MaxCyte has signed a commercial license deal with CRISPR Therapeutics and Casebia (a joint venture with Bayer) for its flow electroporation to be used to develop CRISPR-based therapeutics for haemoglobin-related diseases. The non-exclusive deal includes an upfront, milestones, and sales-based payments; and we estimate has an NPV of c $10m. There are some 40 cell therapies that use MaxCyte’s proprietary technologies in development (10 of which are licensed for use in the clinic); suggesting further similar deals could be expected over the coming years. We have increased our valuation from 253p to 308p a share.
| Year-end: December | 2014 | 2015 | 2016E | 2017E |
| Sales ($m) | 7.2 | 9.3 | 11.9 | 14.7 |
| Adj. PBT ($m) | (1.8) | (1.4) | (4.4) | (5.9) |
| Net Income ($m) | (3.8) | (3.5) | (4.9) | (5.9) |
| Adj. EPS (c) | (15.2) | (1.9) | (7.3) | (13.7) |
| Cash ($m) | 3.4 | 2.4 | 8.8 | 3.1 |
| EBITDA ($m) | (1.2) | (0.7) | (4.1) | (5.4) |
Update
14 March 2017
| Price (Sterling) | 260p |
| Market Cap | £113.2m |
| Enterprise Value | £109.5m |
| Shares in issue | 43.5m |
| 12 month range | 72.5p-272.5p |
| Free float | 67% |
| Primary exchange | AIM London |
| Other exchanges | NA |
| Sector | Healthcare |
| Company Code | MXCT.L |
| 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
Mick Cooper PhD
mcooper@trinitydelta.org
+44 (0) 20 3637 5042
Franc Gregori
fgregori@trinitydelta.org
+44 20 3637 5041
Exhibit 1: Summary of financials
Source: MaxCyte, Trinity Delta Note: Adjusted numbers exclude exceptionals. No commercial licensing deals are included in our forecasts
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