MaxCyte: Opening the next chapter
MaxCyte’s NASDAQ IPO heralds the start of a new era. Cash of c $256m (at end-Q321) will fund investment in consolidating and expanding its leading position in non-viral cell delivery and engineering. Increased pipeline visibility under its 16 current Strategic Platform Licences (SPLs), with four secured in 2021 and one YTD in 2022, increases confidence of a significant step up in potential revenue growth from 2023+ as milestone receipts start to smooth and more meaningfully augment core recurring revenues from instrument leases and disposable sales. MaxCyte is well funded to invest in its technologies and processes, including expansion into potential new applications and markets, and manufacturing scale-up in anticipation of partner product launches. Our valuation is £1.06bn ($1.37bn) or 1,045p/$13.58 per share.
MaxCyte is a developer and supplier of proprietary electroporation technology to biotechnology and pharmaceutical firms engaged in cell therapy, including gene editing and immuno-oncology and in drug discovery and development and biomanufacturing. Co. licenses its instruments and technology and sells its consumables to developers of cell therapies. Co. also sells and licenses its instruments and sells its consumables to pharmaceutical and biotechnology companies for use in drug discovery and development and biomanufacturing. Co. is also developing CARMA, a CAR-based cell therapy targeting solid and liquid cancers, through internal research and collaborations with academic institutions.
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