Immix Biopharma, Inc. · NASDAQ:IMMX
Immix Biopharma — Investor Presentation (May 2026)
50 slides from Immix Biopharma's investor presentation, May 2026
Slide 1: Global Leader in Relapsed/Refractory AL Amyloidosis
Global Leader in Relapsed/Refractory AL Amyloidosis This presentation contains clinical data presented at ASH Dec 7, 2025 on pages 27 - 31 May 2026
Slide 2: Disclaimer: Forward Looking Statements & Market Data
Disclaimer: Forward Looking Statements & Market Data This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this presentation, including statements regarding Immix Biopharma, Inc.
Slide 3: The Moment Every Doctor and Family Dreads
The Moment Every Doctor and Family Dreads... "There's Nothing More We Can Do." 3
Slide 4: Sentence delivered to ~38,500 patients in the U.S.
In cases of relapsed/refractory AL amyloidosis, that sentence is delivered to ~38,500 patients in the U.S. Source: Incidence and prevalence: Quock T et al, Epidemiology of AL amyloidosis: a real-world study using US claims data. Blood 2018. Amyloidosis Foundation. AL amyloidosis facts. Accessed Octo
Slide 5: It's not good enough to accept the status quo
It's not good enough to accept the status quo I've been the doctor in that room. I've watched hope disappear, and I couldn't accept that months of suffering and subsequent death was "standard of care." Ilya Rachman, MD PhD, Founder and CEO 5
Slide 6: When Your Immune System Becomes Your Killer
When Your Immune System Becomes Your Killer ► Normally, antibodies protect us like superheroes. In AL amyloidosis, they go rogue, turning into supervillains that flood organs with toxic light chains. 6
Slide 7: Painful and Unnecessary Months of Suffering
Painful and Unnecessary Months of Suffering Healthy AL Amyloidosis These toxic light chains clog up the heart, kidneys, and liver. Breathing becomes difficult, swelling begins, and even a short walk becomes challenging. 7
Slide 8: AL Amyloidosis: ~38,500 Relapsed/Refractory U.S. Patients with No FDA Approved Drugs
AL Amyloidosis: ~38,500 Relapsed/Refractory U.S. Patients with No FDA Approved Drugs NXC-201 TARGETS AL AMYLOIDOSIS PLASMA CELLS THAT EXPRESS BCMA ON CELL SURFACE Light chains deposit in organs, damaging organs Light chains produced by Light chains misfold and dysfunctional plasma cells aggregate He
Slide 9: The Current Paradigm is Failing: Standards of Care
The Current Paradigm is Failing: Standards of Care 12 PATIENT SERIES RELAPSED/REFRACTORY AL AMYLOIDOSIS RECEIVING SECOND LINE THERAPY Initial Dosing Death due 11 out of 12 to Disease v dFLC Level 1 out of 12 Remission: v No Symptoms Days since treatment → There are no drugs approved in relapsed/refr
Slide 10: The Toxic Current Last-Ditch Effort
The Toxic Current Last-Ditch Effort Only one 4-drug combination is approved for newly diagnosed patients only. Once relapse hits, there's nothing FDA approved. Doctors often resort to off label drug uses, despite their limited efficacy. 10
Slide 11: We're developing a breakthrough to change that hopeless sentence
We’re developing a breakthrough with the goal of changing that hopeless sentence Our mission is simple: Create medicines that work without destroying the patient. 11
Slide 12: The Science That Enables Our Platform
The Science That Enables Our Platform Ex-NCI/NIH Immix academic researchers ambitiously formulated a thesis: can cell therapy be expanded to a NXC-201 sterically-optimized CAR-T’s “Digital Filter”…. …reduces non-specific activation broader patient population, beyond cancer? Result: Sterically-optimi
Slide 13: Extraordinary Results in Clinical Trials
