Maravai Lifesciences Holdings, Inc. · NASDAQ:MRVI
Maravai Lifesciences — Investor Day (September 2023)
150 slides from Maravai Lifesciences's investor day presentation, September 2023
Slide 1: Next Gen Maravai: Extraordinary science. Everyday miracles.
R&D DAY Next Gen Maravai: Extraordinary science. Everyday miracles.™ September 2023
Slide 2: Welcome and opening remarks
R&D Day Welcome and opening remarks Deb Hart Head of Investor Relations September 2023
Slide 3: Forward looking statements and use of non-GAAP financial measures
Forward looking statements and use of non-GAAP financial measures This presentation contains, and our officers and representatives may from time-to-time make, “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. I
Slide 4: Agenda
Agenda 01 Welcome & opening remarks Next Gen Maravai: Extraordinary science. 10:00 AM Deb Hart 02 10:05 AM Trey Martin Everyday miracles. ™ 03 Customer’s first choice: Leading innovation 10:20 AM Kate Broderick 04 Nucleic Acid Production 10:40 AM • Overview & products Drew Burch • Enzymes Chad Decke
Slide 5: Trey Martin, Chief Executive Officer
Trey Martin, Chief Executive Officer More than 25 years of executive leadership experience in life sciences operations, engineering, sales, product development and marketing Integrated DNA Technologies (IDT) held positions of increasing responsibility over more than two decades at IDT, and contribut
Slide 6: Next Gen Maravai: Extraordinary science. Everyday miracles.
R&D DAY Next Gen Maravai: Extraordinary science. Everyday miracles.™ Trey Martin, Chief Executive Officer September 2023
Slide 7: Maravai: Strong foundation positioned for the next chapter of growth
Maravai: Strong foundation positioned for the next chapter of growth Strong financial Innovative Broad Strong foundation talent reach customer base • 23% base revenue • 122 granted patents • ~200,000 sq. ft. of lab • 96% of top R&D spenders 5 Year CAGR1 • 9 major innovation areas and production spac
Slide 8: Proven leadership team with significant life sciences experience
Proven leadership team with significant life sciences experience Carl Hull Trey Martin Kevin Herde Pete Leddy, PhD Kate Broderick, PhD Executive Chairman Chief Executive Officer Executive Vice President Executive Vice President and Chief Innovation Officer of the Board and Chief Financial Officer Ch
Slide 9: Leveraging strategic goals to bring the miracles of science to life
Leveraging strategic goals to bring the miracles of science to life Own the Be the Leverage Deliver Capitalize on front end of customer’s first world class industry leading entrepreneurial the funnel choice employee base of technology spirit and win in discovery industry experts and IP with focus on
Slide 10: Strong track record of making value-enhancing acquisitions
Strong track record of making value-enhancing acquisitions Nucleic Acid Production Biologics Safety Testing • 25+ years in nucleic acid product development • 35+ years DNA and RNA oligonucleotide • 25+ years in impurity detection and analytics and manufacturing synthesis, labeling, and modification
Slide 11: Focus on innovative products to enable in vitro transcription
Focus on innovative products to enable in vitro transcription Nucleic acid chemistry is the basis for all genomics Drug Product Sterile Fill / Oligos Plasmid DNA IVT Reaction mRNA Finish Genes Template Purification Lipid/LNP Encapsulation 11 ©2023 Maravai LifeSciences. This document and its contents
Slide 12: Innovation from discovery to commercialization across our two reporting segments
Innovation from discovery to commercialization across our two reporting segments Enables low barrier of entry for customers and stickiness of products Discovery Preclinical Clinical Commercialization and research Oligonucleotides(1) RNA capping (CleanCap®) Nucleic Acid mRNA Future capability Product
Slide 13: Innovative and reliable partner: Driving customer's first choice
Innovative and reliable partner: Driving customer's first choice Services pull products Customer example developing CAR-T cell therapy used to treat small cell lung cancer Long-term support with CleanCap® Service Scale Long-term support with N1 + NTP’s Incremental products: Oligos Ability to supply
Slide 14: Proof of principle established at unprecedented scale
Proof of principle established at unprecedented scale Pandemic accelerated mRNA research and adoption with Maravai well positioned to capture opportunity Maravai outcomes Customer’s first choice • Moved from RUO enabling products to GMP production • Clinical proof of CleanCap® technology Repeatable
Slide 15: Optimize and leverage manufacturing footprint
Optimize and leverage manufacturing footprint Since 2022, we have expanded our facility footprint by 95,000 sq ft to support growth Wateridge Flanders 1 Flanders 2 Leland Win in discovery Additional GMP small molecule Expand GMP mRNA services into Optimization related to BST including capabilities a
Slide 16: Favorable macrotrends enable growth
Meaningful pipeline progression for z mRNA-based therapies Favorable macrotrends z Increased clinical success driven by enable chemistry and delivery innovations growth z CRISPR-based therapeutics, which enables gene editing, positioned for approval at end of 2023 3 to 5 year expectations z Increasi
Slide 17: Serviceable addressable market anticipated to nearly double by 2028
Serviceable addressable market Operating in attractive anticipated to nearly double by 2028 and growing markets Tailwinds • Pipeline expansion • mRNA modality expansion • Global commercial strategy $11.0B ―International expansion into Europe, Japan, and S. Korea $5.6B SAM ―Commercial operations, CRM
Slide 18: Comprehensive strategy positions us well to capture market opportunities
Comprehensive strategy positions us well to capture market opportunities 01 02 03 04 Invest in Leverage Scale commercial Inorganic growth innovation manufacturing scale organization opportunities 18 ©2023 Maravai LifeSciences. This document and its contents are confidential and proprietary and are n
Slide 19: Investing in innovation
Solve customer workflow challenges through internal development and in–licensing of novel products Addressing workflow challenges Investing in innovation Research and development strategy Customer-focused Advancing Manufacturing innovation allows Maravai capabilities innovation to align initiatives
