Immix Biopharma — Momentum builds with NEXICART-2 progress

Immix Biopharma’s FY25 results reflect a year in which its investment case shifted from early clinical promise to clearer regulatory progress. Notably, the most recent NEXICART-2 data add confidence to NXC-201 as a potential solution to address unmet needs in relapsed/refractory amyloid light chain amyloidosis (r/r ALA). The company is now approaching a key inflection point, with a biologics licence application (BLA) submission to the FDA anticipated in H226, following the final NEXICART-2 readout expected in Q326. Importantly, the $100m capital raise materially strengthens the balance sheet, mitigating near-term execution risk. Given management’s internal cash runway expectations (c 12 months), we infer a growing likelihood of self-commercialisation for NXC-201. While we had previously assumed launch under a licensing partnership in our model, given the strong liquidity position and positive share price momentum, we now update our estimates to reflect this more likely scenario. Our valuation for Immix upgrades to $786.5m or $14.8/share (from $373.2m or $7.2/share).