ModTail Momentum - Healthy Trends, Sketching (Bullish) Pathway Ahead

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ModTail Momentum - Healthy Trends, Sketching (Bullish) Pathway Ahead

USA | Life Science Tools & Diagnostics

Maravai Life Sciences EquityJulyResearch13, 2026

TARGET | ESTIMATE CHANGEModTail Momentum - Healthy Trends, Sketching

RATING BUY(Bullish) Pathway Ahead

PRICE $6.09^

We take a closer look at the ModTail oppt'y for MRVI, which remains fairly under-

appreciated. This new product offering looks to optimize protein expression PRICE TARGET | % TO PT $7.00 ($6.00) | +15%

and duration of expression - key attributes for next-gen RNA drugs - with early 52W HIGH-LOW $6.55 - $1.99

momentum on customer uptake (>70 as of 1Q26) and a GMP launch on the FLOAT (%) | ADV MM (USD) 40.6% | 19.05

horizon (in 2H26). While '26 expectations remain modest (few million $s), we MARKET CAP $1.6B

see scope for $20M+ revs in 3 years (adding +3-5% per yr to overall growth). TICKER MRVI ^Prior trading day's closing price unless otherwise

noted.

More on ModTail: what is it, and why does it matter? TriLink (MRVI) formally launched their

ModTail offering last year, with the product targeting mRNA research and therapeutic applications.

FY (Dec) CHANGE TO JEFe JEF vs CONS

It works by attaching a small chemical moiety to the 3' poly(a) tail post completion of the in vitro

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transcription (IVT) process in order to enhance protein expression (up to 10x higher) and extend

duration (via reduced degradation). It looks to enhance, rather than replace, existing process with REV NA NA NA NA

no modifications needed for existing plasmid DNA templates. Focus historically has been on the EPS +4% +19% NA NA

5' cap (e.g., CleanCap); however, the new offering looks to enhance the back end of the molecule

and create a more optimized end-to-end process.