Core business continues to deliver, as CARMA enters the clinic

Lighthouse | 24 September 2018

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  • MaxCyte increased revenues by 11.6% to $6.9m (compared to H117), while maintaining its gross margin at 89%, as reported in its trading update.
  • The operating loss before investment in its CARMA platform was maintained at $2.2m, and the overall operating loss increased from $9.5m in H117 to $10.7m, as the first CARMA product approaches the clinic.
  • There are now more than 55 cell therapy programmes using MaxCyte’s technology (over 50 at FY17), and notably the number of licenses to partners covering clinical stage programmes has grown by c 60% over the last year to more than 25.
  • There are also nine academic clinical trials with CAR-related (chimeric antigen receptor-related) programmes ongoing, which are supported by MaxCyte’s technology.
  • MaxCyte has received IND clearance to begin the Phase I trial with MCY-M11 (anti-mesothelin, CARMA-hMeso) in 15 patients with ovarian and peritoneal mesothelioma, the details of the clinical trial are now listed on The first patients should be dosed in Q418
  • The company’s cash position was $18.8m at H118.

Trinity Delta view: MaxCyte core business continues to make good progress, and it is particularly encouraging to see the large increase in licenses to cover clinical -stage programmes. At the same time, the company has achieved the notable achievement of getting IND clearance for its innovative cell therapy, CARMA, for oncology.

Our valuation of MaxCyte is £166m or 327p/share.



24 September 2018

Market Cap£122m
Primary exchangeAIM London
Company CodeMXCT / MXCR
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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