Immix Biopharma, Inc.

What they do

Immix Biopharma applies chimeric antigen receptor cell therapy (CAR-T) in AL amyloidosis and other serious diseases. Its lead candidate NXC-201 is being evaluated in the ongoing U.S. Phase 1b/2 NEXICART-2 trial (NCT06097832), where enrollment is complete with 45 patients. The company's N-GENIUS platform produced NXC-201, and it also pursues cell therapy candidates in indications where CAR-T is not approved today.

Revenue drivers

• NXC-201 in AL amyloidosis — Lead clinical-stage CAR-T candidate; the company is a clinical-stage biopharmaceutical company and the filings describe no product revenue, so this program represents the principal pipeline value rather than current sales.
• N-GENIUS platform — Cell therapy discovery platform that produced NXC-201; it supports the pipeline of additional cell therapy candidates in non-approved CAR-T indications.
• Additional cell therapy indications — Stated strategy includes developing NXC-201 and other candidates in serious diseases where CAR-T is not an approved therapy today; no revenue figures are disclosed for these programs.

Recent performance

Immix reported annual net losses each year since 2021: $24.4M in 2021, $8.2M in 2022, $15.4M in 2023, $21.6M in 2024 and $29.4M in 2025. Diluted EPS was -$6.64, -$0.59, -$0.89, -$0.76 and -$0.89 for those years. Operating cash flow was negative every year, reaching -$23.9M in 2025. The December 31, 2025 balance sheet showed cash and cash equivalents of $93.9M and total assets of $104.8M. As of June 30, 2026, the latest balance sheet showed total assets of $239.1M, total liabilities of $10.2M, shareholder equity of $228.9M and cash and equivalents of $225.5M.

Strategy

The company's stated strategy is to develop lead candidate NXC-201 in AL amyloidosis and other serious diseases. It also plans to pursue development of NXC-201 and additional cell therapy candidates in indications where CAR-T is not approved today. NXC-201 has received RMAT Designation from the FDA, Orphan Drug Designation from both the FDA and European Commission in AL amyloidosis, and in January 2026 Breakthrough Therapy designation from the FDA for relapsed/refractory AL amyloidosis. Enrollment in the NEXICART-2 trial is complete with 45 patients, and the N-GENIUS platform supports the pipeline.

Risks

• No product revenue — The company is clinical-stage with recurring net losses and negative operating cash flow, including a $29.4M net loss and -$23.9M operating cash flow in 2025.
• Clinical trial risk — Lead candidate NXC-201 is still in a Phase 1b/2 trial (NEXICART-2), so safety or efficacy results could delay or prevent further development.
• Regulatory dependence — The program relies on designations such as RMAT, Orphan Drug and Breakthrough Therapy, which do not guarantee approval or commercial success.
• Cash burn funding need — Operating cash flow has been negative every year from 2021 through 2025, requiring continued capital raising to fund development.

Outlook

Management's disclosed priority is developing NXC-201 in AL amyloidosis and other serious diseases, with NEXICART-2 enrollment complete at 45 patients. The company also intends to pursue additional cell therapy candidates in indications where CAR-T is not approved today. The filings do not provide revenue or earnings guidance given the clinical stage.