Slide 20: Delivering innovation through Maravai core pillars
Delivering innovation through Maravai core pillars Catalyze the Deliver Find a better way Lead together customer journey unquestionable quality Focus on customer centric Identifying challenges for Quality science underpins Leverage our expertise and culture to deliver developers and applying our inn
Slide 21: Scaling our commercial strategy
Scaling our commercial strategy Delight customers by establishing best-in-class customer experience with Simplify how customers work with Invest in automation solutions to Establish specialized teams to robust systems and processes us through standard processes and drive access, trackability and ali
Slide 22: Continued exploration of inorganic opportunities to accelerate growth
Continued exploration of inorganic opportunities to accelerate growth beyond current targets Inorganic growth levers Strategic criteria Complimentary or synergistic capabilities Strategic M&A to expand customer base, grow revenue and accelerate innovation International expansion Accelerated growth o
Slide 23: Next Gen Maravai: 2028 financial targets
Next Gen Maravai: 2028 financial targets and priorities focused on top-line growth and margin expansion $700M+ revenue +18% CAGR 40%+ adjusted EBITDA margin 2023 2028 Disciplined capital allocation Attractive EPS growth & free cash flow 23 ©2023 Maravai LifeSciences. This document and its contents a
Slide 24: Key messages
We are the customer's first choice through entire z product life-cycle Positioned in strong markets with innovative solutions z across Nucleic Acid Production and Biologics Safety Testing Comprehensive portfolio of products and services drives z Key messages stickiness across the Maravai ecosystem T
Slide 25: Customer's first choice: Leading innovation
R&D DAY Customer’s first choice: Leading innovation Kate Broderick, PhD Chief Innovation Officer September 2023
Slide 26: Innovation quote
“Innovation is the process of turning ideas into manufacturable and marketable form” Watts Humphrey 26 ©2023 Maravai LifeSciences. This document and its contents are confidential and proprietary and are not to be shared or redistributed without express consent.
Slide 27: Maravai's significant history of innovation positions us well for long-term growth
Maravai’s significant history of innovation positions us well for long-term growth Decades of consistent customer-led innovation drives foundational proprietary technology and solidifies Maravai as a pioneer in the field 9 major innovation R&D department CleanCap®: 122 granted patents areas for RNA
Slide 28: 96% of top R&D spenders are Maravai customers
96% of top R&D spenders are Maravai customers Top 25 R&D spenders in 2022 96% Source: Drug, Discovery & Development, May 12, 2023 28 ©2023 Maravai LifeSciences. This document and its contents are confidential and proprietary and are not to be shared or redistributed without express consent.
Slide 29: Strong portfolio of brands enabling innovation
Strong portfolio of brands enabling innovation 29 ©2023 Maravai LifeSciences. This document and its contents are confidential and proprietary and are not to be shared or redistributed without express consent.
Slide 30: Comprehensive approach to address challenging customer needs
We have a comprehensive approach to address the most challenging customer needs Expansive Best practices network learned from of internal industry leading and external conferences experts Capturing Well-informed the voice of by literature in customer the field 30 ©2023 Maravai LifeSciences. This doc
Slide 31: Holistic approach to mRNA improves the outcome of the molecule
Holistic approach to mRNA improves the outcome of the molecule 5’ End AAAAAn 3’ End 5’ CAP 5’ UTR CDS – Coding Sequence 3’ UTR Poly A Tail 5’ CAP 5’ UTR / 3’ UTR CDS – Coding Sequence Poly A Tail mRNA component Essential for protection Untranslated regions – Contains your gene Essential for stabilit
Slide 32: Our long-term vision for RNA products
Our long-term vision for RNA products AAAAAn 5’ CAP 5’ UTR CDS – Coding Sequence 3’ UTR Poly A Tail MRVI existing products MRVI existing products • CC • Research grade and GMP NTP’s • CC 3’OMe • Modified bases – • CC M6 PsuedoU etc. • CC AU MRVI current innovations MRVI current innovations MRVI curr
Slide 33: Our long-term vision for RNA services
Our long-term vision for RNA services DNA RNA Enzymes MRVI existing services MRVI existing services • High quality plasmid • Research grade RNA • CC M6 mRNA offering • GMP RNA • RUO gRNA MRVI current service innovations MRVI current service innovations MRVI current service innovations • Novel DNA te
Slide 34: Growing with the CleanCap family
Growing with the AG CleanCap® family CleanCap® AG CleanCap® AG 3’OMe CleanCap® M6 m6A N7mG 3’ OMe A A N7mG 3’ OMe A +1 2’OMe +1 2’OMe +1 2’OMe m7G G m7G G m7G G Utilized in the Pfizer-BioNTech COVID-19 vaccine 34 ©2023 Maravai LifeSciences. This document and its contents are confidential and proprie
Slide 35: CleanCap M6 analog: Innovation driving outcome
CleanCap® M6 analog: Innovation driving outcome Higher protein expression Capping efficiency New cap structure can produce Provides category leading capping 30%+ protein expression efficiency of >95% • Potential to increase potency of • Increased IVT efficacy resulting in high mRNA drug substance ma
Slide 36: CleanCap M6 makes mRNA more potent
CleanCap® M6 makes mRNA more potent – superior protein expression compared to enzymatically capped mRNA Enzymatic M6 9.0E+10 1.8E+12 8.0E+10 *** 1.6E+12 *** *** 7.0E+10 *** 1.4E+12 6.0E+10 Flux (photons/s) Integrated Flux (photons/s) 5.0E+10 1.2E+12 4.0E+10 1.0E+12 3.0E+10 *** 8.0E+11 2.0E+10 6.0E+1
Slide 37: Innovation within Biologics Safety Testing
Innovation within Biologics Safety Testing Process impurity testing Cygnus Technologies® kits is essential for all complex biologic manufacturing 24 expression systems with 29 different kits 24 different process impurities with 51 different kits Protein Therapies Cell and Gene Therapies Vaccines Ant
Slide 38: Attractive opportunities our solutions are well positioned to address
