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Yahoo
22-05-2025
- Business
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CORRECTION – Maravai LifeSciences Releases 2024 Sustainability Report
Accelerates product innovation, expands GMP manufacturing capacity, and deepens corporate-wide commitment to responsible growth Debuts enhanced greenhouse gas accounting across Scopes 1-3 and advances renewable energy initiatives Strengthens governance with appointment of independent Chairman of the Board and launches site level ethics liaison program SAN DIEGO, May 21, 2025 (GLOBE NEWSWIRE) -- This release corrects and replaces the version distributed earlier today at 16:05 ET. The original version included the incorrect title of 'Maravai LifeSciencesReleases 2024 Sustainability Report'. The corrected title is 'Maravai LifeSciences Releases 2024 Sustainability Report'. Maravai LifeSciences Holdings, Inc. (NASDAQ: MRVI), a global provider of lifescience reagents and services to researchers and biotech innovators through its portfolio companies TriLink BioTechnologies, Glen Research, Alphazyme, and Cygnus Technologies, today announced the publication of its 2024 Sustainability Report, available on the Company's Sustainability webpage ( The new report highlights progress during calendar year 2024 across Maravai's four priority areas – Product Innovation, Our People, Governance, and Sustainable Growth – and underscores the Company's commitment to sustainable value creation. 'By embedding sustainability into every facet of our operations—from employee engagement to GMP scaleup — we foster innovation, strengthen our business resilience, and create long-term value for all stakeholders,' said Trey Martin, Chief Executive Officer. 'Our 2024 achievements position Maravai to remain our customers' first choice as they advance their programs in next-generation therapeutics and diagnostics.' Key highlights from the 2024 report include: Product Innovation Launched 49 new products across portfolio brands, including CleanCap® M6 analog now available at GMP quality Completed state-of-the-art GMP facility in San Diego, increasing mRNA production capacity tenfold Established RNA Innovation Center in collaboration with Johns Hopkins University Added to our GMP manufacturing expertise and have now manufactured over 130 GMP batches for mRNA Our People Achieved 95% participation rate in our annual employee engagement survey, receiving over 2,600 comments Expanded WE (We are Empowered) Employee Resource Group to facilitate advocacy, mentorship, and outreach across the organization Implemented new career framework creating transparent progression paths for all employees Continued our Impact Day program throughout 2024, with employees contributing approximately 800 volunteer hours Governance Appointed healthcare industry veteran R. Andrew Eckert as independent Chairman of the Board Adopted formal, publicly available Human Rights Policy 100% of standing Board Committees chaired by independent members Strengthened intellectual property position with additional CleanCap® patents in China and Canada Sustainable Growth Enhanced greenhouse gas emissions data collection and expanded Scope 3 emissions reporting Leland, North Carolina facility's solar panels generated over 180,000 kWh, offsetting approximately 20% of facility's energy use San Diego EV charging stations helped save over 19,000 gallons of gasoline Advanced planning for lab plastics recycling program and single-use plastic phase-out The 2024 report was prepared in reference to the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB) and Greenhouse Gas Protocol frameworks and maps selected disclosures to relevant U.N. Sustainable Development Goals (SDGs). About Maravai Maravai LifeSciences is an innovative lifesciences company that provides critical products to enable the development of breakthrough therapeutics, vaccines, cell and gene therapies and diagnostics. Through its TriLink BioTechnologies, Glen Research, Alphazyme and Cygnus Technologies brands, Maravai delivers complex nucleic acid chemistries, differentiated mRNA and enzyme solutions, and gold standard biologics safety tests to a global customer base spanning large pharmaceutical companies, emerging biotechs and leading academic institutions. Forward Looking Statements This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements related to future product offerings, facility capabilities, and sustainability initiatives. Forward-looking statements are neither historical facts nor assurances of future performance and are subject to risks and uncertainties that could cause actual results to differ materially. A detailed discussion of these risks is included in Maravai's most recent Annual Report on Form 10K and subsequent filings with the U.S. Securities and Exchange Commission. Maravai undertakes no obligation to update forward-looking statements except as required by law. CONTACT: Contact Information: Deb Hart Maravai LifeSciences + 1 858-988-5917 ir@
Yahoo
21-05-2025
- Business
- Yahoo
CORRECTION – Maravai LifeSciences Releases 2024 Sustainability Report
Accelerates product innovation, expands GMP manufacturing capacity, and deepens corporate-wide commitment to responsible growth Debuts enhanced greenhouse gas accounting across Scopes 1-3 and advances renewable energy initiatives Strengthens governance with appointment of independent Chairman of the Board and launches site level ethics liaison program SAN DIEGO, May 21, 2025 (GLOBE NEWSWIRE) -- This release corrects and replaces the version distributed earlier today at 16:05 ET. The original version included the incorrect title of 'Maravai LifeSciencesReleases 2024 Sustainability Report'. The corrected title is 'Maravai LifeSciences Releases 2024 Sustainability Report'. Maravai LifeSciences Holdings, Inc. (NASDAQ: MRVI), a global provider of lifescience reagents and services to researchers and biotech innovators through its portfolio companies TriLink BioTechnologies, Glen Research, Alphazyme, and Cygnus Technologies, today announced the publication of its 2024 Sustainability Report, available on the Company's Sustainability webpage ( The new report highlights progress during calendar year 2024 across Maravai's four priority areas – Product Innovation, Our People, Governance, and Sustainable Growth – and underscores the Company's commitment to sustainable value creation. 'By embedding sustainability into every facet of our operations—from employee engagement to GMP scaleup — we foster innovation, strengthen our business resilience, and create long-term value for all stakeholders,' said Trey Martin, Chief Executive Officer. 'Our 2024 achievements position Maravai to remain our customers' first choice as they advance their programs in next-generation therapeutics and diagnostics.' Key highlights from the 2024 report include: Product Innovation Launched 49 new products across portfolio brands, including CleanCap® M6 analog now available at GMP quality Completed state-of-the-art GMP facility in San Diego, increasing mRNA production capacity tenfold Established RNA Innovation Center in collaboration with Johns Hopkins University Added to our GMP manufacturing expertise and have now manufactured over 130 GMP batches for mRNA Our People Achieved 95% participation rate in our annual employee engagement survey, receiving over 2,600 comments Expanded WE (We are Empowered) Employee Resource Group to facilitate advocacy, mentorship, and outreach across the organization Implemented new career framework creating transparent progression paths for all employees Continued our Impact Day program throughout 2024, with employees contributing approximately 800 volunteer hours Governance Appointed healthcare industry veteran R. Andrew Eckert as independent Chairman of the Board Adopted formal, publicly available Human Rights Policy 100% of standing Board Committees chaired by independent members Strengthened intellectual property position with additional CleanCap® patents in China and Canada Sustainable Growth Enhanced greenhouse gas emissions data collection and expanded Scope 3 emissions reporting Leland, North Carolina facility's solar panels generated over 180,000 kWh, offsetting approximately 20% of facility's energy use San Diego EV charging stations helped save over 19,000 gallons of gasoline Advanced planning for lab plastics recycling program and single-use plastic phase-out The 2024 report was prepared in reference to the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB) and Greenhouse Gas Protocol frameworks and maps selected disclosures to relevant U.N. Sustainable Development Goals (SDGs). About Maravai Maravai LifeSciences is an innovative lifesciences company that provides critical products to enable the development of breakthrough therapeutics, vaccines, cell and gene therapies and diagnostics. Through its TriLink BioTechnologies, Glen Research, Alphazyme and Cygnus Technologies brands, Maravai delivers complex nucleic acid chemistries, differentiated mRNA and enzyme solutions, and gold standard biologics safety tests to a global customer base spanning large pharmaceutical companies, emerging biotechs and leading academic institutions. Forward Looking Statements This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements related to future product offerings, facility capabilities, and sustainability initiatives. Forward-looking statements are neither historical facts nor assurances of future performance and are subject to risks and uncertainties that could cause actual results to differ materially. A detailed discussion of these risks is included in Maravai's most recent Annual Report on Form 10K and subsequent filings with the U.S. Securities and Exchange Commission. Maravai undertakes no obligation to update forward-looking statements except as required by law. CONTACT: Contact Information: Deb Hart Maravai LifeSciences + 1 858-988-5917 ir@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21-05-2025
- Business
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Maravai LifeSciencesReleases 2024 Sustainability Report
Accelerates product innovation, expands GMP manufacturing capacity, and deepens corporate-wide commitment to responsible growth Debuts enhanced greenhouse gas accounting across Scopes 1-3 and advances renewable energy initiatives Strengthens governance with appointment of independent Chairman of the Board and launches site level ethics liaison program SAN DIEGO, May 21, 2025 (GLOBE NEWSWIRE) -- Maravai LifeSciences Holdings, Inc. (NASDAQ: MRVI), a global provider of lifescience reagents and services to researchers and biotech innovators through its portfolio companies TriLink BioTechnologies, Glen Research, Alphazyme, and Cygnus Technologies, today announced the publication of its 2024 Sustainability Report, available on the Company's Sustainability webpage ( The new report highlights progress during calendar year 2024 across Maravai's four priority areas – Product Innovation, Our People, Governance, and Sustainable Growth – and underscores the Company's commitment to sustainable value creation. 'By embedding sustainability into every facet of our operations—from employee engagement to GMP scaleup — we foster innovation, strengthen our business resilience, and create long-term value for all stakeholders,' said Trey Martin, Chief Executive Officer. 'Our 2024 achievements position Maravai to remain our customers' first choice as they advance their programs in next-generation therapeutics and diagnostics.' Key highlights from the 2024 report include: Product Innovation Launched 49 new products across portfolio brands, including CleanCap® M6 analog now available at GMP quality Completed state-of-the-art GMP facility in San Diego, increasing mRNA production capacity tenfold Established RNA Innovation Center in collaboration with Johns Hopkins University Added to our GMP manufacturing expertise and have now manufactured over 130 GMP batches for mRNA Our People Achieved 95% participation rate in our annual employee engagement survey, receiving over 2,600 comments Expanded WE (We are Empowered) Employee Resource Group to facilitate advocacy, mentorship, and outreach across the organization Implemented new career framework creating transparent progression paths for all employees Continued our Impact Day program throughout 2024, with employees contributing approximately 800 volunteer hours Governance Appointed healthcare industry veteran R. Andrew Eckert as independent Chairman of the Board Adopted formal, publicly available Human Rights Policy 100% of standing Board Committees chaired by independent members Strengthened intellectual property position with additional CleanCap® patents in China and Canada Sustainable Growth Enhanced greenhouse gas emissions data collection and expanded Scope 3 emissions reporting Leland, North Carolina facility's solar panels generated over 180,000 kWh, offsetting approximately 20% of facility's energy use San Diego EV charging stations helped save over 19,000 gallons of gasoline Advanced planning for lab plastics recycling program and single-use plastic phase-out The 2024 report was prepared in reference to the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB) and Greenhouse Gas Protocol frameworks and maps selected disclosures to relevant U.N. Sustainable Development Goals (SDGs). About Maravai Maravai LifeSciences is an innovative lifesciences company that provides critical products to enable the development of breakthrough therapeutics, vaccines, cell and gene therapies and diagnostics. Through its TriLink BioTechnologies, Glen Research, Alphazyme and Cygnus Technologies brands, Maravai delivers complex nucleic acid chemistries, differentiated mRNA and enzyme solutions, and gold standard biologics safety tests to a global customer base spanning large pharmaceutical companies, emerging biotechs and leading academic institutions. Forward Looking Statements This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements related to future product offerings, facility capabilities, and sustainability initiatives. Forward-looking statements are neither historical facts nor assurances of future performance and are subject to risks and uncertainties that could cause actual results to differ materially. A detailed discussion of these risks is included in Maravai's most recent Annual Report on Form 10K and subsequent filings with the U.S. Securities and Exchange Commission. Maravai undertakes no obligation to update forward-looking statements except as required by law. CONTACT: Contact Information: Deb Hart Maravai LifeSciences + 1 858-988-5917 ir@ in to access your portfolio
Yahoo
20-05-2025
- Business
- Yahoo
TriLink BioTechnologies® debuts its first mRNA synthesis kit with CleanCap® capping technology; Celebrates launch with kit donations to top academic institutions
New all-in-one IVT kit can deliver up to 2X more mRNA and up to 85% lower dsRNA compared to other kits on the market through streamlined mRNA synthesis with efficient capping, increased yield, reduced dsRNA, and enhanced performance SAN DIEGO, May 20, 2025--(BUSINESS WIRE)--TriLink BioTechnologies® (TriLink®), a Maravai® LifeSciences company (NASDAQ: MRVI), is fueling the future of mRNA research — starting with a significant donation to top academic labs across the U.S. and Europe. The donation commemorates the launch of TriLink's first mRNA synthesis kit featuring CleanCap® capping technology, an all-in-one kit with its innovative products in one box at a competitive price. Seven academic institutions will receive ten kits each that can yield up to a combined 250mg of capped mRNAs, enabling and encouraging further discovery and development in the field of mRNA-based medicine. Labs in academic institutions, such as those listed below, have gratefully accepted the kits donated by TriLink to drive progress in RNA therapeutics and build a strong future for the field. The Center for RNA Therapeutics at Houston Methodist Research Institute (HMRI) The Center of RNA Technologies and Therapeutics at UC San Diego The University Medical Center Utrecht The University of Oxford Yale School of Medicine The new in vitro transcription (IVT) kit will simplify mRNA synthesis and elevate