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Immix Biopharma (NASDAQ: IMMX)

Last close As at 18/04/2024

USD2.50

▲ −0.07 (−2.72%)

Market capitalisation

USD66m

Immix Biopharma’s lead asset, IMX-110, is being investigated in a Phase Ib/IIa study for the treatment of soft tissue sarcoma and a Phase Ib trial in advanced solid tumors in combination with tislelizumab. Its preclinical pipeline is based on tissue-specific therapeutics (TSTx) technology.

CAR-T cell therapies have the potential to provide effective treatments for challenging diseases. However, current available options are not considered outpatient treatments due to the risk of serious side effects. If NXC-201 continues to demonstrate a desirable efficacy and safety profile, it could become the first outpatient CAR-T cell therapy.

Latest Insights

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Healthcare | Update

Immix Biopharma — Reaffirmed long-term focus on outpatient CAR-T

Healthcare | Flash note

Immix Biopharma — Marching towards US clinical trials for NXC-201

Healthcare | Flash note

Immix Biopharma — 2023 recap with a preview of active year ahead

Healthcare | Flash note

Immix Biopharma — Updates galore: NXC-201 ODD (EU) and raise
Scientist using protective robber gloves for handling substances and experiments
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Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Arron Aatkar

Associate analyst

Jyoti Prakash

Jyoti Prakash

Analyst, 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 (5.3) (55.5) 44.5
Relative (3.5) (58.0) 19.4
52 week high/low US$7.3/US$1.6

Financials

Immix Biopharma is continuing its strategic pivot towards exploring non-traditional indications for its CAR-T asset, NXC-201, leading with relapsed/refractory (r/r) amyloid light chain amyloidosis (ALA). This tactical approach targets opportunities with a potential first mover advantage and the strategy is expected to be consolidated in 2024 with the initiation of the Phase Ib NEXICART-2 study in the US and the selection of the first autoimmune indication for NXC-201. Readouts in ALA are expected in Q424, with a potential Biologics License Application (BLA) in 2025, both key catalysts for Immix. Pro forma cash of $33.5m includes the February 2024 $15.5m (net) raise and is expected to support operations to Q225, past several key readouts. We adjust our assumptions for the latest updates, which results in resetting our valuation to $142.2m or $5.4 per share (from $86.6m or $4.0/share previously).

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2022A 0.0 (8.2) (7.6) (54.77) N/A N/A
2023A 0.0 (16.1) (13.0) (75.14) N/A N/A
2024E 0.0 (22.0) (21.4) (92.72) N/A N/A
2025E 0.0 (26.2) (26.5) (100.75) N/A N/A

Research

Flash note

Healthcare

Immix Biopharma — Marching towards US clinical trials for NXC-201
Cancer cells low poly blue

Flash note

Healthcare

Immix Biopharma — 2023 recap with a preview of active year ahead

Healthcare

Update

Immix Biopharma — Reaffirmed long-term focus on outpatient CAR-T
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Thematics

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