Detailed financial statements for Immix Biopharma, Inc. (IMMX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Immix Biopharma, Inc. is a clinical-stage biotechnology firm dedicated to creating a range of tissue-specific therapies. Operating in both the United States and Australia, their primary focus areas are oncology (cancer) and inflammatory diseases. Their product pipeline includes IMX-110, which is currently undergoing Phase 1b/2a clinical trials for the treatment of soft tissue sarcoma and various solid tumors.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $11.92, IMMX has negative trailing earnings (P/E not meaningful) and an ROE of -38.44%. Market capitalisation stands at $648M.
Balance sheet quality for IMMX: current ratio of 10.0, net cash position of $99.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Research & Development | $583162 | $248149 | $126527 | $4.2M | $8.7M | $11.3M | $16.3M |
| Selling, General & Admin | $259337 | $205703 | $1.2M | $4.0M | $7.4M | $11.4M | $13.7M |
| Operating Expenses | $842499 | $453852 | $1.4M | $8.2M | $16.1M | $22.7M | $30.0M |
| Operating Income | -$842499 | -$453852 | -$1.4M | -$8.2M | -$16.1M | -$22.7M | -$30.0M |
| EBITDA | -$841417 | -$451531 | -$24.2M | -$8.2M | -$15.6M | -$21.5M | -$29.6M |
| Interest Expense | $109984 | $101976 | $179853 | $497 | 0 | 0 | 0 |
| Pre-tax Income | -$952259 | -$1.1M | -$24.4M | -$8.2M | -$15.6M | -$21.7M | -$29.4M |
| Income Tax | $20552 | $17547 | $6013 | $10268 | $26415 | $41037 | $37724 |
| Net Income | -$972811 | -$1.1M | -$24.4M | -$8.2M | -$15.4M | -$21.6M | -$29.4M |
| EPS | $-0.29 | $-0.15 | $-6.64 | $-0.59 | $-0.89 | $-0.76 | $-0.89 |
| EPS (Diluted) | $-0.29 | $-0.15 | $-6.64 | $-0.59 | $-0.89 | $-0.76 | $-0.89 |
| Shares Outstanding (Diluted) | $3.4M | $7.8M | $3.7M | $13.9M | $17.3M | $28.3M | $33.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$7.7M | -$10.9M | -$10.8M | -$12.5M |
| EBITDA | -$7.5M | -$10.6M | -$10.7M | -$11.5M |
| Net Income | -$7.6M | -$10.7M | -$10.1M | -$11.6M |
| EPS | $-0.24 | $-0.28 | $-0.18 | $-0.18 |
| EPS (Diluted) | $-0.24 | $-0.28 | $-0.18 | $-0.18 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $734014 | $391086 | $17.6M | $13.4M | $17.5M | $17.7M | $93.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | $6.5M |
| Receivables | $175748 | $127436 | $25722 | $255705 | $1.2M | $2.0M | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $933262 | $532236 | $18.2M | $14.9M | $19.8M | $20.2M | $101.2M |
| Property, Plant & Equipment | $9682 | $7361 | $5695 | $3560 | $50181 | $2.7M | $3.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $942944 | $539597 | $18.2M | $14.9M | $19.9M | $22.9M | $104.8M |
| Accounts Payable | $247542 | $252344 | $142940 | $143074 | $1.4M | $5.4M | $5.4M |
| Short-term Debt | $4.1M | $4.1M | $50000 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $4.6M | $5.3M | $202039 | $1.3M | $3.7M | $8.7M | $10.1M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $4.6M | $5.3M | $202039 | $1.7M | $3.7M | $9.7M | $11.0M |
| Retained Earnings | -$4.2M | -$5.4M | -$29.8M | -$38.0M | -$53.4M | -$75.0M | -$104.5M |
| Total Equity | -$3.6M | -$4.7M | $18.0M | $13.2M | $16.4M | $13.3M | $93.8M |
| Total Debt | $4.1M | $4.1M | $50000 | 0 | 0 | $1.1M | $1.1M |
| Net Debt | $3.4M | $3.7M | -$17.6M | -$13.4M | -$17.5M | -$16.6M | -$99.3M |
| Working Capital | -$3.7M | -$4.7M | $18.0M | $13.6M | $16.1M | $11.5M | $91.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $15.9M | $93.9M | $79.3M | $225.5M |
| Total Assets | $20.1M | $104.8M | $95.8M | $239.1M |
| Total Liabilities | $11.8M | $11.0M | $11.5M | $10.2M |
| Total Equity | $8.3M | $93.8M | $84.4M | $228.9M |
| Total Debt | $1.1M | $1.1M | $1.0M | $1.0M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$972811 | -$1.1M | -$24.4M | -$8.2M | -$15.6M | -$21.7M | -$29.4M |
| Depreciation & Amortization | $1082 | $2321 | $2468 | $2135 | $5468 | $115388 | $364501 |
| Stock-based Compensation | 0 | 0 | $218983 | $624069 | $2.6M | $3.0M | $2.4M |
| Change in Working Capital | $181697 | $165848 | -$391035 | $195206 | $1.7M | $4.0M | $2.7M |
| Operating Cash Flow | -$790032 | -$404694 | -$1.6M | -$7.4M | -$11.4M | -$14.6M | -$23.9M |
| Capital Expenditure | -$7308 | 0 | -$802 | $3 | -$52089 | -$1.2M | -$732925 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | -$99963 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$797340 | -$404694 | -$1.6M | -$7.4M | -$11.4M | -$15.8M | -$24.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$5.9M | -$11.0M | -$9.8M | -$11.7M |
| Capital Expenditure | -$372456 | -$165126 | -$32486 | -$21043 |
| Free Cash Flow | -$6.3M | -$11.2M | -$9.9M | -$11.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $570796 | $575565 | $978140 |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -18.0% | -2024.3% | +66.2% | -87.4% | -40.1% | -36.2% |
| EPS Growth (YoY) | | +48.3% | -4326.7% | +91.1% | -50.8% | +14.6% | -17.1% |
| Shares Change (YoY) | | +130.3% | -52.8% | +278.1% | +24.9% | +63.1% | +16.5% |
| FCF Growth (YoY) | | +49.2% | -292.9% | -365.9% | -54.2% | -38.1% | -56.4% |
| Effective Tax Rate | -2.2% | -1.6% | -0.0% | -0.1% | -0.2% | -0.2% | -0.1% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.24 | $-0.05 | $-0.43 | $-0.53 | $-0.66 | $-0.56 | $-0.75 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $3.4M | $7.8M | $3.7M | $13.9M | $17.3M | $28.3M | $33.0M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -38.44% |
| Return on Invested Capital | -18.19% |
| Return on Assets | -16.69% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 25.13 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -12.66 | -24.47 | -0.54 | -3.88 | -7.78 | -2.89 | -5.88 |
| P/B | -3.40 | -6.03 | 0.73 | 2.42 | 7.31 | 4.70 | 1.84 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |