Another year of strong delivery as CARMA approaches the clinic

Lighthouse | 4 April 2018

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  • Sales grew by 14% to $14.0m in FY17, in line with expectations; the gross margin improved by 0.3% to 89.6%
  • The 59% increase in operating expenses to $21.8m from $13.7m primarily resulted from increased investment in its CARMA platform (proprietary CAR technology); CARMA investment rose from $1.3m in FY16 to $7.5m in FY17 due to the preparation and filing of the IND for the first CARMA therapy, MCY-M11.
  • Expenses excluding CARMA grew by 15% to $14.3m from $12.4m; this increase reflects the further investment in its core flow electroporation technology sales and marketing to maintain its leading position in the field.
  • Adjusted EBITDA (excluding share-based payments) before CARMA investment was ($1.2m) in FY17, at the same level as in FY16.
  • The number of cell therapy programmes licensing MaxCyte’s technology has risen from over 35 to over 50. The company also signed the first non-exclusive commercial license for a CRISPR/Cas9 therapy with Casebia (JV between CRISPR Therapeutics and Bayer).
  • The IND for MCY-M11 was filed with the FDA in November 2017 and is still expected to enter clinical development in the US in 2018, with a Phase I study in advanced intraperitoneal cancers including ovarian cancer.
  • MaxCyte presented data showing that its flow electroporation technology can be used to efficiently correct genes using CRISPR/Cas9. This led to the formation of a CRADA (Cooperative Research and Development Agreement) with the NIH’s National Institute of Allergy and Infectious Diseases to develop a therapy for X-linked chronic granulomatous disease.
  • The company is well capitalised with a cash position of $25.3m at 31 December 2017.

Trinity Delta view: MaxCyte continues to execute its strategy successfully, delivering double digit growth for a third consecutive year, while also achieving a significant milestone in filing the IND for its first CARMA therapy, MCT-M11. The challenges of filing the IND should not be underestimated; CARMA is a novel cell therapy and the FDA takes a more cautious approach with such treatments.

We forecast that MaxCyte will continue to deliver strong growth in FY18 with sales increasing by 21% to $17.0m, as it benefits from the expansion of the advanced cell therapy/CRISPR field. Interest in its CARMA platform should also grow this year with MCY-M11 entering Phase I development. Our valuation of MaxCyte is £166m or 327p/share.


4 April 2018

Market Cap£127m
Primary exchangeAIM London
Company CodeMXCT.L / MXCR.L
Corporate clientYes

Company description

MaxCyte uses its patented flow electroporation platform to transfect a wide array of cells. Revenues arise from sale and lease of equipment, disposables and licence fees; with an impressive client list. Additionally, a novel mRNA mediated CAR technology, known as CARMA, is being explored in various cancers, including solid tumours.


Mick Cooper PhD
+44 (0) 20 3637 5042

Lala Gregorek
+44 (0) 20 3637 5043


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