Driving the next generation of cell-based medicines · • Global cell therapy company driving the next generation of cell-based medicines based on proprietary flow electroporation

© 2019 MaxCyte, Inc. All Rights Reserved. | Company Confidential

Driving the next generation of cell-based medicinesDoug Doerfler | Founder, President & CEOAnnual results to 31 December 2018April 2019

LSE: MXCT / MXCS

Disclaimer

April 2019 CONFIDENTIAL 2

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3

Single technology platformFlow Electroporation®: Patented, proprietary large-scale and regulatory-compliant platform for cell engineering

Any Molecule.

Any Cell.

Any Scale.®

DNAmRNA, siRNA protein

Produce biologics for development

Redirect cells to kill

cancer

Edit and correctgenes

Cells to discover

drugs

CONFIDENTIALApril 2019

Underpins MaxCyte three-part business model

4April 2019 CONFIDENTIAL

Industry-Leading Cell Engineering Platform

5

Operational highlights


• Global cell therapy company driving the next generation of cell-based medicines based on proprietary flow electroporation technology

• High efficiency, reproducible, scalable cell engineering, overcomes need for viral vectors• Proprietary platform unlocks the potential of mRNA engineered stem cells, NK cells, and T-cells

• CARMA: Unique, novel mRNA-based CAR platform• First patient treated in Phase I dose-escalation clinical trial with MCY-M11, wholly-owned therapeutic candidate;

second trial planned to commence in 2019• Presentations at AACR 2019 Meeting and ASGCT 22nd Annual Meeting• Significant reductions in cell processing and manufacturing time

• Significant commercial momentum: Licenses granted to 70+ cell therapy programs, 35+ for clinical use excluding CARMA• New commercial agreements with CRISPR Therapeutics and Precision BioSciences• Research agreement with Kite, a Gilead Company, entered into in November 2018 expanded into multi-drug clinical

and commercial agreement in March 2019

• Strong and consistent revenue growth (24% CAGR) with ~90% margins provides validation and upside• Partnerships reduce need for capital• April 2019: Launched next generation of commercially-oriented instruments and consumables under ExPERT™ brand

MaxCyte: Three-part business model

CONFIDENTIAL 6

CARMACELL THERAPYDRUG DISCOVERY & DEVELOPMENT

Blue-chip client base including all top 10 and 20 of 25 top global pharma companies*

2018 – $17m2017 - $14m2016 - $12m2015 - $9m

Stable ~90% Gross Margin

$Multi-million Licencing

Opportunities

Cells to discover drugs Cells as drugs Direct cells to

kill cancer

Licenses granted to 70+ cell therapy programmes, 35+ for clinical use

CARMA: Next generation mRNA CAR-based product

* By revenue

April 2019

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

16,000,000

18,000,000

2014 2015 2016 2017 2018

Revenue in USD

Consistent Rapid Revenue Growth

Revenues from Life Sciencesbusiness

• Four-year revenue CAGR now 24%

Flow Electroporation®

Technology

April 2019 7

Diverse business model drives value

PartneredCell Therapy Programs

Enabling the development

of novel cell therapies

with leading players

CARMA Platform

Wholly owned next

generation mRNA

CAR-based product

Drug Discovery & Development

Instruments and consumables

sold to pharma and biotech

companies worldwide

CONFIDENTIAL

• MaxCyte solves problems for world’s largest pharma and biotech companies

• Instruments, processing assemblies and technology sold worldwide

• Drug discovery & development market- Higher productivity- Shortens timelines/eliminates bottlenecks- Commercial biomanufacturing market- Rapid response vaccines - Viral vectors

• Significant untapped market• Growing recurring revenue element• Consistent high margins

CONFIDENTIAL 8

Patient-focused drug discovery and biomanufacturing

1 Source: MarketsandMarkets, as of January 13, 2018

MaxCyte VLX for high volume biomanufacture

ExPERT STx for drug discovery

Global transfection market1

(reagents and equipment only)

$958m(2020)

