Trinity Delta Lighthouse: MaxCyte
Trinity Delta view: MaxCyte remains well positioned and well-funded to continue to support and expand the adoption of its enabling technologies and expertise in cellular based research and development of next-generation gene edited cell therapies. Q122 revenues indicate both robust demand from cell therapy customers and the implied clinical progress at SPL partners. FY22 guidance for the core business is now ahead of MaxCyte’s five-year revenue CAGR (2017-21) of c 23%. We continue to view MaxCyte as a unique and diversified play on the whole cell engineering field, providing broad exposure across cell types, technologies, indications, and approaches. Our valuation is £1.06bn / $1.39bn, equivalent to 1,050p or $13.64 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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