Immix Biopharma, Inc. (IMMX)

Price$13.76Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Valuation reflects substantial NXC-201 successIMMX is valued primarily on its lead CAR-T rather than current financial output because it remains pre-revenue.

At $12.15 and 71.54 million shares, equity value is about $869 million. Against supplied June net cash of $224.5 million, implied enterprise value is roughly $645 million. That is a meaningful premium for a company with no product revenue, but NXC-201 is nearing a potentially registrational 45-patient readout and has FDA Breakthrough Therapy and RMAT designations. The valuation therefore already embeds a significant probability of clinical and regulatory success.

NXC-201 has unusually strong interim efficacyThe lead asset is a BCMA-targeted autologous CAR-T being developed first for relapsed or refractory AL amyloidosis.

In the May interim update, 19 of the first 20 NEXICART-2 patients had reached complete response, or 95%, with no reported relapses among patients reaching CR at that cutoff. Earlier data also showed rapid responses and limited cytokine-release-syndrome duration. Full enrollment is 45 patients. These results are promising but remain interim: shorter follow-up among newer patients may produce a lower complete-response rate in the upcoming full-population readout.

Cash runway is strong after heavy dilutionThe May financing substantially reduced near-term funding risk but increased the share count sharply.

June cash was $225.5 million, with another $8.7 million of short- and long-term investments, versus only about $1.0 million of lease-related liabilities. Management said at the September Morgan Stanley conference that existing cash can fund NEXICART-2, BLA work, a commercial launch and the frontline program through mid-2028 assuming no revenue. However, shares outstanding increased from 52.95 million at year-end 2025 to 71.54 million by June after a 16.78-million-share offering at $8.94 plus ATM issuance.

Pipeline concentration keeps binary risk highNearly all enterprise value depends on one clinical asset, with manufacturing, regulatory and commercialization risks still ahead.

Immix's other programs remain early or undisclosed, so failure or delay of NXC-201 would materially impair valuation. Management now plans to wait for approximately one-year follow-up across the registrational population before BLA submission, discussed at the September conference as around March 2027. Additional risks include CAR-T manufacturing and treatment-center logistics, emerging competition, commercialization spending, outstanding options and warrants, remaining ATM capacity and governance concerns following the July chief medical officer termination.

AI: News

Full 45-patient NEXICART-2 readout is imminentAt the September 14 Morgan Stanley conference, management reiterated that the full registrational-population topline update is expected later in September.

Management cautioned that the newest 25 patients have shorter follow-up than the original 20, making complete-response maturity an important variable in the upcoming data. The company also indicated that BLA submission is now expected after approximately one year of follow-up for all patients, around March 2027, rather than immediately after the September readout. Management said existing cash funds planned development and commercialization activities through mid-2028 without assuming revenue.

CMO termination created a governance overhangImmix terminated Chief Medical Officer Richard Graydon in July following reports concerning his identity and prior legal history.

The July 20 SEC filing states that Graydon had been terminated effective July 17 for reasons unrelated to his activities at Immix and that management expected no material business effect because of his short tenure. News reports identified Graydon as an alias used by Ronald Fischer, who had been a fugitive before his July arrest. The event does not directly alter NXC-201 clinical data but raises executive-vetting and governance risk.

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Revenue

2022

2023

2024

2025

Net income

2020

2021

2022

2023

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2025

Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$0	$0	$0	$0	—	—
Research & development	$16.3M	$11.3M	$8.7M	$4.2M	$126,527	$248,149
Operating expenses	$30.0M	$22.7M	$16.1M	$8.2M	$1.4M	$453,852
Operating income	−$30.0M	−$22.7M	−$16.1M	−$8.2M	−$1.4M	−$453,852
EBITDA	−$29.6M	−$22.6M	−$16.1M	−$8.2M	−$1.3M	−$451,531
Net income	−$29.4M	−$21.6M	−$15.4M	−$8.2M	−$24.4M	−$1.1M
Basic EPSper basic share	-$0.89	-$0.76	-$0.89	-$0.59	-$6.64	-$0.34
Diluted EPSper diluted share	-$0.89	-$0.76	-$0.89	-$0.59	-$6.64	-$0.34

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

13.68%of listed shares

Jupiter Topco LLC9.78M shares · Jun 30, 2026

View holders

Top 20 reported holders of IMMX
Holder	% owned
Jupiter Topco LLC	13.68%9.78M shares
Hsu Jason	≈6.80%4.87M shares
Saturn V Capital Management LP	6.51%4.66M shares
EVENTIDE ASSET MANAGEMENT, LLC	5.44%3.89M shares
Chudnovsky Yekaterina	≈4.54%3.25M shares
STATE STREET CORP	4.19%3M shares
BlackRock, Inc.	4.18%2.99M shares
Deep Track Capital, LP	3.88%2.78M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.50%2.51M shares
Opaleye Management Inc.	3.28%2.35M shares
MILLENNIUM MANAGEMENT LLC	2.89%2.07M shares
UBS Group AG	2.71%1.94M shares
MARSHALL WACE, LLP	2.51%1.79M shares
PRICE T ROWE ASSOCIATES INC /MD/	2.43%1.74M shares
WELLINGTON MANAGEMENT GROUP LLP	2.06%1.47M shares
GREAT POINT PARTNERS LLC	1.79%1.28M shares
GEODE CAPITAL MANAGEMENT, LLC	1.68%1.2M shares
Rachman Ilya M	≈1.60%1.14M shares
Velan Capital Investment Management LP	1.52%1.09M shares
Ng Carey	≈1.47%1.05M shares

Percentages use 71.54M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys13$224.4K disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Dec 10, 2025Form 4	Rachman Ilya MCEO and Chairman	BuyCommon Stock	746	$6.67	$5.0K	1.14M
Dec 10, 2025Form 4	Morris Gabriel SCFO	BuyCommon Stock	770	$6.58	$5.1K	291.4K
Sep 17, 2025Form 4	Rachman Ilya MCEO and Chairman	BuyCommon Stock	2.5K	$2.02	$5.0K	1.14M
Sep 16, 2025Form 4	Morris Gabriel SCFO	BuyCommon Stock	2.6K	$1.97	$5.1K	290.7K
Jun 18, 2025Form 4	Rachman Ilya MCEO and Chairman	BuyCommon Stock	2.2K	$2.30	$5.0K	1.14M