7.5% CAGR

$677m(2015)

April 2018


Technology

April 2019 9


CARMA Platform

Wholly owned next

generation mRNA

CAR-based product




companies worldwide





CONFIDENTIAL

• Rapidly growing opportunity: 800+ companies developing cell and gene based therapies

• 70+ non-exclusive, non-CARMA programs currently licensed, 35+ for clinical use- GT instruments licensed for partnered programs ISO 9001, GMP compliant,

FDA cleared- Annual licensing fee + sale of processing assemblies

• Diversified exposure to leading developments in cell therapy in immuno-oncology, gene editing and regenerative medicine- Indications: solid and haem cancers, autoimmune disease, viral infections,

congenital disorders

• Validated multi-million $ commercial license/milestone opportunities• MaxCyte commercial license in gene editing with CRISPR/Casebia,

CRISPR (oncology), Precision Biosciences, Kite (A Gilead Company)- Announced commercial licenses could bring $250M+ in milestone payments

prior to product launches

10

Partnered cell therapy programmes

1 Source: Informa, Alliance for Regenerative Medicine. Total financing include M&A, PE and VC, PIPEs, Corporate partnerships, IPOs and follow-ons; not to scale

Upfront payments from M&A and corporate

partnerships Total financing

$7.6bn(2018)

c.$10.45bn(2018)

Strong Financing Momentum in Cell Therapy1

Partnered Cell Therapy Programmes

April 2019 CONFIDENTIAL

2011: 62013: 12

2015: 30+

2017: 50+

2018: 70+

http://www.upenn.edu/

11

Revenue potential across multiple applications/indications

Annual License Fees and Disposables + Share in Value of Therapeutic including Milestones

IMMUNO-ONCOLOGYRenal Cell CarcinomaPancreatic MesotheliomaTriple Negative Breast NeuroblastomaHodgkin’s LymphomaAMLPaediatric Leukaemia

GENE EDITING CAR THIVBeta-thalassemiaSickle Cell DiseaseCGDPAH

REGENERATIVE MEDICINERESEARCH CLINICAL COMMERCIAL

70+ Licensed

Partnered

Programmes

POTENTIAL

April 2019 CONFIDENTIAL

Oncology

Renal cell carcinoma

Pancreatic cancer **

Neuroblastoma

Hodgkin's lymphoma

Triple negative breast cancer

Leukemia

Ovarian cancer

Mesothelioma

Inherited Genetic Diseases

Beta thalassemia

Sickle cell disease

Severe combined immunodeficiency disease

Cardiovascular Pulmonary arterial hypertension

Infectious disease HIV

MaxCyte’s ‘enabling’ technology at the center of 70+ non-exclusive, non-CARMA drug development partnerships

CONFIDENTIAL 12

RESEARCH & CLINICAL PARTNERS* PRE-CLINICAL RESEARCH CLINICAL* NON-EXCLUSIVE COMMERCIAL RIGHTS

Onkimmune

* Confidential partners/programmes not listed** Includes limited exclusivity+ Potential for combined clinical and approval milestones >350M USD

• Programmes managed and funded by the relevant partner (not MaxCyte) under non-exclusive licences

• Regulatory agencies are accelerating approvals for novel therapies that treat serious disease

• 70+ pre-clinical research licences, of which 35+ are clinical programme licences, can result in MaxCyte capturing significant commercial value

Sickle Cell Disease

Chronic Granulomatous Disease

April 2019

+

+

+

+

Deal value

Research stage:Instruments and

disposables


Clinical stage:Development milestones,

technology access fees and disposables

Commercial stage: Transition to commercial

delivers a significant step-up in value

Growing upside (milestones and revenue share) as partner’s programs progress

Intellectual property: Strong issued patents and pending applicationsSignificant trade secret protection: Instrument, consumables, applications, CARMA™

8 / Rep

✓ Flow electroporation (2029)

✓ Method applications (2036)

