Last close As at 05/08/2026
USD9.54
▲ 0.21 (2.25%)
Market capitalisation
USD520m
Research: Healthcare
Immix has announced that the first patient has been dosed in its Phase Ib NEXICART-2 trial of lead CAR-T asset NXC-201, which took place at lead study site, the Memorial Sloan Kettering Cancer Center. This US-based study will evaluate the safety and efficacy of NXC-201 in approximately 40 patients with relapsed/refractory amyloid light chain amyloidosis (r/r ALA). Management expects the trial to be fully enrolled within 18 months, implying that top-line results could be available in H126. In the near term, we anticipate rolling data readouts as seen with the prior NEXICART-1 trial. We also expect more details for the expansion of NXC-201 into additional autoimmune indications by the end of 2024.
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Immix Biopharma |
US CAR-T trial commences patient dosing |
Clinical update |
Pharma and biotech |
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Immix Biopharma is a research client of Edison Investment Research Limited |
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Immix has announced that the first patient has been dosed in its Phase Ib NEXICART-2 trial of lead CAR-T asset NXC-201, which took place at lead study site, the Memorial Sloan Kettering Cancer Center. This US-based study will evaluate the safety and efficacy of NXC-201 in approximately 40 patients with relapsed/refractory amyloid light chain amyloidosis (r/r ALA). Management expects the trial to be fully enrolled within 18 months, implying that top-line results could be available in H126. In the near term, we anticipate rolling data readouts as seen with the prior NEXICART-1 trial. We also expect more details for the expansion of NXC-201 into additional autoimmune indications by the end of 2024.
Year end |
Revenue |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/22 |
0.0 |
(7.60) |
(0.55) |
0.0 |
N/A |
N/A |
12/23 |
0.0 |
(13.00) |
(0.75) |
0.0 |
N/A |
N/A |
12/24e |
0.0 |
(21.44) |
(0.93) |
0.0 |
N/A |
N/A |
12/25e |
0.0 |
(26.55) |
(1.01) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalized, excluding amortization of acquired intangibles, exceptional items and share-based payments.
The US-based NEXICART-2 trial is a Phase Ib open-label, single-arm, multi-site dose escalation/dose expansion study, which will test the safety and efficacy of NXC-201, a B-cell maturation antigen (BCMA) targeting CAR-T therapy. The target population for the trial is patients with r/r ALA with adequate cardiac function who have not had prior BCMA-targeted treatments. The dose escalation part of the study will evaluate two doses (150m CAR-T cells and 450m CAR-T cells) across two three-patient cohorts, with the potential to increase dosing to 800m CAR-T cells in the expansion phase, should initial doses be deemed safe. We note that these doses were tested successfully in the previous NEXICART-1 trial (conducted in Israel). The study will determine the maximum tolerated and recommended Phase II dose, while also evaluating efficacy signals (complete response rate and overall response rate). We believe the launch of NEXICART-2 marks a key milestone for Immix and note that the timing of the first patient dosing is consistent with management’s guidance of mid-2024. The trial is expected to complete patient recruitment by late-2025/early-2026. If data are supportive, we expect Immix to follow this up by filing a Biologics License Application with the FDA.
In our view, all eyes will be on whether NXC-201 can replicate the encouraging results seen in the NEXICART-1 trial. Key data from the 13 ALA patients (reported in May 2024) included an overall response rate of 92% (12/13 patients) and a best responder duration of 28.0 months (as of 10 May 2024), with the response ongoing. No cases of neurotoxicity were reported and cases of cytokine release syndrome had a low median duration of two days, showing promise in addressing the limitations of current approved CAR-T therapies and positioning NXC-201 as a potential out-patient treatment, which could save healthcare systems significant hospitalization costs. We also note that, to our knowledge, NXC-201 is the only CAR-T therapy in development for ALA and, given that alternative treatment options for this fragile patient population are limited, we believe there is sizeable opportunity for Immix in this space.
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Research: Industrials
Solid State is developing from a component manufacturer into a value-added electronics partner offering engineered solutions. Management expects this to drive additional growth and margin expansion, particularly in target markets, such as healthcare and defence, underpinning management’s objective for a c 20% CAGR in shareholder returns to 2030.