Trinity Delta view: MaxCyte is approaching a landmark with the first regulatory filings for a programme under an SPL. We anticipate a first regulatory decision by year-end 2023 at the earliest. If approved, and pending payor/reimbursement discussions, the first launch of an SPL asset could occur in 2024. Exa-cel approval would have a major impact on MaxCyte’s FY24 revenues given that milestones for BLA/MAA approval are understood to typically be mid-seven figures (potentially per major region), with future revenues also benefiting from post-commercial income. Investment in in-house manufacturing scale up for near-to-mid-term commercialisation of partner products is supported by MaxCyte’s end-June 2022 cash balance of $240.9m. With a robust core cell therapy business and an advancing and growing SPL pipeline, we continue to view MaxCyte as a unique and diversified play on the whole cell engineering field, providing broad exposure across cell types, technologies, indications, and approaches. Our valuation is £980m ($1.27bn) or 964p/$12.53 per share.
Lighthouse
29 September 2022
| Price | 560p $6.25 |
| Market Cap | £569.7m $635.8m |
| Primary exchange | AIM London |
| Sector | Healthcare |
| Company Code | MXCT.L MXCT |
| 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. Key programmes with several clients are gaining greater visibility and approaching material value-inflections points. These will trigger a stream of milestone fees.
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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