Summary
- Immix Biopharma (IMMX) is advancing NXC-201, a one-time CAR T therapy for AL amyloidosis, showing 95% complete/near-complete response rates and s…
Summary
- Immix Biopharma (IMMX) 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.
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Intro
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 inflection
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**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.
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Quick Insights
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.
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.
Key risks include durability of response, emerging competition from in-vivo CAR T and bispecifics, and execution challenges if IMMX commercializes NXC-201 independently.