MaxCyte, Inc. (MXCT) Earnings Call Transcript & Summary

Well, thank you, and good afternoon, everyone. It seems a bit surreal that a year ago, we were all together talking about MaxCyte, and we are really pleased to present with you and talk with you about our trading update for 2020. With me on the call is Amanda Murphy, who is our new Chief Financial Officer, and we look forward to discussing any questions you may have after this short presentation. So Sarah, if you can move to Slide 2. This is the disclaimer, please refer to our written statements. So Slide 3, we've had an excellent year. So we -- as you all know, we are the market leader in our non-viral cell engineering technologies, specifically flow electroporation because of its high efficiency, reproducibility, scalability and the team that worked so closely with our customers and partners. We work across a broad array of cells, and we continue to add more cells as groups, clinicians, discover the power of cells and using these individual cells as cell therapies. The company continues to develop and refine what is becoming a rather novel and powerful business model with revenues that have high recurring aspects. We have this razor/razor blade economics as well as we capture a part of the product economics through milestones and sales-based payments or royalties. And we continue to show strong high gross margins across our portfolio. So our full year revenues for this year were $26.2 million, which is a 21% growth over 2019. And our second half revenues was $15.3 million, which was 15% over the second half of 2019. What is also very -- I think very promising for us is that we now have potential pre-commercial milestones in excess now of $950 million, and our licensed partner programs now exceed 140 with more than 100 programs licensed for clinical use. So those numbers continue to track a good, strong upward trend. And we expect our 2021 revenue growth to accelerate compared to 2020 based on the existing partners clinical progress, and we have a very robust pipeline of potential strategic partnerships that we're in the process of developing. Many of you have been very interested in the CARMA cell therapy part of our business. And we have, as you all know, we have been signaling to the investors and our shareholders that we will not continue to invest in that program going forward. We've done a significant amount of outreach and with specialist investors and partners. And we really determined that the best path for us is to take the CARMA manufacturing platform, which, again, is a single day manufacturing for cell therapies and an extensive IP portfolio, bring that in-house and license that as part of the MaxCyte portfolio of technologies and platforms that we can provide to our partners. I think you would agree that we're quite good at doing this. This is a vital part of our business, and we think we leverage that into getting the best outcome for CARMA. We also remain on schedule to pursue our NASDAQ listing in 2021, and I'm sure you'll have questions about that. We can move to Slide 4. It's been a very challenging year for all of us. And I'm -- in addition to the financial results we have, I'm also very proud to report the extent of the team that we've been able to build and continue to build at MaxCyte, Amanda, of course, our new Chief Financial Officer has joined us -- who joined us in the third quarter. Brad Calvin, who we just promoted to Chief Commercial Officer. Many of you have met Brad. Brad was present at our Capital Markets Day that we had, which feels like a very, very long time ago. Maher Masoud is our -- now our General Counsel, and we just recently brought in Steve Nardi as Vice President of Manufacturing. Steve, is specialist in manufacturing of single-use disposables. He did that with one of his major companies, which is Haemonetics, a U.S.-based company that sells blood products into the transfusion medicine market. So we're quite pleased with our ability to attract these really key leaders and our ability to really begin to accelerate the growth of this business as we move toward, we believe, a very exciting 2021. Slide 5 is new, but I think that the message is the same. We have a high-performance technology. It's very flexible, completely scalable and very, very high quality, and that's allowed us to, I think, be in a position that we are in, in terms of leading the field in non-viral cell engineering, specifically in the cell therapy space. Slide 6 is to give you a sense of the breadth now of our support we can provide to our partners. And this is something that we've been developing over the last several years, and we have been introducing our new products, the ExPERT line, which you're aware of, which was close to 2 years ago. But in addition to that, we've been adding single-use disposables to the line, which provides usability from our platform from the very early stages of design of experiments all the way through the validation and verification into clinical development and eventually onto the market. And the single platform from concept to clinic really provides a unique capability for our partners because they can leverage our expertise, and we really do reduce the risk that they have in developing these therapies and moving them through the clinic. On to Slide 7. Again, many of you are familiar with our product part. Again, this is not a services business. It's all products business. And on the left-hand side, the purple bit is where we sell our instruments into big pharma and big biotech in order for them to do drug discovery and drug development, small molecule discovery and biologics development. It's been quite an interesting year because this technology can be used for rapid monoclonal development and manufacture, which, of course, is -- it's becoming a major element in the fight against the COVID-19 and other variants. This is a business that has -- we sell instruments, single-use disposables. So this is the razor/razor blade business with 90% gross margins. On the right-hand side is the revenue model, which we think is unique in the industry, and this is where we license the technology on a nonexclusive basis across the cell therapy field. And there, we sell single-use disposables. We receive milestones and either royalties or sales-based payments based on strategic partnerships that we license. And we now have 12 of those partnerships that I mentioned with over $950 million in milestones. So this is a very, very important part of our business, not only that we can support our partners as they develop medicines for patients who really have no alternatives. But it really does help us to build a future base of revenue, and we think significant revenue for the company out in the next 3, 5, 7, 10 years. So really excited about this element of the business, and it continues to grow quite well. Slide 8 is a little bit more background around the market in which we operate. This market really exploded around the time that we went public. We went public in 2016. And just before that time, we had 2 products that reached the marketplace, one by Novartis and one by Kite, it's now owned by Gilead. And since that period, there's been in excess of $35 billion invested in the cell therapy market, huge attraction of capital. But still, those are the only 2 products that have been approved for commercial use, at least in the U.S. And we think that the reason for that several, one is that there is a clear movement away from viral vectors toward non-viral technologies. And the reason for that are some of the constraints that we've laid out here for these -- for viral vector-based therapies. But when you move into engineering cells in the allogeneic setting or you engineer cells in stem cells for inherited genetic diseases, the market is clearly moving toward non-viral methods, and that, as you know, is a sweet spot for MaxCyte. On Slide 9, we provide more than just a technology. We provide, I think, excellent field support globally now with a cadre of subject matter experts who are full-time employees of the company. Many of whom are ex-customers of ours that have joined us and help our partners accelerate their development. We also have, as many of you know, rather significant presence in Gaithersburg, Maryland outside of Washington, DC, where there's a very special event happening today, by the way. And that R&D group is really responsible for finding new applications for our technology in supporting our customers as they move through the clinic into commercialization of these cell therapies. We also have a robust regulatory group then again, works with each of our partners to ensure that they can move these technologies in and through the clinic. And that really does enable the accelerated path of the clinic, reduces their risk, gets them to company milestones quicker. And that's the real reason why I think we've been able to garner the position that we have and the growth that we've observed. And on Slide 10, that's resulted in this slide. Many of you have seen this hockey stick. It's not a projection. It's a historic representation of the cumulative potential pre-commercial milestones that we have been building as a company when we first started the first deal in 2017 with Casebia, which is the joint venture between CRISPR and Vertex and Bayer, all the way through to the most recent deal we did with Myeloid Therapeutics, which we announced in -- earlier in January, again, a deal we've been working on for quite some time. And this is the -- really the who's who of companies who are developing nonviral cell-based therapies, and every one of them is using MaxCyte's technology. And then before I turn it over to Amanda, I want to just spend a second on -- a few seconds on Slide 11. This is a slide, I think that of all the things we do, this is the one thing that really, I think, gets us out of bed early and working late at night, and it's the focus on the patient. It's the ability to solve problems and develop medicines using cells to treat patients that otherwise cannot be treated. And we continue to see these indications grow as we bring new partners from a commercial prospect. We also have a robust pipeline, which we see additional indications within these major categories as well as some new areas of indications that really do show the power of cell therapy and MaxCyte's unique position in enabling these critical medicines to move to the market. So what I'd like to do now is turn this over to my colleague, Amanda Murphy, who we've been so honored to have her join us and she's made quite an impact on the company, and we look forward to a time when we can meet you all in person. But let me turn over the microphone, if you will, to Amanda to walk you through the financial results in more detail. Amanda?