IVT by leveraging TriLink's high-performing products where users can expect up to 2X more mRNA yield and up to 85% lower dsRNA compared to other kits on the market. The IVT kit components include: CleanCap® AG (3′ OMe) for co-transcriptional capping CleanScribe™ RNA Polymerase for dsRNA reduction Nucleotides including N1-methylpseuouridine for enhanced mRNA performance, and CleanScript® IVT for increased yield. "This launch brings together a powerful suite of novel IVT components that reflect TriLink's years of experience and innovation in mRNA synthesis," shared Justin Barbosa, Vice President & General Manager of TriLink Discovery. "By offering all these components in a single kit, we're simplifying researcher workflow and accelerating discovery. The addition of CleanScript IVT optimization also ensures our customers can generate more high-quality mRNA per reaction — maximizing both efficiency and performance." The kit comes ready to use and is the only commercially available IVT kit featuring CleanCap AG (3′ OMe), which is a modified version of the original CleanCap AG with over 95% capping efficiency to improve protein expression. CleanCap co-transcriptional capping provides advantages over legacy capping methods of ARCA or enzymatic by streamlining mRNA manufacturing with fewer steps and handling, thereby saving researchers time and resources. "This is an important product launch, where we are bringing several technology and process improvements to an integrated IVT kit," said Trey Martin, CEO of Maravai. "Today we are also making a statement about our commitment to the future of mRNA science. By donating the first new kits to top academic institutions across the U.S. and Europe, we are investing in the next generation of mRNA innovators and empowering groundbreaking research that could lead to the therapies of tomorrow. We are honored to help our field continue to evolve and improve through new innovations and process improvements." With more than 25 years of experience in nucleic acid product development and manufacturing, TriLink is a recognized leader in advancing mRNA and oligo-based therapeutic innovation. Its CleanCap AG (3′ OMe) cap analog is used in commercially approved vaccines, of which billion of doses have been administered worldwide with a tremendous safety profile. TriLink's reagents and services are available for research use only (RUO) and for GMP manufacturing, supporting applications from discovery to commercialization in the genomic space. If you are interested in research & development collaboration, visit To learn more about TriLink's products and services, visit About TriLink BioTechnologies TriLink BioTechnologies, a Maravai LifeSciences company, is a global leader in nucleic acid and mRNA solutions. TriLink delivers unrivaled chemical and biological experience, CDMO services, and high-quality readymade and custom materials, including its patented CleanCap® mRNA capping technology. Pharmaceutical leaders, biotech disruptors, and world governments depend on TriLink to meet their greatest challenges, from delivering the COVID-19 vaccine at warp speed, to empowering innovative treatments in oncology, infectious diseases, cardiology, and neurological disorders, to enabling future pandemic response plans. For more information about TriLink, visit About Maravai LifeSciences Maravai is a leading life sciences company providing critical products to enable the development of drug therapies, diagnostics and novel vaccines. Maravai's companies are leaders in providing products and services in the fields of nucleic acid synthesis and biologics safety testing to many of the world's leading biopharmaceutical, vaccine, diagnostics, and cell and gene therapy companies. For more information about Maravai LifeSciences, visit View source version on Contacts Investor Contact:Deb HartMaravai LifeSciences858-988-5917ir@ Media Contact:Liz Robinson of CG LifeTriLink BioTechnologies312-997-2436lrobinson@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-05-2025
- Business
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Maravai Lifesciences Reports First Quarter 2025 Financial Results
SAN DIEGO, Calif., May 12, 2025 (GLOBE NEWSWIRE) -- Maravai LifeSciences Holdings, Inc. (Maravai) (NASDAQ: MRVI), a global provider of life science reagents and services to researchers and biotech innovators, today reported financial results for the first quarter ended March 31, 2025, together with other business updates. Financial Highlights: Quarterly revenue of $46.9 million, Net loss of $(52.9) million (including a goodwill impairment of $12.4 million), and Adjusted EBITDA of $(10.5) million; and Revenue for the full year 2025 is expected to be in the range of $185.0 million to $205.0 million, unchanged from previous guidance. "Our first quarter revenue exceeded our guidance range, and our base business, which excludes revenue from high-volume CleanCap® for commercial vaccine programs, grew more than $4 million compared to the fourth quarter of 2024, reflecting solid execution and momentum across the business," said Trey Martin, CEO, Maravai LifeSciences. 'Our team remains committed to our return-to-growth strategy amid a dynamic and shifting macroeconomic environment. We believe our customer focus, our differentiated technologies and GMP services supporting clients from discovery through commercialization give us the best position to continue navigating the evolving landscape and drive long-term value for Maravai.' Revenue for the First Quarter 2025 Three Months Ended March 31, (Dollars in 000's) 2025 2024 Year-over-Year % Change Nucleic Acid Production $ 28,750 $ 46,016 (37.5 )% Biologics Safety Testing 18,100 18,163 (0.3 )% Total Revenue $ 46,850 $ 64,179 (27.0 )% First Quarter 2025 Financial Results by Reporting Segment Revenue for the first quarter was $46.9 million, representing a 27.0% decrease over the same period in the prior year and was driven by the following: Nucleic Acid Production revenue was $28.8 million for the first quarter, representing a 37.5% decrease year-over-year. The revenue decrease was primarily driven by a lack of high-volume CleanCap orders for commercial phase vaccine programs and lower demand for research and discovery products. Biologics Safety Testing revenue was $18.1 million for the first quarter, or relatively flat year-over-year. Net loss and Adjusted EBITDA (non-GAAP) were $(52.9) million and $(10.5) million, respectively, for the first quarter of 2025, compared to net loss and Adjusted EBITDA (non-GAAP) of $(22.7) million and $7.8 million, respectively, for the first quarter of 2024. Revenue Guidance for Full Year 2025 Maravai's revenue guidance for the full year 2025 is based on expectations for its existing base business and does not include revenue, if any, from high-volume CleanCap orders for commercial phase vaccine programs, or potential new acquisitions, if any, or items that have not yet been identified or quantified. This guidance is also subject to a number of risks, uncertainties and other factors, including those identified in 'Forward-looking Statements' below. Revenue expectations for the full year 2025 remain in the range of $185.0 million to $205.0 million. Conference Call and Webcast Maravai's management will host a conference call today at 2:00 p.m. PT/ 5:00 p.m. ET to discuss its financial results for the first quarter of 2025 and its financial guidance for 2025. To participate in the conference call by telephone, approximately 10 minutes before the call, dial (800) 343-4849 or (203) 518-9848 and reference Maravai LifeSciences, Conference ID MARAVAI. The call will also be available via live or archived webcast on the "Investors" section of the Maravai web site at LIFESCIENCES HOLDINGS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share amounts)(Unaudited) Three Months EndedMarch 31, 2025 2024 Revenue $ 46,850 $ 64,179 Operating expenses: Cost of revenue 39,125 38,335 Selling, general and administrative 39,564 40,885 Research and development 4,888 5,032 Goodwill impairment 12,435 — Restructuring — (1,212 ) Total operating expenses 96,012 83,040 Loss from operations (49,162 ) (18,861 ) Other income (expense): Interest expense (6,778 ) (10,864 ) Interest income 3,225 7,210 Other income 24 106 Loss before income taxes (52,691 ) (22,409 ) Income tax expense 162 271 Net loss (52,853 ) (22,680 ) Net loss attributable to non-controlling interests (22,908 ) (10,602 ) Net loss attributable to Maravai LifeSciences Holdings, Inc. $ (29,945 ) $ (12,078 ) Net loss per Class A common share attributable to Maravai LifeSciences Holdings, Inc., basic and diluted $ (0.21 ) $ (0.09 ) Weighted average number of Class A common shares outstanding, basic and diluted 143,425 132,333 MARAVAI LIFESCIENCES HOLDINGS, INC. RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION(in thousands, except per share amounts)(Unaudited) Net Loss to Adjusted EBITDA (non-GAAP) Three Months EndedMarch 31, 2025 2024 Net loss $ (52,853 ) $ (22,680 ) Add: Amortization 7,030 6,869 Depreciation 5,693 4,786 Interest expense 6,778 10,864 Interest income (3,225 ) (7,210 ) Income tax expense 162 271 EBITDA (36,415 ) (7,100 ) Acquisition integration costs (1) 767 2,498 Stock-based compensation (2) 10,403 12,057 Merger and acquisition related expenses (3) 1,178 30 Acquisition related tax adjustment (4) (71 ) (113 ) Goodwill impairment (5) 12,435 — Restructuring costs (6) — 19 Other (7) 1,154 404 Adjusted EBITDA (non-GAAP) $ (10,549 ) $ 7,795 Net Loss attributable to Maravai LifeSciences Holdings, Inc. to Adjusted Net Loss (non-GAAP) and Adjusted Fully Diluted Loss Per Share (non-GAAP) Three Months EndedMarch 31, 2025 2024 Net loss attributable to Maravai LifeSciences Holdings, Inc. $ (29,945 ) $ (12,078 ) Net loss impact from pro forma conversion of Class B shares to Class A common shares (22,908 ) (10,602 ) Adjustment to the provision for income tax (8) 5,456 2,530 Tax-effected net loss (47,397 ) (20,150 ) Acquisition integration costs (1) 767 2,498 Stock-based compensation (2) 10,403 12,057 Merger and acquisition related expenses (3) 1,178 30 Acquisition related tax adjustment (4) (71 ) (113 ) Goodwill impairment (5) 12,435 — Restructuring costs (6) — 19 Other (7) 1,154 404 Tax impact of adjustments (9) 1,095 (465 ) Net cash tax benefit retained from historical exchanges (10) — 352 Adjusted net loss (non-GAAP) $ (20,436 ) $ (5,368 ) Diluted weighted average shares of Class A common stock outstanding 255,457 252,025 Adjusted net loss (non-GAAP) $ (20,436 ) $ (5,368 ) Adjusted fully diluted loss per share (non-GAAP) $ (0.08 ) $ (0.02 ) ____________________Explanatory Notes to Reconciliations (1) Refers to incremental costs incurred to execute and integrate completed acquisitions, including retention payments related to integration that were negotiated specifically at the time of the Company's acquisition of MyChem, LLC ('MyChem') and Alphazyme, LLC ('Alphazyme'), which were completed in January 2022 and January 2023, respectively. These retention payments arise from the Company's agreements executed in connection with the acquisitions of MyChem and Alphazyme and provide incremental financial incentives, over and above recurring compensation, to ensure the employees of these companies remain present and participate in integration of the acquired businesses during the integration and knowledge transfer periods. The Company agreed to pay certain employees of Alphazyme retention payments totaling $9.3 million as of various dates but primarily through December 31, 2025, as long as these individuals continue to be employed by the Company. The Company agreed to pay the sellers of MyChem retention payments totaling $20.0 million as of the second anniversary of the closing of the acquisition date as long as two senior employees (who were also the sellers of MyChem) continue to be employed by TriLink. The Company considers the payment of these retention payments as probable and is recognizing compensation expense related to these payments in the post-acquisition period ratably over the service period. Retention payment expenses were $0.7 million (Alphazyme) and $2.4 million (MyChem $1.8 million; Alphazyme $0.6 million) for the three months ended March 31, 2025 and 2024, respectively. Retention expenses for MyChem concluded in the first quarter of 2024, and following the payments in the first quarter of 2024, there are no further retention expenses payable for MyChem. The remaining retention accrual for Alphazyme is $2.3 million, expected to be accrued ratably each quarter through December 31, 2025, with payments expected to be made in the first quarter of 2026. There are no further cash-based retention payments planned, other than those disclosed above, for acquisitions completed as of March 31, 2025. (2) Refers to non-cash expense associated with stock-based compensation. (3) Refers to diligence, legal, accounting, tax and consulting fees incurred in connection with acquisitions that were pursued but not consummated. (4) Refers to non-cash income associated with adjustments to the indemnification asset recorded in connection with the acquisition of MyChem. (5) Refers to goodwill impairment recorded for our Nucleic Acid Production segment. (6) Refers to restructuring costs (benefit) associated with the Cost Realignment Plan, which was implemented in November 2023. For the three months ended March 31, 2024, stock-based compensation benefit of $1.2 million related to forfeited stock awards in connection with the restructuring is included on the stock-based compensation line item. (7) For the three months ended March 31, 2025, refers to severance payments, inventory step-up charges in connection with the acquisition of Alphazyme, and other non-recurring costs that are deemed to be outside of the ordinary course of business. For the three months ended March 31, 2024, refers to inventory step-up charges and certain other adjustments in connection with the acquisition of Alphazyme, and other non-recurring costs that are deemed to be outside of the ordinary course of business. (8) Represents additional corporate income taxes at an assumed effective tax rate of approximately 24% applied to additional net loss attributable to Maravai LifeSciences Holdings, Inc. from the assumed proforma exchange of all outstanding shares of Class B common stock for shares of Class A common stock. (9) Represents income tax impact of non-GAAP adjustments at an assumed effective tax rate of approximately 24% and the assumed proforma exchange of all outstanding shares of Class B common stock for shares of Class A common stock. (10) Represents income tax benefits due to the amortization of intangible assets and other tax attributes resulting from the tax basis step up associated with the purchase or exchange of Maravai Topco Holdings, LLC units and Class B common stock, net of payment obligations under the Tax Receivable Agreement. Non-GAAP Financial Information This press release contains financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. (GAAP). These non-GAAP measures include: Adjusted EBITDA and Adjusted fully diluted Earnings Per Share (EPS). Maravai defines Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization, certain non-cash items and other adjustments that we do not consider representative of our ongoing operating performance including, as applicable: (i) incremental costs incurred to execute and integrate completed acquisitions, and associated retention payments; (ii) non-cash expenses related to share-based compensation; (iii) expenses incurred for acquisitions that were pursued but not consummated (including legal, accounting and professional consulting services); (iv) non-cash income associated with adjustments to the carrying value of the indemnification asset recorded in connection with completed acquisitions; (v) impairment charges; (vi) restructuring costs; (vii) severance payments; and (viii) inventory step-up charges in connection with completed acquisitions. Maravai defines Adjusted Net Loss as tax-effected earnings before the adjustments described above, and the tax effects of those adjustments. Maravai defines Adjusted fully diluted EPS as Adjusted Net Loss divided by the diluted weighted average number of shares of Class A common stock outstanding for the applicable period, which assumes the proforma exchange of all outstanding units of Maravai Topco Holdings, LLC (paired with shares of Class B common stock) for shares of Class A common stock. These non-GAAP measures are supplemental measures of operating performance that are not prepared in accordance with GAAP and do not represent, and should not be considered as, an alternative to net loss, as determined in accordance with GAAP. Management uses these non-GAAP measures to understand and evaluate Maravai's core operating performance and trends and to develop short-term and long-term operating plans. Management believes the measures facilitate comparison of Maravai's operating performance on a consistent basis between periods and, when viewed in combination with its results prepared in accordance with GAAP, help provide a broader picture of factors and trends affecting Maravai's results of operations. These non-GAAP financial measures have limitations as an analytical tool, and you should not consider them in isolation, or as a substitute for analysis of Maravai's results as reported under GAAP. Because of these limitations, they should not be considered as a replacement for net loss, as determined by GAAP, or as a measure of Maravai's profitability. Management compensates for these limitations by relying primarily on Maravai's GAAP results and using non-GAAP measures only for supplemental purposes. The non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. About Maravai Maravai is a leading life sciences company providing critical products to enable the development of drug therapies, diagnostics and novel vaccines and to support research on human diseases. Maravai's companies are leaders in providing products and services in the fields of nucleic acid synthesis and biologics safety testing to many of the world's leading biopharmaceutical, vaccine, diagnostics, and cell and gene therapy companies. For more information about Maravai LifeSciences, visit Forward-looking Statements This press release contains, and Maravai's officers and representatives may from time-to-time make, 'forward-looking statements' within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in this press release which are not strictly historical statements constitute forward-looking statements, including, without limitation, statements regarding Maravai's financial guidance for 2025; Maravai's customer focus and differentiated technologies and services helping Maravai navigate an evolving market and drive long-term value creation; growth opportunities, including both organic and inorganic growth; Maravai's acquisition of the DNA and RNA business of Officinae Bio and the assets of Molecular Assemblies, Inc. and the expected benefits thereof; and future innovations, constitute forward-looking statements and are identified by words like 'believe,' 'expect,' 'see,' 'project,' 'may,' 'will,' 'should,' 'seek,' 'anticipate,' or 'could' and similar expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management's current beliefs, expectations and assumptions regarding the future of Maravai's business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of management's control. Maravai's actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause Maravai's actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: The level of Maravai's customers' spending on and demand for outsourced nucleic acid production and biologics safety testing products and services. Maravai's operating results are prone to significant fluctuation, which may make Maravai's future operating results difficult to predict and could cause Maravai's actual operating results to fall below expectations or any guidance Maravai may provide. Uncertainty regarding the extent and duration of Maravai's revenue associated with high-volume sales of CleanCap® for commercial phase vaccine programs and the dependency of such revenue, in important respects, on factors outside our control. The impact of shifts in U.S. and foreign trade policy, including the imposition of tariffs, trade restrictions and retaliatory actions, on demand for Maravai's products and services and Maravai's customers' ability to commit funds to purchase such products and services. Maravai's ability to attract, retain and motivate a highly skilled workforce, including qualified key personnel. Use of Maravai's products by customers in the production of vaccines and therapies, some of which represent relatively new and still-developing modes of treatment, and the impact of unforeseen adverse events, negative clinical outcomes, development of alternative therapies, or increased regulatory scrutiny of these modes of treatment and their financial cost on Maravai's customers' use of its products and services. Competition with life science, pharmaceutical and biotechnology companies who are substantially larger than Maravai and potentially capable of developing new approaches that could make Maravai's products, services and technology obsolete. The potential failure of Maravai's products and services to not perform as expected and the reliability of the technology on which Maravai's products and services are based. The risk that Maravai's products do not comply with required quality standards. Market acceptance of Maravai's life science reagents. Maravai's ability to efficiently manage its strategic acquisitions