MaxCyte : 2020 Annual Report

Annual Report

and Accounts 2020

Driving the next generation of cell-based therapies

2020 HIGHLIGHTS

MaxCyte® is advancing the next generation of cell-based therapies by unlocking the power of the human cell.

Revenue

(USD '000s)

20$26,169

19$21,621

18$16,667

17$13,985

16$12,270

Contents

Strategic Report
Highlights	1
At a glance	2
Investment case	4
Chairman and Chief Executive Officer's
joint review	6
Focus on corporate social responsibility	9
Life sciences	10
Financial review	14
Principal risks and uncertainties	16
Governance
Leadership team	18
Board of Directors	20
Directors' report	22
Corporate governance report	23
Compensation report	25
Directors' responsibilities	27
Audit committee report	28
Financial Statements
Report of independent registered
public accounting firm	29
Balance sheets	30
Statements of operations	31
Consolidated statements of changes
in stockholders' equity	32
Statements of cash flow	33
Notes to financial statements	34
AGM notice	45

	All financial amounts are in USD unless noted
	otherwise.
d	MAXCYTE INC ANNUAL REPORT AND ACCOUNTS 2020

Revenue growth	Revenue growth
from 2019 to 2020	from 2016 to 2020

21% 23%

Five-year CAGR

MAXCYTE INC ANNUAL REPORT AND ACCOUNTS 2020

STRATEGIC REPORT Governance FINANCIAL STATEMENTS

Gross margin					Cumulative total
						instruments placed
20		89.4%	20							400+
19		88.4%	19						320+
18		89.0%	18					250+
17				89.6%	17				200+
16			89.3%	16			150+

Gross funds raised

February 2021May302020

$55.3m $ .5m

Aggregate potential pre-commercial milestone payments from commercial agreements signed to date

>$950m

Operational highlights

• Expanded team of application scientists and increased number of collaborations to support use of MaxCyte technology in developing novel engineered next-generation cell therapies
• Significant commercial momentum in transformative therapies - three new strategic platform licences signed during 2020 with leading cell-therapy developers Allogene Therapeutics, Caribou Biosciences and novel therapy company APEIRON Biologics and a fourth strategic platform licence signed with Myeloid Therapeutics in January 2021

• Continued to introduce new processing assemblies within the ExPERT™ brand series of commercially‐oriented instruments and disposables to meet customer demands
• Bolstered the senior management team with several key appointments and a leadership promotion
• As announced in January 2021, MaxCyte is now focusing on out-licensing CARMA® platform manufacturing processes, pre-clinical and clinical data, and intellectual property (IP)

MAXCYTE INC ANNUAL REPORT AND ACCOUNTS 2020

1

AT A GLANCE

Technology is just the beginning

Our mission

We believe in the vast potential of next-generation cell therapies to have a meaningful impact on the millions of patients worldwide who, despite medical advancements, live with unmet medical needs across a variety of diseases. Our aim is to be the premier cell-engineering platform technology to support the development of advanced therapeutics.

Who we are

We are dedicated to advancing cell-engineering through application of our proprietary delivery platform and collaborative partnerships.

We are uniquely positioned at the centre

of next-generation cell therapy development, which aims to unlock the power of human cells to treat disease.

What we do

We help bring the promise of the next generation of cell therapies to life. Our Flow Electroporation® technology and ExPERT™ platform enable our partners to accelerate, streamline, and improve the drug discovery and development process from the early stages of research to commercialisation.

How we do it

The MaxCyte offering to partners is driven by ground-breaking technology, which allows customers to scale up from research to cGMP all in one platform - reducing clinical risk. Our talented and dedicated team of sales representatives and application scientists, of which 20 are in the field, works closely with our partners all along the development pathway to achieve clinical and commercial success. In addition, our FDA Master File and Technical Files, which have supported 30 clinical trials to date, help reduce our customers' regulatory risk.

Partnered programmes

Continued growth in total licensed programmes

									Total strategic platform licences*
															12
2020								100+	140+
													8
2019						70+	100+
2018												3
			35+		70+							Licensed for
2017												1
	20+			50+							clinical use
											0		Total partnered
2016		15+		40+
																	programme
	0		30		60	90	120	150
									licences

* Between 1 January 2017 and 31 January 2021

2	MAXCYTE INC ANNUAL REPORT AND ACCOUNTS 2020