Thanks, Doug, and nice to meet everyone virtually on the phone. I'm looking forward to eventually meeting you in person. I'll just run through the numbers here quickly on Slide 13. I think Doug's covered quite a bit of these, but I can add some additional information, particularly around how we're looking at 2021. So as Doug mentioned, we had very strong growth in the full year 2020, up 21%. It's been pretty impressive to see the commercial team and their ability to switch to a demo process coming into the company earlier this year. It's been very impressive to see that shift. So congrats to the commercial team. And very happy to have this 21% growth despite what we all know has been quite a challenging environment with pandemic. Obviously, we continue to focus on adding strategic customers and also continue to do well there. So we added 4 in the last 12 months, Allogene, Apperian, Caribou, and we just signed Myeloid, which was technically in early '21. Doug ran through these numbers, but we now have quite a few programs under license. A total of 100 that are clinically licensed and our milestone payments that are potentially due to us now are up from $800 million, which we disclosed last year to $950 million. On the CARMA side, as Doug mentioned, we are going to bring that IP back in-house and we feel strongly that we'll be able to drive value out of that IP, particularly with our license model that we've already got in place. One thing to note there that from an expense perspective, we're expecting about a $4 million expense that will fall in the first half of 2021, just as we wind down the clinical side of that business. And then from there, the cash expense will be minimal, if anything. So just to make that clear. We did end the year with $35 million in cash. And I did want to make the note that on an EBITDA perspective, obviously, the COVID environment has still been in something that we're all facing, and there's continued to be lockdowns. There is -- we have said we're on track for an IPO in 2021. So there's a tiny bit of expenses, one could expect in '20 -- in Q4 or the end 2020. But really, the savings from the travel situation and all that, probably way outweigh that. So I would expect EBITDA to trend a bit above expectations for 2020. Just wanted to make that particular comment. In terms of 2021, we are expecting revenue growth to accelerate. And we have said that milestone payments are a key driver of growth and continue to be and that they are looking to be stronger in 2021. Obviously, we have many partners now, and those partners are quickly progressing through the clinic. So we have a nice setup, I think, coming into 2021 from a milestone perspective and also as our current partners shift their preclinical programs into the clinic potentially. We're also focused on adding new customers. We do have, I think, it's fair to say, the strongest strategic partnership pipeline that we've seen in the past. Just to note there because the terms of those partnerships are set at the outset, there is quite a bit of lead time in those negotiations, call it, 6 months. So just to keep that in mind, but we do have a very strong partnership there. And obviously, we're still on track in terms of our 2021 dual listing. So just to kind of take as 3 sort of main takeaways, it's been fascinating to see the creativity in the company coming on board with the demos, new PA introductions, which also were a key part of the growth, providing flexibility to customers. We've seen really resilient demand despite the pandemic, obviously, continued growth in terms of commercial licenses. Just to reiterate, our CARMA spending will be capped at that $4 million, and we do think the IP will be a valuable asset for MaxCyte parent co. And lastly, just to reiterate, we do expect revenue growth to accelerate in 2021. So if you move to Slide 14, I think we've all seen these slides before. This is just updating the numbers that we've shown and just showing again that we're still trending around the 90% gross profit margin through average and 70% recurring revenue. So no surprises on this slide, I would say. On Slide 15, I don't know, Doug, if you want to talk about the 2021 goals. Most of this is just a reiteration of 2020 what we said already. I did want to -- before I do asked Doug to talk about 2021, I do want to say that we have historically said that we're operating the business to EBITDA breakeven. COVID is always a variable there. But I would say we are really thinking about investing in the company. There's many, many opportunities for us to do so, including getting ready for our partners to become commercial, looking at some new PAs to address some of our customer needs, et cetera. Looking at the VLX, which is our large-scale platform and some other longer term initiatives. So we are sort of looking to spend money in order to drive further long-term growth acceleration on the top line. So just keep that in mind as it relates to EBITDA for 2021. So with that, I'll turn it over to Doug, if you have any -- for any conclusion remarks. Thanks, Doug.

