Financial Performance - Immix Biopharma reported general and administrative expenses of $11,381,978 for the year ended December 31, 2024, an increase of 53.4% from $7,406,082 in 2023[349]. - Research and development expenses rose to $11,292,702 for the year ended December 31, 2024, compared to $8,735,031 in 2023, reflecting increased spending on clinical trials[351]. - Provision for income taxes for the year ended December 31, 2024 was $41,037, an increase from $26,415 for the year ended December 31, 2023[354]. - Net cash used in operating activities for the year ended December 31, 2024 was $14,595,102, compared to $11,371,438 for the year ended December 31, 2023, primarily due to a net loss of $21,698,363[365]. - Net cash provided by financing activities was $15,948,567 for the year ended December 31, 2024, compared to $15,463,512 for the year ended December 31, 2023[367]. - Net cash used in investing activities was $1,177,680 for the year ended December 31, 2024, compared to $52,089 for the year ended December 31, 2023[366]. - The Company has incurred significant net losses since inception and does not expect to generate revenue from product sales until regulatory approval is obtained[355]. Funding and Grants - The company raised net proceeds of $13,565,760 from an underwritten public offering of 5,535,055 shares at a public offering price of $2.71 per share[346]. - The company was awarded an $8 million grant from the California Institute for Regenerative Medicine (CIRM) to support clinical development of NXC-201, contingent on achieving specific milestones[347]. - The Company was awarded an $8 million grant from the California Institute for Regenerative Medicine to support clinical development of NXC-201, with $3.6 million received in reimbursements as of March 11, 2025[358]. - The Company anticipates needing additional capital to continue operations beyond the next 12 months and plans to seek funds through various financing sources[360]. Operational Developments - Nexcella was merged into the company on May 20, 2024, with the company issuing 989,876 shares of common stock to former Nexcella stockholders[339]. - The company entered into a Research and License Agreement with Hadasit and BIRAD, committing to additional payments totaling approximately $13 million through September 2026[340]. - The company entered into a long-term operating lease agreement for biopharmaceutical manufacturing space, with total lease payments expected to be $1.6 million through December 2033[363]. Regulatory and Clinical Updates - The FDA granted Regenerative Medicine Advanced Therapy (RMAT) designation to CAR-T NXC-201 for treating relapsed/refractory AL amyloidosis on February 10, 2025[348]. - The company expects to incur significant commercialization expenses if regulatory approval is obtained for its product candidates[336]. - The Company expects to incur significant commercialization expenses if marketing approval is obtained for any product candidates[359]. Assets and Liquidity - As of December 31, 2024, total assets were approximately $22.9 million, with working capital of approximately $11.5 million and liquidity of approximately $17.7 million in cash and cash equivalents[360]. - The Company has incurred recurring losses primarily due to research and development activities and negative cash flows from operations[336]. - Interest income increased to $1,017,354 for the year ended December 31, 2024, up from $572,006 in 2023, due to higher balances in money market funds[353].
Immix Biopharma(IMMX) - 2024 Q4 - Annual Report