Immix Biopharma: Thesis Playing Out; Thoughts On Valuation And Competition
Summarize this article with:
Anders Research509 FollowersFollow5ShareSavePlay(23min)CommentsSummaryImmix Biopharma is advancing NXC-201, a one-time CAR T therapy for AL amyloidosis, showing 95% complete/near-complete response rates and superior safety.IMMX's recent $100 million financing removes capital overhang, strengthens negotiating position, and supports a clear path toward BLA submission in mid-2026.With reasonable peak revenue scenarios ranging from $320 million to over $1 billion annually, the current sub-$400 million valuation presents further upside.e-crow/iStock via Getty Images Introduction A couple of years since my initiation piece, Immix Biopharma (IMMX), the only company advancing a one-time therapy in AL amyloidosis (ALA), a rare but deadly protein-aggregating disease similar to multiple myeloma (MM), is reaching an inflectionThis article was written byAnders Research509 FollowersFollowEquity research primarily focused on micro/small/mid-cap biotechnology. We follow companies with mechanistically differentiated approaches to large market opportunities, primarily in neuroscience. Opinions are our own.Analyst’s Disclosure:I/we have a beneficial long position in the shares of IMMX either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.Quick InsightsHow does NXC-201’s efficacy and safety profile compare to other BCMA CAR T therapies?NXC-201 is the only CAR T therapy to report any data to date in AL amyloidosis, but has reported significantly better tolerability than Carvykti and anito-cel in multiple myeloma.What is the expected regulatory and commercialization timeline for IMMX’s NXC-201?IMMX targets full trial enrollment by year-end, topline results in 2Q26, BLA submission in mid-2026, and potential approval as early as 1H27 with priority review.What are the key risks to IMMX’s valuation and NXC-201’s commercial potential?Key risks include durability of response, emerging competition from in-vivo CAR T and bispecifics, and execution challenges if IMMX commercializes NXC-201 independently.Recommended For You