Immix Biopharma — Expanding portfolio into CAR-T cell therapy

Immix Biopharma (NASDAQ: IMMX)

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Research: Healthcare

Immix Biopharma — Expanding portfolio into CAR-T cell therapy

Immix Biopharma has expanded both its clinical and technology portfolio with the in-licensing of its first CAR-T cell therapy, NXC-201. The treatment is being investigated in a Phase Ib/II open-label study for multiple myeloma (MM) and light chain amyloidosis (ALA). The trial intends to recruit up to 100 patients and management believes positive results may potentially support early regulatory approval. In our view, NXC-201 may provide Immix with the scope to expand into new indications within oncology, particularly among hematological malignancies. NXC-201’s clinical development is being independently financed under a subsidiary of Immix (Nexcella, of which Immix owns 98%). Our valuation of Immix is US$61.5m or US$4.4 per share (previously US$55.4m or US$4.0 per share). We await further NXC-201 clinical data and communication on its development plan before including it in our valuation.

Soo Romanoff

Written by

Soo Romanoff

Managing Director - Head of Content, Healthcare

Scientist using protective robber gloves for handling substances and experiments

Healthcare

Immix Biopharma

Expanding portfolio into CAR-T cell therapy

Clinical expansion

Pharma and biotech

10 March 2023

Price

US$1.95

Market cap

US$27m

Net cash (US$m) at 30 September 2022

16.9

Shares in issue

13.9m

Free float

42%

Code

IMMX

Primary exchange

Nasdaq

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(16.3)

40.3

(1.4)

Rel (local)

(12.8)

40.9

7.6

52-week high/low

US$3.14

US$0.75

Business description

Immix Biopharma is developing a new class of tissue-specific therapeutics targeting oncology and immune-dysregulated disease. Its lead clinical 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 the ICI tislelizumab. The company also has a pre-clinical pipeline based on the TSTx technology.

Next events

NEXICART-1 (NXC-201) 50-patient cohort data

CY23

Phase Ib/IIa (IMX-110) rolling data

H123

Analysts

Soo Romanoff

+44 (0)20 3077 5700

Dr Arron Aatkar

+44 (0)20 3077 5700

Dr Adam McCarter

+44 (0)20 3077 5700

Immix Biopharma is a research client of Edison Investment Research Limited

Immix Biopharma has expanded both its clinical and technology portfolio with the in-licensing of its first CAR-T cell therapy, NXC-201. The treatment is being investigated in a Phase Ib/II open-label study for multiple myeloma (MM) and light chain amyloidosis (ALA). The trial intends to recruit up to 100 patients and management believes positive results may potentially support early regulatory approval. In our view, NXC-201 may provide Immix with the scope to expand into new indications within oncology, particularly among hematological malignancies. NXC-201’s clinical development is being independently financed under a subsidiary of Immix (Nexcella, of which Immix owns 98%). Our valuation of Immix is US$61.5m or US$4.4 per share (previously US$55.4m or US$4.0 per share). We await further NXC-201 clinical data and communication on its development plan before including it in our valuation.

Year end

Revenue
(US$m)

PBT*
(US$m)

EPS*
(US$)

DPS
(US$)

P/E
(x)

Yield
(%)

12/20

0.0

(0.56)

(0.51)

0.0

N/A

N/A

12/21

0.0

(1.31)

(0.36)

0.0

N/A

N/A

12/22e

0.0

(5.91)

(0.43)

0.0

N/A

N/A

12/23e

0.0

(8.77)

(0.63)

0.0

N/A

N/A

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

Clinical encouragement for NXC-201

NXC-201 has generated encouraging initial clinical data, demonstrating a 90% overall response rate (ORR), including a 59% complete response (CR) in relapsed or refractory MM patients in the Phase Ib/II open-label NEXICART-1. Additionally, five patients with light chain ALA enrolled in the study have achieved 100% organ RR and 100% CR to the treatment. While the MM CAR-T cell therapy market is highly competitive, in our view NXC-201 could potentially differentiate with its safety profile as the NEXICART-1 study has, to date, had no reports of patient safety events greater than grade three cytokine release syndrome (CRS) or neurotoxicity.

