Last close As at 05/08/2026
USD9.54
▲ 0.21 (2.25%)
Market capitalisation
USD520m
Research: Healthcare
Immix Biopharma has announced a $15m (gross), fully underwritten equity issue. The company will use the proceeds to fund clinical trials for lead CAR-T asset NXC-201, as well as to meet working capital and general corporate needs. Immix had a net cash balance of $19.6m at end September 2023 and we estimate that this capital injection will potentially extend the cash runway to end FY25 or early FY26, past the top-line readouts from its Phase Ib/IIa clinical trials for NXC-201 (NEXICART-1), which, if positive, could pave the way for a partnering deal. We view the release of further rolling data from the trial and first patient dosing in the US (NEXICART-2) across H124 as potentially key upcoming catalysts for the company.
Written by
Immix Biopharma |
Increased legroom following common-only raise |
Funding update |
Pharma and biotech |
7 February 2024 |
Share price performance
Business description
Analysts
Immix Biopharma is a research client of Edison Investment Research Limited |
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Immix Biopharma has announced a $15m (gross), fully underwritten equity issue. The company will use the proceeds to fund clinical trials for lead CAR-T asset NXC-201, as well as to meet working capital and general corporate needs. Immix had a net cash balance of $19.6m at end September 2023 and we estimate that this capital injection will potentially extend the cash runway to end FY25 or early FY26, past the top-line readouts from its Phase Ib/IIa clinical trials for NXC-201 (NEXICART-1), which, if positive, could pave the way for a partnering deal. We view the release of further rolling data from the trial and first patient dosing in the US (NEXICART-2) across H124 as potentially key upcoming catalysts for the company.
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 |
(11.96) |
(0.70) |
0.0 |
N/A |
N/A |
12/24e |
0.0 |
(17.38) |
(0.88) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalized, excluding amortization of acquired intangibles, exceptional items and share-based payments.
NXC-201 is Immix’s lead CAR-T asset, currently being evaluated in a Phase Ib/IIa study (NEXICART-1) in relapsed/refractory (r/r) amyloid light chain amyloidosis (ALA) and r/r multiple myeloma (MM). The company has been providing rolling results for the ongoing study and recently (throughout Q423) presented encouraging data for the first 73 patients dosed in the study to date. The first 10 patients treated for r/r ALA had an overall response rate (ORR) of 100% and a complete response rate (CR) of 70%. Of the 63 patients treated for MM, 50 received the recommended Phase II dose and this group showed an ORR of 90%. The CAR-T space has been in the news recently following the US FDA’s class-wide directive on adding black box warnings for the possibility of secondary malignancies. However, Immix has assured the market that it has not observed any secondary T-cell malignancies in the interim clinical data for NXC-201.
We note that the FDA accepted Immix’s Investigational New Drug application for NXC-201 in November 2023, with first patient dosing in the US planned for H124. This followed the FDA granting orphan drug designation for NXC-201 in ALA in October 2023, which should provide seven years of market exclusivity in the US (post-approval) in addition to other benefits. Management is targeting a biologic license application submission to the FDA in 2025 for r/r ALA based on data for 40 patients, provided the positive trend from the first 10 patients extends to the remaining cohort. Given the high unmet need in this space (no standard of care), we believe that the data, if compelling, may be adequate to file for regulatory approval.
The equity raise will offer 5.5m shares at $2.71/share (a c 10% discount to the last closing price on 5 February). The underwriter (Titan Partners) holds the option to purchase another c 784k shares, which would net Immix $2.1m, if fully exercised. Immix had a net cash balance of $19.6m at end September 2023 and we expect the additional capital from the fund-raise to provide operational headroom through FY25 (previously Q424), past top-line results from the NEXICART-1 study, which, if positive, could pave the way for a partnering deal for the asset.
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Research: Financials
Secure Trust Bank’s (STB’s) Q423 trading update showcased a robust performance with net loans of £3.3bn, up 13.6% y-o-y. The bank reaffirmed that it is on track to deliver £5m in annualised cost savings in FY24 through its ongoing cost optimisation programme. Despite rising deposit costs, STB’s net interest margin (NIM) remained flat with H123 at 5.4%. STB’s disclosure of modest exposure to discretionary commissions in motor finance lending should be a relief to investors, as the ongoing Financial Conduct Authority (FCA) investigation has been an uncertainty overhanging the sector. Our underlying continuing PBT estimates fell by 2% on marginally lower NIM expectations. Meanwhile, we have reduced our continuing PBT estimate by 7% to £41.7m as we have included a £2.3m exceptional cost related to the FCA’s Borrowers in Financial Difficulty industry-wide review. Our FY24 estimates are unchanged.