and organic growth opportunities. Natural disasters, geopolitical instability (including the ongoing military conflicts in Ukraine and the Middle East) and other catastrophic events. Risks related to Maravai's acquisitions, including whether Maravai achieves the anticipated benefits of acquisitions of businesses or technologies. Product liability lawsuits. Maravai's dependency on a limited number of customers for a high percentage of its revenue and Maravai's ability to maintain its current relationships with such customers. Maravai's reliance on a limited number of suppliers or, in some cases, sole suppliers, for some of Maravai's raw materials and the risk that Maravai may not be able to find replacements or immediately transition to alternative suppliers. The risk that Maravai's products become subject to more onerous regulation by the U.S. Food and Drug Administration or other regulatory agencies in the future. Maravai's ability to obtain, maintain and enforce sufficient intellectual property protection for Maravai's current or future products. The risk that a future cyber-attack or security breach cannot be prevented. Maravai's ability to protect the confidentiality of Maravai's proprietary information. The risk that one of Maravai's products may be alleged (or found) to infringe on the intellectual property rights of third parties. Compliance with Maravai's obligations under intellectual property license agreements. Maravai's or Maravai's licensors' failure to maintain the patents or patent applications in-licensed from a third party. Maravai's ability to adequately protect Maravai's intellectual property and proprietary rights throughout the world. Maravai's existing level of indebtedness and Maravai's ability to raise additional capital on favorable terms. Maravai's ability to generate sufficient cash flow to service all of Maravai's indebtedness. Maravai's potential failure to meet Maravai's debt service obligations. Restrictions on Maravai's current and future operations under the terms applicable to Maravai's credit agreement. Maravai's dependence, by virtue of Maravai's principal asset being its interest in Maravai Topco Holdings, LLC ('Topco LLC'), on distributions from Topco LLC to pay Maravai's taxes and expenses, including payments under a tax receivable agreement with the former owners of Topco LLC (the 'Tax Receivable Agreement' or 'TRA') together with various limitations and restrictions that impact Topco LLC's ability to make such distributions. The risk that conflicts of interest could arise between Maravai's shareholders and Maravai Life Sciences Holdings, LLC ('MLSH 1'), the only other member of Topco LLC, and impede business decisions that could benefit Maravai's shareholders. The substantial future cash payments Maravai may be required to make under the Tax Receivable Agreement to MLSH 1 and Maravai Life Sciences Holdings 2, LLC ('MLSH 2'), an entity through which certain of Maravai's former owners hold their interests in the Company and the negative effect of such payments. The fact that Maravai's organizational structure, including the TRA, confers certain benefits upon MLSH 1 and MLSH 2 that will not benefit Maravai's other common shareholders to the same extent as they will benefit MLSH 1 and MLSH 2. Maravai's ability to realize all or a portion of the tax benefits that are expected to result from the tax attributes covered by the Tax Receivable Agreement. The possibility that Maravai will receive distributions from Topco LLC significantly in excess of Maravai's tax liabilities and obligations to make to make payments under the Tax Receivable Agreement. Factors that could lead to future impairment of Maravai's goodwill and other amortizable intangible assets. Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of Maravai's income or other tax returns. Risks and uncertainty related to the restatement of Maravai's previously issued financial statements. Maravai's ability to remediate the material weaknesses in its internal control over financial reporting in a timely manner. Maravai's ability to design and maintain effective internal control over financial reporting in the future. The fact that investment entities affiliated with GTCR, LLC currently control a majority of the voting power of Maravai's outstanding common stock, and it may have interests that conflict with Maravai's or yours in the future. Risks related to Maravai's 'controlled company' status within the meaning of the corporate governance standards of NASDAQ. The potential anti-takeover effects of certain provisions in Maravai's corporate organizational documents. Potential sales of a significant portion of Maravai's outstanding shares of Class A common stock. Potential preferred stock issuances and the anti-takeover impacts of any such issuances. Such other factors as discussed throughout the sections entitled 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' in Maravai's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, as well as other documents Maravai files with the Securities and Exchange Commission. Any forward-looking statements made in this release are based only on information currently available to management and speak only as of the date on which it is made. Maravai undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. CONTACT: Contact Information: Deb Hart Maravai LifeSciences + 1 858-988-5917 ir@ in to access your portfolio