Nexcella subsidiary to be financed independently

The company had previously announced that all future clinical development of the NXC-201 CAR-T cell therapy would be undertaken by Immix’s newly formed Nexcella subsidiary, of which it now owns 98%. Nexcella is to be an independently financed company that Management has said will have minimal impact on the financial position of Immix or budgeting for the ongoing development of Immix’s existing assets IMX-110, IMX-111 and IMX-120. However, we note that future financing of Nexcella could dilute Immix’s ownership interest in the subsidiary

Valuation: US$61.5m or US$4.4 per share

We reinstate our valuation of Immix at US$61.5m or US$4.4 per share (previously US$55.4m or US$4.0 per share). Our valuation is based on a risk-adjusted NPV calculation for IMX-110 in soft tissue sarcoma (STS) and solid tumour indications. We await further data and clarification on NXC-201’s development plan before including it in our valuation.

Entering the CAR-T cell therapy game with NXC-201

In December 2022, Immix announced the in-licensing of NXC-201, a potentially novel CAR-T cell therapy under clinical development for the treatment of MM and ALA. The therapy targets a clinically validated target, B-cell maturation antigen (BCMA), which is overexpressed in MM. This new asset has already shown high response rates in the Phase Ib/II NEXICART-1 trial (NCT04720313), initially sponsored by the Hadassah Medical Organization in Israel. However, Immix’s subsidiary Nexcella (of which Immix owns 98%) will now assume sponsorship and funding of the study.

Interim clinical data have demonstrated NXC-201’s encouraging safety profile with a potentially lower dosing regimen than currently approved CAR-T cell therapies that may reduce the risk of toxicity. Additionally, the company believes NXC-201 has the potential to be the first out-patient CAR-T cell therapy, which could potentially provide market differentiation. NXC-201 is the most clinically advanced asset in Nexcella’s pipeline (Exhibit 1).

Exhibit 1: Nexcella’s clinical development pipeline

Source: Nexcella website

CAR-T cell therapies continue to gain traction in oncology

CAR-T cell therapies harness the natural function of T cells (or T lymphocytes, a type of white blood cell crucial for our immune systems). T cells work by detecting foreign materials that do not naturally occur in the body (foreign, viral, cancer). More specifically, they can recognize unusual proteins expressed on the surface of cells (antigens), which initiates an immune response to destroy the targeted cell. However, tumors can develop techniques to prevent this natural process by disguising the surface proteins and suppressing the function of certain T cells. CAR-T cell therapies involve the genetic engineering of a patient’s T cells to span the cell membrane and bind to specific structures at the surface of cancer cells. Once bound, natural T cell activity is activated, enabling the targeted destruction of the cancer cells. There are currently six approved CAR-T cell therapies, which have, to date, found application in the treatment of hematological malignancies (Exhibit 2).

Exhibit 2: FDA approved CAR-T cell therapies

Company

Drug

FDA approval date

Approval indication

Est. global sales 2028 (US$)*

Johnson & Johnson

Carvykti

February 2022

MM

4.1bn

Bristol Myers / Bluebird Bio

Abecma

March 2021

MM

1.3bn

Bristol Myers

Breyanzi

February 2021

Large B-cell lymphoma

1.5bn

Gilead / Kite

Tecartus

July 2020

Mantle cell lymphoma

777m

Gilead / Kite

Yescarta

October 2017

B-cell lymphoma

2.6bn

Novartis

Kymriah

August 2017

B-cell precursor acute lymphoblastic leukemia

515m

Source: Edison Investment Research, FDA cell and gene therapy approvals. Note: *According to Evaluate Pharma.

As discussed in our Edison thematic on cell and gene therapies, there are many advantages to the use of gene-modified cell therapies such as CAR-T cell therapies, which enable effective treatments for challenging diseases. For example, durable responses are often achieved after a single administration, which may improve patient compliance. CAR-T cell therapies also offer a targeted mechanism of action, making them an attractive alternative to aggressive chemotherapy drugs that often lead to extreme side effects. In addition, CAR-T cell therapies have been associated with improvements in immunological memory that may provide a continuous surveillance system against cancer cells.

However, the limitations associated with CAR-T cell therapies include the absence of off-the-shelf therapies, time-consuming and costly manufacturing, and challenges associated with treating solid tumors for which no CAR-T cell therapy has yet been approved. To address these limitations, we anticipate continued interest in the field and for the technology to mature. It is estimated that more than 20,000 people have received CAR-T cell therapies and there are more than c 500 ongoing clinical trials assessing this therapeutic approach. With a projected CAR-T cell therapy market size of US$4.5bn in 2023 and US$27.2bn in 2028 (according to Evaluate Pharma), we believe there is significant opportunity for companies to garner market share.

