Immix Biopharma (NASDAQ: IMMX)

Currency in USD

Last close As at 25/09/2023


−0.49 (−14.20%)

Market capitalisation


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 pre-clinical pipeline is based on tissue-specific therapeutics (TSTx) technology.

With IMX-110 Immix is targeting the soft tissue sarcoma 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.

Latest Insights

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Healthcare | Flash note

Immix Biopharma — NXC-201 gains orphan drug designation in ALA

Healthcare | Flash note

Immix Biopharma — NXC-201 gains Orphan Drug designation in MM

Healthcare | Update

Immix Biopharma — Progressing as expected on all fronts

Healthcare | Flash note

Immix Biopharma — IMX-110 interim results in colorectal cancer

Scientist using protective robber gloves for handling substances and experiments



Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Key Management

  • Dr Ilya Rachman


  • Gabriel Morris


Balance Sheet

Forecast net debt (US$m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 46.5 13.4 100.7
Relative 48.8 13.7 70.9
52 week high/low US$3.5/US$0.8


Immix has announced that the FDA has granted orphan drug designation (ODD) to CAR-T asset NXC-201 for amyloid light chain amyloidosis (ALA). This occurred approximately a month after the announced ODD for multiple myeloma (MM), the other indication that Immix is pursuing with NXC-201. The benefits of ODD include seven years of US market exclusivity post approval, tax credits for qualified clinical trials and exemption from the Prescription Drug User Fee (c $3m for a new drug). ODD is issued to drugs/biologics intended for the safe and effective treatment, diagnosis or prevention of rare diseases/conditions that affect fewer than 200k people in the US. Achieving ODD in both MM and ALA marks an important development for the progress of NXC-201, which has shown encouraging signs on both the clinical and regulatory fronts. We believe that the next readout (expected in September 2023) from the ongoing NEXICART-1 trial could be a significant catalyst for the company.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2021A 0.0 (1.4) (1.3) (35.91) N/A N/A
2022A 0.0 (8.2) (7.7) (55.49) N/A N/A
2023E 0.0 (12.7) (12.3) (83.87) N/A N/A
2024E 0.0 (16.2) (15.8) (97.28) N/A N/A