Immix Biopharma - Full steam ahead with US CAR-T trial

Immix Biopharma’s second quarter was headlined by intensified clinical activity for lead CAR-T asset NXC-201 (targeting amyloid light chain amyloidosis, ALA), followed by commencement of patient dosing in the US-based NEXICART-2 trial in July 2024. With an 18- to 24-month timeline for full trial enrollment (planned n=40) and top-line data expected in Q2/Q326, we now anticipate a biological license application (BLA) to be filed in H127 (vs 2026 previously). In our view, the development path has been partially de-risked by the potential $8m grant inflows from the California Institute for Regenerative Medicine (CIRM), which should bolster liquidity and extend the operational runway to Q425. We adjust our top-line estimates to reflect grant inflows but conservatively push out the NXC-201 launch timeline to 2028 (vs 2027 previously). We revise our valuation to $123.1m or $4.5/share (from $139.5m or $5.3/share).