Last close As at 05/08/2026
USD9.54
▲ 0.21 (2.25%)
Market capitalisation
USD520m
Research: Healthcare
Immix Biopharma has announced an update from its ongoing US-based NEXICART-2 study testing NXC-201 in relapsed/refractory amyloid light chain amyloidosis (r/r ALA), alongside a sizeable equity financing to support continued development activities. The latest clinical update showed that all four measurable residual disease (MRD)-negative patients previously reported at ASH 2025 have now converted to complete response (CR), increasing the CR rate to 95% (19/20 patients) in the first 20 evaluable participants. Importantly, all CRs were reached within one year following dosing and no relapses have been observed to date among patients who achieved CR. We view this as an encouraging progression from the prior dataset, which showed a 75% CR rate (15/20 patients), with management previously indicating that the MRD-negative patients could deepen into CR over time. Safety findings were reported as consistent with prior disclosures, including no reported neurotoxicity and manageable cytokine release syndrome. Separately, Immix announced the closing of a $150m underwritten offering of common stock and pre-funded warrants. Management estimates that its cash resources, with this new financing, should provide operational headroom to mid-2028.
| Year end | Revenue ($m) | PBT ($m) | EPS ($) | DPS ($) | P/E (x) | Yield (%) |
|---|---|---|---|---|---|---|
| 12/24 | 0.0 | (18.6) | (0.66) | 0.00 | N/A | N/A |
| 12/25 | 0.0 | (27.0) | (0.82) | 0.00 | N/A | N/A |
| 12/26e | 0.0 | (31.5) | (0.57) | 0.00 | N/A | N/A |
| 12/27e | 38,495.4 | (4.5) | (0.08) | 0.00 | N/A | N/A |
The latest NEXICART-2 update builds directly on the interim dataset presented at ASH 2025, where NXC-201 demonstrated a 75% CR rate across the first 20 treated patients. At the time, management highlighted that four of the five non-CR patients were MRD negative. The new update confirms that all four of these patients have now converted to CR, increasing the overall CR rate to 95% (19/20 patients). In our view, this represents an important development, as it shows continued deepening of responses over time. Management also disclosed that all subsequently enrolled patients with available MRD data had achieved MRD negativity at one month, providing additional encouragement.
NEXICART-2 completed patient enrolment (n=45) in March 2026. Immix has communicated that the next update is on track for September 2026, and stated that this will be followed by one-year follow-up data by end-March 2027. The latter is expected to drive Biologics License Application (BLA) submission and commercial launch, a slight adjustment from prior guidance of BLA submission within 2026. We also highlight Immix’s plans to initiate a multi-centre, randomised Phase III trial in newly diagnosed ALA patients (in contrast to the r/r setting) in H127, reflecting growing confidence in the candidate’s efficacy profile, in our view. We await further details on this front before adjusting our longer-term assumptions.
Separately, Immix announced the closing of a $150m underwritten public offering consisting of common stock and pre-funded warrants. The net proceeds (c $141m after deducting offering expenses) are expected to support ongoing clinical development activities, working capital and general corporate purposes. Importantly, with an extended cash runway to mid-2028, the company has greater financial flexibility ahead of key upcoming clinical milestones and inflection points.
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Research: Consumer
Devolver Digital has published c 150 games over its lifetime, generating a revenue CAGR of c 15% per year through a period of both industry boom and slump. As the industry emerges from the post-COVID hiatus, we revisit the group’s recent FY25 results, highlighting how the main elements of our investment case were key drivers of the performance. We also update our forecasts and raise our fair value estimate to 43p/share from 36p previously.