Immix Biopharma — Primed to pick up the pace in ALA

Immix reported its results for Q325, a period of steady progress for its lead CAR-T asset, NXC-201, in the NEXICART-2 trial for amyloid light chain amyloidosis (ALA). Enrolment has been progressing faster than expected, and Immix plans to present updated interim data corresponding to the first 20 patients at the upcoming American Society of Hematology Annual Meeting (ASH 2025) in December. This will represent half the target number of participants, and the readout will provide incremental insights into the effectiveness of NXC-201 (the last readout corresponded to 10 patients). This readout could be an important catalyst for investor attention. In Q325 Immix completed a $9.3m private placement, which we estimate should provide operational headroom to mid-2026. We have adjusted our valuation of Immix to $130.9m or $3.9 per share (from $126.8m or $4.3 per share).