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 strong FY20 performance was flagged in February’s trading statement. Revenues were up 21% to $26.2m despite known COVID impacts. EBITDA grew by 121% to $2.9m, before CARMA expenses, driven primarily by lower COVID spend due to pandemic-related restrictions. Potential pre-commercialisation milestones increased from >$800m to >$950m, with 140+ partnered programmes and 100+ covered by clinical licences. This operational momentum is expected to flow into FY21, with sustained revenue growth and new deals. With end-December 2020 cash of $34.8m, plus the $55.3m (gross) raised in February 2021, MaxCyte is well funded to invest in its technologies and processes; particularly scale-up in anticipation of product manufacture. Our £1bn ($1.3bn) valuation (1217p/share) reflects MaxCyte’s strategic importance and the potential value from the partner pipeline.

Market information

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Recent News

Q321 results
10 Nov 2021
Strategic Platform Licence signed with Nkarta Inc
28 Oct 2021
Q2 and H121 results and preliminary FY21 revenue guidance
13 Sep 2021
Clinical and commercial licence with Sana Biotechnology
09 Aug 2021