Great. Thanks, Amanda. Great review. So still on Slide 15, just focusing on 2021, as mentioned, focusing on accelerating top line growth. We've added some key programs and key people in the company this year. Completing the manufacturing expansion and automation is key for us as we look ahead with -- for some of our partners, including, for instance, CRISPR with our CTX001 product, which has been garnering quite a bit of attention for the treatment of sickle cell disease. And as that product and other products move closer to commercialization, MaxCyte needs to be prepared in order to manufacture products, both disposables and instrumentation to support those launches. And I've mentioned this several times, I think that's really going to be a major game-changing event for MaxCyte as we move into the commercial therapeutics world. As I mentioned, we continue to launch new processing assemblies to address customer needs. The VLX is our large-scale system, which runs 10x the number of cells that the current STx and GTx manufacturers. And these are, we think, going to be an important platform for large-scale allogeneic cell therapies as well as the production of viral vectors and the production of large-scale production of rapid developed and rapid manufactured monoclonal antibodies and proteins. The chart on the bottom is a workflow diagram specific to the cell therapy field. And this is from the product, the sales coming into the process all the way through to dosing the patient and MaxCyte's unit operation and where we fall within that workflow. And again, we have the premier product and the premier position in that unit operation. And what we are evaluating right now is how we can use that position and carefully and thoughtfully move up and downstream to provide more technology to our partners preferably within a licensing model, but also look at other reagents and consumables that are being used around that unit operation. We think that, that's a very, very powerful strategy, the ability to leverage our position, but doing it carefully so that we're not rolling up -- just rolling up for revenue sake, but we're really thinking through how we can continue to become a major part and an increasing part of the next-generation of cell therapies. So with that, I'd like to conclude the prepared remarks and open up the call for any questions that you may have. Any questions? Sure, there are some.

