Immix Biopharma - Steady progress in Q125

Immix Biopharma's Q125 results reflect steady progress for NXC-201, its lead CAR-T candidate in clinical development to address amyloid light chain amyloidosis (ALA). During the quarter, Immix announced that enrollment will be accelerating for the US-based Phase I/II NEXICART-2 trial, having successfully treated six patients as part of the safety run-in segment for the study. We believe that the next interim data readout, anticipated from mid-2025, could be an important near-term catalyst for investor attention. We estimate the period-end cash position of $15.9m, in combination with $4.4m available through the CIRM grant at end-Q125 ($3.6m used so far of $8m), should provide a cash runway into Q126, past key interim readouts for NEXICART-2. Our valuation for Immix remains broadly unchanged at $127.0m or $4.6/share ($126.3m or $4.6/share previously).

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