Gaithersburg, United States

MaxCyte has a patented flow electroporation platform, which can transfect a wide array of cells. It generates revenues from the sale and lease of equipment, disposables and licence fees from an impressive client list. Key programmes with several clients are gaining greater visibility and approaching material value-inflection points. These will trigger a stream of milestone fees.

Investment Perspective

MaxCyte’s H122 total revenue of $21.2m grew 56% year-on-year, with core Cell Therapy and Drug Discovery revenues up 46.5% to $19.2m, prompting management to increase FY22 guidance to c 30% core business revenue growth. Guidance for the inherently lumpier programme-related revenues from Strategic Platform Licences (SPLs) remains at c $4m for FY22. First regulatory filings for the most advanced SPL asset, CRISPR Therapeutics’ exa-cel (CTX001) should occur in Q422, meaning a first approval decision could come as early as 2023. With the prospect of future commercial launches, a growing number of SPL partners (now 17) and clinical progress across the SPL stable, MaxCyte is investing in people, processes, products, and infrastructure to support this, to further consolidate its leading position in non-viral cell delivery and engineering, and to expand into new markets. Our updated valuation is £980m ($1.27bn) or 964p/$12.53 per share.

Market information

SymbolPrimary exchange


Vertex Pharmaceuticals secures exa-cel SPL
Lighthouse | 29 Sep 2022
Strategic investments to support partners & future growth
Update | 06 Sep 2022
Robust Cell Therapy performance lifts FY22 guidance
Lighthouse | 23 May 2022

Recent News

Appointment of CFO
27 Mar 2023
FY22 results
16 Mar 2023
Preliminary Q422 & FY22 revenue
07 Mar 2023
SPL with Catamaran Bio
04 Jan 2023