[Operator Instructions] And our first question comes from the line of Paul Cuddon from Numis Securities.

Doug and Amanda, I have 2 just to start off with, if that's okay. You've talked about a rapid acceleration of the license program, licensed instruments in the field. So I'm just wondering if you could give me just a little bit of color. Are you talking kind of 5, 10, 20 instruments. Obviously, without giving any company specifics. And you've also talked about the potential for the VLX in viral vector and rapid monoclonal antibodies. So I'm just wondering for that business model, is there an opportunity to be getting kind of royalties on potential sales that emerge from that platform?

Great. Just a clarification, Paul. The first question, can you repeat that, specific to a particular customer, partner or is that just in general?

In general, I mean how many active clinical instruments? Just a rough number would be useful, please.

Yes. So we've -- we won't disclose exact numbers, but as Amanda showed, we have over 400 instruments now in the field, which is a good growth from this period last year, we update that once a year. And you can see an acceleration of the partnerships that we have. And we're seeing that partners, as they move through the clinic are requesting and we're delivering additional instruments. And those additional instruments typically track to the number of clinical trials that are being conducted in a specific regulatory geographic areas where a regulatory agency controls a geographic region. It's typical that that's where the manufacturing is done. It's quite unusual in the cell therapy field for someone in, for instance, in the EU to take a product that's manufactured in the U.K. So that just gives you a sense of how we're thinking about instrumentation. The question around rapid manufacturing and monoclonal antibodies and the development of viral vectors using the VLX, we're still in the process of developing. We've sold several of the VLXs over the last several years. I would call these kind of alpha-beta units. What we're intending to do is to bring that product more in line with the expert system. And I can't really disclose the business model at this point, but we're doing extensive market studies and voice of customers to determine what are the real opportunities for this product and how we can help the companies who are developing these kind of therapies. And and then we'll evaluate the value that we bring and what business model makes the most sense for both our partners and for MaxCyte.

Our next question comes from the line of Julie Simmonds from Panmure Gordon.

A couple of questions. Firstly, on the new processing assemblies that you've been rolling out. That was a really good diagram to show the differences there. Just wondering whether you think that's making a difference on the revenue per instrument on a consumables basis or whether it's actually just helping you sell to more customers, given that they've now got more appropriate processing assembly?

Sure. So is that 1 question or 2? Julie, I think, I was just wondering.

Probably just one. I've got another one after this.

Okay. I just want to know. Yes. So PAs are developed, and we showed slide 6 that really go through the range from the very, very small list, all the way up to large scale. And the background of this is for us to be able to compete in the lower end of the transfection world, where the cost per transfection can be important. And so if you can do 3 transfections in a single disposable that you sell for $200, compared to one that does only one, you can dramatically reduce the cost per transfection, which is important for some applications. In addition to that, we've identified certain applications that we believe we can move into from a competitive standpoint with a different size cuvette. And so it's both more of throughput within an instrument, but also the ability to place more instruments. So the answer to your question is both of those things.

Okay. And just on sort of the change in strategy as far as CARMA is concerned. I mean, I think bringing the IP back in-house. Is that partly because some of the licensing deals and with the strategic partners you're looking at doing would have needed IP that would have ended up in CARMA? Or is it that some of the IP that CARMA life sciences were generating would be useful for you with strategic partnerships.

Yes, that's a great question and very insightful. The patents that we have are around messenger RNA and that wasn't a word that usually rolled off of people's tongue until they hear about mRNA is becoming a bigger and bigger part of therapeutics development. And we have seminal intellectual property around the use of mRNA in cell therapy. And so in some cases, we have had our partners come to us wanting a small amount of that IP carved off for them, and we've been able to provide that. As we've done evaluations and we've talked to partners, we're seeing more and more opportunity for us to be able to license the platform. And I just want to add something. I mean, when we talk to investors, we did a significant outreach to top specialist biotech investors and partners, and there was interest in investing in the platform, and they would take over the marketing of the platform. Well, when we thought about that, that's exactly what we do. And why would we enable another company to exploit a technology that we have, and we've invented. And so that was one of the major reasons why we decided to bring it in-house and begin the process of integrating this into the CARMA one-day manufacturing program as well as the mRNA IP into the portfolio of technologies that we can provide to our partners.

