Immix Biopharma, Inc.

Previous wording

You should read the following discussion and analysis of our financial condition and results of operations together with our unaudited interim condensed consolidated financial statements and the related notes appearing elsewhere in this Quarterly Report on Form 10-Q. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below in “Risk Factors”,, and those discussed in the section titled “Risk Factors” included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as may be amended, supplemented or superseded from time to time by other reports we file with the SEC. All amounts in this report are in U.S. dollars, unless otherwise noted.

Current wording

You should read the following discussion and analysis of our financial condition and results of operations together with our unaudited interim condensed consolidated financial statements and the related notes appearing elsewhere in this Quarterly Report on Form 10-Q. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below in “Risk Factors”, and those discussed in the section titled “Risk Factors” included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, as may be amended, supplemented or superseded from time to time by other reports we file with the SEC. All amounts in this report are in U.S. dollars, unless otherwise noted.

Previous wording

Immix Biopharma, Inc. is a clinical-stage biopharmaceutical company focused on the application of chimeric antigen receptor cell therapy (“CAR-T”) in light chain (“AL”) Amyloidosis and other serious diseases. Our lead cell therapy candidate is CAR-T NXC-201 (“NXC-201”), which is currently being evaluated in our ongoing United States Phase 1b/2 NEXICART-2 (NCT06097832) clinical trial and an ex-U.S. phase 1b/2a NEXICART-1 (NCT04720313) clinical trial. NEXICART-2 is expected to enroll 40 patients, with final readout and Biologics License Application (“BLA”) submission planned thereafter.

Current wording

Immix Biopharma, Inc. is a clinical-stage biopharmaceutical company focused on the application of chimeric antigen receptor cell therapy (“CAR-T”) in light chain (“AL”) Amyloidosis and other serious diseases. Our lead cell therapy candidate is CAR-T NXC-201 (“NXC-201”), which is currently being evaluated in our ongoing United States Phase 1b/2 NEXICART-2 (NCT06097832) clinical trial. Enrollment for the Company’s NEXICART-2 clinical trial of NXC-201 is complete with 45 patients enrolled.

Previous wording

AL amyloidosis is a life-threatening immunological disorder in which an abnormal protein called amyloid builds up in tissues and organs. This abnormal protein is produced by long-lived plasma cells (“LLPCs”), a type of immune B-cell. The signs and symptoms of AL amyloidosis vary among patients because build-up may occur in the heart (most frequent cause of mortality), liver, kidneys, intestines, muscles, joints, nerves, or spleen, according to the National Institutes of Health (“NIH”). Diagnosis is frequently delayed, due to varied and non-specific symptoms including: fatigue, weight loss, shortness of breath, dizziness, and numbness in hands and feet. Upon diagnosis, many patients already have late-stage disease, and are not aware of available treatment options and clinical trials.

Current wording

AL amyloidosis is a life-threatening immunological disorder in which an abnormal protein called amyloid builds up in tissues and organs. This abnormal protein is produced by long-lived plasma cells, a type of immune B-cell. The signs and symptoms of AL amyloidosis vary among patients because build-up may occur in the heart (most frequent cause of mortality), liver, kidneys, intestines, muscles, joints, nerves, or spleen, according to the National Institutes of Health. Diagnosis is frequently delayed, due to varied and non-specific symptoms including: fatigue, weight loss, shortness of breath, dizziness, and numbness in hands and feet. Upon diagnosis, many patients already have late-stage disease, and are not aware of available treatment options and clinical trials.

Previous wording

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, the majority of which are attributable to research and development activities and negative cash flows from operations. We have funded our operations primarily through the sale of equity securities and grant proceeds. Currently, our primary use of cash and short-term investment is to fund operating expenses, which consist primarily of research and development expenditures, and to a lesser extent, general and administrative expenditures. We expect to continue to incur significant expenses and operating losses for the foreseeable future as we advance our product candidates through all stages of development and clinical trials and, ultimately, seek regulatory approval. In addition, if we obtain regulatory approval for any of our product candidates, we expect to incur significant commercialization expenses related to product manufacturing, marketing, sales and distribution. Furthermore, we incur costs associated with operating as a public company, including significant legal, accounting, investor relations and other expenses. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our clinical trials and our expenses on other research and development activities.