Extraordinary Results in Clinical Trials Relapsed/refractory AL Amyloidosis - Market Situation Current Standards of Care NXC-201 0-10% complete response rate 75% complete response rate (standard of care) (ASH 2025) Note: R/R AL current standard of care therapies included: Dara-VCd, Dara-Vd, Dara-VRd
Slide 14: What that can mean for the patient
What that can mean for the patient… Life becomes normal again. A deep breath that reaches the bottom of the lungs. A walk that doesn't end at the mailbox. A normal heartbeat again. 14
Slide 15: The Multi-Billion Dollar Economic Scale of This Impact
The Multi-Billion Dollar Economic Scale of This Impact ~$422K Existing reimbursement for ~38,500 patients BCMA CAR-T MULTI-BILLION-DOLLAR MARKET Source: Incidence and prevalence: Quock T et al, Epidemiology of AL amyloidosis: a real-world study using US claims data. Blood 2018. Incidence growth rate
Slide 16: Our Unique Position to Transform This Disease
Our Unique Position to Transform This Disease No approved therapies for relapsed/refractory patients. RMAT + Orphan Drug Designation were granted to us in February 2025 and September 2023, respectively 16
Slide 17: The Road Ahead
The Road Ahead 2Q25 3Q25 4Q25 1Q26 2H 26 Prior ✓ ✓ Secured rights to NXC-201, N-GENIUS platform ✓ FDA Orphan Drug Designation (ODD) and Regenerative Medicine Advanced Therapy (RMAT) Designation granted ✓ Mentioned in New England Journal of Medicine NXC-201 (NEJM) AL Amyloidosis Review U.S. ✓ Reporte
Slide 18: The Road Ahead: Commercial
The Road Ahead: Commercial The Road Ahead: Commercial 18 high-prescribing Commercial launch Sites in existing 20 high-prescribing plan late 2026 Commercial launch Commercial launch Sites in existing Immix clinical trialImmix plan in 1H 2027 plan in 1H 2027 1 clinical trial 18
Slide 19: NXC-201 has potential beyond AL
… We believe that NXC-201 has potential beyond AL CAR-T NXC-201 Targets Plasma Cells (antibody factories of the body) AL Amyloidosis Neurology Hematology Rheumatology Vascular Infiltrates and damages heart • Thrombotic • Systemic Lupus • Myasthenia Gravis • ANCA vasculitis thrombocytopenic purpura E
Slide 20: A World Class Team Dedicated To Saving Lives
A World Class Team Dedicated To Saving Lives Ilya Rachman, MD, PhD David Marks, MBBS, PhD Chief Executive Office Chief Medical Officer Gabriel Morris Chief Financial Officer Amanda Squires Head of Clinical Operations Michael Grabow Oleg Evgrafov, Chief Commercial Officer Head of Quality Denise Bruns
Slide 21: We believe we are on the brink of turning despair into hope
We believe we are on the brink of turning despair into hope Success here opens the door to treating additional immune diseases 21
Slide 22: Because of Immix, the answer is: Yes
We endeavor to change the sentence forever... "Are there any options left?" Because of Immix, the answer is: "Yes." 22
Slide 23: NEXICART-1: Single-Center Ex-US CAR-T NXC-201 Clinical Trial
NEXICART-1: Single-Center Ex-US CAR-T NXC-201 Clinical Trial
Slide 24: NEXICART-1 (Israel): Normalization of Diseased Free Light Chains
NEXICART-1 (Israel): Normalization of Diseased Free Light Chains 30 Days after Dosing NXC-201 RAPIDLY ELIMINATED DISEASED AL AMYLOIDOSIS PLASMA CELLS WITHIN ~30 DAYS “An early and deep hematologic response has been found to lead to significantly prolonged survival” – Vaishali Sanchorawala, M.D. Prof
Slide 25: NEXICART-2: Multi-Center U.S. CAR-T NXC-201 Clinical Trial
NEXICART-2: Multi-Center U.S. CAR-T NXC-201 Clinical Trial with Registrational Design Presented Dec 7, 2025 at ASH
Slide 26: NEXICART-2 U.S. Relapsed/Refractory AL Amyloidosis Trial
NEXICART-2 U.S. Relapsed/Refractory AL Amyloidosis Trial (NCT06097832) U.S. TRIAL WITH REGISTRATIONAL DESIGN ONGOING Study design • Open-label, single-arm, multi-site phase 1/2 study • n=40 patients Key criteria Inclusion •AL Amyloidosis patients exposed to at least 1 line of therapy including a CD3
