MaxCyte (MXCT) The 44th Annual William Blair Growth Stock Conference summary

Industry trends and outlook

• Cell and gene therapy is rapidly evolving from symptom management to potential cures for hereditary and oncology diseases, with ex vivo non-viral engineering gaining momentum over traditional in vivo viral methods.

• The field is experiencing a shift toward more complex therapies, including multiple gene edits and expansion into autoimmune and infectious diseases.

• Regulatory acceptance is increasing, with over 60 clinical trials referencing a single Master File, streamlining the path to clinic.

• The approval of Casgevy for sickle cell disease marks a milestone, validating non-viral cell engineering and opening doors for further product approvals.

• The next 2-3 years could see six additional product approvals, with a pipeline of over 160 programs and a goal of 3-5 new licenses annually.

Technology and platform capabilities

• Proprietary electroporation technology enables efficient, scalable, non-viral cell engineering from research to commercialization.

• The platform supports both autologous and allogeneic therapies, with the ability to transfect up to 20 billion cells per batch.

• Over 100 in-house protocols allow high efficiency and viability for diverse cell types and gene editing payloads.

• Seamless transition from small-scale research to large-scale clinical manufacturing reduces development delays and costs.

• Dedicated scientific and field teams provide hands-on support, optimizing protocols and ensuring high success rates for partners.

Business model and financial performance

• Dual revenue streams: razor-razorblade model for research and bioprocessing, and a licensing model for clinical and commercial use.

• Licensing agreements include annual fees, clinical and marketing milestones, and royalties on net sales (about 1%).

• 28 strategic platform licenses signed, covering over 160 programs, with 16 in clinical trials and one commercial product approved.

• Q1 2024 revenue was $11.3 million, with $9.9 million gross profit and 88% gross margins; cash position at $202.5 million.

• Five new licenses signed in 2024, including with Legend Biotech, supporting continued growth and validation.