Attractive opportunities our solutions are well positioned to address and capture Worldwide mRNA, Cell & Gene Therapy Pipeline 1 Infectious mRNA Expanding MS services 8000 disease vaccines therapeutic 7-8K Implement absolute Validate mRNA as Assets in development quantification of problematic 7000 a
Slide 39: Targeted approach to innovation with key areas for future expansion
Targeted approach to innovation with key areas identified for future expansion Within NAP: • Novel enzymes • In-house cell based assays • Formulations • Enhanced saRNA capabilities • Circular RNA Within BST: • MockV portfolio • Mass spectrometry service • DNA portfolio • New Cygnus kits ©2023 Marava
Slide 40: Maravai priorities drive our innovation focus
Maravai priorities drive our innovation focus across the organization Catalyze the Deliver Find a better way Lead together customer journey unquestionable quality Focus on customer centric Identifying challenges for Quality science underpins Leverage our expertise and culture to deliver developers a
Slide 41: Nucleic Acid Production overview
R&D DAY Nucleic Acid Production overview Drew Burch, Executive Vice President and General Manager, Nucleic Acid Production September 2023
Slide 42: Nucleic Acid Production
Nucleic Acid Production Delivering innovative nucleic acid products and mRNA capping Oligonucleotides NTPs technology Enzymes services to help our customers bring transformative Products & nucleic acid medicines and tools from research to Technology patients. Technical expertise to support customer
Slide 43: Industry leading companies with deep scientific expertise
Industry leading companies with deep scientific expertise Scientific innovation teams focused on Nucleic acid chemistry Alphazyme, and mRNA production acquired in Q1 2023, adds 40 scientists on R&D team foundational capabilities in enzyme 55% with advanced degrees production 38% with PhDs 43 ©2023 M
Slide 44: Dedicated to helping our customers unlock mRNA's potential
Dedicated to helping our customers unlock Sequence Plasmid Encapsulation, 01 02 03 IVT Reaction 04 Determination Production Fill and Finish mRNA’s potential Developer determines the sequence that will Sequence is incorporated into a DNA template DNA template is combined with NTPs, Purified mRNA is e
Slide 45: Over 20 years of experience bringing differentiated capabilities to genomic medicine
Over 20 years of experience bringing unique and differentiated capabilities to genomic medicine Disruptive product innovation Unmatched mRNA production expertise • Product Innovation enhances the potency, purity and • Experience - TriLink has been producing mRNA cost-effectiveness of mRNA medicine p
Slide 46: Combining products and services to drive flywheel effect
Combining products and services to drive flywheel effect Maravai’s mRNA production Maravai’s innovative mRNA Input activities enable trial and error and innovation of new Production product inputs have yielded process improvements Customized products: (plasmid, NTPs, enzymes, cap analog) enabling: S
Slide 47: Nucleic acid products and services cross-pollinate revenue opportunities
Nucleic acid products and services cross-pollinate revenue opportunities Purchasers of CleanCap® and other nucleic acid products Customer A: Developing precision medicines for progress their research and later need support for: genetic diseases and T-cell cancers • GMP mRNA production • Products: Cl
Slide 48: COVID accelerated mRNA development within incremental opportunity areas
COVID accelerated mRNA development within incremental opportunity areas Maravai is well positioned to capture COVID administrations Continued focus around pandemic Biden NextGen, $5B for demonstrated efficacy preparedness initiatives COVID vaccines and TX and safety High levels of investment Other i
Slide 49: Non-COVID mRNA modalities growing at faster rate than pre-pandemic
Non-COVID mRNA modalities growing at faster rate than pre-pandemic Number of New Non-COVID mRNA Drugs Entering Clinic 1 Robust activity levels for mRNA development 45 42 40 35 30 30 25 20 20 14 15 15 10 7 5 5 0 2018 2019 2020 2021 2022 2023 Q1 2023 H1 1. Source: Beacon RNA 49 ©2023 Maravai LifeScien
Slide 50: Funding and research expanding beyond traditional mRNA customers
With funding and research expanding beyond traditional mRNA focused customers As mRNA application opportunities expand, a wide variety of companies look to explore potential benefits and use cases Leading biopharmaceutical mRNA focused biotechs Major vaccines companies developers with with significa
Slide 51: Diving deeper into Nucleic Acid Production
Diving deeper into Nucleic Acid Production • CleanCap® technology • Oligonucleotides Products Drew • NTPs • Other inputs Burch Chad Enzymes • Alphazyme acquisition Decker • Catalog mRNA • Plasmid Becky Services • Custom mRNA Buzzeo • HQ plasmid • GMP mRNA 51 ©2023 Maravai LifeSciences. This document
Slide 52: Innovative products will continue to optimize the production of mRNA
Innovative products will continue to optimize the production of mRNA Not a NAP Focus Plasmid DNA Template IVT Reaction Purification mRNA Lipid/LNP Final Product/ Fill Finish Maravai is focused on developing products that enable improved mRNA production: • mRNA integrity • Better purity • Capping eff
Slide 53: Portfolio of products provides customization and support across mRNA development
Portfolio of products provides customization and support across the mRNA development process CleanCap® AG CleanCap® AU CleanCap® Already in approved vaccine Self-amplifying mRNA Technology CleanCap® 3’OMe CleanCap® M6 Potential for 30%+ Already in approved vaccine higher protein production Brings sc
Slide 54: With a demonstrated pathway to GMP production
With a demonstrated pathway to GMP production Custom Products Research Use Catalog GMP Products • CleanCap® AG CleanCap® • CleanCap® 3’OMe • CleanCap® AG • CleanCap® 3’OMe Technology • CleanCap® AU • CleanCap® AU • CleanCap® M6 NTPs Broad catalog N1-Methylpseudouridine Oligonucleotides Enzymes 54 ©2
Slide 55: Enabling faster, cost-effective mRNA development
Enabling faster, cost-effective mRNA development Enzymatic Capping ARCA Transcription Co-transcriptional capping reaction Co-transcriptional capping reaction Purification Purification One-pot Capping Phosphatase Purification Purification Purification Final processing Final processing Final processin
