Immix Biopharma priced an upsized underwritten registered offering of 19,117,646 shares of common stock at $5.10 per share, accompanied by 490,196 pre‑funded warrants priced at $5.09 per warrant. The transaction is expected to generate $100 million in gross proceeds and is scheduled to close on December 9, 2025.
The net proceeds will be directed toward advancing the company’s lead CAR‑T therapy, NXC‑201, as well as supporting working capital and general corporate purposes. NXC‑201 is a BCMA‑targeted CAR‑T product that has received Regenerative Medicine Advanced Therapy and Orphan Drug Designations. Recent Phase 2 data showed a 75% complete response rate, with the potential to reach 95% in future analyses, and no neurotoxicity was observed, underscoring the therapy’s safety profile.
Financially, Immix reported a net loss of $7.6 million for the third quarter of 2025 and held $15.9 million in cash and cash equivalents as of September 30, 2025. The company’s free cash flow deficit stood at $6.28 million, reflecting heavy investment in research and development. The equity offering is intended to extend the company’s runway through mid‑2027, providing the capital needed to pursue a Biologics License Application for NXC‑201 in 2026.
Management emphasized the strategic importance of the funding. Chief Financial Officer Gabriel Morris noted that the Phase 2 milestone “brings us one step closer to delivering this promising therapy to patients upon planned BLA submission in 2026.” Chief Executive Officer Ilya Rachman described the primary endpoint achievement as “a testament to the groundbreaking efficacy of NXC‑201.”
Market reaction to the announcement was tempered by valuation concerns, even as the strong Phase 2 data generated optimism about the company’s clinical trajectory. The equity raise is positioned as a proactive step to capitalize on the momentum generated by the recent clinical results.
The upsized offering strengthens Immix’s position to advance NXC‑201, potentially the first‑in‑class therapy for relapsed/refractory AL amyloidosis, while preserving financial flexibility for ongoing development and corporate initiatives.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.