Immix Biopharma, Inc., a clinical-stage biopharmaceutical company focused on developing cell therapies for AL Amyloidosis and select immune-mediated diseases, reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company’s total assets increased to $25.1 million from $19.9 million at the end of 2023, driven by a rise in cash and cash equivalents, which reached $19.7 million, up from $17.5 million.

For the three months ended September 30, 2024, Immix Biopharma recorded a net loss of $7.1 million, compared to a net loss of $4.3 million for the same period in 2023. This increase in loss was attributed to higher operating expenses, which totaled $7.4 million, up from $4.5 million in the prior year. General and administrative expenses rose to $2.9 million from $2.4 million, while research and development expenses surged to $4.4 million, significantly higher than the $2.1 million reported in the previous year. The increase in R&D expenses was linked to ongoing clinical trials and related costs.

For the nine months ended September 30, 2024, the net loss was $16.9 million, compared to $10.4 million for the same period in 2023. The company reported net cash used in operating activities of $13.1 million, up from $8.7 million in the prior year. Despite these losses, Immix Biopharma generated $15.9 million in net cash from financing activities, primarily from the sale of common stock.

Strategically, the company completed the merger with Nexcella, Inc. on May 20, 2024, which resulted in the issuance of 989,876 shares of common stock to former Nexcella stockholders. Additionally, Immix Biopharma was awarded an $8 million grant from the California Institute for Regenerative Medicine for the clinical development of its lead candidate, NXC-201, aimed at treating relapsed/refractory AL Amyloidosis. The grant is milestone-based and linked to patient enrollment in clinical trials.

As of September 30, 2024, the company reported an accumulated deficit of $70.2 million and has not yet generated revenue from operations. Management indicated that existing cash and potential funding from the recent grant and sales agreements should support operations for at least the next 12 months. However, the company acknowledged a material weakness in its internal controls, which it is actively working to address.