Slide 56: Driving better customer outcomes
Driving better customer outcomes Simplified process with better results 3x transcriptional yield >95% capping efficiency Reduced immunogenicity Significant yield increase compared Simplified process eliminates Producing more biologically active to legacy capping agents, such steps while maintaining
Slide 57: CleanCap M6 analog: Continuous innovation unlocks new opportunities
CleanCap® M6 analog : Continuous innovation unlocks new opportunities Higher protein expression Capping efficiency Provides category leading capping efficiency of >95% • Increased IVT efficacy resulting in high manufacturing yield • New cap structure can produce • Demonstrates reduced immunogenicity
Slide 58: CleanCap M6 is a win-win solution for Maravai and customers
CleanCap® M6 is a win-win solution for both Maravai and our customers Over 80 customers have purchased Over 25 customers have re-purchased CleanCap® M6, or mRNA produced with CleanCap® CleanCap® M6 following initial delivery M6, to test in mRNA development Servicing a wide array of customers Leading
Slide 59: Expanding oligonucleotide capabilities with broad-based application
Expanding oligonucleotide capabilities with broad-based application Areas of focus Next generation Molecular diagnostics Guide strand sequencing • Democratization • Increased global installed • Expansion of gene editing Genomic tools and reduction in cost base as result of COVID-19 toolkit Critical
Slide 60: Market expansion opportunity driven by leading innovation capabilities
Market expansion opportunity driven by leading innovation capabilities Leading innovator and Leverage oligonucleotide Opportunistic supplier supplier to mRNA producers capabilities – guide strand to genomic tools mRNA innovations that add Address key customer need Level up our customer acquisition v
Slide 61: Executing against Maravai initiatives within nucleic acid products
Executing against Maravai initiatives within nucleic acid products Catalyze the Deliver Find a better way Lead together customer journey unquestionable quality Activate innovation engine for Drive continuous improvement Implement industry-leading, Make people and culture a customer and revenue growt
Slide 62: Nucleic Acid Production segment: Enzymes
R&D DAY Nucleic Acid Production segment: Enzymes Chad Decker, Vice President and General Manager, Enzymes September 2023
Slide 63: Alphazyme: Premier provider of industrial-scale enzymes
Alphazyme: Premier provider of industrial-scale molecular biology enzymes Products Services • Common molecular biology enzymes Supported • Custom enzyme • In vitro transcription by Alphazyme’s development robust and customizable • Scaling up • Molecular diagnostics product and services • Next genera
Slide 64: Genetic literacy is driven by enzymes
Genetic literacy is driven by enzymes Reading, writing, and editing of DNA and RNA is a growing opportunity as customers pursue development of products Genetic literacy Driven by enzymes Today’s challenges • Accelerated by global • Disease detection • Production capacity is insufficient COVID respon
Slide 65: Key input in nucleic acid production
Key input in nucleic acid production Maravai is accelerating Alphazyme’s growth with multiple opportunities to capture synergies while serving internal sponsored and customer sponsored projects Attractive synergies Customer expansion: Quality focus: Leveraging strong TriLink accelerate eQMS and ISO1
Slide 66: Progress since acquisition
Progress since acquisition Achieved over last six months Alphazyme's enzymes currently moving into production at TriLink supporting nucleic acid production and reducing COGS Leveraging TriLink to increase cross-pollination by broadening Alphazyme’s applicability into nucleic acid services and create
Slide 67: Alphazyme's competitive advantages further strengthened under Maravai
Alphazyme's competitive advantages further strengthened under Maravai Competitive Advantages: Speed Flexibility Sophistication Low production Scalability Industry leading Ability to customize Advanced eQMS costs Fully integrated value development virtually any aspect foundation, With ability to chai
Slide 68: Alphazyme's customer driven approach drives success
Customer driven solutions start with the customer’s end goal in mind 01 z and leverage deep collaboration throughout to ensure customer success In-house manufacturing capabilities Alphazyme’s 02 z are flexible to respond to customer requirements driving speed and agility customer driven approach dri
Slide 69: Innovation is core to Alphazyme
Innovation is core to Alphazyme Culture of innovation at Alphazyme Fully Highly proliferated within Maravai portfolio vertically efficient integrated enzyme system production Quality, quantity Focus areas & speed • Driving productivity • In-licensing opportunities driven by partnerships Expanded • E
Slide 70: Delivering innovation through construct design
Delivering innovation through construct design Key value drivers: Advanced method Driving customer Construct design Processing time development productivity • Ruthless pursuit of three • Fermentation: Data collected • Vertical integration of all • Substantial reduction in KPI’s - mg/g, g/L, time dri
Slide 71: Streamlining processes: Maximizing efficiency at the front-end of development
Streamlining processes: Maximizing efficiency at the front-end of development Product High-volume enzyme that is consumed in many applications with constrained market availability Delta Metric Alphazyme Industry Value drivers (Industry) Product yield Advanced construct, 800mg/L 50 mg/L 16x (final) m
Slide 72: Expanding innovation reach through partnerships and in-licensing
Expanding innovation reach through partnerships and in-licensing opportunities Partnerships Going forward Codexis – Expanding Leveraging TriLink to custom development for explore new partnerships evolved content for Alphazyme and further • Produce and co-market support core business engineered enzym
Slide 73: Enzyme customization: A key differentiation opportunity
Enzyme customization: A key differentiation opportunity Investment into manufacturing facilities is positioning Alphazyme well to capture further opportunities and build on customization strengths Whole process from experimental design to quality control is kept in-house Ability to alter any part of
