Last close As at 05/08/2026
USD9.54
▲ 0.21 (2.25%)
Market capitalisation
USD520m
Research: Healthcare
Immix has shared a 12-month recap, capturing key clinical and regulatory events from 2023, setting the stage for an active 2024. Its lead CAR-T asset (NXC-201) is a B-cell maturation antigen (BCMA) targeting therapy for amyloid light chain amyloidosis (ALA) and multiple myeloma (MM). The latest clinical data (Phase Ib/IIa NEXICART-1 trial) showed an overall response rate (ORR) of 100% in ALA patients (n=10) and 90% in MM patients (n=50). On the regulatory front, NXC-201 received Orphan Drug designation (ODD) in February 2024 from the EMA for ALA, and in Q323 from the FDA for ALA and MM. The FDA also cleared Immix’s Investigational New Drug (IND) application in Q423, permitting NXC-201 dosing at US trial sites (NEXICART-2 trial for ALA patients). We believe this is an important development step for NXC-201, and we look forward to rolling data readouts after the start of NEXICART-2, most likely in H124.
Written by
Immix Biopharma |
2023 recap with a preview of active year ahead |
Company update |
Pharma and biotech |
27 February 2024 |
Share price performance
Business description
Analysts
Immix Biopharma is a research client of Edison Investment Research Limited |
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Immix has shared a 12-month recap, capturing key clinical and regulatory events from 2023, setting the stage for an active 2024. Its lead CAR-T asset (NXC-201) is a B-cell maturation antigen (BCMA) targeting therapy for amyloid light chain amyloidosis (ALA) and multiple myeloma (MM). The latest clinical data (Phase Ib/IIa NEXICART-1 trial) showed an overall response rate (ORR) of 100% in ALA patients (n=10) and 90% in MM patients (n=50). On the regulatory front, NXC-201 received Orphan Drug designation (ODD) in February 2024 from the EMA for ALA, and in Q323 from the FDA for ALA and MM. The FDA also cleared Immix’s Investigational New Drug (IND) application in Q423, permitting NXC-201 dosing at US trial sites (NEXICART-2 trial for ALA patients). We believe this is an important development step for NXC-201, and we look forward to rolling data readouts after the start of NEXICART-2, most likely in H124.
Year end |
Revenue |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/21 |
0.0 |
(1.31) |
(0.36) |
0.0 |
N/A |
N/A |
12/22 |
0.0 |
(7.70) |
(0.55) |
0.0 |
N/A |
N/A |
12/23e |
0.0 |
(11.96) |
(0.70) |
0.0 |
N/A |
N/A |
12/24e |
0.0 |
(17.38) |
(0.88)** |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalized, excluding amortization of acquired intangibles, exceptional items and share-based payments. **FY24e EPS has not been adjusted for increased share count following February 2024 equity raise.
Management shared an update describing its 2023 progress in the development of NXC-201, with long-term aspirations to be the first outpatient CAR-T therapy and address current challenges in the field (cost and access). NEXICART-1 is assessing Immix’s lead CAR-T asset for ALA and MM. In December 2023, Immix shared an encouraging update for 10 ALA patients, showing an ORR of 100%, a complete response (CR) rate of 70% and an organ response rate of 60%. The company also hosted a KOL event on ALA, describing how the NXC-201 data shows promise in this fragile patient population with limited treatment options. The latest update in MM was announced in October 2023, and of the 50 patients treated at the recommended Phase II dose, the ORR was 90%, with a CR or stringent CR rate of 58%. For patients not previously treated with BCMA-targeting therapies (n=38), the ORR was 95%. We note that Immix may expand into additional autoimmune indications, and management aims to finalize these plans within the next 12 months, targeting a market segment it estimates at $25bn (combined across all potential indications) with limited treatments available today.
Immix recently announced receipt of ODD from the EMA for ALA (February 2024), and from the FDA for ALA (September 2023) and MM (August 2023). Looking at the year ahead, we believe the move to the US (NEXICART-2) marks a key milestone, and expect that clinical data updates could represent key catalysts.
Although the FDA’s directive for black box warnings for secondary malignancies has been a head wind for CAR-T therapies, Immix attests that it has not seen such malignancies with NXC-201 in data to date. Despite the warnings, investors and big pharma show sustained interest in CAR-T therapies, with AstraZeneca’s acquisition of Gracell, and Kyverna Therapeutics’ IPO raising over $350m (gross).
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Research: Metals & Mining
Sylvania’s Q224 and H124 results were overshadowed by a lower PGM basket price, which resulted in a 10% reduction in revenue. With the delay in the PGM price recovery we expected, we have pared back our forecasts, particularly for platinum and rhodium. This, combined with Sylvania’s weaker-than-expected Q224 results, has resulted in a 30% reduction in our FY24 EPS estimate to 7.4p, with cuts of 23% and 14% for FY25 and FY26, respectively. Our new valuation is 118p/share, down 13% from our previous 135p/share. With exploration assets valued at book value and conservatism in our Thaba joint venture (JV) valuation, our valuation offers upside as projects graduate from exploration to production over the coming years.