New products, new deals, attractive prospects

Lighthouse | 15 July 2020

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  • MaxCyte’s trading statement highlighted the positive momentum across all aspects of its business, with H120 revenues expected to be up an impressive c 30% on H119 to $10.9m (H119: $8.4m) despite the impact of COVID-19. This strong financial performance reflects increased adoption and product usage by its client base, and growing milestone income from the expanding portfolio of clinical and commercial licences.
  • During H120 and into July, MaxCyte added three new clinical and commercial licence agreements with leading cell therapy and emerging immunotherapy players: Allogene Therapeutics, Caribou Bioscience, and Apeiron Biologics. MaxCyte now has more than 120 licenced partnered programmes, with 90+ licenced for clinical use. Aggregate pre-commercial milestones from its 11 commercial deals exceed $800m.
  • The launch of a new ExPERT range of expanded research and GMP grade disposables for complex cellular engineering demonstrates the company’s responsiveness to addressing customer needs and enables it to exploit additional growth opportunities with new and existing clients.
  • Progress continues with CARMA Cell Therapies, on both the operational and clinical perspective. It is now a wholly owned subsidiary to facilitate independent investment and new partnership(s), with an expectation that it will be self-funded by end-2020.
  • Clinical data at ASCO 2020 from the first CARMA therapeutic candidate, MCY-M11, confirmed no dose-limiting toxicities or treatment related serious adverse events in the first three dose cohorts of the ongoing Phase I trial, and the feasibility of one-day manufacturing. A fourth dose cohort began in March 2020. Preliminary clinical data is expected H220.
  • MaxCyte is well-funded following its $30m equity raise in May 2020. Lead investors, Casdin Capital and Sofinnova Partners, two specialist life science NASDAQ crossover investors, are expected to support MaxCyte in its plans for a dual listing on NASDAQ, with filing anticipated in 2021.

Trinity Delta view: MaxCyte’s H120 trading update underscores its resilient business model, despite challenging times, as well as boding well for its long-term growth prospects. Continued development and futureproofing of its product offering to meet the needs of its customers and partners, will help cement MaxCyte’s position as the clear leader in non-viral cell modification. The growing stable of clinical/commercial deals with well-funded next-generation gene editing and cell therapy companies cover increasing diverse product candidates. This emphasises the versatility of MaxCyte’s enabling technology and increases the likelihood of meaningful future milestone receipts. We currently value MaxCyte 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). We will revisit our valuation assumptions after H120 results are released in September.


15 July 2020

Market Cap£169.3m
Primary exchangeAIM London
Company Code
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.


Lala Gregorek
+44 (0) 20 3637 5043

Franc Gregori
+44 (0) 20 3637 5041


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