Slide 74: Maravai priorities drive integration and expansion of enzymes
Maravai priorities drive integration and expansion of enzymes Catalyze the Deliver Find a better way Lead together customer journey unquestionable quality Activate innovation engine for Drive continuous improvement Implement industry-leading Make people and culture a customer and revenue growth acro
Slide 75: Nucleic Acid Production segment: services
R&D DAY Nucleic Acid Production segment: services Becky Buzzeo, Chief Commercial Officer and Chief Operating Officer, Nucleic Acid Services September 2023
Slide 76: Beginning with a story of services
Beginning with a story of services mRNA mRNA LNP Fill and Patient Plasmid synthesis purification encapsulation release treatment DNA NTPs 02 03 04 05 06 CleanCap® analog Enzymes • Two decades of experience Services • 107 GMP batches with over 70 different constructs Brings together our technologies,
Slide 77: Providing mRNA CDMO services to accelerate drug development
Providing mRNA CDMO services to accelerate drug development Discovery Preclinical/Toxicology Phase I Late Phase Process development Discovery mRNA (RUO) manufacturing μg to g scale Analytical services High-quality plasmid DNA template for mRNA Consultive and logistical support GMP mRNA Manufacturing
Slide 78: Streamlined process drives customer's first choice
Streamlined process drives customer's first choice Full lifecycle integration delivering differentiation across key capabilities: 1 2 3 Delivering effective method Speed Scale Quality development that meets objectives at each stage of product development • In-house, • From microgram to gram • Robust
Slide 79: Strengthening differentiated capabilities in nucleic acid services
Strengthening differentiated capabilities in nucleic acid services Investing in and expanding Driving our focused our capabilities strategy forward Facilities to meet demand and mRNA service expansion customer need Ancillary service expansion Unmatched analytical capabilities Elevated customer exper
Slide 80: Facilities to meet the demand in scale and phase of mRNA
Facilities to meet the demand in scale and phase of mRNA products and services Wateridge Flanders 1 Flanders 2 mRNA & related raw materials Nucleic acid products Late phase clinical mRNA • Discovery mRNA, HQ Plasmid, Phase 1 GMP • CleanCap® reagents and NTP manufacturing manufacturing mRNA • GMP che
Slide 81: Unmatched analytical capabilities
Unmatched analytical capabilities Boutique experience with a full service offering across the development cycle Discovery Preclinical/Toxicology Phase I Late Phase Type of material RUO material Engineering material Phase I GMP material Late Phase GMP material Level of analytical Method* qualificatio
Slide 82: Supported by a team of experts
Team of recognized experts In nucleic acid characterization and analysis Supported by a team Delivering the right solutions of experts Extensively trained with in-house solutions (CleanCap®) and ability to leverage robust tech transfer positions us well to serve wide-array of customer needs Deliveri
Slide 83: Innovative technologies drive differentiation
Innovative technologies drive differentiation 83 ©2023 Maravai LifeSciences. This document and its contents are confidential and proprietary and are not to be shared or redistributed without express consent.
Slide 84: Simplified mRNA manufacturing with cornerstone CleanCap technology
Simplified mRNA manufacturing with cornerstone CleanCap® technology Fast-track mRNA manufacturing with Enzymatic capping CleanCap® mRNA capping technology Achieve: Co-transcriptional Transcription capping reaction Proper capping: Cost-saving: Produce cap 1 for the most Less expensive and biologicall
Slide 85: Late phase manufacturing optimization with CleanCap
Late phase manufacturing optimization with CleanCap® Simplified, phase appropriate processes are: More reproducible More robust More reliable Current Process: Sterile Phenol/ CleanScriptTM De-ending TFF AP Pro K TFF CEX TFF Bulk Chloroform IVT Aliquot Optimized Process: Sterile CleanScriptTM De-endi
Slide 86: Customers' first choice since the beginning of their journey
Catalyzing the customer journey to enable the miracles of science Customer B: Developing personalized cancer vaccine Product: GMP CleanCap mRNA manufacturing Maravai sales (in millions) $3.5 $3.2M The customers’ $3.0 first choice since $2.5 $2.0 the beginning of $1.5 their journey $1.0 $0.5 $102K $2
Slide 87: Driving service expansion
Scaling down to expand discovery services Manufacturing at Reducing smaller scale turnaround time Driving service expansion Current Support Expanding service offerings expands customer funnel and drives stickiness Scaling up to expand GMP services Support through clinical stage GMP ©2023 Maravai Lif
Slide 88: Targeting faster turnaround times
Expanding capabilities in discovery phase mRNA Identify quick DNA solution Integrated e-business to manufacturing Targeting faster Automation turnaround times Tiered optionality by use case Ability to scale 88 ©2023 Maravai LifeSciences. This document and its contents are confidential and proprietar
Slide 89: Driven by RUO order processing and manufacturing improvements
Driven by RUO order processing Expanding opportunities and manufacturing improvements for efficiency Batched, micro gram scale approach can significantly reduce cost and TAT Complex, time dependent projects • Incorporation of ug scale offering to support customer screening activities • Overall reduc
Slide 90: mRNA CDMO services to accelerate drug development
mRNA CDMO services to accelerate drug development Supporting customers from RUO to GMP Customers start their discovery journey with Maravai and continue through clinical stage GMP services at the right scale Discovery Preclinical/Toxicology Phase I Late Phase & Commercial Discovery mRNA (RUO) Proces
Slide 91: Executing against Maravai initiatives within nucleic acid services
Executing against Maravai initiatives within nucleic acid services Catalyze the Deliver Find a better way Lead together customer journey unquestionable quality Activate innovation engine for Drive continuous improvement Implement industry-leading, Make people and culture a customer and revenue growt
