Immix Biopharma - Reaffirmed long-term focus on outpatient CAR-T

Immix Biopharma is continuing its strategic pivot towards exploring non-traditional indications for its CAR-T asset, NXC-201, leading with relapsed/refractory (r/r) amyloid light chain amyloidosis (ALA). This tactical approach targets opportunities with a potential first mover advantage and the strategy is expected to be consolidated in 2024 with the initiation of the Phase Ib NEXICART-2 study in the US and the selection of the first autoimmune indication for NXC-201. Readouts in ALA are expected in Q424, with a potential Biologics License Application (BLA) in 2025, both key catalysts for Immix. Pro forma cash of $33.5m includes the February 2024 $15.5m (net) raise and is expected to support operations to Q225, past several key readouts. We adjust our assumptions for the latest updates, which results in resetting our valuation to $142.2m or $5.4 per share (from $86.6m or $4.0/share previously).