Immix Biopharma — Promising NEXICART-2 data; runway extended

Immix Biopharma has presented a promising clinical update at the American Society of Hematology (ASH) 67th Annual Meeting. The interim study data corresponds to 20 patients from the US-based NEXICART-2 trial, which is evaluating the company’s lead CAR-T asset, NXC-201, in patients with relapsed/refractory amyloid light chain amyloidosis (r/r ALA). Encouragingly, a complete response (CR) rate of 75% was reported (the prior update showed a 70% CR rate across 10 patients). Separately, Immix announced a sizeable fundraise, amounting to c $100m in gross proceeds. Management has communicated that this will be used to support the clinical development of NXC-201, alongside working capital and general corporate purposes. It has guided that these proceeds, alongside its current cash position and expected inflows from the California Institute for Regenerative Medicine grant, should extend the company’s cash runway to mid-2027 (from guidance of Q326 previously). Given the positive clinical update and the improved capital situation, we place our estimates on hold while we review our assumptions; we will present a revised valuation in due course.