Slide 92: Break
Break maravdali LifeSciences
Slide 93: Biologics Safety Testing overview and strategy
R&D DAY Biologics Safety Testing overview and strategy Christine Dolan, Chief Operating Officer, Biologics Safety Testing September 2023
Slide 94: A history of innovation and industry leadership within Cygnus
A history of innovation and industry leadership within Cygnus Developed and launched generic kits for 24 expression platforms and 24 bioprocess impurities Introduced new analytical Launched 24th cell line PG- First Commercial Generic Generic kits for host cell method: Antibody Affinity Introduced En
Slide 95: Providing critical analytical tools for complex biologic manufacturing
Providing critical analytical tools for complex biologic manufacturing Biopharmaceutical manufacturers Regulatory guidance HCP clearance • Comprehensive drug substance characterization in IND submissions • Demonstrates purification process consistency • Published guidelines for HCP minimization • Po
Slide 96: We are the gold standard in host cell protein detection
We are the gold standard in host cell protein detection Unmatched Decades Trusted by industry product and Credibility of expertise and regulators service portfolio • Generic HCP ELISA kits for 24 • Pioneer in HCP analytics with • Thought leaders within HCP • Leader in process related expression plat
Slide 97: Strong growth over the past decade
Strong growth over the past decade Strong growth driven by leadership position supporting high growth markets Cygnus revenue (in millions) in biologic drug manufacturing, $80 vaccines and cell gene therapy $70 $70 $68 2023 serves as $60 normalization year +20% $55 as therapeutic COVID programs $50 C
Slide 98: Vast portfolio of critical products for process impurity detection
Vast portfolio of critical products for process impurity detection and quantification Full service offering across the development and commercialization product life cycle Process Development Clinical Manufacturing Validation Quality Control Product development Preclinical to phase 1 Phase 1 & phase
Slide 99: Participation in process development through the entire product life cycle
Participation in process development through the entire product life cycle Engaging with customers in early process development creates an attractive funnel that drives product stickiness and customer loyalty Early process development Commercialization Engaging with customers when Only 10% of produc
Slide 100: Providing support to a vast array of customers
Providing support to a vast array of customers 100 ©2023 Maravai LifeSciences. This document and its contents are confidential and proprietary and are not to be shared or redistributed without express consent.
Slide 101: Biologics Safety Testing: Innovation
R&D DAY Biologics Safety Testing: Innovation Eric Bishop, VP of Research & Development, Cygnus Technologies September 2023
Slide 102: Our innovation strategy
Maravai differentiators Key BST informs innovation strategy innovations Own the front Comprehensive offering of end of the funnel high-quality products and ELISA kit expansion Our services drive customer loyalty innovation Be the customer’s first choice Close collaboration with customers, industry t
Slide 103: Cygnus ELISA kits for vaccine, cell & gene therapies
Cygnus ELISA kits for vaccine, cell & gene therapies Host cell proteins Host cell & plasmid DNA • HEK 293 • A549 • Specie & cell line specific • PER.C6® • MRC5 host cell DNA assays • NS/0 • MDCK • Production system specific • Vero Cells • PG13 PCR assays • Sf9 • E. coli • HeLa [plasmid] • CAP® • BHK
Slide 104: Surveillance drives innovation: PG13 HCP ELISA kit
Surveillance drives innovation: PG13 HCP ELISA kit PG-13 (1) is a murine fibroblast cell line genetically modified to express retroviral packaging proteins and serve as a producer cell line • Application: stable producer of retrovirus-based viral vectors for CAR-T therapies • Customer profile: bioan
Slide 105: DNA portfolio expansion
DNA portfolio expansion Attractive opportunity within Innovation opportunities for the DNA portfolio host cell DNA portfolio position Cygnus for further capture • Best residual DNA/RNA extraction kit on the market • Conversion of the CHO and E. Coli qPCR methods to USP compendial method • Competitiv
Slide 106: Expanding power of AAE and mass spectrometry through innovation
Expanding power of AAE and mass spectrometry through innovation Proprietary offering delivers valuable risk assessment tool with further differentiation opportunities identified Click to edit Master text styles • Identification of HCP in drug product Opportunity • Assessment of process changes affec
Slide 107: Growth in mass spectrometry service offerings
Growth in mass spectrometry service offerings Established industry leader with attractive opportunities for further differentiation Attractive opportunities in mass Innovation opportunities for Total MS projects spectrometry services expansion of mass spectrometry MS analysis alone + MS as part serv
Slide 108: Biologics Safety Testing: MockV deep dive
R&D DAY Biologics Safety Testing: MockV deep dive David Cetlin, Senior Director, MockV Products September 2023
Slide 109: Customers face unique challenges within viral clearance testing
Customers face unique challenges within viral clearance testing A key development hurdle Historically expensive with risk of failure • Regulatory agencies require proof of viral clearance • CRO led (on-site at CRO) before clinical (pre-phase 1) and commercial • BSL-2/3 (post-phase 3) approval • Cost
Slide 110: MockV platform solves these challenges
MockV platform solves these challenges • Replaces live virus with non-infectious Mock Virus Particles (MVP) — MVPs mimic the physicochemical characteristics of the live virus — Differentiated approach protected by U.S. and global patents • Kits include all components necessary to perform ~10 viral c
Slide 111: Faster, more flexible, and at lower cost than traditional viral clearance
Faster, more flexible, and at lower cost than traditional viral clearance spiking studies Method Cost per experiment Testing environment Analysis duration Live viral clearance $2,000 - $10,000 BSL-2 (on-site at CRO) 3-4 weeks spiking study MockV MVM kit BSL-1 (in-house $400-$1,000 1 day spiking stud