✓ CARMA* platform

✓ *Methods of treatment

Intellectual Property High Efficiency

✓ Controlled / Consistent

✓ Scalable

✓ Non-toxic

✓ Skew therapeutic index

Clinically Validated✓ Technical support

✓ Regulatory support

✓ Provide FTO

✓ Enabling Technology

✓ GMP

✓ Regulatory master file

✓ In clinical trials✓ 70+ licensed programs,

35+ for clinical use

De-risked Product Profile







Technology

April 2019 15





companies worldwide

CONFIDENTIAL

CARMA Platform

Wholly owned next

generation mRNA

CAR-based product

• Unique platform has potential to target any protein in any indication- CAR therapies as initial application

• mRNA approach offers significant additional target opportunities in both solid and blood cancers

• High value product and platform licensing opportunities 16

CARMA™Potentially Safe, non-viral, commercial approach to cancer therapies

Blood Collection

PatientApheresis Product

Infusions

mRNA CARMaxCyte

Aliquot andCryopreservation

Multiple Doses

< 1 Day


CARMA: Patented transfection of mRNA into fresh (i.e., unexpanded, unselected) cells provides a simple, rapid to manufacture, dose controllable product• Permits the treatment of a broad range of cancers including solid tumors

Foundation work: transfection of mRNA into expanded cells at leading institutions• 9 independent clinical trials using MaxCyte transfected mRNA involving more than 20

patients; showing evidence of anti-tumor activity, including on solid tumors• No change in activity in expanded vs. fresh cells

CARMA: Reduced complexity, low cost, highly scalable; potential for increased safety• Pre-clinical CARMA in vivo studies progressing in solid tumor and leukemia models


CARMA™ platform The next generation of autologous CAR therapies in oncology

Activity of Mesothelin-specific Chimeric Antigen Receptor T cells

Against Pancreatic Carcinoma Metastases in a Phase 1 Trial

18

Phase 1 proof-of-concept for engineered mRNA expanded T cells in pancreatic cancerUniversity of Pennsylvania clinical study showed anti-tumor activity in humans

April 19

Complete metabolic reduction in liver FDG uptake at 1 month in all liver lesions- Three additional patients with metabolic stable disease- Two patients with stable disease by RECIST criteria

MaxCyte Flow

Electroporation®

engineered mRNA CART

meso cells demonstrate

clinical activity in

chemotherapy refractory

metastatic pancreatic

cancer

Meaningful progression-

free survival in 2 of 6

patients

Beatty et Al. Activity of Mesothelin-specific Chimeric Antigen Receptor T cells Against Pancreatic Carcinoma Metastases in a Phase 1 Trial

CONFIDENTIAL

CARMA

Low off-target toxicity due to shortened persistence

Rapid turnaround of cell therapy to patient (reduced CMC complexity)

Virus free

Simple, rapid manufacture

No pre-treatment required prior to patient dosing

Multi-dose allows greater potentialcontrol of safety

Solid and liquid tumors

19

CARMA™ versus other autologous CAR therapies

OTHER CARs

Uncontrolled toxicity

Much longer turnaround time to patient

Often employ viral components increasing risk of toxicities

Potential delays due to manufacturing capacity and reliance on viruses

Pre-treatment required

Single dose

Liquid tumors

April 2019

DOSE #2

Reactivates immune system

DOSE #3

Generates an immune cascadeOvercome immune tolerance

DOSE #1

MaxCyte CAR triggers immune cascade Reshaping the endogenous immune system to a more effective environment

