MaxCyte Inc. reported total revenue of $6.8 million for the third quarter of 2025, down from $8.1 million in the same period of 2024. Core business revenue was $6.4 million, and Strategic Platform License (SPL) Program-related revenue was $0.4 million. Instrument revenue declined by 22% to $1.4 million, PAs and consumables revenue decreased by 25% to $2.6 million, and license revenue fell by 29% to $1.8 million compared to the third quarter of 2024. SPL agreements increased to 32 with the addition of Moonlight Bio in October. MaxCyte reiterated its 2025 guidance, expecting core revenue to be flat to a 10% decline versus 2024 and SPL Program-related revenue to be approximately $5 million for the year. The company anticipates ending 2025 with $152 million to $155 million in total cash, cash equivalents, and investments.