Immix Biopharma — ASCO/KOL event reaffirms NXC-201’s potential

Immix Biopharma (NASDAQ: IMMX)

Last close As at 05/06/2025

USD2.19

0.13 (6.31%)

Market capitalisation

USD62m

More on this equity

Research: Healthcare

Immix Biopharma — ASCO/KOL event reaffirms NXC-201’s potential

Following Immix’s update at the 61st annual American Society of Clinical Oncology conference (ASCO 2025), the company hosted a key opinion leader (KOL) event, which showcased the potential of NXC-201 as an effective treatment option to address the unmet need for patients with relapsed/refractory amyloid light chain amyloidosis (r/r ALA). NXC-201 is the only CAR-T therapy in development for ALA, to our knowledge, offering a glimmer of hope to a patient population that currently only has limited treatment options and for which there are no FDA-approved drugs. The KOLs (three US-based physicians) expressed a willingness to treat patients who do not respond to first-line ALA treatment and those ineligible for stem cell transplants with NXC-201, based on the encouraging clinical data to date. The latest clinical update (NEXICART-2 data presented at ASCO 2025) showed a complete response (CR) rate of 70%, with an attractive safety profile, consistent with prior clinical readouts.

Jyoti Prakash

Written by

Jyoti Prakash, CFA

Director, healthcare

Cancer cells low poly blue

Healthcare

Company/clinical update

6 June 2025

Price $2.11
Market cap $59m

Net cash at 31 March 2025

$15.9m

Shares in issue

27.9m
Free float 60.0%
Code IMMX
Primary exchange NASDAQ
Secondary exchange N/A
Price Performance

Business description

Immix Biopharma is a clinical-stage biopharma company developing personalized therapies for oncology and immunology. Lead asset NXC-201 is a BCMA-targeting CAR-T asset, being evaluated for amyloid light chain amyloidosis with plans to expand to autoimmune indications. A Phase I/II trial, NEXICART-2, is ongoing in the US, with top-line results expected in mid-CY26. The company is also seeking strategic options for legacy asset IMX-110, targeting solid tumors.

Analysts

Jyoti Prakash, CFA
+44 (0)20 3077 5700
Arron Aatkar, PhD
+44 (0)20 3077 5700

Immix Biopharma is a research client of Edison Investment Research Limited

Note: PBT and EPS are normalized, excluding amortization of acquired intangibles, exceptional items and share-based payments

Year end Revenue ($m) PBT ($m) EPS ($) DPS ($) P/E (x) Yield (%)
12/23 0.0 (13.0) (0.75) 0.00 N/A N/A
12/24 0.0 (18.6) (0.66) 0.00 N/A N/A
12/25e 0.0 (16.8) (0.57) 0.00 N/A N/A
12/26e 0.0 (25.7) (0.87) 0.00 N/A N/A

The latest NEXICART-2 data corresponded to the first 10 patients from the trial. A CR rate of 70% was reported (7/10 patients), as of the data cut-off of 11 April 2025. Further, the remaining three patients were classified as being minimum residual disease negative (meaning no diseased cells were found on testing a million bone marrow cells), with management estimating that they could be confirmed as CR within the coming weeks or months. Additionally, NXC-201 maintains its track record of showing zero cases of neurotoxicity and only early-onset and short-lived cases of cytokine release syndrome. This offers promise for NXC-201 to become the first ‘outpatient’ CAR-T therapy, with notable advantages compared to current approved CAR-Ts, a key achievement in broadening the accessibility of such treatments. An independent review committee determined that the primary efficacy endpoint was met based on the CR rate of these first 10 patients, which management noted will advance progress towards submitting a biologics license application for FDA approval. Patient enrollment is progressing as planned (total expected n=40) and we anticipate trial conclusion in mid-2026.

ALA is a debilitating and often fatal disease, characterized by progressive organ dysfunction. It is a rare condition (c 33k estimated cases in the US) for which NXC-201 has been granted orphan drug designation by the FDA and EMA, offering seven and 10 years of market exclusivity in the US and EU, respectively, following approval. The first-line treatment for ALA is a four-drug combination of daratumumab with bortezomib, cyclophosphamide and dexamethasone. However, many patients do not respond to this treatment and relapse represents an ongoing medical dilemma. Autologous stem cell transplantation offers the potential for durable responses, but only a small portion of r/r ALA patients are fit enough for this treatment, and those who do undergo it face an extended recovery time. There is, therefore, an unmet need for this patient population, which Immix aims to address. Encouragingly, the KOLs unanimously agreed that NXC-201 would be opted for as the desired treatment in this setting, based on their experiences.

General disclaimer and copyright

This report has been commissioned by Immix Biopharma and prepared and issued by Edison, in consideration of a fee payable by Immix Biopharma. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright 2025 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or sol icitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

More on Immix Biopharma

View All

Latest from the Healthcare sector

View All Healthcare content

Research: Healthcare

OSE Immunotherapeutics — New UC biomarker underpins growth strategy

OSE has announced plans to strengthen its growth strategy and accelerate the key pillars of its pipeline, covering immuno-inflammation and immuno-oncology. In the inflammation space, the company revealed a potential path forward for lusvertikimab, which reported positive top-line data in Phase II (CoTikiS) for ulcerative colitis (UC) in Q424. A new predictive biomarker (a composite IL7R axis biomarker) has been identified through a retrospective analysis of CoTikiS, offering potential to improve clinical remission rates through a precision medicine approach with lusvertikimab, for the biomarker-positive population. Management is preparing for a Phase IIb programme to validate this biomarker, with the aim of demonstrating efficacy in this population by 2027. If successful, this should lay the foundation for late-stage clinical development efforts for lusvertikimab. In the oncology space, the latest update confirmed that the company is on track with its plans for regulatory submission, with the pivotal Phase III non-small cell lung cancer trial due to conclude in 2027, with potential to expand the label to other indications (such as pancreatic cancer) in later years, contingent on successful clinical progression.

Continue Reading

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free