NXC-201 to take on MM

MM, a type of bone marrow cancer, is the second most common hematological malignancy after lymphoma, for which relapse after initial remission is still a common problem. There are c 36k new cases of MM diagnosed each year in the United States. The current standard of care for MM typically includes a combination of chemotherapy (such as proteasome inhibitors), immunomodulatory agents and steroids as a first-line treatment for newly diagnosed patients. However, more targeted therapies have now emerged as later-line treatment options after disease relapse. These technologies include monoclonal antibody therapies such as Johnson & Johnson’s (J&J’s) Darzalex, a second-line CD38 targeting antibody. Additionally technologies include CAR-T cell therapies such as J&J’s Carvykti, and Bristol Myers Squibb’s (BMS’s) Abecma have also been approved. Both of these approved CAR-T cell therapies target BCMA, a clinically validated and important target for which overexpression is associated with MM (Exhibit 3).

Exhibit 3: BCMA-targeting approved therapies in MM

Company

Drug

Technology

Notable clinical data

Approved line of treatment

Est. global sales 2028 (US$)*

J&J

Carvykti

CAR-T cell therapy

Data

5th line

4.1bn

J&J

Tecvayli

Antibody drug conjugate

Data

5th line

1.4bn

BMS

Abecma

CAR-T cell therapy

Data

5th line

1.3bn

GSK

Blenrep

Antibody drug conjugate

Data

5th line

610m

Source: Edison Investment Research. Note: *According to Evaluate Pharma.

However, manufacturing bottlenecks have somewhat constrained the wider use of the approved CAR-T cell therapies. Further, both Carvykti and Abecma are associated with high-grade CRS, an acute inflammatory syndrome sometimes associated with CAR-T cell therapies and characterized by fever and organ dysfunction, as well as neurotoxicity side effects. With a projected market size for MM treatments of US$23bn in 2023 and US$33bn in 2028, according to Evaluate Pharma, we believe there is significant opportunity for Nexcella in this space, provided it can offer differentiation with regard to either efficacy or safety (Exhibit 4).

Exhibit 4: Projected market growth for MM

Source: Evaluate Pharma

NXC-201 looking to break the mold in MM CAR-T cell therapy

Clinical results, to date, for NXC-201 have been encouraging, demonstrating a favorable safety and efficacy profile from the NEXICART-1 trial (NCT04720313). The study is an ongoing, open-label, Phase Ib/II trial assessing NXC-201 in adults with relapsed or refractory MM, which as of October 2022 were triple-class refractory (to at least one immunomodulatory drug, one proteasome inhibitor and one anti-CD38 antibody). The Phase Ib portion of the study demonstrated safety and tolerability while identifying the recommended Phase II dose (RP2D) of 800m cells.

In the Phase II portion, as of the 23 October 2022 data cut-off date, 29 patients had received the RP2D, out of 42 enrolled to date. These 29 patients achieved an ORR of 90%. Furthermore, 17 of 29 patients (59%) reported a CR or stringent CR (sCR). Importantly, there were no cases of high-grade CRS, but just one instance (3%) of grade 3 CRS at the RP2D. Generally, CRS occurrences were deemed to be manageable, with a median CRS onset of one day, and a median CRS duration of only two days; there were also no reports of neurotoxicity.

In our view, these results are particularly encouraging for NXC-201. Management may look to offer differentiation within the CAR-T cell therapy market with NXC-201’s favorable safety profile shown to date. We believe that the latest data are supportive of this and looks to slightly improve on the side effect profiles exhibited by Carvykti and Abecma (Exhibit 5). Additionally, patients receiving currently approved CAR-T cell therapies often have a risk/recovery period of approximately 2–3 months, during which they must be closely monitored at the medical center for potential CRS and neurotoxicity. The company suggests the data so far show that NXC-201-associated CRS episodes, whenever they occur, tend to develop more quickly than with existing approved CAR-T cell therapies. With a fast CRS onset, management believes that NXC-201 could potentially be used as an outpatient treatment where patient monitoring over multiple months may not be required, as any side effects that might occur following NXC-201 treatment would occur quickly making them more manageable, according to the company. We anticipate future NXC-201 clinical data may provide more granularity on the timing of treatment-associated side effects, as well as possible mechanistic explanations as to why the timing of such adverse events may differ from those of currently approved CAR-T cell therapies.