Current wording

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, the majority of which are attributable to research and development activities and negative cash flows from operations. We have funded our operations primarily through the sale of equity securities and grant proceeds. Currently, our primary use of cash, cash equivalents, and short-term investments is to fund operating expenses, which consist primarily of research and development expenditures, and to a lesser extent, general and administrative expenditures. We expect to continue to incur significant expenses and operating losses for the foreseeable future as we advance our product candidates through all stages of development and clinical trials and, ultimately, seek regulatory approval. In addition, if we obtain regulatory approval for any of our product candidates, we expect to incur significant commercialization expenses related to product manufacturing, marketing, sales and distribution. Furthermore, we incur costs associated with operating as a public company, including significant legal, accounting, investor relations and other expenses. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our clinical trials and our expenses on other research and development activities.

Previous wording

On December 16, 2024, our wholly-owned subsidiary, Nexcella, Inc., entered into the First Amendment to the Research and License Agreement (the “First Amendment”) with the Licensors. The First Amendment includes terms specific to new licensed products and requires an additional upfront license fee of $1.5 million, which has been paid in full as of December 31, 2025, as well as development milestone payments of up to $4.5 million upon the Company’s achievement of certain milestones.

Current wording

On December 16, 2024, our wholly-owned subsidiary, Nexcella, Inc., entered into the First Amendment to the Agreement (the “First Amendment”) with the Licensors. The First Amendment includes terms specific to new licensed products and requires an additional upfront license fee of $1.5 million, which was paid in full as of December 31, 2025, as well as development milestone payments of up to $4.5 million upon the Company’s achievement of certain milestones.

Previous wording

On June 3, 2025, the Company entered into an At The Market Offering Agreement (the “June 2025 ATM Agreement”) with Citizens JMP Securities, LLC (“Citizens”), which was amended on March 25, 2026 (the “June 2025 ATM Amendment No. 1” and, together with the June 2025 ATM Agreement, the “Amended June 2025 ATM Agreement”), pursuant to which we may offer and sell, from time to time, at our option, shares of our common stock, through Citizens, as the sales agent, having an aggregate offering price of up to $100,000,000 in an “at the market offering,” as defined in Rule 415(a)(4) under the Securities Act. During the three months ended March 31, 2026, we sold no shares of common stock pursuant to the June 2025 ATM Agreement and Amended June 2025 ATM Agreement. As of April 30, 2026, we have sold an aggregate of 3,062,504 shares of common stock pursuant to the Amended June 2025 ATM Agreement for net proceeds of $17,101,938, after offering expenses.

Current wording

On June 3, 2025, we entered into an At The Market Offering Agreement (as amended from time to time, the “Citizens ATM Agreement”) with Citizens JMP Securities, LLC (“Citizens”), which was amended on March 25, 2026, with pursuant to which we may offer and sell, from time to time, at our option, shares of our common stock, through Citizens, as the sales agent, having an aggregate offering price of up to $100,000,000 in an “at the market offering,” as defined in Rule 415(a)(4) under the Securities Act. During the six months ended June 30, 2026, we sold 1,510,000 shares of common stock for net proceeds of $13,943,659, after offering expenses, pursuant to the Citizens ATM Agreement. As of June 30, 2026, we have sold an aggregate of 3,207,504 shares of common stock pursuant to the Citizens ATM Agreement for net proceeds of $18,353,089, after offering expenses.

Previous wording

The expenses incurred in both periods were related to salaries, patent maintenance costs and general accounting and other general consulting expenses, which were higher for the three months ended March 31, 2026, due to increased investor relations and professional fees of $1,174,910 related to the Company’s efforts to raise capital, increased compensation of $607,006 due to hiring of additional employees, and increased other general expenses of $355,724.

Current wording

The expenses incurred in both periods were related to salaries, patent maintenance costs, professional fees and general accounting and other general consulting expenses, primarily related to the Company’s efforts to raise capital, increased compensation, including stock-based compensation, of $1,681,376 due to hiring of additional employees, and increased other general expenses of $332,210.

Previous wording

Interest income was $717,168 for the three months ended March 31, 2026, compared to $150,219 for the three months ended March 31, 2025. Interest income was related to interest received on investments in money market funds and US Treasuries. The increase is a result of the Company maintaining higher balances during the current period.

Current wording

Interest income was $913,663 for the three months ended June 30, 2026, compared to $104,056 for the three months ended June 30, 2025. Interest income was related to interest received on investments in money market funds and US Treasuries. The increase is a result of the Company maintaining higher balances during the current period.

