All eyes on final NEXICART-2 readout

The key operational focus for Immix during Q126 remained the ongoing US-based NEXICART-2 trial. The company reported updated interim clinical data from the study at ASH 2025, corresponding to the first 20 treated patients, showing an encouraging 75% complete response rate (see our January update for more details). Importantly, management continues to emphasise the favourable safety profile observed to date, including the absence of reported neurotoxicity and manageable cytokine release syndrome events. We believe this remains central to the investment thesis, as it may support the future positioning of NXC-201 as a potential outpatient CAR-T therapy. If achieved, this could represent a meaningful differentiator relative to currently marketed CAR-T products, which often require extensive in-patient monitoring and resource utilisation.

Sizeable opportunity in a high unmet need indication

Immix continues to position NXC-201 towards a sizeable unmet medical need in r/r ALA, where there are c 38,500 affected patients in the US alone and no FDA-approved therapies currently available for the r/r setting. Existing treatment approaches rely heavily on off-label regimens with limited durable efficacy, particularly in later line settings. Immix has also highlighted the broader potential applicability of NXC-201 beyond ALA, with management discussing future opportunities across additional immune-mediated diseases. While these programmes remain early stage, we believe they may broaden the long-term strategic optionality for NXC-201, if clinical proof-of-concept can be established.

Valuation: $786.7m or $14.5 per share

Following our recent valuation reassessment of Immix, we make only modest adjustments after the Q126 results. Our valuation remains relatively unchanged at $786.7m or $14.5/share ($786.5m or $14.8/share previously). The upside from rolling our model forwards was partially offset by a slightly lower cash position.

Financials

Immix’s Q126 results were largely in line with expectations, with investor focus firmly centred on execution milestones for the pivotal NEXICART-02 study ahead of topline data expected in Q326 and a targeted BLA submission by year-end 2026. The quarterly operating loss widened materially to $10.8m (Q125: $4.7m), reflecting a c 130% y-o-y increase, although remaining broadly stable sequentially versus Q425 ($10.9m). The step-up was primarily attributable to intensified clinical development activity as the company completed full patient enrolment (n=40) for NEXICART-02 in March 2026.

R&D expenditure increased sharply to $6.0m in Q126, up 203% y-o-y (Q125: $2.0m) and 4.4% q-o-q (Q425: $5.7m), underscoring the accelerating pace of trial execution. Note that the reported R&D figure reflects the benefit of a $1.5m grant contribution from the California Institute for Regenerative Medicine (CIRM), partially offsetting underlying development spend. Immix has now received $6.2m of the total $8.0m awarded under the CIRM programme, with the balance expected during FY26.

G&A expenses declined modestly on a sequential basis to $4.8m (Q425: $5.2m), although they increased significantly year-on-year (+78.1% vs $2.7m in Q125), driven primarily by elevated investor relations and professional fees associated with financing activities (+$1.2m), higher personnel-related costs following headcount expansion (+$0.6m) and broader corporate overhead increases (+$0.4m). Reflecting the higher operating intensity, quarterly cash burn rose meaningfully, with operating cash outflow reaching $9.8m versus $1.7m in Q125, albeit with a more moderate sequential increase of 25.5%.

Following the reported figures, we make modest upwards revisions to our FY26 R&D assumptions, increasing our estimate to $19.1m from $16.6m previously, while leaving all other key operational and commercial assumptions unchanged. Consequently, we now forecast an FY26 operating loss of $36.9m versus our prior estimate of $34.4m. For FY27, we continue to project revenues of $38.5m and an operating loss of $9.0m, under our base-case assumption of self-commercialisation.

Immix exited Q126 with a robust liquidity position of $90.6m, comprising $79.3m in cash and $11.3m in short-term investments, with no outstanding debt. The balance sheet strength was underpinned by the December 2025 equity financing, which generated gross proceeds of $100m ($93.7m net). Based on our projected cash utilisation profile and assuming receipt of the remaining CIRM grant proceeds during FY26, we estimate the company is funded through FY27. That said, future cash burn dynamics will remain highly sensitive to the ultimate commercialisation pathway pursued for NXC-201, particularly the balance between out-licensing and direct commercial execution. In our view, the scale of the December financing, coupled with management’s conservative guidance that existing cash provides at least 12 months of operational runway, may indicate increasing strategic confidence around potential self-commercialisation in the US market. We will continue to monitor management commentary closely and revisit our forecasts as further clarity emerges.

Valuation

Reflecting the above, our valuation for the company remains relatively stable at $786.7m or $14.5 per share ($786.5m or $14.8 per share previously). The adjustment reflects the benefit from rolling our model forwards, offset by the slightly lower net cash position. A breakdown of our valuation can be found in Exhibit 1.

Note that our valuation is based on the refreshed long-term forecasts outlined in our previous update note, which assumes Immix retains full commercial rights and self-commercialises NXC-201. We refer readers to our prior publication for detailed assumptions underpinning our model.

We believe Immix’s continued clinical execution with NXC-201, coupled with the highly encouraging efficacy data generated to date, has materially increased investor anticipation ahead of the next clinical update in r/r ALA. As per the latest available data from the NEXICART-2 study, NXC-201 demonstrated a 75% complete response rate among the first 20 treated patients, with an additional four patients reported as measurable residual disease-negative, further supporting the depth of response achievable with the therapy.

More broadly, recent developments across the CAR-T landscape appear increasingly supportive for the strategic positioning of NXC-201. While CAR-T therapies have historically been confined to haematological malignancies, recent positive data from the Kyverna Therapeutics Phase II KYSA-8 study evaluating miv-cel (KYV-101) in stiff person syndrome represent a meaningful validation event for the expansion of CAR-T into rare, high-unmet-need non-oncology indications. Kyverna intends to submit a BLA in Q426, potentially positioning miv-cel as the first FDA-approved CAR-T therapy for an autoimmune disease. Although NXC-201 is a B-cell maturation antigen (BCMA)-directed CAR-T targeting plasma-cell disorders rather than CD19-positive autoimmune disease, we view the broader read-across as favourable. From a regulatory perspective, the KYSA-8 study supports the potential for expedited development pathways in rare diseases where compelling efficacy can be demonstrated, particularly given the study’s single-arm design and modest enrolment of 26 patients. Commercially, the successful expansion of CAR-T into autoimmune and other rare disease settings further reinforces the long-term opportunity for cellular therapies capable of inducing deep and potentially durable B-cell/plasma-cell depletion.

We also note that, notwithstanding the encouraging early data presented by AbbVie at ASH 2025 for its BCMAxCD3 bispecific antibody etentamig in r/r ALA, NXC-201 remains the most clinically advanced BCMA-directed cellular therapy specifically developed for the indication. In our view, this positions Immix favourably to benefit from a potential first-mover advantage should upcoming topline data continue to replicate the strong efficacy and tolerability profile observed thus far.