April 19

Multiple dosing potentially leads to:Tumor Lysis

Release TAA, Epitope SpreadingCytokines

ChemokinesRecruit Inflammatory Cascade

Tonsils

Lymph Nodes

Thymus

Spleen

Lymph Nodes

22CONFIDENTIAL

April 2019 21

MCY-M11Phase 1 clinical trial

DL1: 1 x 107

cells/doseWeekly dosing x3

DL2: 5 x 107


DL3: 1 x 108


DL4: 5 x 108


CONFIDENTIAL

Dose Escalation 3+3 Design Intraperitoneal

First and second patients dosed 4Q 2018, no adverse events observed

Mesothelin (MSLN):First solid tumour target for CARMA™

• GPI anchored membrane protein (~40 kDa)• Shown to bind to CA-125 suggestive of role in cell

adhesion, tumour invasion and metastasis• Very low expression on normal tissues, mainly

restricted to “non critical” tissues• Over-expressed on multiple adenocarcinomas with

high unmet medical need- Mesothelioma, Pancreatic & Ovarian (~80%+)- TN Breast, Lung, Gastro-esophageal, colorectal (~40%+)

• Currently available clinical experience:- Established ability to specifically target mesothelin and localize to

mesothelin positive tumors- Established preliminary safety- Demonstrated early signals of clinical benefit- Observed evidence of immune activation and induction of mesothelin-

specific T cell responses

22

Cancer Discov. 2016 Feb; 6(2):133-46, Pastan, PNAS (1996)

Frequency and distribution pattern of the MSLN protein in solid malignancies


IV

IV

IVIP

IP

IV

IV

PRE-CLINICAL RESEARCH

POTENTIAL CLINICAL INDICATION DISCOVERY OPTIMIZATION IND-ENABLING PHASE 1 MARKET (PATIENTS)

IP Delivery Mesothelin Targeted Therapies

Ovarian Cancer, Peritoneal Mesothelioma

30K

IV Delivery Mesothelin Targeted Therapies

Further solid tumor Indications 110K

AML (CD123 Targeted Therapy) 5K

Undisclosed Targets

Dose first patient in 2019

CARMA™ pipeline – Wholly owned by MaxCyteStrong therapeutic potential in solid tumors and other diseases

April 2019 23

Dosed first patient in 2H18

Current Status Expected Status: End of 2019

CONFIDENTIAL

Sources - https://seer.cancer.gov/statfacts/html/ovary.html; https://academic.oup.com/annonc/article/27/11/2017/2467050 https://seer.cancer.gov/statfacts ; https://academic.oup.com/annonc/article/27/11/2017/2467050 ; https://www.medscape.com/viewarticle/727195_2 ; https://www.cancercenter.com/lung-cancer/types/tab/non-small-cell-lung-cancer/Primary market research analysis of published literature on meso expression in all tumors, data on file, 2017

https://seer.cancer.gov/statfacts/html/ovary.html

https://academic.oup.com/annonc/article/27/11/2017/2467050

https://seer.cancer.gov/statfacts

https://academic.oup.com/annonc/article/27/11/2017/2467050

https://www.medscape.com/viewarticle/727195_2

https://www.cancercenter.com/lung-cancer/types/tab/non-small-cell-lung-cancer/


2018 financial highlights

Accelerating revenue growth in 2018• 2018 revenues of $16.7 million

o 19% growth vs 2017o Revenue accelerated in H2 2018 ($9.7 million), increasing approximately 25% over 2H2017

• Gross margins remained stable at ~90% • EBITDA for 2018 ($.8M before CARMA) improved over expectations and 2017 ($1.2M before

CARMA) • High proportion of recurring revenues• Aggregate potential milestone payments from the commercial agreements are currently in excess

of $250 million (excluding any royalty payments)• CARMA investment $6.5 million

Cash and short-term investments of approximately $14.4 million at 31 December 2018• Partnerships reduce need for capital


Summary: Full-Year 2018 Financials

Revenue Analysis• Recurring revenues from

disposables sales and Cell Therapy instrument licenses

• Four-year revenue CAGR now 24%

• Potential for accelerating revenue growth and larger deals from:

• Commercial rights deals for partnered programmes in Cell Therapy

• Development deals based on CARMA progress and human proof-of-concept data

7.2

8.4 9.3

10.6

12.3 13.0

14.0 14.7

16.7

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

2014 2015 2016 2017 2018

MaxCyte Total Revenue TTM in (M’s) as of 12/31/2018

TotalNote: financial information presented under US GAAP

MaxCyte- Strong revenue growth year-on-year 2014-2018 (24% CAGR) and consistently strong

gross margins

CARMA™- MCY-M11: Clinical trial progressing as planned with no adverse events observed to date- Phase one completion expected in 1H2020 - Initiation of second program in 2019

