from academic centers and, notably, big pharma for protein screening in biologics development, a segment MaxCyte previously had less access to.

The DTX is a pure capital equipment sale (no licensing) and is expected to contribute more meaningfully to revenue in the second half of 2026 and into 2027.

The Q1 OpEx level is considered a fair run rate for the year, with only low single-digit sequential growth expected for specific commercial expansions in APAC.

Total 2026 OpEx is projected at $60 million, a significant decrease from approximately $79 million to $80 million in the prior year.