MaxCyte (MXCT) TD Cowen 45th Annual Healthcare Conference summary

Platform and technology differentiation

• ExPERT platform enables temporary delivery of diverse molecules into cells, supporting gene editing and cell therapy development.

• Electroporation technology achieves high transfection efficiency, cell viability, and cell health, optimized per cell type and molecule.

• Scalable transfection up to 20 billion cells, supporting T cells, NK cells, and TILs, with a focus on efficiency and reproducibility.

• Differentiation centers on process development, clinical scalability, and unmatched transfection efficiency.

• Drug Master File de-risks the transfection process, referenced in over 60 clinical trials, supporting regulatory submissions.

Market trends and business model

• Growth in cell and gene therapy is returning, with increased focus on allogeneic therapies and autoimmune indications.

• Instrument placements and recurring revenue from single-use disposables are rebounding, with disposables leading recovery.

• SPL agreements are leased, not sold, with annual revenue, clinical and regulatory milestones, and 1% average royalty on net sales.

• 18 clinical programs use the platform, split roughly 50-50 between allogeneic and autologous, spanning oncology and autoimmune.

• Expectation to sign 3–5 new SPLs annually, reflecting sustained demand and unique market position.

Industry expansion and opportunity

• Autoimmune disease applications are expanding, potentially more than doubling the cell therapy market opportunity.

• Repurposing of CD19 therapies for autoimmune diseases is a growing trend, with multiple customers pursuing this path.

• Blockbuster therapies are anticipated as cell therapies move into large autoimmune indications.

• Therapies are becoming more complex, with some customers making up to eight edits per cell.

• Standardization and reproducibility across multiple cell types and CDMOs are key customer requirements.