Immix Biopharma Reports $21.7 Million Net Loss for 2024, Highlights Clinical Advancements

Immix Biopharma, Inc., a clinical-stage biopharmaceutical company, reported a net loss of $21.7 million for the year ended December 31, 2024, compared to a net loss of $15.6 million in the previous year. The increase in losses is attributed to higher operating expenses, which rose to $22.7 million from $16.1 million in 2023. This increase was primarily driven by a significant rise in general and administrative expenses, which totaled $11.4 million, up from $7.4 million in 2023, largely due to increased investor relations and professional services costs. Research and development expenses also increased to $11.3 million from $8.7 million, reflecting ongoing clinical trials for the company's lead product candidate, NXC-201.

The company has made notable strategic advancements, including the completion of a public offering in February 2024, which raised approximately $15.5 million in net proceeds. Additionally, Immix Biopharma was awarded an $8 million grant from the California Institute for Regenerative Medicine (CIRM) to support the clinical development of NXC-201 for relapsed/refractory AL Amyloidosis. As of March 11, 2025, the company has received $3.6 million in reimbursements under this grant. The FDA has also granted NXC-201 both Orphan Drug Designation and Regenerative Medicine Advanced Therapy (RMAT) designation, which could expedite its development and regulatory review process.

Operationally, Immix Biopharma has expanded its clinical trials, with NXC-201 currently being evaluated in two ongoing studies: the Phase 1b/2 NEXICART-2 trial in the United States and the Phase 1b/2a NEXICART-1 trial outside the U.S. As of March 11, 2025, the company has treated 6 patients in the U.S. trial and 16 patients in the ex-U.S. trial. The overall response rate for NXC-201 in these trials has been reported at 94%, with a complete response rate of 75%. The company aims to enroll a total of 40 patients in the U.S. trial before submitting a Biologics License Application (BLA) for FDA approval.

As of December 31, 2024, Immix Biopharma had total assets of approximately $22.9 million, with cash and cash equivalents amounting to $17.7 million. The company reported working capital of $11.5 million, which it believes will be sufficient to fund operations for at least the next 12 months. However, the company anticipates needing additional capital to continue its operations beyond this period. The company has a total employee count of 21, with 14 engaged in research and development, and it continues to face significant risks related to its financial position, including the need for substantial additional financing to fund ongoing clinical trials and operational expenses.

Looking ahead, Immix Biopharma's management remains focused on advancing its clinical programs and securing necessary funding to support its operations. The company acknowledges the inherent risks associated with drug development, including the potential for delays in clinical trials and regulatory approvals, as well as the competitive landscape in the biopharmaceutical industry. Despite these challenges, the company is committed to leveraging its innovative cell therapy platform to address unmet medical needs in the treatment of AL Amyloidosis and other immune-mediated diseases.