Daily Brief United States: Gold, A10 Networks, Immix Biopharma Inc and more

• Last month, I wrote how the last time government bond yields rose above 4%, it brought down the UK government.
• It happened again, and five banks, including the almighty Credit Suisse, failed.
• As a result, an old driver of the gold price has re-emerged, which is Sovereign risk.

• ATEN continued to experience a slowdown in orders management had cited when the Company reported fourth quarter 2022 results
• ATEN is forecasting first quarter revenue of $56 million to $58 million compared to our estimate of nearly $67 million
• We are making changes to our earnings model including lowering our full year revenue estimate.

Immix Biopharma’s FY22 results reflected a busy period as management ramped up clinical activity across multiple programs. In a major development, Immix expanded its portfolio with the in-licensing of NXC-201, an autologous CAR-T therapy being investigated for the treatment of multiple myeloma (MM) and AL amyloidosis (ALA) currently in the ongoing Phase I/II NEXICART-1 study. With the increase in R&D activity primarily associated with in-licensing NXC-201, Immix reported an operating loss of $8.2m in FY22 (FY21: $1.4m) and we estimate that its net cash position of $13.4m at end-December 2022 provides a cash runway into Q423. Given the company’s increased disclosure of its arrangement with the licensors and of future NEXICART-I study costs, as well as its communicated strategy to expand clinical studies in the US, we now include NXC-201 in our valuation. We value Immix at $77.1m or $5.5 per share (previously $61.5m or $4.4 per share).