Immix Biopharma (NASDAQ: IMMX)

Last close As at 23/05/2024

USD2.12

−0.03 (−1.40%)

Market capitalisation

USD56m

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 — All roads lead to NEXICART-2

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

Scientist using protective robber gloves for handling substances and experiments

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 (7.8) (30.3) 30.9
Relative (11.3) (32.6) 3.0
52 week high/low US$7.3/US$1.6

Financials

Immix Biopharma’s Q124 report reflected a period focused on its lead CAR-T asset, NXC-201, targeting amyloid light chain amyloidosis (ALA), which was recently bolstered by incremental NEXICART-1 data. The quarter saw a pick-up in preparatory activities in advance of the US NEXICART-2 trial initiation with the finalization of a manufacturing facility in California and selection of the lead clinical trial site. We await the first-patient dosing, expected in mid-2024. We also expect an update on the addition of the autoimmune indication for NXC-201 by year end. The Q1 operating loss of $5.6m was in line with our expectations, and Immix anticipates it will maintain a cash runway through Q225 ($29.3m cash at hand at end-Q124). Our valuation adjusts to $139.5m or $5.3/share, slightly changed from $142.2m or $5.4/share, previously, with the roll forward of our model and quarterly update.

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) (92.69) N/A N/A
2025E 0.0 (26.0) (26.5) (100.68) N/A N/A

Flash note

Healthcare

Immix Biopharma — CAR-T treatment continues to show promise

Cancer cells low poly blue

Update

Healthcare

Immix Biopharma — Pipeline momentum continues in FY23

Scientist using protective robber gloves for handling substances and experiments

Flash note

Healthcare

Immix Biopharma — Encouraging progress on multiple fronts

edison tv

Healthcare

Immix Biopharma – executive interview