Our next question comes from the line of Charles Weston from RBC.

A couple of backward-looking questions and then a couple of forward-looking ones, if I can. First of all, is there any chance you can give us a sense of what sales or partnerships may have been delayed in 2020 due to COVID? And then -- I'm talking about the development during 2020 and this increased pipeline of strategic partnerships you have, what do you think is key driver of that? Is it the biotech funding or the agreements that you already have? Is it -- you're expanding into more cell types? Any color on that would be helpful, please.

Yes. It's all those things. I'll let Amanda maybe talk a little bit if she can about the sales regarding COVID. But we think that the -- while we don't -- we do know that on the partnership side, we have now a very, very strong position. And in the past, it was more of a missionary sale. But now we're finding our partners are asking themselves, why wouldn't they use MaxCyte because we're established and what we're seeing is growth in a handful of areas. One is the amount of capital going into new cell therapy companies, which seems to be every couple of weeks, there's another $50 million or $100 million Series A. So that's good for us. Obviously, two is the funding of -- continued funding support of our existing partners, which allow them to put more programs into the clinic. The third area is that we're seeing employees, team members from companies migrating into the next new company, and many of them have had experience with MaxCyte. And so there's really nothing more powerful than word of mouth, and we're seeing quite about that as well. And I guess the fourth thing that we do is we have this R&D group and within MaxCyte and Gaithersburg plus the field applications team. And part of their remit is really to go out and identify new applications for in cell therapy, where we can solve that problem before these companies who are now being funded before they even start. And so when a company is formed, in many cases, during that formation process, our team members are talking to the principles in those companies or the venture capital firms. So those are the 4 general, I think, catalysts for growth, and we see all those and some other ones becoming even more of an accelerator for our business.

Yes. So I would just add on to that. I mean, I think what we've seen was with COVID and clinical trials, there hasn't been a huge impact, I think, maybe at the very, very beginning. So I don't think the strategic licenses have been affected by COVID per se. We may -- obviously, with some of the lockdowns that have increased towards the back of the year, there was some small slippage there in terms of shipments that may fall into January as opposed to sort of the end of December, so to speak. And I would reiterate the pipeline as it relates to the partnerships. I mean, that really reflects the expansion of the cell therapy pipeline as it were a cross-sell type. So the pipeline, although we're not disclosing specifics, there does cross many different types of cells, so NK cells, neoantigen, T cells, and so we're seeing definitely a breadth there that we haven't seen before, and that would be reflected in sort of the general cell therapy pipeline. So that would be -- I think I'd reiterate what I've said there, that COVID per se doesn't really impact the strategic licenses that's more of the -- just the lead time of the negotiation, as you can imagine.

That's really helpful. And just on the forward-looking points. Could you give us a sense of the scale of the larger potential milestones that could come through in 2021? I was just trying to gauge this sort of level of uncertainty here on that side of the business against the recurring revenue, a much more stable revenues from the outside of the business and where the volatility -- or the scale of the potential volatility could be there?

Amanda, do you want to take that one?

Yes. I appreciate that you would like that, that information is important. And what we've just said is that they are going to be larger or likely to be larger. Obviously, they're somewhat dependent on our partners and their progression than they were in 2020. So we're not really disclosing specific there. I think one important point to make is as we get more programs on board into partnerships, now we have 100 -- over 100 on the clinical side, they become sort of stacked over time. So -- and they're relatively small associated, so they are almost becoming recurring revenues. So I think the message here is they're likely to be larger and potentially even less lumpy over time as those programs sort of progress and we continue to add onto the stack, if you will.

And just one other one before I stop hogging the line. In terms of your -- you mentioned the vertical integration and moving upstream and downstream. And I just wondered how developed your thinking is there, whether this is sort of still exploratory or whether you pick to see areas? And if so, are they going to require meaningful capital potentially to be deployed on bolt-ons and acquisitions or more of an organic process to particularly to that field applications group.

I think that the strategy is being further developed. I think Amanda coming on board has helped refine that. We have hired some additional people. We didn't disclose this, but 2 other vice presidents have joined the company, one that's focused on business development, both on business development. One who just joined us from a major life science tools company. And the strategy is -- it will be a combination of those things, Charles. It will be early stage technologies that we've identified that we believe we can develop, similar to what we did with our flow electroporation technologies. There are going to be technologies that maybe have the potential, but don't have the right commercial infrastructure or the commercial customer-facing that we have, and we can introduce those technologies into our market, which we think are -- would be very, very attractive we could do in a very capital-efficient way. And that could either be a technology that would have to be further developed or something that could be bolted on. So we're looking at all those. We don't have a clear sense of at this point of what the capital requirements are going to be for that. But that will be something I think you're going to see more visibility as 2021 begins to unfold for the company.