Cell Therapy- Additional commercialization license deals signed in 2018/2019 with leading industry

partners provides a significant expansion of pipeline and milestones - Accelerating adoption leads to expanding recurring revenue from licenses and

disposables sales- Continue to invest in product development to enable partners to commercialize novel cell

based medicines- Advance proprietary gene correction process as potential long term treatment for

inherited diseases

Drug Discovery - Industry leading performance driving growth in global biotech/pharma market- Driving top-line growth with investment in sales and marketing


Strong outlook for 2019 and beyond

Thank You! www.MaxCyte.com

MaxCyte at forefront of the cell therapy revolution:Solving challenges critical to industry success


A validated and differentiated approach to cell engineering

Simplified manufacturing Regulatory complianceRegulatory Compliant, Non-viral, Scalable

Efficiency & Potency

Cellular Engineering

Reproducible Therapeutic advancement

Safe

CONFIDENTIAL 29

Operating Results: FY 2017-2018

Millions December 31, 2017 December 31, 2018

Revenue $14.0 $16.7

Costs of goods sold 1.4 1.8

Gross Margin 90% 89%

Operating expenses

Research and development 3.8 6.7

CARMA research and development 7.5 6.5

Sales and marketing 6.0 6.0

General and administrative 4.5 5.0

Operating loss before CARMA (1.8) (1.9)

Operating loss (9.3) (8.4)

Interest expense/income 0.6 0.4

Net loss (9.9) (8.9)

Note: financial information presented under US GAAP

April 2019

Operating Expenses include $0.5M and $1.3M in non-cash stock option compensation expense in 2017 and 2018, respectively.

CONFIDENTIAL 30

Summary Financials: Balance Sheet


Assets December 31, 2017 December 31, 2018

Current assets:

Cash and cash equivalents, including ST investments $ 25.3 $ 14.4

Accounts receivable 3.2 4.9

Inventory 1.3 2.2

Other current assets 0.7 0.9

Total current assets 30.6 22.5

Property and equipment, net 0.8 1.8

Total assets $ 31.4 $ 24.3

Accounts payable, accrued and other 4.3 4.1

Deferred revenue (ST and LT) 2.2 2.8

Total current liabilities 6.5 6.9

Other Non-current Liabilities 0.2 0.0

Note payable, long term 5.0 5.1

Total liabilities $ 11.8 $ 12.0

Total stockholders' equity (deficit) $ 19.6 $ 12.3

April 2019

CONFIDENTIAL 31

Summary Financials: Cash Flow


31 December 2017 31 December 2018

Cash flows from operating activities:

Net loss $ (9.9) $ (8.9)

Balance sheet changes 0.2 (1.6)

Net cash used in operating activities (9.7) (10.5)

Cash flows from investing activities: (0.6) (3.9)

Cash flows from financing activities: 23.9 .2

Net increase (decrease) in cash and cash equivalents 13.6 (14.1)

Cash and cash equivalents, beginning of period 11.7 25.3

Cash and cash equivalents, end of period $ 25.3 $ 11.2

April 2019

Expected 12-month news flow

CONFIDENTIAL 32

Program Milestones / News Flow Timing

CARMA™

• IND cleared for CARMA MCY-M11• CARMA First in Human • Initial CMC Validation and Safety Data• Expansion of CARMA programs

July 2018 √ 1Q2018 √ 1H 2019Ongoing

Cell Therapy • Development of additional cell therapy programs Ongoing √

Corporate/Drug Discovery & Bio-manufacturing

• Deal announcements as they occur Ongoing √

April 2019

Documents

Driving the next generation of cell-based medicines · • Global cell therapy company driving the next generation of cell-based medicines based on proprietary flow electroporation