Immix Biopharma prices $125 million stock offering at $11.00 a share

Immix Biopharma, Inc. (Nasdaq: IMMX) priced an underwritten offering of 11,363,637 shares of common stock at $11.00 per share on September 29, 2026, for gross proceeds of $125 million before underwriting discounts and offering expenses. The stock trades on the Nasdaq Capital Market, and it closed at $11.47 on September 28, the day before pricing. The offering was expected to close on or about September 30, 2026, subject to customary closing conditions.

Underwriting and who is named

J.P. Morgan Securities LLC is the book-running manager and representative of the underwriters, and it is the only underwriter named in the table, where it holds all 11,363,637 shares. The company's release calls J.P. Morgan the sole book-running manager. The underwriters receive a discount of $0.66 per share, or $7,500,000 in total, which leaves proceeds to the company of $117,500,007 before expenses. The prospectus estimates net proceeds of about $117.1 million after the discount and estimated expenses.

The release says new and existing institutional investors took part, naming Eventide Asset Management, Janus Henderson Investors, Ridgeback Capital Investments L.P. and Wellington Management. The prospectus names no placement agent and no financial adviser, and the offering and underwriting pages name no counsel for the company or the underwriters. The shares are sold under a Form S-3 shelf, File No. 333-292665, filed on January 9, 2026 and declared effective on January 22, 2026.

Use of money and dilution

Immix intends to use the net proceeds for clinical development of NXC-201, working capital and general corporate purposes, and the prospectus says management will have significant discretion over how the money is applied. Net tangible book value was $3.20 per share at June 30, 2026, and the prospectus puts it at $4.17 per share after the offering, so new investors face immediate dilution of $6.83 per share. The figures rest on 71,535,679 shares outstanding at June 30, 2026, and the prospectus shows 83,079,249 shares outstanding after the offering. It excludes options, warrants and plan shares that could add further dilution. The company and its directors and officers are restricted from selling or registering further shares for 90 days unless J.P. Morgan consents, with exceptions.

This is not the first raise in the market. In December 2025 the company sold 19,117,646 shares at $5.10 each, plus pre-funded warrants for 490,196 shares at $5.09, through an underwriting led by Morgan Stanley & Co. LLC, for gross proceeds of about $100.0 million.

The data announced the same day

On September 29, 2026, the company announced an update from its Phase 2 NEXICART-2 trial of NXC-201, a CAR-T cell therapy for relapsed/refractory AL amyloidosis. It reported a complete response rate of 89% (40/45) across the 45 patients enrolled, as assessed by an independent review committee. It says all 25 new patients are either in complete response or already MRD-negative, and that no neurotoxicity or enterocolitis has been observed to date. It adds that a rate of up to 98% (44/45) is possible if four pending MRD-negative patients convert, which is the company's projection, not a result. The trial is open label and single arm, so there is no control group, and the company reports no relapses only "to date." The company says the final readout and BLA submission are planned in mid-2027. NXC-201 holds RMAT designation, orphan drug designation in the US and EU, and, since January 2026, Breakthrough Therapy designation.

Losses and cash

The company reported a net loss of $29.4 million for 2025, against $21.6 million in 2024. Research and development expense rose to $16.3 million from $11.3 million, and cash used in operations was $23.9 million, against $14.6 million. Cash and cash equivalents were $93.9 million at December 31, 2025, with $6.5 million of short-term investments. At June 30, 2026 they were $225.5 million, with $6.6 million of short-term investments.

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