Immix Biopharma’s 9M22 financial results were consistent with our full year estimates. The company reported operating losses of US$4.4m, up from US$0.8m in 9M21, due to the increased costs associated with the clinical development activities for the company’s lead asset, IMX-110. With a net cash position of US$16.9m at end Q322, and based on our projected cash burn rates, we estimate Immix’s operations are funded into Q424, past rolling clinical readouts from its Phase IIa study in soft tissue sarcoma (STS) and its Phase Ib in advanced solid tumours in FY23. Our valuation of Immix Biopharma is largely unchanged at US$55.4m or US$4.0 per share.
