Maxcyte Share Discussion Threads

[nanopayments] 16/5/2022 14:48

MG1982, you're welcome. Here's the link from MaxCyte's investor relations page. You'll need to register: investors.maxcyte.com/events/event-details/bank-america-2022-healthcare-conference

[mg1982] 16/5/2022 14:44

nanopayments, thanks for the info. Are you able to post the link or at least say what to type in search to get the ppt?

Looking at investing here. Thanks

[nanopayments] 16/5/2022 14:29

The most recent Bank of America investor presentation is worth watching. Slide 9 is the first time I've seen MaxCyte do a NPV calculation for their SPL programmes. They break SPLs down into higher value, lower value and then do a weighted average. Pre-commercial milestones are similar between these buckets: $18m, $16m and $16m respectively. Post-commercial revenues are significantly different, both between buckets ($165m, $53m and $85m) and compared to the aggregated of pre-commercial payments. Their example assumes 1 in 6 SPL programmes (total so far = 95+) reaches commercial, so 15. If some of these are higher value, like CTX001, it will transform the company.

[nanopayments] 12/5/2022 19:46

gsbmba99 thanks for keeping us updated with the clinical progress of MaxCyte's customers. Very useful information.

[gsbmba99] 12/5/2022 16:53

Caribou today revealed initial data for CB-010, an allogeneic CAR-T therapy and a confirmed MaxCyte partnered product per Trinity Delta. Data is very early and only for 5 patients but the overall response rate of 100% and the complete response rate of 80% for the first dose level in a dose escalation trial is very good. The first dose level tends to be deliberately underpowered. I seem to recall that the initial dose level in MaxCyte's CARMA trial was described by Doug as non-therapeutic. CRBU shares are currently up about 18%.

Article in Endpoints News (which may require registration):

[mysteronz] 11/5/2022 19:19

It is a bargain, some companies may trade at less than cash in this harsh environment but MXCT isnt burning much cash and has sticky recurring revenue. In 12-24 months this will be a cash cow and people will look back at this price and say… what…..you could have bought some at the mid £3’s…..

[davep4] 11/5/2022 17:24

Mkt Cap of approx $400m, with cash of approx $270m - Maxcyte could be a bargain!

[nanopayments] 11/5/2022 15:14

It's a brutal market, especially for small cap biotech stocks. More than 20% of the Nasdaq biotech index is trading for less than the cash of their balance sheets. That didn't even happen during the Great Financial Crisis.

[74tom] 11/5/2022 14:15

Yep, same goes for RENX. I think both MXCT & RENX would be at least double their current market caps without NASDAQ, you just need to look at the likes of AGL which has held it's value despite a near 2 year FDA delay. At least MXCT raised a lot of cash last summer, so the listing was worth it in that respect (unlike RENX who now appear to be in survival mode).

[thetrotsky] 11/5/2022 13:51

Like every other day at the moment, the share are tanking on NASDAQ. With the benefit of hindsight, the worst decision ever was to list on the NASDAQ.

[nanopayments] 10/5/2022 16:40

Actually my bad, I had revenue for FY20 in my spreadsheet as FY21. So if there is no growth in core revenue from Q1, that would represent an increase of 22% for this year. So guidance does imply some growth, but I still think you are right about them being conservative, as Q4 is always the strongest quarter, so 25% shouldn't be too high a hurdle.

Glad to hear on the call that they aren't aware of any of their customers' clinical trials getting put on hold because of worsening economic conditions. Doug Doerfler also continues to sound optimistic about the pipeline for SPLs.

[adamb1978] 10/5/2022 15:10

nanopayments

They're sandbagging, similar to prior years. That guidance will be raised as we go through the year

ADam

[gsbmba99] 10/5/2022 11:23

CRISPR also reported yesterday. They repeated their intent to file global approvals by late 2022 for CTX001. Interestingly, they are launching two new Phase 3 studies for CTX001 for pediatric sickle cell disease and beta thalassemia. According to their corporate presentation, there are 360k annual births with sickle cell (300k) or beta thalassemia (60k). If successful, a label expansion to pediatric would further increase what Vertex and CRISPR already believe is a very large addressable market.

[nanopayments] 10/5/2022 09:27

I found their greater than 25% core revenue guidance to be disappointing. Either they are sandbagging, or they're expecting a slowdown during the rest of the year. Core revenue for Q1 was $9.5m or $38m on an annualised basis. That compares to $22.9m for FY2021. So if MaxCyte were not to grow revenue QoQ for the rest of this year, core revenue would grow 67%.

