Immix Biopharma Clearing the way for AL amyloidosis; Initiate at Buy

研报英文原文证据摘录

Immix Biopharma Clearing the way for AL amyloidosis; Initiate at Buy

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Immix Biopharma

Clearing the way for AL amyloidosis;

Initiate at Buy

Initiating Coverage: BUY | PO: 27.00 USD | Price: 9.13 USD

AL amyloidosis therapy shows positive efficacy & safety 18 June 2026

We initiate coverage of IMMX with a Buy rating and $27 PO. IMMX is developing NXC- Equity

201 for AL amyloidosis, a rare disease with damaged vital organs and no approved

treatments. Early data of NXC-201 shows ~95% complete response and rapid minimal Tazeen Ahmad Research Analyst

residual disease in relapsed/refractory (r/r) AL amyloidosis. The safety profile was BofAS

favorable for patients facing potential organ failure with no observed neurotoxicity. +1tazeen.ahmad@bofa.com646 855 4236

Updated phase 2 data is expected in late September, and 1-year follow-up data is Daniel Giraldo

expected in 1Q27 to support a potential BLA submission in 1H27. If approved, we think a Research Analyst

BofAS

clinical profile with deep and rapid response and tolerability could be key for adoption. daniel.giraldoperez@bofa.com

We see ~$2bn in peak sales for r/r AL amyloidosis alone JeremiahResearch AnalystLorentz

We forecast ~$2bn peak nominal sales (~$963mn risk-adjusted at 50% LoS, based on BofAS

jeremiah.lorentz@bofa.com

the developmental stage), supported by ~15K US addressable patients and 40%/10%

Wesley Yon

US/ex-US penetration. At price of ~$600K, this implies ~3K US patients at peak. While a Research Analyst

small population, concentrated referral patterns and high disease severity should drive BofAS

wesley.yon@bofa.com

strong uptake among eligible patients. NXC-201 in r/r AL amyloidosis contributes $19/sh

Amy Qian

to our PO. Research Analyst