Immix Biopharma - Shifting the ALA treatment paradigm with CAR-T

We review Immix Biopharma as it enters 2025, following the streamlining of its strategic priorities towards r/r ALA as the lead target indication for its CAR-T asset, NXC-201. The commencement of the US-based Phase Ib/II NEXICART-2 trial (n=40) in mid-2024 marked a major milestone, and we are encouraged by the recently presented data from the first four patients, which complement the latest readout from NEXICART-1 (for 16 patients). We expect interim data from NEXICART-2 (in mid-2025) to be the next major catalyst, followed by top-line results in mid-2026, which, if positive, may lead to a regulatory filing. Beyond ALA, additional autoimmune indications for NXC-201 (to be announced by end-2025) could provide further upside. Cash at hand ($19.7m at end-Q324) and the $8m grant from CIRM offer headroom into Q425, past interim readouts. We adjust our estimates to reflect the latest developments, resulting in a valuation of $125.8m or $4.6/share for Immix (from $123.1m or $4.5m/share previously).

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