Immix Biopharma Inc. Common Stock (IMMX)

FairStock Score: 20/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a value investor, I start with what is knowable. Immix Biopharma is a clinical-stage biotech with 21 employees; it develops CAR T-cell therapy, led by NXC-201 for relapsed/refractory AL amyloidosis. There is no reported revenue in the filed figures. The losses are widening: net loss was $15.4M in fiscal year 2023, $21.6M in fiscal year 2024, and $29.4M in fiscal year 2025. In the fiscal quarter ended 2026-06-30, net loss was $11.6M, worse than $6.6M in the fiscal quarter ended 2025-06-30. Diluted EPS was -$0.89 in fiscal year 2025 and -$0.76 in fiscal year 2024. That is a cash-consuming enterprise, not a compounding one. TTM free cash flow is -$39.1M, a -6.3% FCF yield on the $621.7M market cap at the 2026-10-13 close. The balance sheet has no debt (D/E 0.00), and FairStock's Altman Z-score is 36.98, but FairStock's Piotroski is 2/9. FairStock-calculated ROE is -34.18%, ROCE is -20.52%, P/E is -9.87, and P/B is 2.72 at the 2026-10-13 close. Those are not value signals; they are speculation on future clinical success. A moat requires approved products, pricing power, or durable cost advantages. Immix has none yet that I can see in these figures. Its lead candidate might create one if approved, but that is a binary event. The market cap of $621.7M against zero revenue means the price already discounts substantial hope. The 52-week range of $2.61-$15.10 and low beta of 0.20 do not remove the risk. FairStock Score is 20/100 and no Lynch category fits because of four straight loss years. Graham would call this not an investment but a speculation unless there is a compelling asset value. I see no margin of safety in the numbers.

In plain English: Immix Biopharma is a small medical research company testing a new cell treatment for a rare disease, with 21 employees. It has no reported sales and keeps losing money, and those losses have been getting larger. At $8.69 a share, the price looks expensive compared with the lack of sales or profits.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K/A (period ended 2025-12-31) · FY2024 10-K/A (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer