• Like an early-stage Genentech for highly targeted cancer and inflammatory treatments.
• A startup Amgen, but specializing in precision drugs for specific cancers and inflammatory conditions.

Immix Biopharma's major products are:

• IMX-110: A therapeutic in Phase 1b/2a clinical trials for soft tissue sarcoma and solid tumors.
• IMX-111: A tissue-specific biologic being developed for the treatment of colorectal cancers.
• IMX-120: A tissue-specific biologic under development for ulcerative colitis and severe Crohn's disease.

Immix Biopharma (IMMX) is a clinical-stage biopharmaceutical company focused on developing therapeutics in oncology and inflammation. As of the provided information, the company is in the research and development phase, with its drug candidates (IMX-110, IMX-111, IMX-120) undergoing clinical trials.

Since Immix Biopharma does not yet have any commercially approved products on the market, it does not currently have major customers who purchase its therapeutics. Its primary activities involve conducting clinical trials and research. The collaboration with BeiGene Ltd. mentioned in the description is a clinical collaboration and supply agreement for a Phase 1b clinical trial, representing a partnership for drug development rather than a customer relationship for product sales.

• BeiGene Ltd. (BGNE)

Ilya Rachman, MD PhD Chief Executive Officer

Ilya Rachman is the Co-Founder and Chief Executive Officer of Immix Biopharma, Inc., serving since its inception in 2012. He is a physician-scientist and former clinical faculty at UCLA. Dr. Rachman founded a Clinical Research organization that conducted clinical trials of pharmaceutical drugs, and he completed several clinical trials as a Principal Investigator, building strong relationships in the clinical research industry. He holds an MD and PhD from the University of Illinois and an MBA from UCLA Anderson.

Gabriel Morris Chief Financial Officer

Gabriel Morris is the Chief Financial Officer of Immix Biopharma, Inc. He has been the Managing Partner of Alwaysraise LLC, a life sciences advisory and investment firm based in San Francisco, since he founded it. Previously, Mr. Morris served as the interim Chief Financial Officer of Zap Surgical Systems, a brain radiosurgery company, where he successfully completed a growth equity financing round. Prior to that, he led cross-border mergers & acquisitions transactions at Goldman Sachs and other global investment banks for over a decade, participating in more than $50 billion in completed transactions. He received his BA from Columbia University.

Michael Grabow Chief Commercial Officer

Michael Grabow is the Chief Commercial Officer of Immix Biopharma, Inc. He brings over 25 years of biopharmaceutical commercialization experience. Before joining Immix, Mr. Grabow was the Head of Commercial Operations at Chimerix, Inc., where he led the Go-To-Market Strategy and Launch of the orphan drug MODEYSO®. Chimerix was subsequently acquired by Jazz Pharmaceuticals for $935 million. His prior roles include Executive Vice President and Chief Business Officer of Spectrum Pharmaceuticals (which was acquired by Assertio), and various sales and marketing positions at Amgen. He has been directly involved in driving more than 10 successful commercial drug launches.

Graham Ross, MD Acting Chief Medical Officer and Head of Clinical Development

Dr. Graham Ross serves as the Acting Chief Medical Officer and Head of Clinical Development at Immix Biopharma. He trained in oncology in Durban, South Africa, and later specialized as a pharmaceutical physician in the UK. Dr. Ross has conducted studies on stem cell transplantation for acute myelogenous leukemia and is involved in ongoing studies utilizing new drugs and therapeutics for acute and chronic lymphocytic leukemia, acute and chronic myelogenous leukemia, multiple myeloma, certain non-Hodgkin's lymphoma, and Sickle Cell Anemia. He earned his MD from the USC School of Medicine.

Dr. David Marks Chief Medical Officer, Cell Therapy

Dr. David Marks is the Chief Medical Officer, Cell Therapy at Immix Biopharma. Prior to Immix, he held positions of increasing responsibility, most recently serving as the Director and Lead Clinician at Bristol Allogenic Adult Bone Marrow Transplant Unit and a Professor in Hematology and Stem Cell Transplantation at the University of Bristol from 1998 until 2022. From 1993 to 1996, Dr. Marks was an assistant professor of basic research in leukemia and bone marrow transplantation at Drexel University College of Medicine. He is the author of more than 10 book chapters and over 310 peer-reviewed publications. He received his MBBS and PhD from the University of Melbourne.

Key Risks to Immix Biopharma (IMMX)

The key risks for Immix Biopharma (IMMX), a clinical-stage biopharmaceutical company, primarily revolve around the inherent challenges of drug development, financial sustainability, and market competition for its therapeutic candidates.

1. Clinical Development and Regulatory Approval Risk: Immix Biopharma's valuation is heavily dependent on the successful progression and regulatory approval of its pipeline products, such as IMX-110, IMX-111, IMX-120, and NXC-201. As a clinical-stage company, none of its drug candidates have yet received pre-market approval from the FDA. There is a significant risk that data from ongoing clinical trials may not consistently align with previous positive results, or that early-phase success will not translate to later-stage trial success. The regulatory approval process is rigorous and can be delayed or denied due to insufficient or inconclusive clinical data, manufacturing issues, or an unfavorable benefit-risk profile. Furthermore, evolving and potentially stricter regulatory standards from agencies like the FDA introduce additional uncertainty to the approval pathway.

2. Funding and Capital Requirements Risk: As a clinical-stage company with multiple drug candidates in development, Immix Biopharma requires substantial capital to fund its ongoing clinical trials and advance its pipeline. The company's ability to continue necessary clinical trials and develop product candidates is contingent on securing adequate funding. A challenging economic environment, including high interest rates, can make debt financing expensive and equity raises dilutive, potentially hindering the company's ability to obtain additional working capital when needed.

3. Competition and Commercialization Risk: The therapeutic areas Immix Biopharma targets, particularly oncology and inflammation, are highly competitive, especially in the CAR-T (Chimeric Antigen Receptor T-cell) market. Even if a drug candidate successfully navigates clinical trials and receives regulatory approval, commercial success is not guaranteed. Challenges include gaining market access, unfavorable pricing environments, limited reimbursement policies, and the potential emergence of more effective or cost-efficient competitive therapies. For NXC-201, specific competitive threats include new in-vivo CAR T therapies and bispecifics.

Immix Biopharma's main products target several significant addressable markets:

• IMX-110 (Soft Tissue Sarcoma and Solid Tumors):
  • For Soft Tissue Sarcoma, the global treatment market was valued at approximately USD 1.455.12 million in 2024 and is projected to reach USD 3,910.15 million by 2034, demonstrating a compound annual growth rate (CAGR) of 10.4% during this period. North America is identified as the largest regional market for soft tissue sarcoma treatment.
  • For Solid Tumors, the market encompassing the United States, EU4 (Germany, France, Italy, Spain), the UK, and Japan, reached an estimated value of USD 183.0 billion in 2024 and is anticipated to grow to USD 406.4 billion by 2035, with a CAGR of 7.53%. Specifically in the U.S., the solid tumor cancer treatment market was valued at USD 1.32 billion in 2024 and is projected to reach approximately USD 2.19 billion by 2034. The United States holds the largest patient pool and represents the largest market for solid tumor treatment.
• IMX-111 (Colorectal Cancers):
  • The global colorectal cancer therapeutics market was valued at USD 12.79 billion in 2024 and is expected to reach approximately USD 19.95 billion by 2034, exhibiting a CAGR of 4.55% from 2025 to 2034. In the U.S., the colorectal cancer therapeutics market size was estimated at USD 3.42 billion in 2024 and is predicted to be worth around USD 5.43 billion by 2034, with a CAGR of 4.73%.
• IMX-120 (Ulcerative Colitis and Severe Crohn's Disease):
  • For Ulcerative Colitis, the global market size was valued at USD 7.96 billion in 2024 and is projected to grow to USD 13.79 billion by 2035, with a CAGR of 5.12% from 2026 to 2035. The U.S. ulcerative colitis market reached USD 3.2 billion in 2025. North America leads this market, accounting for over 60.30% of the global revenue in 2024.
  • For Crohn's Disease, the global market size was estimated at USD 11.93 billion in 2024 and is projected to grow to USD 17.83 billion by 2035, with a CAGR of 3.72%. The market size for Crohn's disease in the U.S. was approximately USD 8,000 million in 2024.