Exhibit 5: Comparison in responses of MM to CAR-T cell therapies

Company

Drug

ORR

CR+sCR

CRS (>grade 3)

Neurotoxicity (>grade 3)

Nexcella

NXC-201 (n=29 at the RP2D of 800m cells)

90%

59%

0%

(3% grade 3)

0%

J&J

Carvykti (n=100)

98%

78%

5%

(including 1 death)

3%

(including 2 deaths)

BMS

Abecma (n=97)

72%

28%

9%)

(including 1 death)

Higher dose: 8%

Lower dose: 1.4%

Source: Edison Investment Research, Nexcella Investor Presentation

Nexcella has announced that, as of end-February 2023, 50 patients have been dosed with NXC-201 in the NEXICART-1 trial. This is consistent with a robust patient enrolment of up to five patients a month and the company intends to share the data from the 50-patient cohort at a premier scientific forum in CY23. Management anticipates a total enrolment of 100 patients (open label), and clinical data for this population to have been assessed, before seeking a Biologics License Application approval from the US Food and Drug Administration (FDA), provided the clinical data are positive.

In February 2023, it was announced that Nexcella has entered into a manufacturing agreement with an undisclosed US Good Manufacturing Practice cell therapy manufacturer that will supply the biological drug products to potential US sites as part of its ongoing Phase Ib/II clinical trial of NXC-201 in MM and ALA. Nexcella plans to arrange a pre-IND meeting with the FDA in coming months, and submit an IND application to support its objective to expand the ongoing trial (operating in Israel) to the United States. This manufacturing agreement is designed to support the application to the FDA.

ALA: A second indication for NXC-201

NXC-201 has also demonstrated encouraging responses in ALA, a rare but serious multisystem disease affecting kidneys, heart, liver, intestines and nerves, with c 4k new cases diagnosed in the United States each year. ALA is one of five main types of amyloidosis and lacks treatment options. While there is no known cause, it is often linked with MM (15% of cases) and hence, potential treatments for addressing the disease are typically based on those used for MM. The current standard of care for ALA is a four-drug combination of subcutaneous Darzalex with bortezomib, cyclophosphamide and dexamethasone. Alternative treatment approaches also include BCMA-targeting CAR-T cell therapies. A key challenge with this approach, however, remains the fact that CAR-T cell therapies can be too toxic for patients with ALA. We view this as an opportunity for Nexcella, since NXC-201 appears to have demonstrated a favorable safety profile in initial clinical trial results to date. However, we note that this has been with a very low population of patients with ALA (n=5) and data with more patients will be required to fully support this finding.

NXC-201 in ALA clinical results

The Phase Ib/II NEXICART-1 trial includes a patient subset to assess NXC-201 as a CAR-T cell therapy for ALA. Although initial results have only involved a small patient population (n=5), NXC-201 has shown a 100% ORR, a 100% organ response rate and a 100% CR at all dose levels. Further, for this subset, cases of low-grade CRS were manageable with a short median CRS onset of two days, a median CRS duration of only two days, supporting NXC-201 as a potential outpatient CAR-T cell therapy. These results also offer an improvement in efficacy over J&J’s Darzalex, which is used as an antibody therapy for both MM and ALA (Exhibit 6).

Exhibit 6: Comparison in responses of ALA to NXC-201 and Darzalex

Company

Drug

ORR

Organ RR

CR+sCR

Nexcella

NXC-201 (n=5)

100%

100%

100%

J&J

Darzalex (n=388)

78%

-

42%

Source: Edison Investment Research, Nexcella Investor Presentation

While we recognize that NXC-201 has only been assessed in a small ALA patient population, we view the initial results as encouraging for the therapy in this indication, potentially offering improvements over approved treatment options. Currently, the duration of response has not yet been reached for this subset of the trial at a median follow-up of 5.2 months. We anticipate an update from this study in CY23.

