Immix Biopharma, Inc.
IMMX evidence brief
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What it means
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Prepared research question
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BioSniper AI · IMMX
Immix Biopharma, Inc. (IMMX) is a clinical-stage biopharmaceutical company focused on developing chimeric antigen receptor T-cell therapy NXC-201 for relapsed/refractory AL Amyloidosis and other immune-mediated diseases, with a Phase 2 readout expected in late September 2026.
Key risk: No approved products or revenue
BioSniper Score
Based on 5 of 6 signals
Market Cap
$992.4M
Cash Runway
59.4 moLead Asset
nxc-201 (Phase 1)
Next Catalyst
Phase2_Topline · Sep 30, 2026Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate · 1 catalyst for Immix Biopharma, Inc..
Immix Biopharma, Inc. (IMMX) is a clinical-stage biopharmaceutical company focused on developing chimeric antigen receptor T-cell therapy NXC-201 for relapsed/refractory AL Amyloidosis and other immune-mediated diseases, with a Phase 2 readout expected in late September 2026.
- Lead candidate NXC-201 is being evaluated in a registrational Phase 2 trial (NEXICART-2) for relapsed/refractory AL Amyloidosis, with 18 clinical trial sites as of July 2025 [sec_mda · as of 2025-11-07].
- Cash and equivalents of $225.5M as of 2026-06-30, with net loss of -$11.6M for the same period [sec].
- Awarded an $8.0 million grant from CIRM in July 2024 to support NXC-201 clinical development; as of August 2026, $6.7 million in reimbursements received [sec_mda · as of 2026-08-07].
- Other programs include NXC-201 for select immune-mediated diseases (estimated $25B combined annual market) and preclinical candidates [sec_mda · as of 2025-11-07].
What works
- Strong cash position of $225.5M as of 2026-06-30 provides runway for ongoing clinical development [sec].
- NXC-201 is in a registrational Phase 2 trial with 18 sites, potentially accelerating path to approval if results are positive [sec_mda · as of 2025-11-07].
- Non-dilutive funding from CIRM grant ($8M total, $6.7M received as of August 2026) supports NXC-201 development [sec_mda · as of 2026-08-07].
What to weigh
- Company has incurred recurring losses and no approved products or commercial revenue, with net loss of -$11.6M in the latest quarter [sec].
- Reliance on future capital raises is likely; the company has used ATM and public offerings to fund operations [sec_mda · as of 2026-08-07].
- NXC-201 is still in clinical development with no guarantee of regulatory approval or commercial success [sec_mda · as of 2026-08-07].
From the filings
Quoted directly from source documents.
NXC-201 Phase 2 trial has a registrational design with 18 sites
“In July 2025, the Company expanded the number of clinical trial sites to 18 in its relapsed/refractory AL Amyloidosis clinical trial NEXICART-2 with a registrational design.”
SEC MD&A · November 7, 2025
CIRM grant of $8M awarded in July 2024
“on July 25, 2024, we were awarded an $8.0 million grant from CIRM to support the clinical development of chimeric antigen receptor T-cell therapy NXC-201 for the treatment of relapsed/refractory AL Amyloidosis.”
SEC MD&A · August 7, 2026
Company has incurred recurring losses
“Since inception, we have devoted substantially all of our resources to developing product and technology rights, conducting research and development, organizing and staffing our Company, business planning and raising capital. We operate as one business segment and have incurred recurring losses”
SEC MD&A · November 7, 2025
Catalyst timeline
- 2026-09-30 · Phase2_Topline · nxc-201 — Phase 2 Readout: nxc-201 — Topline data from the registrational Phase 2 trial of NXC-201 in relapsed/refractory AL Amyloidosis is expected, which will be a key value inflection point.
Risks & what to watch (3)›
Key risks
- No approved products or revenue — Company has no commercial products and has incurred recurring losses; net loss of -$11.6M in latest quarter [sec].
- Clinical and regulatory uncertainty — NXC-201 is still in Phase 2; positive results are not guaranteed, and regulatory approval may not be obtained [sec_mda · as of 2026-08-07].
- Dependence on future financing — Company may need additional capital to fund operations; has used ATM and public offerings historically [sec_mda · as of 2026-08-07].
What to watch
- Phase 2 topline data for NXC-201 in AL Amyloidosis expected around September 30, 2026 [catalyst].
- Progress of NXC-201 expansion into other immune-mediated diseases [sec_mda · as of 2025-11-07].
- Any updates on IMX-110 data evaluation for soft tissue sarcoma or colorectal cancer [sec_mda · as of 2024-11-12].
Sources: SEC MD&A · Generated August 10, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
59.4 months
D/E 0.04 · 0% dilution
Lead: Phase 1
1 candidate
1 upcoming, next in ~31d
No insider transactions in the last 180 days
Runway
Catalysts
Pipeline
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
73
Total value held
$242.5M
| Holder | Shares | Value |
|---|---|---|
| janus henderson group plc | 9,604,004 | $87.4M |
| vanguard capital management llc | 3,575,988 | $32.6M |
| eventide asset management, llc | 2,549,019 | $23.2M |
| millennium management llc | 1,750,200 | $15.9M |
| marshall wace, llp | 1,641,552 | $15.0M |
| franklin resources inc | 969,066 | $8.8M |
| susquehanna international group, llp | 588,794 | $5.4M |
| blue owl capital holdings lp | 547,552 | $5.0M |
| blackrock, inc. | 468,377 | $4.3M |
| geode capital management, llc | 463,384 | $4.2M |
Showing top 10 of 73 institutional holders of Immix Biopharma, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 20, 2026- % of float
- 7.7%
- Days to cover
- 3.6
- Shares short
- 3,115,947
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
IMMX short interestGovernance
Frequently asked questions
What is the AI investment thesis for Immix Biopharma, Inc.?
Immix Biopharma, Inc. (IMMX) is a clinical-stage biopharmaceutical company focused on developing chimeric antigen receptor T-cell therapy NXC-201 for relapsed/refractory AL Amyloidosis and other immune-mediated diseases, with a Phase 2 readout expected in late September 2026.
What is Immix Biopharma, Inc.'s lead drug candidate?
Immix Biopharma, Inc.'s most advanced tracked candidate is nxc-201 (Phase 1) for Relapsed/refractory multiple myeloma and relapsed/refractory light chain (AL) amyloidosis.
What is Immix Biopharma, Inc.'s next catalyst?
Immix Biopharma, Inc.'s next tracked catalyst is a Phase2_Topline event — "Phase 2 Readout: nxc-201" — expected September 30, 2026.
Who is the CEO of Immix Biopharma, Inc.?
Dr. Ilya Rachman M.B.A., M.D., Ph.D. is the chief executive officer of Immix Biopharma, Inc. (IMMX).
Where is Immix Biopharma, Inc. headquartered?
Immix Biopharma, Inc. (IMMX) is headquartered in Los Angeles, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.