Immix Biopharma, Inc. (IMMX) is a clinical-stage biopharmaceutical company focused on developing therapeutics in oncology and inflammation. Over the next 2-3 years, its future revenue growth is expected to be driven by the advancement and potential commercialization or strategic partnering of its key pipeline assets and the expansion of its therapeutic reach.

Here are 3-5 expected drivers of future revenue growth for Immix Biopharma:

1. Clinical Advancement and Potential Commercialization/Licensing of NXC-201 for AL Amyloidosis: Immix Biopharma's lead candidate, NXC-201, a CAR-T cell therapy, is in Phase 1b/2a clinical trials for relapsed/refractory AL Amyloidosis. The company has received U.S. FDA Orphan Drug Designation and Breakthrough Therapy Designation for NXC-201 for AL Amyloidosis, which could accelerate its development and regulatory review process. With no approved therapies currently available for relapsed/refractory AL Amyloidosis in a market estimated to be $3 billion, successful clinical development and subsequent licensing or market entry for NXC-201 could generate significant revenue through milestone payments, upfront fees, and eventual product sales, potentially leading to positive profits by 2028 according to some analyst forecasts.
2. Clinical Development and Strategic Partnerships for IMX-110 in Solid Tumors: The company continues to advance IMX-110, a Tissue-Specific Therapeutic, in Phase 1b/2a clinical trials for soft tissue sarcoma and other solid tumors. IMX-110 holds FDA Orphan Drug Designation for soft tissue sarcoma, offering potential market exclusivity upon approval. Furthermore, Immix Biopharma has a clinical collaboration with BeiGene Ltd. for a combination Phase 1b trial of IMX-110 with anti-PD-1 Tislelizumab in solid tumors, showing positive interim data in metastatic colorectal cancer. Progress in these trials and securing additional licensing deals or expanded collaborations based on positive data are expected to be revenue drivers through milestone payments and upfront fees within the next 2-3 years.
3. Strategic Partnerships and Licensing Agreements for Pipeline Candidates: As a clinical-stage biopharmaceutical company, Immix Biopharma's revenue growth in the near term is highly dependent on securing strategic partnerships and licensing agreements for its pipeline assets, including NXC-201 and IMX-110. Analysts anticipate licensing milestones associated with IMX-110 for soft tissue sarcoma in fiscal years 2026 and 2027, and for NXC-201 in the same period. These agreements typically include upfront payments, development and regulatory milestone payments, and potential royalties on future sales, which would directly contribute to the company's revenue growth. Additionally, its subsidiary Nexcella has a research and license agreement for anti-BCMA CAR-T cells that includes milestone payments and royalties.
4. Expansion into Additional Therapeutic Indications: Building on the clinical success and established tolerability of its lead assets, particularly NXC-201, Immix Biopharma aims to leverage its cell therapy technology to address a broader range of serious diseases. The company's plans to explore additional indications where CAR-T therapy is not yet approved could lead to new research collaborations, development partnerships, and potentially new drug candidates. While full commercialization for new indications may extend beyond the 2-3 year horizon, early-stage collaborations, licensing deals for expanded use, or early clinical milestones in new areas could provide additional revenue streams within this timeframe.

Share Repurchases

• Immix Biopharma authorized a share repurchase program to acquire up to $1 million of its common stock on May 9, 2022.
• The company spent $44,000 on share buybacks in Q4 2022.

Share Issuance

• Immix Biopharma closed an upsized $100 million underwritten offering of common stock and pre-funded warrants in December 2025.
• The company completed a public offering of 5,535,055 shares of common stock, generating approximately $15 million in gross proceeds on February 8, 2024.
• Shares outstanding increased to 53 million as of February 27, 2026.

Inbound Investments

• Immix Biopharma benefited from a strategic investment from Goose Capital and former Tanox, Inc., which aims to enhance its financial positioning and development efforts.

Capital Expenditures

• Immix Biopharma invested $372,000 in capital expenditures in Q3 2025, marking a 191.8% increase from the prior quarter.
• Over the last 12 months (as of Q3 2025), capital expenditures amounted to approximately $1.07 million.
• Given its nature as a clinical-stage biopharmaceutical company, a primary focus of capital expenditures is on research and development and advancing its pipeline of drug candidates, such as IMX-110 and NXC-201.