Immix Biopharma (NASDAQ: IMMX)

Currency in USD

Last close As at 25/01/2023

USD2.48

0.02 (0.81%)

Market capitalisation

USD34m

Immix Biopharma is developing a new class of tissue-specific therapeutics targeting oncology and immune-dysregulated disease. In Q422, IMX-110 is due to begin a Phase IIa study for STS and a Phase Ib trial in advanced solid tumours in combination with the ICI tislelizumab. Immix also has a preclinical pipeline based on the TSTx technology.

With IMX-110 Immix is targeting the STS market, a rare cancer with c 13,000–16,000 new cases reported in the United States each year and limited safe and effective treatment options. IMX-110’s combination study may further expand the drug’s offering into new indications.

Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Key Management

  • Dr Ilya Rachman

    CEO

  • Gabriel Morris

    CFO

Balance Sheet

Forecast net debt (US$m)

15.1

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 14.3 127.5 (39.8)
Relative 9.4 118.6 (34.7)
52 week high/low US$4.9/US$0.8

Financials

Immix Biopharma has announced the in-licensing of NXC-201, a novel chimeric antigen receptor T-cell (CAR-T) therapy, which has shown high response rates in multiple myeloma and AL amyloidosis. The newly formed company, Nexcella, a subsidiary of Immix, will progress NXC-201 through a Phase Ib/II trial in multiple myeloma (MM), which contains a subset with AL amyloidosis (ALA). MM and ALA are diseases with serious unmet medical needs, hence this deal, in our view, could present opportunities for Immix. The company believes NXC-201 has the potential to be the first and only out-patient CAR-T therapy. The drug trial had been sponsored by Hadassah Medical Organization; however, Immix will now assume sponsorship of the study. We await communication from management on the full terms of the deal. As such, our valuation and financial estimates for Immix are under review.

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) (50.88) N/A N/A
2021A 0.0 (1.4) (1.3) (35.91) N/A N/A
2022E 0.0 (6.2) (5.9) (42.56) N/A N/A
2023E 0.0 (8.8) (8.8) (63.12) N/A N/A

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