Immix Biopharma, Inc. · NASDAQ:IMMX
Immix Biopharma — Investor Presentation (December 2025)
41 slides from Immix Biopharma's investor presentation, December 2025
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 28 - 32 December 2025
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: ~38,500 patients in the U.S. with relapsed/refractory AL amyloidosis
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: NXC-201 targets BCMA on AL amyloidosis plasma cells
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 NXC-201 sterically-optimized CAR-T’s “Digital Filter”…. …reduces non-specific activation 1 Proprietary Optimized 2 Proprietary Optimized 3 Proprietary Optimized CD3 – “CD3ζγ” CD8 Hinge Flexibility COBRA Binder ✓ Delivers “Digital” ✓ Reduces cytokine release ✓ En
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 70% complete response rate (standard of care) (ASCO 2025) Note: R/R AL current standard of care therapies included: Dara-VCd, Dara-Vd, Dara-VR
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 2Q26 3Q26 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. Phase
Slide 18: The Road Ahead: BLA submission
The Road Ahead The Road Ahead >50% enrolled BLA submission for approval plan BLA submission for approval planned 1H 2026 2/3Q 2026 18
Slide 19: The Road Ahead: Commercial
The Road Ahead: Commercial The Road Ahead: Commercial 18 high-prescribing Commercial launch Sites in existing plan late 2026 Commercial launch plan late 2026/early Immix clinical trial 2027 1 1 1) Assuming BLA submission 2/3Q 2026 and subsequent BLA approval 19
Slide 20: NXC-201 potential to treat diseases beyond AL amyloidosis
We believe that NXC-201 has the potential to treat a number of diseases 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 vascu
Slide 21: 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 22: 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 22
Slide 23: We endeavor to change the sentence forever
We endeavor to change the sentence forever... "Are there any options left?" Because of Immix, the answer is: "Yes." 23
Slide 24: 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 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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 33: Global Leader in relapsed/refractory AL Amyloidosis
Global Leader in relapsed/refractory AL Amyloidosis December 2025
Slide 34: 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 ~38,500 • ~35% of patients on Darzalex combos ~80% patients eligible reach a CR in the Subtract 4% Beginning Darzale
Slide 35: 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 Existing Trial 38,563 Number of U.S. Patients 96% 60 20 18 Treating Sites with R/R AL Amyloidosis Without Mayo 2026 Stage 3
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 /CARTddBCMA /AUTO8 of mortality is heart failure) Othe
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 Overcame Limitations of Other Modalities
In AL Amyloidosis, NXC-201 Overcame Limitations of Other Modalities in Performance and Tolerability Challenges of bispecifics/ T-cell engagers NXC-201 overcame these challenges • No clinical trials with clinical data • 75% CR in relapsed/refractory AL available in relapsed/refractory AL amyloidosis
Slide 39: 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 40: 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 40
Slide 41: 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 28 - 32 December 2025
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