Slide 112: Our customers validate the value of our MockV
Non-infectious MockV® MVM & RVLP Kits from Cygnus Technologies are an excellent tool for viral clearance (VC) validation studies. These mock-virus kits are safe, user-friendly, and economical for VC efficacy determination in standard laboratory conditions. The Cygnus Technology MockV VC kits offered
Slide 113: Driving repeat customers
Repeat customers Driving have grown from 30% in 2020 to >75% repeat 1H 2023 customers Repeat customer revenue has increased by 59% and revenue from 2020 through 1H 2023 ©2023 Maravai LifeSciences. This document and its contents are confidential and proprietary and are not to be shared or 113 redistr
Slide 114: Continuing our history of innovation through consistent product pipeline
Continuing our history of strong innovation through consistent product pipeline development 1st Gen MockV MockV RVLP Kit 3rd MockV SV40 4th MockV Kit (TBD) MVM Kit (Commercially available (anticipated release (anticipated release (Commercially available since Q4 2022) in Q4 2024) in Q2 2025) since 2
Slide 115: Favorable regulatory developments drive additional opportunities
Favorable regulatory developments drive additional opportunities Updated guidance and the MockV TM approach Q5A (R2) is the viral clearance guidance for First revision since 1999 late-stage biopharmaceuticals (i.e. BLA) Expanded concepts include: Continuous processing Cell/gene therapy products CHO-
Slide 116: Validating with MockV RVLP Kit
Validating with MockV RVLP Kit For CHO cell-derived products, CHO-derived endogenous virus particles [RVLP] can also be used for viral clearance experiments. ©2023 Maravai LifeSciences. This document and its contents are confidential and proprietary and are not to be shared or 116 redistributed with
Slide 117: Validating with MockV through prior knowledge
Validating with MockV through prior knowledge • Use of prior knowledge if utilized properly, can be leveraged to reduce the dependence and scope of viral clearance validation studies • The MockVTM approach offers an economic and easy way to accumulate viral clearance data • Through this data, compan
Slide 118: Expanding use cases for MockV
Expanding use cases for MockV 01 Test new products Generate data throughout process development and beyond 02 Predict potential failures prior to required viral clearance validation (ex. IND filing) Drug development 03 Generate viral clearance data during process development Process development 04 G
Slide 119: MockV will be a solid contributor to Biologics Safety Testing revenues
MockV will be a solid contributor to Biologics Safety Testing revenues in the short and long-term Addresses Underlying technology an unmet need non-infectious in the biopharmaceutical surrogates is patent process development industry protected Driving customer Rich product stickiness through pipelin
Slide 120: As current market leader we are well positioned to grow
Long-term strategy focused on customer acquisition and capturing growth that outpaces the market Maintain the Elevate the As current gold standard customer journey status Provide a best-in-class customer market leader Genetic kit performance and stability programs; experience from the initial kit us
Slide 121: Executing against Maravai initiatives within Biologics Safety Testing
Executing against Maravai initiatives within Biologics Safety Testing Catalyze the Deliver Find a better way Lead together customer journey unquestionable quality Activate innovation engine for Drive continuous improvement Implement industry-leading, Make people and culture a customer and revenue gr
Slide 122: Next Gen Maravai: Investments and long-term financial goals
R&D DAY Next Gen Maravai: Investments and long-term financial goals Kevin Herde, Executive Vice President and Chief Financial Officer September 2023
Slide 123: Strong financial position
Strong financial position Operating in attractive Driving future revenue Targeting margin markets with favorable growth targets through a expansion through: macrotrends combination of: • Leveraging established capabilities • Robust cost control and operational • Pipeline progression for mRNA-based e
Slide 124: Well positioned in attractive and growing markets
Well positioned in attractive and growing markets Nucleic Acid Production >14.0% SAM CAGR (2023 – 2028) $11.0B $5.6B SAM Biologics SAM Safety Testing ~10.0% SAM CAGR (2023 – 2028) 2023 2028E 124 ©2023 Maravai LifeSciences. This document and its contents are confidential and proprietary and are not t
Slide 125: History of strong base business growth
History of strong base business growth Base business revenue Core business growth since 2018 (in millions) • Strong growth in non-COVID revenue resulting $300 $283M in CAGR of +23% from 2018 to 2022 Millions $250 +23% $242M $200 $182M Core business 2023 performance $150 $124M $143M • Accelerating ve
Slide 126: Next Gen Maravai: 2028 financial targets
Next Gen Maravai: 2028 financial targets and priorities focused on top-line growth and margin expansion $700M+ revenue +18% CAGR 40%+ adjusted EBITDA margin 2023 2028 Disciplined capital allocation Attractive EPS growth & free cash flow 126 ©2023 Maravai LifeSciences. This document and its contents
Slide 127: Strategic initiatives expected to drive double-digit organic growth
Strategic initiatives expected to drive double-digit organic growth Biologics Nucleic Acid Production Safety Testing Products Enzymes Services • Innovative new products and services • Leading innovator • Innovation efforts • Expanding capabilities in and supplier to focus on: discovery phase mRNA •
Slide 128: Targeting long-term organic revenue growth
Targeting long-term organic revenue growth Expected revenue growth drivers 2028 target z Leveraging established capabilities +$700M Annual revenue z Delivering innovation and strengthening key differentiators ~18% CAGR z Using free cash flows to build on history 2023 - 2028 of inorganic tuck-in acqu
Slide 129: With margin expansion opportunities
With margin expansion opportunities 2023 2028 target >40% 22% adjusted EBITDA margin 1H 2023 adjusted EBITDA margin Attractive EPS growth 129 ©2023 Maravai LifeSciences. This document and its contents are confidential and proprietary and are not to be shared or redistributed without express consent.