Our next question comes from the line of Paul Cuddon from Numis Securities.

I didn't realize we could have 7 questions, but -- so I thought I'd get back in the queue. The -- I was just wondering about the competitive landscape in instrumentation and whether you've seen any of your research grade competitors sort of step up their FDA master file-type activities.

Specifically, we have not. And we keep close tabs on this with our partners. And obviously, when we engage in a partnership discussion, it's what keeps us, I think, able to sleep at night is that because of the business model and the strategy. If someone were to come in with a very inexpensive lab scale device that had at least the master file, we would hear about that and we're not hearing anything about that in the field. So it's not something we're seeing in the field today.

Our next question comes from the line of Lala Gregorek from Trinity Delta.

My question is essentially trying to get a little bit more detail about this, the burgeoning pipeline that you have. It's very useful the points that were raised an answer to Charles. But I was sort of curious, you've mentioned sort of a 6-month lead time. In terms of context, is that more or less than it's been in the past? Is that to do with COVID? Is it one of those things where, essentially, it's how long a piece of string is? And as part of that, are you seeing a bit more of a focus of step-wise negotiations, i.e, they're first for the research contract, and then we're talking about clinical, and then we're talking about commercial or companies going all-in at an earlier stage?

I can handle that. So it varies dramatically. And I think 6 months is just a -- is maybe an example or two. It can vary rather dramatically from partner to partner. Some of these companies are very early stage. They'll take a research license from us and it may require them a year or 2 of preclinical work in order to move into the clinic. We typically don't see someone coming in at the very early stage with a full commercial license. That said, Myeloid is relatively early stage. So they did come in, company like Allogene came in after they were already in the clinic and swapped out kind of another device for our device. So it really -- it's all over the place Lala. I wish we could give you more specifics around that. What we are seeing, though, is that the creation of these new cell therapy companies really is a part of what we try to focus on as a company, get in there early, get in as they're spinning. In many cases, these groups are spinning out of university labs. And so we're in the process, and we've actually hired some people that are or more scouts in those major academic institutions that are spawning these kind of companies. And so I think that what we're seeing the growth is just the organic growth of the industry in all these different indications and different cell types.

Great. So essentially, you could, but one could assume that a number of the research licenses that you currently have would transition into the larger clinical licenses, commercial licenses over time. And talking about the creation of new companies. And I suppose the split between what's in your pipeline with respect to companies that are completely new versus those where they're known to MaxCyte, either in terms of the company itself or the individual management. What would you say the split of activity is there, if you can comment?

What was the last sentence, I'm sorry.

I just said, whether you could comment on what the split is between, I suppose, completely novel companies and those that are either existing companies or existing management that you're already familiar with?

Yes. I think that's -- we really can't give that kind of disclosure. I think also it's in some cases, very difficult to figure that out because many of these companies, as you know, are in stealth mode, in some cases, for 6 months, in some cases, a couple of years. Myeloid is an example of a company that's been in relative stealth mode until the announcement of their major financing in January, and they're already calling stat. And so some of these are -- it really just depends. I mean, we try to -- again, we try to cover all the space. And I think it's one of the advantages of being focused in non-viral cell therapies that allows us to really put a spotlight everywhere we can on these new enterprise creations or if there's a company that's spinning into a cell therapy asset. So -- and the benefit of that also is that many of these companies could be companies that we've established relationships with on the drug discovery side of the business. And so all those -- and so our sales team and our FAS has worked both on the cell therapy side and the drug discovery side. And so there's no distinction from a go-to-market strategy in terms of our folks in the field.

[Operator Instructions]

Okay. So it sounds like there's no further questions. Is that correct? So hearing none, please feel free to contact us. The last slide on the deck, Slide 16 has our IR e-mail address. If there's a question that you would have liked to ask but weren't able to or one comes to mind now or later this evening, please feel free to contact us. We love speaking with our investors and analysts. And I just want to thank you for your continued support, especially during this difficult year, and we look forward to a very successful 2021, which will be -- we think will continue to be challenging. Please stay safe. Keep well, and we really appreciate working with us in order to make a difference in patients' lives. So thank you, and a belated happy new year. Appreciate your support.