Previous wording

Provision for income taxes for the three months ended March 31, 2026 was $0 compared to $9,822 for the three months ended March 31, 2025, due to withholding taxes relating to our Australian subsidiary.

Current wording

Provision for income taxes for the three months ended June 30, 2026 was $14,322 compared to $8,914 for the three months ended June 30, 2025, due to withholding taxes relating to our Australian subsidiary.

Previous wording

Net loss for the three months ended March 31, 2026 was $10,086,687 compared to $4,542,528 for the three months ended March 31, 2025, which increase was due primarily to the increase in research and development expenses, as discussed above.

Current wording

Net loss for the three months ended June 30, 2026 was $11,557,002 compared to $6,622,563 for the three months ended June 30, 2025, which increase was due primarily to the increase in general and administrative expenses, as discussed above.

Previous wording

The increased research and development expenses were related to our ongoing Phase 1b/2a clinical trial and our CAR-T clinical trial, including, but not limited to, CRO and related costs for maintaining and treating patients in the clinical trial, as well as site onboarding costs and license fees. We were able to increase spending on research and development in 2026 as a result of funding from multiple share offerings during the year ended December 31, 2025. Additionally, the Company received approximately $1.5 million in CIRM grant reimbursement, which is recorded as an offset to research and development expenses.

Current wording

The increased research and development expenses were related to our ongoing Phase 1b/2a clinical trial and our CAR-T clinical trial, including, but not limited to, CRO and related costs for maintaining and treating patients in the clinical trial, as well as site onboarding costs and license fees. We were able to increase spending on research and development in 2026 as a result of funding from multiple share offerings during the year ended December 31, 2025 and six months ended June 30, 2026. The Company received approximately $2.0 million in CIRM grant reimbursement, which is recorded as an offset to research and development expenses.

Previous wording

As discussed above, on July 25, 2024, the Company was 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. As of April 30, 2026, we have received $6.7 million in grant reimbursements under the grant agreement.

Current wording

As discussed above, 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. As of August 3, 2026, we have received $6.7 million in grant reimbursements under the grant agreement.

Previous wording

On March 25, 2026, the Company and Citizens entered into the June 2025 ATM Agreement Amendment No. 1, pursuant to which, effective March 25, 2026, the Company may offer and sell, from time to time, at its option, shares of its common stock, through Citizens, as the sales agent, having an aggregate offering price of up to $100,000,000 in an “at the market offering” as defined in Rule 415(a)(4) under the Securities Act. During the three months ended March 31, 2026, we sold no shares of common stock pursuant to the June 2025 ATM Agreement and Amended June 2025 ATM Agreement. As of April 30, 2026, we have sold an aggregate of 3,062,504 shares of common stock pursuant to the Amended June 2025 ATM Agreement for net proceeds of $17,101,938, after offering expenses.

Current wording

On June 3, 2025, we entered into the Citizens ATM Agreement, which was amended on March 25, 2026, , pursuant to which, effective March 25, 2026, the Company may offer and sell, from time to time, at its option, shares of its common stock, through Citizens, as the sales agent, having an aggregate offering price of up to $100,000,000 in an “at the market offering” as defined in Rule 415(a)(4) under the Securities Act. During the six months ended June 30, 2026 and 2025, we sold 1,510,000 and 513,935 shares of common stock pursuant to the Citizens ATM Agreement for net proceeds of $13,943,659 and $1,094,399, after offering expenses, respectively. As of August 3, 2026, the Company has sold an aggregate of 3,207,504 shares of common stock pursuant to the Citizens ATM Agreement for net proceeds of $18,353,089, after offering expenses.

Previous wording

As of March 31, 2026, we had total assets of approximately $95.8 million and working capital of approximately $81.7 million. As of March 31, 2026, our liquidity included approximately $90.6 million of cash and cash equivalents and short-term investments. We believe that our cash, cash equivalents and short-term investments on hand as of the date of this report, will be sufficient to fund our planned operations over the 12-month period following the date of this report; however, there can be no assurance we will not need additional capital sooner. In addition, we believe that we will need additional capital to continue our planned operations beyond the 12-month period following the filing date of this Quarterly Report on Form 10-Q. We intend to seek additional funds through various financing sources, including the sale of our equity and debt securities, government or other third-party funding, commercialization, marketing and distribution arrangements, other collaborations, strategic alliances and licensing arrangements. In addition, we will consider alternatives to our current business plan that may enable us to achieve revenue producing operations and meaningful commercial success with a smaller amount of capital. However, there can be no guarantees that such funds will be available on commercially reasonable terms, if at all. If such financing is not available on satisfactory terms, we may be unable to further pursue our business plan and we may be unable to continue operations.