Slide 27: NEXICART-2 Baseline Characteristics
NEXICART-2 (U.S.) Baseline Characteristics: Representative of U.S. R/R AL Amyloidosis Patient Population Presented Dec 7, 2025 at ASH preserved heart function NX2-001 NX2-002 NX2-003 NX2-004 NX2-005 NX2-006 NX2-007 NX2-008 NX2-009 NX2-010 NX2-011 NX2-012 NX2-013 NX2-014 NX2-015 NX2-016 NX2-017 NX2-0
Slide 28: NEXICART-2 Efficacy: Rapid Normalization of Diseased Light Chains
NEXICART-2 (U.S.) Efficacy: Rapid Normalization of Diseased Light Chains (FDA Endpoint) within ~First Month Presented Dec 7, 2025 at ASH Patient # • Organ responses in 70% (7/10) evaluable patients (75% , 60% , 100% ) Note: Data cut-off as of November 13, 2025. dFLC: difference in free light chain (
Slide 29: NEXICART-2 Clinical Activity: 75% Complete Responses
NEXICART-2 (U.S.) Clinical Activity: 75% Complete Responses (CR) – 15/20 Patients; Additional Four Patients Disease Markers Normal, Predicting Future CR Subject # NX2-001 NX2-002 NX2-003 NX2-004 NX2-005 NX2-006 NX2-007 NX2-008 NX2-009 NX2-010 NX2-011 NX2-012 NX2-013 NX2-014 NX2-015 NX2-016 NX2-017 N
Slide 30: NEXICART-2 Safety
NEXICART-2 (U.S.) Safety: Consistent or Improved Compared to Ex-US Dataset • No ICANS neurotoxicity of any kind • Grade 2 CRS in four patients, Grade 1 CRS in 11 patients, median 1-day duration Presented Dec 7, 2025 at ASH Subject NX2-001 NX2-002 NX2-003 NX2-004 NX2-005 NX2-006 NX2-007 NX2-008 NX2-0
Slide 31: Complete Response Rate Improving Over Time
Complete Response Rate Improving Over Time Presented Dec 7, 2025 at ASH Data Cutoff April 11, 2025 Data Cutoff November 13, 2025 70% CR RATE 100% CR RATE NX2- NX2- NX2- NX2- NX2- NX2- NX2- NX2- NX2- NX2- NX2- NX2- NX2- NX2- NX2- NX2- NX2- NX2- NX2- NX2- Subject # Subject # 001 002 003 004 005 006 00
Slide 32: Global Leader in relapsed/refractory AL Amyloidosis
Global Leader in relapsed/refractory AL Amyloidosis May 2026
Slide 33: NXC-201 Addresses Sizable U.S. R/R AL Amyloidosis Patient Population
NXC-201 Addresses Sizable U.S. Relapsed/Refractory AL Amyloidosis Patient Population Prevalence: Relapsed/Refractory (“R/R”) Incidence: Newly Diagnosed / Front Line Existing therapies 38,563 • ~35% of patients on Darzalex combos ~80% patients eligible reach a CR in the Subtract 4% Beginning Darzalex
Slide 34: Expected Annual U.S. NXC-201 Patient Dosing
Expected Annual U.S. NXC-201 Patient Dosing: R/R AL Amyloidosis NXC-201 TARGET PATIENTS RECENTLY RELAPSED WITH ADEQUATE HEART/KIDNEY FUNCTION Prevalence Tear Down Site Build Up 96% Existing Trial Of total R/R patients Without Mayo Stage 3b 38,563 U.S. Patients Number of with R/R AL 60 20 Treating Si
Slide 35: Up to 91% of Frontline Patients Require 2nd Line Therapy within 12 Months
Up to 91% (=18+64+9) of AL Amyloidosis Patients Receiving Frontline Dara-Cy-Bor-D Require 2nd Line Therapy within 12 Months 100 newly diagnosed 18 don’t reach 82 reach (1) 6 cycles 6 cycles(1) (2) 18 (22%) 64 (78%) reach CR(2) don’t reach CR (2) 9 (50%) relapse <12M(2) Note: Dara-Cy-Bor-D: daratumum
Slide 36: NXC-201 Tolerability Drives AL Amyloidosis Leadership
NXC-201 Tolerability Drives AL Amyloidosis Leadership ALL BCMA CAR-TS ARE NOT CREATED EQUAL Median CRS Duration (Days) NXC-201’s short CRS duration makes it uniquely NXC-201 suitable to treat ALA patients (in whom the #1 source Anito-cel D8 BCMA KLN-1010 /CARTddBCMA /AUTO8 of mortality is heart fail
Slide 37: NXC-201 Advantage: Overcoming Neurotoxicity
NXC-201 Advantage: Overcoming Neurotoxicity1 ALL BCMA CAR-TS ARE NOT CREATED EQUAL LOW VOLUME DISEASE HIGH VOLUME DISEASE NXC-201 Others NXC-201 Others AL Amyloidosis Low volume autoimmune diseases2 Multiple Myeloma Multiple Myeloma Others are Others are >10x higher ~7-8x higher Anito-cel /CARTddBCM
