0001493152-26-013298
SEC filingImmix Biopharma, Inc. reported a net loss of $29.4 million for the fiscal year ended December 31, 2025, compared to a net loss of $21.7 million in the prior year. The increased loss was driven by higher operating expenses, which rose to $30.0 million from $22.7 million, primarily due to increased research and development and general and administrative costs. The company ended the year with a strong liquidity position, with cash, cash equivalents, and short-term investments totaling $100.4 million, a significant increase from $17.7 million at the end of 2024, bolstered by equity financings including a public offering in December 2025 that generated net proceeds of approximately $93.7 million. Management believes existing cash resources and expected disbursements from a CIRM grant will fund operations for at least the next 12 months. The accumulated deficit increased to $104.5 million as of December 31, 2025.
Immix Biopharma, Inc. reported a net loss attributable to common stockholders of $29.4 million for the fiscal year ended December 31, 2025, compared to a net loss of $21.6 million for the prior year. The loss per common share (basic and diluted) was $(0.89) for 2025, compared to $(0.76) for 2024. Total operating expenses increased to $30.0 million in 2025 from $22.7 million in 2024. The company's comprehensive loss was $29.4 million for 2025, compared to $21.7 million for 2024. The company's financial position strengthened significantly, with total assets increasing to $104.8 million at December 31, 2025, from $22.9 million a year earlier, primarily due to successful equity financings.
The company is a clinical-stage biopharmaceutical company and did not generate revenue from product sales during the periods presented. Its operations are focused on developing cell therapies, and it has not yet commercialized any products. All financial results reflect expenses incurred in research, development, and general corporate activities. The document does not disclose any segment or geographic revenue breakdown, as the company operates as a single segment and has no product revenue.
As a pre-revenue company, Immix Biopharma reported no gross profit or gross margin. The operating loss was $30.0 million for 2025, compared to $22.7 million for 2024. The increase in operating loss was driven by higher research and development (R&D) and general and administrative (G&A) expenses. R&D expenses increased to $16.3 million in 2025 from $11.3 million in 2024, reflecting increased clinical development activities. G&A expenses increased to $13.7 million in 2025 from $11.4 million in 2024. The company's cost structure is dominated by these operating expenses, with no cost of goods sold.
The company used $23.9 million in cash for operating activities in 2025, compared to $14.6 million used in 2024. Cash used in investing activities was $7.2 million in 2025, primarily for the purchase of property and equipment and short-term investments, compared to $1.2 million used in 2024. Cash provided by financing activities was $107.4 million in 2025, primarily from net proceeds from the sale of common stock, compared to $15.9 million in 2024. The company ended 2025 with $93.9 million in cash and cash equivalents and $6.5 million in short-term investments, totaling $100.4 million in highly liquid assets. Total liabilities were $11.0 million, and total stockholders' equity was $93.8 million as of December 31, 2025.
Management stated that the company's existing cash, cash equivalents, and short-term investments as of December 31, 2025, along with expected disbursements under the CIRM grant, are believed to be sufficient to fund operating expenses and capital expenditure requirements for at least the next 12 months from the filing date of the Form 10-K. The company expects to continue to report negative cash flows from operations and net losses as it advances its clinical programs. Key strategic priorities include the clinical development of its cell therapy candidates, such as NXC-201 for AL Amyloidosis. Risk factors include the uncertainty of clinical trial outcomes, regulatory approvals, the need for additional future financing, and competition in the biotechnology industry.