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.
