MaxCyte’s NASDAQ IPO heralds the start of a new era. Cash of c $256m (at end-Q321) will fund investment in consolidating and expanding its leading position in non-viral cell delivery and engineering. Increased pipeline visibility under its 16 current Strategic Platform Licences (SPLs), with four secured in 2021 and one YTD in 2022, increases confidence of a significant step up in potential revenue growth from 2023+ as milestone receipts start to smooth and more meaningfully augment core recurring revenues from instrument leases and disposable sales. MaxCyte is well funded to invest in its technologies and processes, including expansion into potential new applications and markets, and manufacturing scale-up in anticipation of partner product launches. Our valuation is £1.06bn ($1.37bn) or 1,045p/$13.58 per share.
