vs
Side-by-side financial comparison of MAXCYTE, INC. (MXCT) and Relay Therapeutics, Inc. (RLAY). Click either name above to swap in a different company.
Relay Therapeutics, Inc. is the larger business by last-quarter revenue ($7.0M vs $4.8M, roughly 1.5× MAXCYTE, INC.). MAXCYTE, INC. produced more free cash flow last quarter ($-2.9M vs $-235.9M).
MaxCyte Inc. is a global biotechnology company focused on developing cell engineering platforms and enabling technologies for cell and gene therapy advancement. Its proprietary non-viral cell modification systems are widely used by pharmaceutical, biotech and life science research entities to develop immunotherapies, gene-edited treatments and next-generation biologic drugs from preclinical research through commercialization.
Relay Therapeutics is a clinical-stage biotechnology company focused on developing precision oncology therapies. It leverages advanced computational modeling of protein dynamics, paired with cutting-edge experimental biology, to design targeted medicines for previously intractable cancer types, serving global oncology care markets and patient populations.
MXCT vs RLAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.8M | $7.0M |
| Net Profit | $-9.6M | — |
| Gross Margin | — | — |
| Operating Margin | -234.5% | — |
| Net Margin | -200.5% | — |
| Revenue YoY | -20.9% | — |
| Net Profit YoY | 9.4% | — |
| EPS (diluted) | — | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $4.8M | $7.0M | ||
| Q3 25 | $4.6M | $0 | ||
| Q2 25 | $5.8M | — | ||
| Q1 25 | $5.7M | $7.7M | ||
| Q4 24 | $6.1M | $0 | ||
| Q3 24 | $5.6M | $0 | ||
| Q2 24 | $5.0M | $0 | ||
| Q1 24 | $5.6M | $10.0M |
| Q4 25 | $-9.6M | — | ||
| Q3 25 | $-12.4M | $-74.1M | ||
| Q2 25 | $-12.4M | — | ||
| Q1 25 | $-10.3M | $-77.1M | ||
| Q4 24 | $-10.6M | — | ||
| Q3 24 | $-11.6M | $-88.1M | ||
| Q2 24 | $-9.4M | $-92.2M | ||
| Q1 24 | $-9.5M | $-81.4M |
| Q4 25 | -234.5% | — | ||
| Q3 25 | -307.4% | — | ||
| Q2 25 | -244.3% | — | ||
| Q1 25 | -214.1% | -1105.2% | ||
| Q4 24 | -213.1% | — | ||
| Q3 24 | -250.4% | — | ||
| Q2 24 | -241.0% | — | ||
| Q1 24 | -219.8% | -903.0% |
| Q4 25 | -200.5% | — | ||
| Q3 25 | -269.7% | — | ||
| Q2 25 | -212.2% | — | ||
| Q1 25 | -178.7% | -1003.6% | ||
| Q4 24 | -175.0% | — | ||
| Q3 24 | -205.9% | — | ||
| Q2 24 | -188.8% | — | ||
| Q1 24 | -170.6% | -813.3% |
| Q4 25 | — | — | ||
| Q3 25 | $-0.12 | $-0.43 | ||
| Q2 25 | $-0.12 | — | ||
| Q1 25 | — | $-0.46 | ||
| Q4 24 | — | — | ||
| Q3 24 | $-0.11 | $-0.63 | ||
| Q2 24 | $-0.09 | $-0.69 | ||
| Q1 24 | — | $-0.62 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $103.0M | $84.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $171.5M | $567.1M |
| Total Assets | $202.5M | $621.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $103.0M | $84.0M | ||
| Q3 25 | $105.7M | $91.6M | ||
| Q2 25 | $126.6M | — | ||
| Q1 25 | $138.3M | $93.5M | ||
| Q4 24 | $154.5M | $124.3M | ||
| Q3 24 | $153.8M | $152.4M | ||
| Q2 24 | $157.3M | $134.1M | ||
| Q1 24 | $157.5M | $152.9M |
| Q4 25 | $171.5M | $567.1M | ||
| Q3 25 | $180.3M | $607.7M | ||
| Q2 25 | $190.7M | — | ||
| Q1 25 | $199.4M | $721.1M | ||
| Q4 24 | $206.3M | $777.8M | ||
| Q3 24 | $213.3M | $838.9M | ||
| Q2 24 | $221.3M | $681.7M | ||
| Q1 24 | $226.4M | $745.8M |
| Q4 25 | $202.5M | $621.3M | ||
| Q3 25 | $213.5M | $670.0M | ||
| Q2 25 | $219.8M | — | ||
| Q1 25 | $230.0M | $799.4M | ||
| Q4 24 | $239.5M | $871.3M | ||
| Q3 24 | $248.6M | $930.1M | ||
| Q2 24 | $251.5M | $772.5M | ||
| Q1 24 | $257.9M | $841.4M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-2.7M | $-235.5M |
| Free Cash FlowOCF − Capex | $-2.9M | $-235.9M |
| FCF MarginFCF / Revenue | -61.0% | -3370.0% |
| Capex IntensityCapex / Revenue | 4.8% | 5.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-36.2M | $-622.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.7M | $-235.5M | ||
| Q3 25 | $-7.5M | $-62.1M | ||
| Q2 25 | $-9.9M | — | ||
| Q1 25 | $-14.4M | $-73.2M | ||
| Q4 24 | $-7.8M | $-249.1M | ||
| Q3 24 | $-4.4M | $-75.1M | ||
| Q2 24 | $-4.8M | $-65.8M | ||
| Q1 24 | $-10.6M | $-50.3M |
| Q4 25 | $-2.9M | $-235.9M | ||
| Q3 25 | $-7.8M | $-62.1M | ||
| Q2 25 | $-10.4M | — | ||
| Q1 25 | $-15.1M | $-73.6M | ||
| Q4 24 | $-8.0M | $-251.1M | ||
| Q3 24 | $-4.8M | $-75.3M | ||
| Q2 24 | $-5.1M | $-65.8M | ||
| Q1 24 | $-11.4M | $-52.1M |
| Q4 25 | -61.0% | -3370.0% | ||
| Q3 25 | -168.5% | — | ||
| Q2 25 | -179.2% | — | ||
| Q1 25 | -262.3% | -958.4% | ||
| Q4 24 | -131.6% | — | ||
| Q3 24 | -85.5% | — | ||
| Q2 24 | -103.3% | — | ||
| Q1 24 | -203.6% | -520.7% |
| Q4 25 | 4.8% | 5.9% | ||
| Q3 25 | 6.5% | — | ||
| Q2 25 | 10.0% | — | ||
| Q1 25 | 11.4% | 5.0% | ||
| Q4 24 | 2.4% | — | ||
| Q3 24 | 7.2% | — | ||
| Q2 24 | 5.9% | — | ||
| Q1 24 | 14.4% | 17.8% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MXCT
| Products | $4.2M | 87% |
| Other | $634.0K | 13% |
RLAY
Segment breakdown not available.
