Last close As at 05/08/2026
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▲ 0.21 (2.25%)
Market capitalisation
USD520m
Research: Healthcare
Immix hosted a key opinion leader (KOL) event highlighting the long-term potential for NXC-201, the company’s B-cell maturation antigen (BCMA) targeting CAR-T therapy to address the fragile amyloid light chain amyloidosis (ALA) patient population. This is the only CAR-T therapy in development for the treatment of relapsed/refractory ALA to our knowledge and represents a significant unmet medical need as there are only limited treatment options and no standard of care. Relapse remains a common issue and, although still in the very early stages, the KOLs had optimism in the positive response rates shown thus far in the NEXICART-1 study. We anticipate rolling readouts for the NXC-201 ALA studies (particularly NEXICART-2) as the data become available.
Written by
Immix Biopharma |
KOL event: Glimmer of hope for ALA patients |
Company update |
Pharma and biotech |
1 December 2023 |
Share price performance
Business description
Analysts
Immix Biopharma is a research client of Edison Investment Research Limited |
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Immix hosted a key opinion leader (KOL) event highlighting the long-term potential for NXC-201, the company’s B-cell maturation antigen (BCMA) targeting CAR-T therapy to address the fragile amyloid light chain amyloidosis (ALA) patient population. This is the only CAR-T therapy in development for the treatment of relapsed/refractory ALA to our knowledge and represents a significant unmet medical need as there are only limited treatment options and no standard of care. Relapse remains a common issue and, although still in the very early stages, the KOLs had optimism in the positive response rates shown thus far in the NEXICART-1 study. We anticipate rolling readouts for the NXC-201 ALA studies (particularly NEXICART-2) as the data become available.
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.
Clinical highlights for NXC-201 in ALA include zero neurotoxicity (in the nine patients to date from NEXICART-1) and only low-grade cytokine release syndrome associated with notably short onset and duration, contributing to a unique safety profile for a CAR-T therapy. Management has communicated that this tolerability opens the door to additional autoimmune indications, such as rheumatoid arthritis, myasthenia gravis and scleroderma. The proposed expansion into these areas could maximize the potential of the therapy, in our view; we await further updates from Immix on this front. In terms of efficacy in ALA, the latest update corresponded to the nine ALA patients who had a median of six prior lines of therapy. The data demonstrated an overall response rate of 100%, a complete response rate of 67%, and an organ response rate of 56%. While the NEXICART-1 studies were truncated with the unexpected deaths of patients from this frail and heavily pre-treated population (with significant organ disease involvement), the KOLs were optimistic about the results to date given the limited treatment options available.
In November 2023, Immix announced that the FDA accepted its Investigational New Drug application for ALA, enabling the company to launch clinical trial sites in the US (NEXICART-2), which is a step toward broadening patient access and potentially delivering the first outpatient CAR-T therapy.
We acknowledge that the FDA has announced an investigation into the risk of T-cell malignancies in patients that have received BCMA- or CD19-directed autologous CAR-T therapies. We note that, while the risk was identified in all currently approved CAR-Ts, the FDA emphasized that overall benefits do outweigh their potential risks. During Immix’s event, the three KOLs confirmed that the recent events would not stop them from considering the use of such therapies, as ALA patients are in serious need of treatment options. It was also noted that secondary malignancies are not uncommon with treatments for challenging conditions. While we will monitor related news flows, we do not anticipate any impact on Immix’s clinical studies.
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Research: Consumer
Treatt’s FY23 results show a significantly improved y-o-y operating performance, delivering revenue and profit growth alongside record cash generation. Sales in H223 were affected by the destocking of inventory from clients, although management notes early signs of this reversing. Particularly strong growth came from Treatt’s new markets segment (Coffee, China and Treattzest), up 61% y-o-y. Record cash generation resulted in net debt more than halving to £10.4m. Management is focusing on volume growth in FY24 to deliver revenue growth of 5–7%, which is expected to be H2 weighted. Investment in sales and innovation will look to ensure future product growth while cost discipline and efficiencies should enable net operating margin expansion.