Current wording

As of June 30, 2026, we had total assets of approximately $239.1 million and working capital of approximately $224.5 million. As of June 30, 2026, our liquidity included approximately $232.1 million of cash, cash equivalents, and short-term investments. In addition, we held approximately $2.1 million in U.S.-Treasury related long-term investments. We believe that our cash, cash equivalents, and short-term investments on hand as of the date of this report, will be sufficient to fund our planned operations over the 12-month period following the date of this report; however, there can be no assurance we will not need additional capital sooner. In addition, we believe that we will need additional capital to continue our planned operations beyond the 12-month period following the filing date of this Quarterly Report on Form 10-Q. We intend to seek additional funds through various financing sources, including the sale of our equity and debt securities, government or other third-party funding, commercialization, marketing and distribution arrangements, other collaborations, strategic alliances and licensing arrangements. In addition, we will consider alternatives to our current business plan that may enable us to achieve revenue producing operations and meaningful commercial success with a smaller amount of capital. However, there can be no guarantees that such funds will be available on commercially reasonable terms, if at all. If such financing is not available on satisfactory terms, we may be unable to further pursue our business plan and we may be unable to continue operations.

Previous wording

Net cash used in operating activities was $9,817,073 for the three months ended March 31, 2026 and $1,685,140 for the three months ended March 31, 2025. Net cash used for the three months ended March 31, 2026 was primarily related to our net loss of $10,086,687, offset by non-cash items of stock-based compensation expense of $575,565, depreciation expense of $91,577, right of use asset amortization of $39,189, loss on disposal of fixed assets of $34,153, slightly offset by realized gain on available-for-sale securities of $10,648. Operating activities also included an increase in accounts payable and accrued expenses of $443,059 and an increase in prepaid expenses of $867,320. Net cash used for the three months ended March 31, 2025 was primarily related to our net loss of $4,542,528, offset by non-cash items of stock-based compensation expense of $868,359, depreciation expense of $38,153 and right of use asset amortization of $21,027. Operating activities also included a decrease in the tax receivable of $2,003,580, an increase in accounts payable and accrued expenses of $258,718, and an increase in prepaid expenses of $316,622.

Current wording

Net cash used in operating activities was $21,562,698 for the six months ended June 30, 2026 and $6,994,921 for the six months ended June 30, 2025. Net cash used for the six months ended June 30, 2026 was primarily related to our net loss of $21,643,689, offset by non-cash items of stock-based compensation expense of $1,553,705, depreciation expense of $182,570, right of use asset amortization of $79,080, loss on disposal of fixed assets of $34,153, slightly offset by realized gain on available-for-sale securities of $49,331. Operating activities also included a decrease in accounts payable and accrued expenses of $793,423 and an increase in prepaid expenses and other current assets of $854,551. Net cash used for the six months ended June 30, 2025, was primarily related to our net loss of $11,165,091, offset by non-cash items of stock-based compensation expense of $1,400,608, depreciation expense of $96,647 and right of use asset amortization of $42,368. Operating activities also included an increase in accounts payable and accrued expenses of $782,904, an increase in prepaid expenses of $145,953, and a decrease in the tax receivable of $2,025,564.

Previous wording

Net cash used in investing activities was $4,800,836 for the three months ended March 31, 2026, consisting of $7,768,350 in purchases of short-term investments offset by $3,000,000 in sales of short-term investments. In addition, there was $32,486 in purchases of property and operating equipment. Net cash used in investing activities was $67,713 for the three months ended March 31, 2025, consisting solely of purchase of property and operating equipment.

Current wording

Net cash used in investing activities was $2,131,172 for the six months ended June 30, 2026, consisting of $12,317,643 in purchases of investments offset by $10,240,000 in proceeds from the sale of investments. In addition, there was $53,529 in purchases of property and operating equipment. Net cash used in investing activities was $195,343 for the six months ended June 30, 2025, consisting solely of purchase of property and equipment.