Good to see commercial license #13 roll in this morning
Welcome Celularity!
$MXCT
investegate.co.uk/maxcyte--inc./…
Celularity is an interesting one - they were spun out from Celgene (now owned by Bristol Myers) a few years ago and is going public through a SPAC. Very well funded.
Bristol Myers remains a significant share holder.
May 21, 2021 • 9 tweets • 3 min read
There's a natural thread to pull on following my thread last week on the need for Maxcyte $MXCT in next generation cell therapies.
What are the original CAR-T pioneers doing in this area?
Very important news for Maxcyte $MXCT last night from its commercial partner Allogene
We received the first phase one data from an allogeneic CAR-T and it showed comparable efficacy and safety to autologous alternatives.
If this is all French to you, then let me explain...
Autologous therapies take a patient's own cells (in this case T cells), engineer them, then reintroduce them.
Allogeneic therapies use cells from a healthy donor that can simply be taken "off the shelf" and infused.
May 12, 2021 • 23 tweets • 5 min read
After almost a year of feeling overwhelmed by the complexity of the cell & gene therapy field, I finally feel able to express some updated views.
In this thread I am going to explain why I think Maxcyte $MXCT is a bigger opportunity than I ever realised...
When I first invested in Maxcyte, I framed the opportunity like this:
Either viruses or electroporation can be used to insert DNA into cells, but the latter has some cost and speed advantages.
Exited CDON and CLPT as they ran up largely due to valuation.
Also a bit concerned with the overwhelming negative feedback that CDON gets from my Swedish friends 😂
Sadly also had to exit Enlabs as Entain upped their bid and acquired the company.
Mar 29, 2021 • 6 tweets • 1 min read
A short thread on the gene delivery methods used by the biotechs in the gene/cell therapy space...
Not seen this anywhere else so had a go at compiling it myself in the table below
My takeaways:
- Ex vivo (CAR-T and sickle cell, specifically) are the furthest along in the pipelines.
- Within ex vivo, most seem to be using electroporation and within this Maxcyte $MXCT has the overwhelming majority.
Jan 21, 2021 • 12 tweets • 3 min read
Not much to mention from the Maxcyte $MXCT call yesterday
So instead I thought I'd try to answer a question I get asked a lot...
How do you value Maxcyte?
Each drug that is going through trials on Maxcyte's platform has the potential to be enormously valuable if approved.
This chart shows the massive inflection in such a scenario.
So what recurring revenue would Maxcyte get?
Jan 12, 2021 • 18 tweets • 4 min read
As promised, a thread on one of my largest holdings going into the new year...
Allow me to introduce Smart Eye, "the king of DMS"
A little background first
Driver monitoring systems (DMS) are a soon-to-be-introduced safety feature in cars.
As the name suggests, they monitor drivers to ensure they are not tired or distracted while driving and gives them a nudge if they are.
Jan 2, 2021 • 7 tweets • 2 min read
Finished the year +241%. Nothing to add that hasn't been said. A ridiculous year for many of us. Soak it in while it lasts.
In case it wasn't obvious, I am very excited by Maxcyte.
An eerily similar set up to GAN this time last year. Underappreciated in the UK, US comps trade at much higher valuations, and an impending NASDAQ listing.
Difference is Maxcyte is a *far* better business.
Oct 28, 2020 • 15 tweets • 3 min read
THREAD: Long Intellicheck $IDN
Intellicheck has unique ID verification software, growing high DD with potentially 85% incremental margins.
It's a small cap and not easy to see the competitive advantage so has been left behind other US software names. Only ~8x '21 revenue.
Intellicheck's software plugs into a retailer's POS and allows the clerk to verify whether a customer's driver's license is real, which it does by scanning the barcode on the back.
Sounds very simple.
Aug 6, 2020 • 18 tweets • 4 min read
THREAD: Long Maxcyte (MXCT LN)
If it ain't broke don't fix it. Maxcyte is another AIM-to-NASDAQ relisting.
Exciting area with very little competition, 90% gross margins and 20-30% growth in core business.
Would trade at a materially higher valuation in the US.
Maxcyte's core business is producing electroporation systems.
To simplify: this entails using electricity to temporarily make cell membranes permeable, thus allowing genetic material to be inserted.
Jul 1, 2020 • 20 tweets • 3 min read
THREAD: Long Renalytix AI (RENX LN)
Similar to GAN, Renalytix is an AIM-to-NASDAQ relisting.
The potential is pretty exciting and based on US-analogues there is plenty of upside.
Renalytix is the developer of the KidneyIntelX diagnostic platform.
It uses a combination of three blood-based biomarkers and data from patients' health records to establish a risk score for the likelihood of worsening kidney disease.
Jun 4, 2020 • 17 tweets • 4 min read
It's been mentioned a couple times, but think it's still firmly under the radar.
So time for a thread on my second largest holding - German small cap Endor AG
Endor owns the premium simulated racing brand Fanatec
This is an obscure area for most, so let me break it down. A sim racing rig consists of three main components: a wheelbase, steering wheel, pedals.
As players advance they also get a specialist seat and gear stick/handbrake
May 2, 2020 • 12 tweets • 2 min read
The only IPO happening this coming week in the US is a company I know well - GAN
I've come to believe that the best way of understanding the business and its potential is through analogy.
Hopefully this thread can explain why it's worth a look on Tuesday.
The UK is the world's largest and most mature online gambling market.
Operators are typically centred on sports betting (Betfair, Paddy Power, Ladbrokes, William Hill, etc), but they also offer online casino gaming as a profitable cross-sell to their customer base.
Mar 17, 2020 • 7 tweets • 1 min read
Small update on where I think GAN is at the moment for anyone who went in following my tweets.
Although judging by the share price, everyone has sold!
They did £6.6m of recurring revenue in 1H19, of this:
- Simulated is £2.3m and this will have gone up. GAN has won three new clients since then (JACK, Agua Caliente, Snoqualmie).
No reason people being home wouldn't cause this to increase on like-for-like basis anyway.
Mar 11, 2020 • 9 tweets • 3 min read
Some interesting buying opportunities cropping up in European small cap.
Kambi (KAMBI SS, $337m mcap) looking pretty incredible to me here.
A short thread...
Kambi is an outsourced online sports book for sub-scale operators.
It was span out of Kindred a few years ago as they believed the complexity and rising cost of offering in-play betting was going to necessitate opening their sports book infrastructure up to others.
Dec 28, 2019 • 15 tweets • 4 min read
A thread on my number one holding...
It's small and very illiquid, but I'm probably done buying now so happy to bring some attention to it!
GAN is somewhat known in the European small cap community, but I suspect not on the other side of the pond. So here's the low down...
GAN supplies player account management software (PAM) to the online gaming and sports betting industry.
I often find it hard to understand what different types of software do, as it's rarely made clear. So here is a non-exhaustive list to illustrate the importance of PAMs:
Jul 3, 2019 • 19 tweets • 5 min read
1/ Have been meaning to do a thread on Soitec for a while.
Relative to the impact it will have on the world I'd wager that it's one of the least known stocks in Europe.
It's my second largest position and even though it's had a good run I think there's still some way to go.
2/ Soitec has had a chequered history to say the least; it nearly went bankrupt a few years ago thanks to an ill-advised venture into solar panels.
In 2015, however, a new CEO was appointed and he ultimately refocused the business on its crown jewel, SOI.
Jun 3, 2019 • 13 tweets • 4 min read
2010 investment thesis for Farfetch $FTCH from Felix Capital
Average Farfetch $FTCH price points vs rivals
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