[trident5] 10/5/2022 08:25

Revenue may be up 78%, but excluding the discontinued CARMA operating expenses are up 77% and the net loss (without CARMA)is up from $3.2m to $4.1m. Too much cash on the balance sheet to tighten belts.

[gsbmba99] 25/4/2022 20:08

According to Trinity Delta's note on the Nkarta SPL from 4 November 21: "Nkarta will use MaxCyte’s transfection technology platforms to create and produce the genetically relevant (mbIL15 and CAR) NKs in a robust and consistent manner." If you have a look at slide 3 of Nkarta's clinical update ( it certainly appears that membrane bound IL-15 features in both NKX101 and NKX019 implying that MaxCyte technology is being used at least for the first two co-lead compounds. The other two compounds in development are partnered with CRSPR. The license from MaxCyte covers up to 10 products according to Nkarta's 10-K.

[davemac3] 25/4/2022 19:16

gsbmba, good info although Maxcyte didn't sign a deal until late last year so probably not Maxcyte tech, Thanks

[gsbmba99] 25/4/2022 16:07

Evaluate's article on today's clinical update announcement on NKX101 and NKX019 from Nkarta, a MaxCyte strategic partner licensee. NKTX shares have about doubled on the news. Nkarta says the results validate their platform. The Nkarta presentation says there are interim studies they plan to undertake such that, at the moment, NXK101 and NKX019 are not likely to be entering pivotal studies until late 2023 or 2024. Nkarta says both therapies would be eligible for potential fast track / breakthrough / RMAT designations which, if granted, might shave a few months off the approval process.

[nanopayments] 13/4/2022 14:16

Hi Adam,

Just to clarify, I was thinking about potential problems down the road. Higher inflation, a loss of consumer purchasing power and a recession, all things that are currently weighing on markets don't worry me too much, but MaxCyte is dependent on their customers moving treatments through the clinic. Many of these are small companies, and if it becomes more difficult for them to get capital as a result of volatility in the markets that would be a concern. There doesn't seem to be much indication of that at the moment and as you point out, the effects of compounding growth at >30% will at some point begin to exert upward pressure on the stock, which is also one of my core holdings.

[nimbo1] 13/4/2022 13:11

Amanda was really only there for the nasdaq listing.

[adamb1978] 13/4/2022 12:57

Hi Nano
Agreed about the CFO. She also doesnt have an accounting or public markets background. I read somewhere that she's a biologist who then got a masters in finance...therefore given where the company is today, I think they need a more conventional CFO

Interesting point about liquidity - I'm more relaxed about that given the long-term nature of their products (lack of cyclicality as you say) meaning they shouldnt be susceptible to short-term decisions.

I saw Trinity's DCF...from memory they assume 30% growth for the core business for 5 years, and then dropping to 3% terminal growth! The price doesnt seem outragegous to me at these levels...its a core long-term hold in my view

Adam

[nanopayments] 13/4/2022 11:28

That last post was a reply to adamb1978 and should have read "like you, I wasn't very impressed as she doesn't come across as very confident on investor calls."

[nanopayments] 13/4/2022 11:21

It isn't great that she's leaving after such a short time, but like you she doesn't come across as very confident on investor calls. By releasing preliminary results, the company is indicating that this wasn't the result of an impending problem in the business.

The $2m of SPL milestones we saw in Q3 21 was presented as being somewhat exceptional. Nice to see that repeat so quickly then and hopefully a sign that this part of the business is getting traction.

It's also go to see another quarter of >30% YoY revenue growth. The market, and growth stocks in particular have sold off on fears of higher rates, higher inflation and a potential recession. Demand for MaxCyte's products somewhat independent of these factors and is not cyclical in nature. The bigger worry for me is a liquidity issue - will funding dry up for its customers. That doesn't seem to be the case so far. In essence, I think a case can be made that because MaxCyte's revenue isn't cyclical it's of a higher quality and deserves a lower discount rate than is probably being applied. The bottom line is that if you add Trinity Delta's DCF value of the core business of £1.48 to cash on the balance sheet of $1.95, at today's share price you are paying £1.07 for future milestone and royalty payments. MaxCyte, a value stock?

[trident5] 13/4/2022 09:18

Company outgrown her?
Bit worrying that there's a handover period of several months for a company with annual revenue of about $40m. Should just take a few days.

[adamb1978] 13/4/2022 07:28

Very decent Q1 - $11m revenue, up 69% yoy. Core revenues up 38%. Had to be a good chance that they get into the $45m - $50m revenue range this year. The power of continued compound growth kicking in...

CFO leaving too. I wasnt ever that impressed by her on conference calls so could just be that the company has outgrown her. Would be surprised if a CFO voluntarily walked away from a company which has momentum, unless there were personal reasons