MaxCyte Inc (NASDAQ:MXCT), US-based biotechnology company, stock fell 1.70% (As on Sep 14, 10:07:14 AM UTC-4, Source: Google Finance) after the company’s revenue growth in the six-month period failed to offset higher expenses that widened losses. The company reported first-half net loss of $11.5 million, or a loss of $0.14 per share, compared with a net loss of $6.1 million, or a loss of $0.10 per share, a year earlier. Total operating expenses in the period rose to $22.9 million from $15.6 million, driven by increased headcount, higher stock-based compensation and higher legal and professional service expenses. Revenue for the six-month period was $13.6 million, up from $10.9 million in the year-ago period, due to sales growth in cell therapy and drug discovery. The company after trading five years on the LSE, has raised approximately $200 million in gross proceeds which followed a $55 million price earlier in 2021. The company has $73 million in cash and short term investments on the balance sheet as of June 30, 2021.
For the second quarter of 2021, the company has reported the total revenue of just over $7 million representing growth close to 40%, compared to the same period in 2020. Cell therapy revenue was $4.8 million, that would 59% and over the second quarter of 2020. The drug discovery revenue was of $1.8 million, was up also 60% over Q2. The company has also recognized $0.5 million in pre-commercial milestone revenues from the SPL Strategic Partnership Licensed commercial partners. In terms of the gross margin, the company delivered at 89%, in this second quarter versus 91% the quarter prior.
Meanwhile, with the addition of Myeloid Therapeutics in the first quarter Cellularity the second quarter, and Sana Biotechnology in the third quarter, the company now have 14 of those agreements are referred to as certified licenses or SPLs. Further, the electroporation system has been used to manufacture drug products now for over 35 clinical trials. As of January 20, 2021, the company indicated the SPL set the potential to generate close to $1 billion in pre-commercial milestone revenues, and all of the licensed programs were achieved regulatory approvals. With the three additional partners year-to-date, MaxCyte has potential to real life and potential future downstream economics continue to grow.
Additionally, the company is on track to release the improved the VLx large scale system by the end of 2021.