Free cash flow burn has intensified to a deficit of $9.9 million in 2026Q1, with an OCF/NI ratio of 0.97 confirming that cash outflows are primarily tied to core clinical development activities.
| Cash from Operations | -32.07M | -23.93M | -14.6M | -11.37M | -7.41M | -1.59M | -404.69K | -790.03K |
| Operating CF Margin % | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -1177.68% | -63.96% | -28.35% | -53.5% | -366.13% | -292.72% | 48.77% | - |
| Net Income | -34.98M | -29.44M | -21.61M | -15.6M | -8.23M | -24.38M | -1.15M | -972.81K |
| Depreciation & Amortization | 436.09K | 364.5K | 115.39K | 5.47K | 2.13K | 2.47K | 2.32K | 1.08K |
| Stock-Based Compensation | 2.15M | 2.44M | 0 | 2.57M | 624.07K | 218.98K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 23.5K | 0 | 2.94M | 0 | 0 | 22.96M | 575K | 0 |
| Working Capital Changes | 301.74K | 2.7M | 3.97M | 1.65M | 195.21K | -391.04K | 165.85K | 181.7K |
| Change in Receivables | 55.2K | 2.06M | -971.53K | -893.4K | -236.38K | 97.67K | 58.49K | -36.29K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36.29K |
| Change in Payables | -358.66K | 1.03M | 4.4M | 2.43M | 1.13M | -106.06K | -3.83K | 122.95K |
| Cash from Investing | -11.95M | -7.21M | -1.18M | -52.09K | 0 | -802 | 0 | -7.31K |
| Capital Expenditures | -697.7K | -732.92K | -1.18M | -52.09K | 0 | -802 | 0 | -7.31K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 107.35M | 107.39M | 15.95M | 15.46M | 3.23M | 18.85M | 0 | 1.05M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -50K | 200K | 0 | 1.05M |
| Equity Issued (Net) | 107.51M | 107.39M | 15.95M | 15.7M | 3.29M | 18.65M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -99.96K | 0 | 0 | 0 |
| Other Financing | -160.41K | 0 | 0 | -232K | -6.72K | 0 | 0 | 0 |
| Net Change in Cash | 63.33M | 76.25M | 172.16K | 4.07M | -4.21M | 17.25M | -342.93K | 271.69K |
| Free Cash Flow | -32.77M | -24.66M | -15.77M | -11.42M | -7.41M | -1.59M | -404.69K | -797.34K |
| FCF Margin % | - | - | - | - | - | - | - | - |
| FCF Growth % | -144.61% | -56.37% | -38.07% | -54.2% | -365.9% | -292.92% | 49.24% | - |
| FCF per Share | -0.86 | -0.75 | -0.56 | -0.66 | -0.53 | -0.43 | -0.05 | -0.24 |
| FCF Conversion (FCF/Net Income) | 0.94x | 0.81x | 0.68x | 0.74x | 0.90x | 0.07x | 0.35x | 0.81x |
| Interest Paid | 0 | 0 | 0 | 0 | 9.6K | 1.54K | 899 | 67 |
| Taxes Paid | 16.64K | 0 | 0 | 0 | 0 | 0 | 17.55K | 20.55K |
Accelerating clinical cash burn
As reported in recent financial statements, IMMX's operating cash flow has consistently tracked net losses, with the OCF/NI ratio reaching 0.97 in 2026Q1, indicating that the company's cash burn is almost entirely driven by its ongoing clinical development and research activities rather than non-cash accruals.
The tight correlation between net income and operating cash flow suggests that the company lacks significant non-cash expenses to buffer its cash position. Investors should monitor this relationship, as any further divergence could imply rising working capital requirements or changes in how the company manages its clinical trial liabilities.
Based on the company's reported figures, quarterly free cash flow has deteriorated to a deficit of $9.9 million in 2026Q1, reflecting a clear trend of accelerating capital consumption as the firm advances its NXC-201 program through increasingly expensive clinical trial phases and manufacturing requirements.
The consistent negative trajectory in free cash flow highlights the company's dependence on external financing to sustain its operations. This trend warrants further investigation into whether the current cash runway can support the anticipated expansion of clinical trials without necessitating dilutive equity raises in the near term.
According to historical cash flow data, IMMX has experienced significant fluctuations in working capital, with changes ranging from a $2.6 million inflow in 2024Q4 to a $1.0 million outflow in 2025Q4, suggesting that timing differences in clinical trial payments and vendor management create periodic liquidity noise.
These swings in working capital appear to be a byproduct of the company's project-based operational model rather than structural efficiency gains. Analysts should interpret these movements as temporary timing effects that do not alter the underlying reality of the company's persistent cash burn.
As indicated by quarterly filings, stock-based compensation remains a persistent feature of the company's cost structure, with quarterly adjustments frequently exceeding $500,000, which effectively obscures the true magnitude of the cash-based operational expenses required to maintain the company's research and development pipeline.
While stock-based compensation is a non-cash expense, it represents a real economic cost to shareholders through dilution. Investors should adjust their cash burn models to account for this, as the reliance on equity-based incentives may increase if the company seeks to preserve its cash reserves for clinical execution.
Quick answers to the most common questions about buying IMMX stock.
Immix Biopharma, Inc. (IMMX) generated $-23.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Immix Biopharma, Inc. (IMMX) reported negative free cash flow of $24.7M in 2025, indicating capital requirements exceeded cash from operations.
Immix Biopharma, Inc. (IMMX) spent $0.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.