Slide 130: Strong balance sheet provides financial flexibility
Strong balance sheet provides financial flexibility Investing in Maravai since 2018 to drive growth through 2028 $580M • Five new high-quality, purpose-built facilities Cash position • People, processes, and systems to support innovation and operational excellence Focused M&A 1.8x • Complimentary an
Slide 131: Our capital deployment initiatives
Our capital deployment initiatives Innovation & Manufacturing Customer first Talent technology capabilities experience Building our Addressing workflow Win in discovery Focused on scale, commercial team with challenges at Wateridge service, and quality global sales and marketing presence Advancing E
Slide 132: History of acquiring and integrating strong brands with powerful IP
History of acquiring and integrating strong brands with powerful IP September 2016 December 2017 January 2022 Acquired TriLink Biotechnologies Acquired Glen Research Acquired MyChem San Diego, CA Sterling, VA San Diego, CA March 2014 October 2016 March 2020 January 2023 Formed Maravai Acquired Cygnu
Slide 133: Proven track record of strong, strategic M&A integration
Proven track record of strong, strategic M&A integration 2020 Merger and Acquisition Criteria Met MockV Contributions Complimentary/synergistic capabilities • Expands Maravai's leadership position in bioprocess impurity testing International expansion • Extends our offerings to viral Vertical integr
Slide 134: Focused M&A with the potential to drive long-term value creation
Focused M&A with the potential to drive long-term value creation Pursuing targeted What this means for our opportunities customers Technology and innovation focused Complimentary or synergistic capabilities Alignment of company culture Vertical integration of supply chain Extraordinary Science. Focu
Slide 135: Compelling investment thesis
z Customers’ first choice supported by best-in-class innovation, agility, expertise, customization and quality. z Trusted experts in most differentiated initiatives that have been in process for two decades –evolutionary trade secrets with mRNA. z Strategically positioned in a large and growing mark
Slide 136: Break
Break maravdali LifeSciences
Slide 137: Q&A Session
Q&A Session maravadli LifeSciences
Slide 138: Closing remarks
R&D DAY Closing remarks Trey Martin, Chief Executive Officer September 2023
Slide 139: Thank you
Thank you maravdali LifeSciences
Slide 140: Appendix
Appendix maravdali LifeSciences
Slide 141: Trey Martin
Trey Martin CHIEF EXECUTIVE OFFICER Trey Martin has more than 25 years of executive leadership experience in life sciences operations, engineering, sales, product development, and marketing. Prior to assuming the CEO role in July 2023, Mr. Martin served as President, Biologics Safety Testing at Mara
Slide 142: Kate Broderick, PhD
Kate Broderick, PhD CHIEF INNOVATION OFFICER Dr. Kate Broderick has more than 15 years of experience in the life science industry. A recognized vaccine expert, Dr. Broderick has a broad background in device and product development in the DNA therapeutic and drug delivery field. Prior to joining Mara
Slide 143: Drew Burch
Drew Burch EXECUTIVE VICE PRESIDENT AND GENERAL MANAGER, NUCLEIC ACID PRODUCTS Drew Burch has over 30 years of strategic, operational, commercial and financial experiences in the life sciences industry. Prior to joining Maravai, he was President, Softgels at Thermo Fisher Scientific, where he led th
Slide 144: Becky Buzzeo
Becky Buzzeo CHIEF COMMERCIAL OFFICER AND CHIEF OPERATING OFFICER, NUCLEIC ACID SERVICES Becky Buzzeo has more than 20 years of commercial leadership experience. Before joining Maravai, in October of 2022, she was the Vice President and General Manager, Advanced Therapies, at Thermo Fisher Scientifi
Slide 145: Chad Decker
Chad Decker VICE PRESIDENT AND GENERAL MANAGER, ENZYMES Chad Decker co-founded Alphazyme in 2018 as Chief Operating Officer, and has been instrumental in building the company from its inception and was key in managing its acquisition by Maravai in 2023. With over 20 years of experience in commercial
Slide 146: Christine Dolan
Christine Dolan CHIEF OPERATING OFFICER, BIOLOGICS SAFETY TESTING Christine Dolan has served as Chief Operating Officer of Maravai LifeSciences’ Biologics Safety Testing business segment since 2017. Prior to joining Maravai, she held several operational and business leadership roles, including Senio
Slide 147: Eric Bishop
Eric Bishop VICE PRESIDENT, RESEARCH AND DEVELOPMENT, CYGNUS TECHNOLOGIES Eric Bishop joined Cygnus Technologies, part of Maravai LifeSciences in 2010 and brings over 20 years of biotechnology industry experience to his role. At Cygnus, he is responsible for business development, technical support,
Slide 148: David Cetlin
David Cetlin SENIOR DIRECTOR, RESEARCH AND DEVELOPMENT, CYGNUS TECHNOLOGIES David Cetlin is the Founder and former CEO of MockV Solutions. He joined Cygnus Technologies in 2020, after Maravai acquired MockV Solutions. As Senior Director, Research and Development, at Cygnus, he is continuing the work
Slide 149: Kevin Herde
Kevin Herde EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER Kevin Herde is an experienced financial management executive with over 25 years of experience in finance, accounting and general management focusing on diagnostics, biopharmaceutical development and technology. Prior to joining Maravai
Slide 150: CleanCap M6 synonyms
CleanCap® M6 The newest cap analog in the CleanCap® portfolio m6A Synonyms CleanCap® m6AG m7G (3’OMe) G m7(3’OMeG)(5’)ppp (5')m6(2'OMeA)pG Methylation of the N7 m6A modification position to give positive 3’ OMe modification – 2’OMe modification hinders decapping and charge – required for enhances tr
Maravai LifeSciences Holdings — Investor Day (September 2023) on 6ix