Trinity Delta view: The broadening of the existing MCY-M11 Phase I dose escalation to patients who have been preconditioned and for multiple treatment cycles augers well for the quality of, and regulatory support for, the data being generated currently. This study expansion has been made possible by the clean safety profile demonstrated by MCY-M11 to date and has the potential to further enhance the efficacy of MaxCyte’s lead CARMA programme. We note that the next MCY-M11 data point, preliminary clinical data from the no-preconditioning cohorts, is expected in H220.
Clinical progress of MCY-M11 and the operational progress of CARMA Cell Therapies should bolster MaxCyte’s plans for this wholly-owned subsidiary to be self-funded by end-2020.
We detailed the strength of the MaxCyte investment case in our May 2020 Outlook, and currently value the company at £260m or 340p/share. The core business is valued at £158m or 206p/share (£83m or 108p/share for recurrent revenues; £49m or 64p/share for potential milestones), with CARMA Cell Therapies at £103m (134p/share). MaxCyte has continued to make steady progress in executing its strategic plan, despite COVID-19 related headwinds, and we expect to revisit our valuation assumptions following release of H120 results in mid-September.
Lighthouse
18 August 2020
| Price | 335.0p |
| Market Cap | £258.5m |
| Primary exchange | AIM London |
| Sector | Healthcare |
| Company Code | MXCT MXCL |
| Corporate client | Yes |
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.
Analysts
Lala Gregorek
lgregorek@trinitydelta.org
+44 (0) 20 3637 5043
Franc Gregori
fgregori@trinitydelta.org
+44 (0) 20 3637 5041
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