Immix Biopharma

Immix Biopharma, Inc., also known as ImmixBio, is an American clinical-stage biopharmaceutical company focused on developing cell therapies and other immune-based treatments for rare diseases. The company was founded in 2012 by physician-scientist Ilya Rachman, MD PhD and is headquartered in Los Angeles, California. Its common stock is publicly traded on the Nasdaq Capital Market under the ticker symbol IMMX.

Immix Biopharma's principal clinical program is NXC-201, a BCMA-targeted chimeric antigen receptor T-cell therapy being investigated for relapsed or refractory light-chain amyloidosis, commonly known as AL amyloidosis. The company's broader mission is to harness the immune system through innovative cell therapies and other modalities to develop widely accessible treatments for autoimmune diseases and other serious indications.

History

Founding

Immix Biopharma was founded in 2012 by Ilya Rachman, MD PhD, a physician-scientist with experience in clinical medicine, neuroendocrinology, experimental oncology and pharmaceutical clinical research.

Rachman became interested in therapeutic development after treating thousands of patients and repeatedly encountering situations in which no further treatment options were available. He later pursued business training at the University of California, Los Angeles, and founded Immix Biopharma with the objective of translating scientific research into new therapeutic options for patients.

During its early years, the company developed and tested an initial drug candidate, raised capital from private investors and later completed an initial public offering. Its early research was primarily associated with oncology and the application of academic discoveries to potential cancer treatments.

Expansion into cell therapy

Following its public listing, Immix Biopharma began evaluating whether advanced cell therapies traditionally associated with cancer treatment could be applied to diseases outside conventional oncology.

In 2022, the company initiated a systematic search for cell-therapy assets and licensed global intellectual-property rights relating to NXC-201 from Hadassah in Israel. The program subsequently became the company's principal clinical-stage asset.

This strategic shift moved Immix Biopharma toward the development of CAR-T cell therapy for AL amyloidosis, a rare systemic disease in which abnormal plasma cells produce toxic light chains that can accumulate in organs including the heart, kidneys and liver.

NXC-201

NXC-201 is an investigational, BCMA-targeted chimeric antigen receptor T-cell therapy being developed by Immix Biopharma for relapsed or refractory AL amyloidosis.

NXC-201 is described as a sterically optimised CAR-T therapy incorporating a proprietary CD3ζ signaling domain, CD8 hinge and binder-based "digital filter." The design is intended to reduce non-specific activation while enabling engineered T cells to identify and eliminate the plasma cells responsible for producing toxic light chains.

NXC-201 targets B-cell maturation antigen, or BCMA, which is expressed on plasma cells. The programme represents Immix Biopharma's effort to extend the potential application of BCMA-directed CAR-T therapy beyond conventional oncology into AL amyloidosis.

NXC-201 remains investigational and has not been approved for commercial use.

AL amyloidosis

AL amyloidosis is a rare disorder caused by abnormal plasma cells that produce misfolded immunoglobulin light chains. These proteins can accumulate in organs and tissues, potentially leading to progressive damage to the heart, kidneys, liver and other organs.

Immix Biopharma's development strategy is based on targeting the abnormal plasma cells responsible for producing the disease-causing light chains rather than treating only the resulting organ damage.

The disease has historically had limited treatment options specifically approved for AL amyloidosis, creating a need for new therapeutic approaches.

Clinical development

NEXICART-1

NXC-201 was initially evaluated outside the United States in the NEXICART-1 clinical study.

The NEXICART-1 program reported a 75% complete response rate in the relevant AL amyloidosis patient population. Clinical findings associated with NXC-201 were subsequently discussed in medical literature and presented through scientific and professional forums.

NEXICART-2

Immix Biopharma is evaluating NXC-201 in the United States through NEXICART-2, a multicentre study for patients with relapsed or refractory AL amyloidosis.

The trial is registered as NCT06097832 and has a potentially registrational design. Its development strategy may support a future regulatory submission if the required clinical and regulatory standards are met.

