Immix Biopharma

US: IMMX

Market Cap$21m

Last Close $1.48

Immix Biopharma is developing a new class of tissue-specific therapeutics targeting oncology and immune-dysregulated disease. In Q422, the company’s lead clinical asset, IMX-110, is expected to begin a Phase IIa study for the treatment of STS and a Phase 1b trial in advanced solid tumours in combination with the ICI tislelizumab. The company also has a preclinical pipeline based on the TSTx technology.

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Investment summary

Immix Biopharma is a clinical-stage biopharmaceutical company focused on the development of its SMARxT tissue-specific platform producing Tissue-Specific Therapeutics (TSTx). Its lead clinical asset, IMX-110, is being investigated for the treatment of soft tissue sarcoma (STS), where interim results from its Phase Ib trial have, so far, demonstrated positive safety and efficacy profiles, albeit in a small patient population. Management now intends to initiate Phase IIa of the study in first-line STS in Q422. We also expect a Phase Ib study of IMX-110 in combination with tislelizumab (an anti-PD-1 antibody) to begin in Q422. To support this trial, Immix has entered a supply agreement with BeiGene. Immix had a net cash position of US$18.4m at end-June 2022, which we estimate will fund operations to Q424. We value Immix Biopharma at US$56.7m or US$4.1 per share.

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2020A 0.0 (0.5) (0.6) (0.51) N/A N/A
2021A 0.0 (1.4) (1.3) (0.36) N/A N/A
2022E 0.0 (6.2) (6.1) (0.44) N/A N/A
2023E 0.0 (8.8) (8.8) (0.63) N/A N/A
Content on Immix Biopharma
Immix Biopharma – executive interview
Healthcare | Edison TV | 20 September 2022
Immix Biopharma – Fresh faces with a unique tissue-targeting therapy
Healthcare | research Initiation | 16 September 2022
Medical concept of cancer. 3d illustration of T cells or cancer cells.
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Share price graph
Balance sheet
Forecast net debt (US$m) 15
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (30.8) (31.7) N/A
Relative* (22.6) (29.8) N/A
52-week high/low US$6.8/US$1.3
*% relative to local index
Key management
Dr Ilya Rachman CEO
Gabriel Morris CFO

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