Slide 38: NXC-201: Deepest Responses in Most Heavily Pretreated Population
NXC-201: 1 Deepest Responses, 2 In Most Heavily Pretreated Population NXC-201 Etentamig Teclistamab NXC-201: n 20 34 17 Later Phase … Phase Phase 2 Phase 1 Retrospective … in heavily pre- Median Prior Lines 4 2 4 treated population … Prior ASCT ? 55% 21% NA Complete Response … with independent Rate
Slide 39: NXC-201: Deepest Responses
1 NXC-201: Deepest Responses… Future predicted CR 82% 95% rate • Despite the more difficult patient population, Immix saw similar complete response rates Complete Response • Immix CR rate has potential to evolve up to Rate 95% with 4 non-CR patients MRD negative 75% • Immix CR rates adjudicated by I
Slide 40: In Most Heavily Pretreated Population
2 … In Most Heavily Pretreated Population 4 2 Prior Lines of • Immix enrolled a more refractory patient Therapy population NXC-201 Etentamig 55% • Significantly more NXC-201 patients had Prior ASCT prior stem cell transplants 21% NXC-201 Etentamig Single IV infusion post apheresis • Immix provides a
Slide 41: Market Reference: Commercialization Cost Trend Over Time
Market Reference: Commercialization Cost Trend Over Time $1,200 Yescarta 2017 ~$1bn Gilead highlighted cell therapy business was close to $1,000 break-even in 2024, with sales ~$1.5bn $800 Elevidys COGS + SG&A(1) in Launch Year 2023 $600 $544 (3) (2) $528 $479 Casgevy 2023 Carvykti $400 New launches
Slide 42: 100% of doses manufactured successfully, median vein-to-vein time of 14 days
100% of doses manufactured successfully, median vein-to-vein time of 14 days NX2-020 NX2-019 NX2-018 NX2-017 NX2-016 NX2-015 NX2-014 NX2-013 NX2-012 NX2-011 NX2-010 NX2-009 NX2-008 NX2-007 NX2-006 NX2-005 NX2-004 NX2-003 NX2-002 NX2-001 0 2 4 6 8 10 12 14 16 Days 42
Slide 43: Building the National Treatment Infrastructure
Building the National Treatment Infrastructure 43
Slide 44: AL Amyloidosis – an active, multi-billion dollar indication
AL Amyloidosis – an active, multi-billion dollar indication Annual sales into AL Amyloidosis Acquisition Company 1 $1.7 billion + Source: Company, Pitchbook, Public information 1) (4,500 new cases AL) / (SEER New Cases MM in 2025 36,110) = 12.4% * $14bn annual run rate = $1.7bn 44
Slide 45: Appendix
Appendix May 2026
Slide 46: Superior FDA Approval Rate for Drugs with Breakthrough Designations
Superior FDA Approval Rate for Drugs with Breakthrough Designations Source: Jefferies Equity Research 46
Slide 47: Numerous Successful Launches Contributed to Strong Equity Performance
Numerous Successful Launches Contributed to Strong Equity Performance RECENT MAJOR COMMERCIAL LAUNCHES HAVE EXCEEDED INITIAL EXPECTATIONS; YEAR 10 STREET CONSENSUS REVENUE ESTIMATES HAVE INCREASED CONSIDERABLY OVER TIME IN MOST CASES Year 10 Sales Estimates at Approval vs. Current for 2024-2025 Prod
Slide 48: NXC-201 Background
NXC-201 Background Based on the groundbreaking research in the early 2010s of Dr. Steve A Solid Rosenberg at NIH/NCI, the first cell therapies were approved in the United States in 2017, including Kymriah and Yescarta for certain types of blood Foundation cancers. These therapies had optimal efficac
Slide 49: NXC-201 Construct: Rationale For Optimization
Ex-NCI/NIH Immix academic researchers ambitiously NXC-201 Construct: Rationale For Optimization formulated a thesis: can cell therapy be expanded to a broader patient population, beyond cancer? Result of Steric Result: Sterically-optimized NXC-201 Optimization: CD3ζγ Immune ITAMS 1 Reactivity LYS De
Slide 50: Global Leader in Relapsed/Refractory AL Amyloidosis
Global Leader in Relapsed/Refractory AL Amyloidosis This presentation contains clinical data presented at ASH Dec 7, 2025 on pages 27 - 31 May 2026