Last close As at 05/08/2026
USD9.54
▲ 0.21 (2.25%)
Market capitalisation
USD520m
Research: Healthcare
Immix Biopharma has completed its $5.0m at-the-market (ATM) offering program. The funding is as a result of the initial share sales agreement in March 2023 and is anticipated to further support Immix’s pipeline activities with the development of its key assets: the CAR-T treatment, NXC-201, and the tissue-specific therapeutic, IMX-110. We view the ATM offering as a positive, especially in light of the current macro funding environment for biotech companies.
Written by
Immix Biopharma |
ATM completion may extend runway into H224 |
Financing update |
Pharma and biotech |
16 June 2023 |
Share price performance
Business description
Analysts
Immix Biopharma is a research client of Edison Investment Research Limited |
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Immix Biopharma has completed its $5.0m at-the-market (ATM) offering program. The funding is as a result of the initial share sales agreement in March 2023 and is anticipated to further support Immix’s pipeline activities with the development of its key assets: the CAR-T treatment, NXC-201, and the tissue-specific therapeutic, IMX-110. We view the ATM offering as a positive, especially in light of the current macro funding environment for biotech companies.
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 |
(10.50) |
(0.69)** |
0.0 |
N/A |
N/A |
12/24e |
0.0 |
(14.01) |
(0.87)** |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalized, excluding amortization of acquired intangibles, exceptional items and share-based payments. **EPS figures have been adjusted to reflect increased shares outstanding since our prior note.
As of Q123, Immix had raised around $0.1m from the sale of its common shares under the ATM facility and, as of 11 May 2023, the total drawdown from the facility up until that point had been $2.6m in net proceeds (for 1.13m shares in total). The entire, and now completed, $5.0m (gross) ATM led to the issuance of 2.26m shares in total.
The full $5.0m drawdown is anticipated to be utilized in the clinical development of IMX-110’s Phase II trial for the treatment of soft tissue sarcoma and the Phase Ib combination studies in solid tumors, as well as for general corporate purposes.
Additionally, Immix’s development pipeline is focused on its ongoing Phase II CART clinical program (NEXICART-1) for NXC-201 in the treatment of multiple myeloma (MM) and amyloid light chain amyloidosis (ALA). NEXICART-1 continues to readout rolling positive results from the 58 patients enrolled so far, with an overall response rate (ORR) of 92% for patients with MM and an ORR of 100% for patients with ALA. Immix believes that if NEXICART-1 reaches a patient enrollment of 100, it could potentially serve as a registrational study, provided the results continue to be positive.
As of Q123, Immix had net cash of $11.5m and we anticipate proceeds from the ATM will extend the company’s cash runway past the previous guidance of Q224.
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Research: Consumer
Games Workshop Group’s (GAW’s) FY23 trading update indicates an improvement in underlying trading in the latter months of the period and the expected easing of cost pressures. The strength of the improvement is evident in the fact that FY23 PBT is greater than both our previous FY23 and FY24 estimates. We upgrade our FY24 PBT estimates by c 4%, which incorporates an underlying upgrade offset by a new foreign exchange headwind.