MaxCyte (MXCT) is maintaining excellent commercial momentum across its cell therapy business, which led to 21% year-on-year top-line growth to US$26.2mln in fiscal (FY) 2020. This included three new strategic licences with high profile cell therapy developers, a fourth signed post period, a rise in recurring revenues from instrument leases and disposable sales in cell therapy, accelerated by the receipt of milestone payments from partners. MaxCyte’s proprietary flow electroporation technology is cited as the gold standard in non-viral cell engineering by its industry-leading partners and is central to the value proposition of their therapies. Management states that its end-2020 pipeline comprised the largest number of potential strategic partners to date. If its partners’ clinical trials run to plan, there are several new drugs likely to reach the market over the next 5-10 years that can provide royalty income streams, in addition to the US$950mln of aggregate potential pre-commercial milestones.