Clinical pipeline bolstered

In addition to Immix’s expansion into CAR-T cell therapies, the company also announced reaching a significant clinical milestone in February 2023 with the dosing of the first two patients in a new Phase Ib/Iia study, investigating the use of IMX-110 in combination with tislelizumab (BeiGene/Novartis’s anti-PD-1 antibody) in solid tumors. Importantly, rolling data readouts from the new trial are expected to begin in H123, which could help expedite the development process. Tislelizumab is currently not approved for any indication in the United States; however, we believe the IMX-110/tislelizumab combination could offer potential differentiation in the highly competitive immune checkpoint inhibitor market if clinical data are positive. Additionally, novel combinational therapies will be critical to establish more efficacious treatment regimens in oncology, so we view the initiation of this study as a highly encouraging sign for the company’s development program.

The trial represents Immix’s second clinical program for IMX-110, which is also being investigated in a separate Phase Ib/Iia trial for the treatment of STS. The Phase Ib arm has, to date, recruited 17 patients and intends to recruit up to 30 patients in total. The first of the trials rolling data readouts is expected in Q123 with top-line data expected by end-FY24.

Exhibit 7: Immix clinical development pipeline

Source: Immix corporate presentation

Valuation

We reinstate our valuation of Immix and value the company at US$61.5m or US$4.4 per share (previously US$55.4m or US$4.0 per share) based on a risk-adjusted NPV for IMX-110 in STS and solid tumor indications and incorporates a net cash position of US$16.9m at end-September 2022. Our model applies a discount rate of 12.5%. We note that Nexcella is independently financing the clinical development of NXC-201, and such future financing initiatives could dilute Immix’s ownership interest in the subsidiary. Altogether, we will await further NXC-201 clinical data and additional communication on its development plan before including it in our valuation. Our latest valuation is little changed overall and reflects the effects of rolling forward our model forward four months. Our valuation assumptions remain unchanged and are further detailed in our initiation report. A breakdown of our rNPV valuation is shown in Exhibit 8.

Exhibit 8: Biopharma rNPV

Product

Launch

Peak

Peak sales
(US$m)

Value
(US$m)

Probability

rNPV (US$m)

rNPV/ share (US$)

IMX-110 (STS)

2028

2033

403.6

176.1

15%

30.4

2.2

IMX-110 (solid tumours)

2029

2035

484.9

152.6

10%

14.2

1.0

Net cash on 30 September 2022

 

 

 

16.9

100%

16.9

1.2

Valuation

 

 

 

345.5

 

61.5

4.4

Source: Edison Investment Research

Financials

With a net cash position of US$16.9m at end Q322 and based on our projected cash burn rates, we estimate Immix’s operations are funded into early Q424. We anticipate the need to raise additional capital in FY24 of c US$10m (shown as illustrative debt) to support operations past top-line data readouts in Q424 until a licensing deal is found, which we estimate to be in mid-2025. If a licensing deal in line with our estimates can be realized, we believe this could bring the company to operating sustainability from mid-2025. We note that if clinical timelines are delayed or the company begins new clinical development programs, our cash requirement forecasts may need to be increased.

Alternatively, if the funding is realized through an equity issue instead (assuming at the current trading price of c US$1.95/share), Immix would have to issue 4.5m shares, resulting in our per-share valuation coming down to US$3.3/share from US$4.4 currently (shares outstanding would increase from 13.9m to 18.4m).

Exhibit 9: Financial summary

Accounts: IFRS, Yr end: December 31, USD:000s

 

2019

2020

2021

2022e

2023e

PROFIT & LOSS

 

 

 

 

 

 

Total revenues

 

0

0

0

0

0

Cost of sales

 

0

0

0

0

0

Gross profit

 

0

0

0

0

0

Total operating expenses

 

(842)

(454)

(1,352)

(6,206)

(8,770)

Research and development expenses

 

(583)

(248)

(127)

(3,020)

(5,520)

SG&A

 

(259)

(206)

(1,225)

(3,186)

(3,250)

EBITDA (normalized)

 

(841)

(452)

(1,350)

(6,205)

(8,769)

Operating income (reported)

 

(842)

(454)

(1,352)

(6,206)

(8,770)

Finance income/(expense)

 

(110)

(102)

(180)

(0)

0

Exceptionals and adjustments

 

0

(574)

(22,846)

0

0

Profit before tax (reported)

 

(952)

(1,130)

