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Immix Biopharma - A quarter focusing on a CAR-T strategy

Following recent updates regarding Immix’s CAR-T therapy (NXC-201) and Q123 results, we have adjusted our financial estimates. Quarterly R&D expenses of $1.3m were lower than expected, largely due to lower clinical development costs. Roughly 48% of these expenses were related to quarterly payments made to the licensors of Nexcella’s (Immix’s majority-owned, 94%, subsidiary) CAR-T therapy, NXC-201. Based on the quarterly R&D spend run rate, we have revised our FY23 R&D expenses to $6.1m, down from $11.7m previously. The resulting operating loss of $10.9m is down from $15.8m previously. Immix ended the quarter with a net-cash position of $11.5m and raised a further $2.5m post quarter end through the company’s ATM facility, which we anticipate will provide an operating cash runway into Q224, a slight extension from Q423 previously. Our valuation of Immix has been adjusted due to the higher pro-forma cash position of $14m, rolling our model forward and our revised R&D estimates. We value Immix at $83.3m or $5.5 per share (previously $77.1m or $5.5/share).