Last close As at 05/08/2026
USD9.54
▲ 0.21 (2.25%)
Market capitalisation
USD520m
Research: Healthcare
Immix Biopharma has received a grant of US$8m from the California Institute for Regenerative Medicine (CIRM) to advance clinical development of its lead CAR-T asset, NXC-201, in relapsed/refractory amyloid light chain amyloidosis (r/r ALA). We believe that this backing from the government agency not only bolsters the company’s capital position (cash runway estimated to extend to Q425), but also provides external endorsement of its efforts towards developing the first outpatient CAR-T treatment while addressing the unmet medical need in ALA. We remind readers that Immix recently dosed the first patient in the US as part of the Phase Ib NEXICART-2 trial, which plans to complete enrollment (expected n=40) by end-2025. If the data are supportive, we expect the company to follow it up with a Biologics License Application (BLA) submission to the FDA.
Written by
Immix Biopharma |
US$8m grant to advance novel CAR-T treatment |
Funding update |
Pharma and biotech |
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Share price performance
Business description
Analysts
Immix Biopharma is a research client of Edison Investment Research Limited |
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Immix Biopharma has received a grant of US$8m from the California Institute for Regenerative Medicine (CIRM) to advance clinical development of its lead CAR-T asset, NXC-201, in relapsed/refractory amyloid light chain amyloidosis (r/r ALA). We believe that this backing from the government agency not only bolsters the company’s capital position (cash runway estimated to extend to Q425), but also provides external endorsement of its efforts towards developing the first outpatient CAR-T treatment while addressing the unmet medical need in ALA. We remind readers that Immix recently dosed the first patient in the US as part of the Phase Ib NEXICART-2 trial, which plans to complete enrollment (expected n=40) by end-2025. If the data are supportive, we expect the company to follow it up with a Biologics License Application (BLA) submission to the FDA.
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 CIRM is a state-funded agency supporting innovation in the field of cell therapies, and we see this grant as positive recognition of Immix’s CAR-T efforts. ALA is a rare autoimmune condition (incidence of c 4,000 per year in the US, c 75% of which are r/r) characterized by misfolded amyloid proteins, which accumulate around tissues and organs, affecting their function. While chemotherapy is the mainstay treatment for ALA, B-cell maturation antigen (BCMA) targeting CAR-T therapies (widely successful in multiple myeloma) are gaining popularity as another viable option. However, such approaches are limited by their side-effect profiles (neurotoxicity and cytokine release syndrome, CRS). In NXC-201, Immix has an optimized formulation that has demonstrated a strong safety profile (1–2 day CRS vs 4–8 days for currently approved CAR-Ts), and it holds potential to become the first outpatient CAR-T treatment for ALA.
Immix recently dosed the first patient in the US-based NEXICART-2 trial, a Phase Ib open-label, single-arm, multi-site dose escalation/dose expansion study, testing NXC-201 in 40 patients with r/r ALA with adequate cardiac function who have not had prior BCMA-targeted treatments (refer to our note for further details on the trial design). We believe that the US$8m grant provides an addition cushion for Immix to progress its clinical development efforts, particularly in light of the high CAR-T trial costs (upwards of US$500k/patient, per our estimates). We note that the company previously raised US$15.5m (net proceeds) through an equity issue in February 2024 and we expect the combined funds to support runway extension to Q425 (previously Q225).
We expect management’s goal from NEXICART-2 will be to emulate the results from the previous NEXICART-1 study (conducted in Israel), which reported 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. Management anticipates completing NEXICART-2 trial enrolment in the next 18 months, and should the data be positive, we expect this to be swiftly followed by a BLA submission to the FDA.
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