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Maxcyte (MXCT) thoughts heading into 2021. Maxcyte has 2 business and there are near term potential valuation triggers for both. I have no idea whether current price is up with events and there is a trading update w/c 18th Jan.
1. The life science business which provides the commercialisation platform to non-viral gene therapy co's should list on the Nasdaq during 2021. Maxcyte makes sales from equipment sales, ‘razor-blade model’ sets, milestone payments (c$800M contracted) and royalties on sales.
11 commercial licenses signed with CRISPR, Editas etc are options on their partners success in the gene editing space.
2020 saw significant progress with Crispr and sickle-cell. https://www.nature.com/articles/d41586-020-03476-x
The CRISPR Cas9 drug has sell side estimates of $1.6B at peak sales.
2020 saw significant progress with Crispr and sickle-cell. https://www.nature.com/articles/d41586-020-03476-x
The CRISPR Cas9 drug has sell side estimates of $1.6B at peak sales.
Maxcyte commercial agreements stipulate single digit royalties – so assuming 5% this could be $80m.
The above drug is 1 programme out of 90 programmes currently in clinic across their 11 partners.
The above drug is 1 programme out of 90 programmes currently in clinic across their 11 partners.
2. CARMA – moving toward independent financing (Jan update coming). Analyst reports value this to date at $100-150M. MXCT have invested $50M. Attributing a valuation is difficult due to unknowns about targets. There are listed compables, one has an EV in excess of $1B.
Current trading – MXCT announced trading ahead via Dec 23rd rns. In Sept 2020 results they state ‘In addition, the outlook for 2021 continues to strengthen significantly, due to our current progress and our partners' ongoing advancement towards milestone events in the coming yr.’
