Immix Biopharma (IMMX) Q4 2025 earnings summary

Executive summary

• Clinical-stage biopharma focused on CAR-T therapies for AL Amyloidosis and other serious diseases, with lead candidate NXC-201 in Phase 1b/2 trials in the US and ex-US.

• NXC-201 received FDA Breakthrough Therapy, RMAT, and Orphan Drug Designations, and EU Orphan Drug Designation.

• Positive interim Phase 2 data: 75% complete response rate in relapsed/refractory AL Amyloidosis, no neurotoxicity observed.

• Raised $100M in December 2025 public offering and $9.3M in September 2025 private placement.

Financial highlights

• Net loss for 2025: $29.4M, up from $21.7M in 2024.

• Research and development expenses: $16.3M in 2025, up from $11.3M in 2024.

• General and administrative expenses: $13.7M in 2025, up from $11.4M in 2024.

• Cash, cash equivalents, and short-term investments: $100.4M as of Dec 31, 2025.

• Working capital: $91.1M as of Dec 31, 2025.

Outlook and guidance

• Cash runway expected to fund operations for at least 12 months from report date; additional capital will be needed for long-term operations and commercialization.

• Final NXC-201 trial readout and BLA submission planned after completion of ongoing Phase 1b/2 trial.

• Ongoing expansion of clinical trial sites and pipeline development.