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.
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Update
Healthcare |
Flash note
Healthcare |
Flash note
Healthcare |
Flash note
Dr Ilya Rachman
CEO
Gabriel Morris
CFO
Forecast net debt (US$m)
15.1
Forecast gearing ratio (%)
N/A
% | 1M | 3M | 12M |
---|---|---|---|
Actual | (35.3) | (54.5) | 19.0 |
Relative | (33.2) | (56.3) | (2.9) |
52 week high/low | US$7.3/US$1.6 |
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 |