Last close As at 28/09/2026
USD11.47
▲ 0.50 (4.56%)
Market capitalisation
USD821m
Research: Healthcare
Immix Biopharma has reported an 89% complete response (CR) rate (40/45) for CAR-T candidate NXC-201 in NEXICART-2 for relapsed/refractory amyloid light chain amyloidosis (r/r ALA), as assessed by independent review. Among 25 newly reported patients, 21 achieved CR, while the remaining four are measurable residual disease negative (MRD-), with no detectable diseased cells in bone marrow. If these four patients reach CR, as prior MRD- patients have, the CR rate could rise to 98% (44/45), although conversion is yet to be assured. Encouragingly, no relapses have been observed among patients reaching CR or MRD negativity, supporting the durability of the outcomes. Further, the latest safety data show no neurotoxicity or enterocolitis, adding to the favourable characteristics of NXC-201, compared to other available CAR-Ts. In our view, this strengthens NXC-201’s regulatory case, subject to longer follow-up and FDA review. Immix has also priced a $125m equity offering at $11 per share. As communicated on the associated webcast, management expects this to extend its cash runway to Q129. On account of these developments, we have increased our valuation of Immix to $1.25bn or $17.4 per share.
| Year end | Revenue ($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 | (34.2) | (0.51) | 0.00 | N/A | N/A |
| 12/27e | 0.0 | (25.6) | (0.36) | 0.00 | N/A | N/A |
The dataset more than doubles the 20 patients reported in May, when 19 had reached CR after four earlier MRD- patients converted. Among the latest 25 patients, 21 have reached CR, and the four others are MRD-. Longer follow-up will test whether this conversion pattern holds. As communicated on the webcast, toxic light chains normalised in 44/45 patients, with organ responses in 20 of 21 evaluable organ assessments. This is key in ALA, where light chain deposits can damage the heart and kidneys. A median time to CR of three months was also discussed, alongside median cytokine release syndrome duration of one day, with no severe cases. Immix expects final NEXICART-2 data and BLA submission by mid-2027. It has also communicated plans to launch a new study in the first-line setting (vs r/r) in H127, potentially broadening the addressable patient population.
The underwritten offering involves 11.36m new shares and is due to close on 30 September, subject to customary conditions. Immix intends to use the net proceeds for NXC-201 development and general corporate purposes. This strengthens funding ahead of the planned BLA, though does introduce some dilution.
We raise NXC-201’s probability of success to 70%, from 50%, after the broader response dataset, driving our higher valuation. Our valuation now stands at $1.25bn or $17.4 per share ($944.6m or $13.2 per share previously).
Concurrent with the positive latest NEXICART-2 data, Immix also announced a $125m underwritten equity raise, issuing 11.36m shares at $11.00 per share, representing a modest c 4% discount to the prior day’s closing price of $11.47. The proceeds are intended primarily to fund NXC-201 development (including the planned NEXICART-3 trial in first-line, newly diagnosed ALA), working capital and general corporate purposes.
The latest financing follows a series of sizeable capital raises over the past year, including a $100m raise in December 2025 at $5.10 per share (which generated c $93.7m net) and another $150m in May 2026 at $8.94 per share, generating a further c $140.7m in net proceeds. While the repeated equity issuance has resulted in meaningful dilution, with the latest transaction implying c 16% dilution to existing shareholders, Immix has been able to access capital at materially higher valuations as NXC-201 has advanced clinically, indicating strong investor appetite for the programme. The current transaction also brings onboard a number of new and existing institutional investors, including Eventide, Janus Henderson, Ridgeback and Wellington, which provides additional institutional validation to the programme.
We note that Immix was already well capitalised before the latest raise, having ended Q226 with a cash position of $232.1m (including $225.5m of cash and cash equivalents and $6.6m of short-term investments). Management had previously guided for a cash runway to mid-2028. Following the latest financing, the runway guidance has been upgraded to Q129, offering substantial financial flexibility to not only complete the ongoing NEXICART-2 programme (final readout and BLA submission planned by mid-2027), but also to fund NEXICART-3, regulatory activities and preparations for a potential NXC-201 commercial launch, assuming the final NEXICART-2 data are supportive. Our current valuation does not include the impact from this latest raise, pending the offer completion on 30 September 2026.
Immix reported its Q226 results in August 2026; for a more detailed discussion around these formal results we direct readers to our prior update note.
Following the latest presented positive interim data, we raise our probability of success for NXC-201 in r/r ALA to 70%, from 50% previously. This results in our overall risk-adjusted valuation increasing to $1.25bn or $17.4 per share, from $944.6m or $13.2 per share previously.
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Research: Real Estate
Regional REIT (RGL) delivered a robust performance in H126 and made good strategic progress against a very challenging economic and political background. New lettings, at a premium to ERV, offset lease breaks and maturities, borrowings were further reduced, with asset sales progressing in line with targets, and portfolio quality continued to improve. Off a lower base of rental income, EPRA earnings were lower despite reduced administrative and finance costs. Refinancing is progressing well, but, following market rate movements, we expect the costs to be higher and have reduced forecasts for earnings and the rate of DPS growth.