0001493152-26-012714
SEC filingImmix Biopharma, Inc. (IMMX), a clinical-stage biopharmaceutical company, reported a net loss of $29.4 million for FY 2025, up from $21.7 million in FY 2024, driven by increased operating expenses of $30.0 million versus $22.7 million prior year. Research and development expenses rose to $16.3 million from $11.3 million, reflecting expanded clinical trials for lead candidate NXC-201 in AL Amyloidosis, including NEXICART-2 enrollment. General and administrative expenses increased to $13.7 million from $11.4 million due to higher compensation and professional services. No revenue was generated, as the company remains pre-commercial. Loss per share was -$0.89 (basic and diluted) on 33.0 million weighted shares, compared to -$0.76 in 2024. Balance sheet strengthened with cash and equivalents at $93.9 million and short-term investments $6.5 million, up from prior year end, fueled by $107.4 million in financing proceeds from public offerings and ATM sales. Net cash used in operations was $23.9 million. Total assets reached $104.8 million, equity $93.8 million. Forward-looking, cash supports operations for at least 12 months, with focus on NEXICART-2 readout and BLA submission, amid ongoing CIRM grant funding.
Immix Biopharma reported FY 2025 net loss of $29.4 million, widening from $21.7 million in 2024, primarily due to higher R&D ($16.3M vs $11.3M) and G&A expenses ($13.7M vs $11.4M), totaling operating expenses of $30.0M (up 32% YoY). Loss from operations was -$30.0M. Interest income of $556K partially offset losses. EPS diluted to -$0.89 from -$0.76 on 33.0M shares. No revenue as pre-commercial biotech. Balance sheet bolstered by financing, with total assets $104.8M (vs $22.9M prior), cash $93.9M, equity $93.8M.
No revenue reported in FY 2025 or 2024, consistent with clinical-stage focus on NXC-201 CAR-T therapy. Company operates as single segment for R&D in AL Amyloidosis.
No gross margins due to zero revenue. Operating loss margin effectively -100% on expenses. Costs rose from clinical expansion (NEXICART-2 sites to 18), personnel, and licensing fees ($5.1M in 2025).
Operating cash use $23.9M (vs $14.6M prior). Investing outflow $7.2M (PPE $0.7M, investments $6.5M). Financing inflow $107.4M from offerings. Net cash increase $76.2M. Liquidity strong at $100.4M cash/investments; liabilities $11.0M, low debt.
Cash sufficient for 12+ months per MD&A. Priorities: NEXICART-2 Phase 1b/2 readout (40 patients), BLA submission if positive. CIRM grant ($6.2M received of $8M). Risks: clinical delays, funding needs beyond 12 months, regulatory hurdles for NXC-201.