(24,378)

(6,207)

(8,770)

Profit before tax (normalized)

 

(952)

(555)

(1,313)

(5,913)

(8,770)

Income tax expense (includes exceptionals)

 

(21)

(18)

(6)

(7)

(10)

Net income (reported)

 

(973)

(1,148)

(24,384)

(6,214)

(8,780)

Net income (normalized)

 

(973)

(572)

(1,319)

(5,920)

(8,780)

Basic average number of shares, m

 

1.1

1.1

3.7

13.9

13.9

Basic EPS (US$)

 

(0.86)

(1.02)

(6.64)

(0.45)

(0.63)

Adjusted EPS (US$)

 

(0.86)

(0.51)

(0.36)

(0.43)

(0.63)

Dividend per share (US$)

 

0.00

0.00

0.00

0.00

0.00

 

 

 

 

 

 

 

BALANCE SHEET

 

 

 

 

 

 

Property, plant and equipment

 

10

7

6

4

3

Total non-current assets

 

10

7

6

4

3

Cash and equivalents

 

734

391

17,644

15,096

6,317

Current tax receivables

 

176

127

26

182

182

Trade and other receivables

 

0

0

0

0

0

Other current assets

 

24

14

516

292

292

Total current assets

 

933

532

18,186

15,571

6,792

Non-current loans and borrowings

 

0

0

0

0

0

Non-current lease liabilities

 

0

0

0

0

0

Other non-current liabilities

 

0

0

0

0

0

Total non-current liabilities

 

0

0

0

0

0

Accounts payable

 

248

252

143

646

646

Illustrative debt

 

0

4,050

0

0

0

Current lease obligations

 

0

0

0

0

0

Other current liabilities

 

4,342

968

59

0

0

Total current liabilities

 

4,589

5,270

202

646

646

Equity attributable to company

 

(3,646)

(4,731)

17,990

14,928

6,148

 

 

0

0

0

0

0

CASH FLOW STATEMENT

 

 

 

 

 

 

Net Income

 

(973)

(1,148)

(24,384)

(6,214)

(8,780)

Depreciation and amortisation

 

1

2

2

2

1

Share based payments

 

0

0

219

294

0

Other adjustments

 

0

575

22,964

0

0

Movements in working capital

 

182

166

(391)

562

0

Cash from operations (CFO)

 

(790)

(405)

(1,589)

(5,356)

(8,779)

Capex

 

(7)

0

(1)

0

0

Acquisitions & disposals net

 

0

0

0

0

0

Other investing activities

 

0

0

0

0

0

Cash used in investing activities (CFIA)

 

(7)

0

(1)

0

0

Capital changes

 

1,050

0

18,849

2,914

0

Debt Changes

 

0

0

0

0

0

Other financing activities

 

0

0

0

(106)

0

Cash from financing activities (CFF)

 

1,050

0

18,849

2,808

0

Cash and equivalents at beginning of period

 

462

734

391

17,644

15,096

Increase/(decrease) in cash and equivalents

 

253

(405)

17,259

(2,548)

(8,779)

Effect of FX on cash and equivalents

 

19

62

(5)

0

0

Cash and equivalents at end of period

 

734

391

17,644

15,096

6,317

Net (debt)/cash

 

734

(3,659)

17,644

15,096

6,317

Source: Immix Biopharma company accounts, Edison Investment Research


General disclaimer and copyright

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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: Copyright 2023 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 solicitation 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

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

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: Copyright 2023 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 solicitation 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

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

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abrdn Asian Income Fund — Quality through and through

abrdn Asian Income Fund (AAIF) is managed by abrdn, which has 30 years’ heritage of managing Asian equity strategies, one of the largest regional teams and $52bn in AUM across Asia and global emerging markets (at 30 June 2022). It is pleasing to see that after weaker relative performances in 2017, 2019 and 2020, AAIF has returned to form with strong relative showings in 2021 and 2022 converting into outperformance of the index and peers over one, three and five years. After dipping into reserves in 2020 and 2021, the board has guided for a fully covered dividend per share of 9.75p for FY22 and 10.5p for FY23. While China does not account for a significant part of the portfolio, which has been both a headwind and tailwind for the strategy, it continues to have a significant impact on the region’s prospects, making the recent reopening of China the most notable regional macro event of recent months.

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