Initial results from the program have been discussed through oncology and hematology publications, scientific-video platforms and professional meetings, including materials associated with the American Society of Clinical Oncology and the American Society of Hematology.

Regulatory designations

NXC-201 has received several regulatory designations relating to its development in AL amyloidosis, including:

• Breakthrough Therapy Designation from the United States Food and Drug Administration;
• Regenerative Medicine Advanced Therapy designation from the FDA;
• Orphan Drug Designation from the FDA; and
• Orphan-drug designation in the European Union from the European Medicines Agency.

These designations support the development and regulatory review of therapies for serious or rare conditions. They do not constitute marketing approval and do not establish that the therapy is safe or effective.

Research and development milestones

2022

• Initiated and completed a systematic search for advanced cell-therapy programs.
• Licensed global intellectual-property rights relating to NXC-201 from Hadassah in Israel.

2023–2024

• Secured orphan-drug and other FDA regulatory designations.
• Continued the ex-United States NEXICART-1 program.
• Reported a 75% complete response rate.
• Received recognition in medical literature addressing AL amyloidosis.

2025

• Published clinical research in the Journal of Clinical Oncology.
• Delivered an oral presentation at the American Society of Clinical Oncology annual meeting.
• Presented clinical data at the American Society of Hematology annual meeting.
• Appointed a Chief Commercial Officer as part of preparations for later-stage development and potential commercialization.

2026

• Received FDA Breakthrough Therapy Designation for NXC-201.

A potential biologics license application and future commercial launch have been identified as prospective development objectives. These remain forward-looking plans.

Leadership

Ilya Rachman

Ilya M. Rachman, MD, PhD, is the founder, Chairman and Chief Executive Officer of Immix Biopharma. He has served as Chairman and CEO since the company's founding in 2012 and became Chief Scientific Officer in March 2026.

Rachman received a Bachelor of Science degree from the University of Iowa, a joint MD/PhD degree from the University of Illinois Chicago and an Executive MBA from the University of California, Los Angeles. His doctoral research focused on neuroendocrinology.

Before founding Immix Biopharma, Rachman worked as a physician-scientist at Cedars-Sinai Medical Center and UCLA Health. He also founded a clinical research organization that conducted Phase III and Phase IV studies involving drugs developed by large pharmaceutical companies.

Ilya Rachman is a physician-scientist and cell biologist who oversees Immix Biopharma's corporate direction and scientific mission. He is also named as an inventor on a number of Immix-related patents.

Gabriel Morris

Gabriel Morris is President, Chief Financial Officer and a director of Immix Biopharma. He has served as CFO and director since March 2021 and as President since March 2026.

Morris invested in Immix Biopharma before its initial public offering after meeting Rachman in 2020. He later joined the company to oversee finance, corporate development, business development, investor relations, forecasting, budgeting and company operations.

Morris received a Bachelor of Arts in economics from Columbia University in the City of New York in 2008 after also attending Vanderbilt University as a Vanderbilt University College Scholar. As an undergraduate, he participated in the Icahn School of Medicine at Mount Sinai Humanities and Medicine program and conducted experimental scientific research.

From 2008 to 2018, Morris worked on cross-border mergers and acquisitions at Goldman Sachs & Co. and other global investment banks. He participated in more than $50 billion in completed transactions.

From 2019 to 2020, he served as interim Chief Financial Officer of Zap Surgical Systems, where he completed an $81 million growth-equity financing. In 2020, he founded Alwaysraise LLC, a life-sciences investment and advisory firm.

Gabriel Morris also co-founded Nexcella, Inc., which was involved in the licensing and development pathway associated with NXC-201. He led Immix Biopharma's IPO and subsequent financing transactions totaling more than $250 million.

Michael Grabow

Michael Grabow serves as Chief Commercial Officer of Immix Biopharma. His appointment formed part of the company's preparations for later-stage clinical development and potential commercialization.

External links

• Immix Biopharma Official Website
• Immix Biopharma on LinkedIn
• Immix Biopharma on Facebook
• Immix Biopharma on X