NASDAQ: IMMX

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Figure
1: Immix Pipeline

Recent
Developments

NEXICART-2
Clinical Trial Update

In
December 2025, we announced positive interim phase 2 safety and efficacy data from our Phase1/2 NEXICART-2 clinical trial, the first
U.S. trial of CAR-T in relapsed/refractory light chain (AL) amyloidosis, evaluating NXC-201. The results were as of November 13, 2025
and were presented by Heather Landau, MD, of Memorial Sloan Kettering Cancer Center in an oral presentation at the American Society of
Hematology’s ASH 2025 Annual Meeting. Prior to NXC-201 treatment, all patients were exposed to an anti-CD38 antibody and a proteasome
inhibitor. Median prior lines of therapy were four (range: 1-10). All patients had baseline relapsed/refractory AL Amyloidosis organ
involvement.

After
NXC-201 treatment, complete responses (“CRs”) were observed in 75% (at s/u IFE(-) level) (15 out of 20) patients as determined
by an independent review committee. In four out of five pending patients, minimum residual disease (MRD) negativity in bone marrow suggests
a future complete response may be expected. Downstream clinical improvement, including organ responses, were observed in 70% of evaluable
patients (7/10). No neurotoxicity has been observed. Grade 2 cytokine release syndrome was observed in four patients, Grade 1 cytokine
release syndrome was observed in 11 patients, with a median duration of one day.

Financial
Updates

Public
Offering

On
December 7, 2025, we entered into an underwriting agreement (the “2025 Underwriting Agreement”) with Morgan Stanley &
Co. LLC (“Morgan Stanley”), as representative of the several underwriters named in Schedule 1 thereto, relating to the issuance
and sale (the “2025 Offering”) of 19,117,646 shares (the “Shares”) of our common stock, and pre-funded warrants
to purchase up to 490,196 shares of our common stock (the “Pre-Funded Warrants”). The Shares were sold at a price of $5.10
per share and the Pre-Funded Warrants were sold at a price of $5.09 per Pre-Funded Warrant, which represents the per share offering price
for the Shares minus the $0.01 per share exercise price for each Pre-Funded Warrant. We raised gross proceeds of approximately $100.0
million in this offering.

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September
2025 Securities Purchase Agreements

On
September 5, 2025 and September 11, 2025, we entered into Securities Purchase Agreements (the “September 2025 Securities Purchase
Agreements”) and Registration Rights Agreements with certain accredited investors (the “Purchasers”), pursuant to which
we sold to the Purchasers in a private placement transaction (the “Private Placement”) (i) an aggregate of 3,915,604 shares
of common stock and (ii) non-transferable warrants to purchase up to an aggregate of 2,936,709 shares of common stock (the “Warrants”).
The combined purchase price per share and Warrant was $2.37. The Private Placement closed on September 5, 2025 and September 11, 2025
and aggregate gross proceeds from both closings were approximately $9.3 million, before deducting fees and expenses payable by us. The
Warrants are exercisable over a ten-year period at an exercise price of $2.00 per share, subject to proportional adjustments in the event
of stock splits or combinations or similar events. The Warrants are not transferable other than to affiliates of the Purchasers, and
are exercisable only for cash consideration. Pursuant to the terms of the Registration Rights Agreements, we filed a resale registration
statement with the SEC on October 6, 2025 providing for the resale of the shares of common stock and the shares of common stock issuable
upon exercise of the Warrants by the Purchasers, which was declared effective by the SEC on December 1, 2025. Pursuant to the terms of
the September 2025 Securities Purchase Agreements, effective September 8, 2025, our board of directors (the “Board”) appointed
Nancy Chang, Ph.D. as a member of the Board.

Market
Update

NXC-201
is in a Phase 1b/2 clinical trial to treat relapsed/refractory AL Amyloidosis. In June 2024, we began administering NXC-201 to patients
with relapsed/ refractory AL Amyloidosis in our open label, single arm, multi-site Phase 1b/2 clinical trial. NEXICART-2 is expected
to enroll 40 patients, with final readout and BLA submission planned thereafter. See “Recent Developments- Clinical
Update- NEXICART-2” above for information regarding trial results as of November 13, 2025.

AL
amyloidosis is a life-threatening immunological disorder in which an abnormal protein called amyloid builds up in tissues and organs.
This abnormal protein is produced by long-lived plasma cells (“LLPCs”), a type of immune B-cell. The signs and symptoms of
AL amyloidosis vary among patients because build-up may occur in the heart (most frequent cause of mortality), liver, kidneys, intestines,
muscles, joints, nerves, or spleen, according to the National Institutes of Health (“NIH”). Diagnosis is frequently delayed,
due to varied and non-specific symptoms including: fatigue, weight loss, shortness of breath, dizziness, and numbness in hands and feet.
Upon diagnosis, many patients already have late-stage disease, and are not aware of available treatment options and clinical trials.

As
of March 2026, there are no FDA approved drugs for relapsed/refractory AL Amyloidosis.

The
U.S. observed prevalence of relapsed/refractory AL Amyloidosis is growing 12% per year according to Staron, et al Blood Cancer Journal
2021, estimated to reach 37,270 patients in 2025. Untreated patients with AL amyloidosis and cardiac involvement have a median survival
of less than one year, according to Quock, et al. Journal of Comparative Effective Research, 2023. The
global amyloidosis treatment market size was estimated at $5.80 billion in 2024 and is projected to reach $11.13 billion by 2033, growing
at a CAGR of 7.5% from 2025 to 2033, according to Grand View Research.

As
of March 2026, our ongoing Phase 1/2 multi-site NEXICART-2 (NCT06097832) U.S. clinical trial is ongoing. Memorial Sloan Kettering Cancer
Center is the lead NEXICART-2 clinical site.

In
September 2023, the FDA granted ODD to NXC-201 for the treatment of AL Amyloidosis. If a product that has ODD subsequently receives the
first FDA approval for the disease for which it has such designation, the product is entitled to orphan drug exclusive approval (or exclusivity),
which means that the FDA may not approve any other applications to market the same drug for the same indication for seven years (except
in limited circumstances, such as a showing of clinical superiority to the product with orphan drug exclusivity).

In
November 2023, the FDA cleared an investigational new drug (“IND”) application for NXC-201 to enroll U.S. patients into NXC-201
clinical trials.

In
December 2023, NXC-201 clinical data in relapsed/refractory AL Amyloidosis was presented in an oral presentation at the 65th
annual American Society of Hematology (“ASH”) meeting, covering 10 relapsed/refractory AL Amyloidosis patients treated with
NXC-201, indicating an overall response rate of 100% (10/10) and a complete response rate of 70% (7/10).

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In
February 2024, the EC granted orphan drug designation to NXC-201 for the treatment of AL Amyloidosis. Benefits of European ODD include:
10 years of market exclusivity once authorized in the EU; Access to the EU centralized authorization procedure; and reduced fees for
EU protocol assistance, marketing authorization applications, inspections before authorization, applications for changes to marketing
authorizations made after approval, and reduced annual fees.

In
July 2024, we were awarded an $8 million grant from the California Institute for Regenerative Medicine (“CIRM”) to support
the clinical development of chimeric antigen receptor T-cell therapy NXC-201 for the treatment of relapsed/refractory AL Amyloidosis.

In
December 2024, NXC-201 clinical data in relapsed/refractory AL Amyloidosis was presented in an oral presentation at the 66th
annual ASH meeting, covering 16 relapsed/refractory AL Amyloidosis patients treated with NXC-201, indicating an overall response rate
of 94% (15/16) and a complete response rate of 75% (12/16).

In
February 2025, the FDA granted Regenerative Medicine Advanced Therapy (“RMAT”) designation to sterically-optimized CAR-T
NXC-201 for the treatment of relapsed/refractory AL amyloidosis. RMAT designation potentially streamlines the path to FDA approval by
allowing frequent interactions with FDA and routes to FDA Accelerated Approval and Priority Review. As of June 2024 public information,
FDA approved less than half of RMAT applications submitted to the agency during the last eight years. FDA RMAT designation requires that
a drug is an advanced regenerative medicine, targets a serious condition, with the potential to treat, modify, reverse, or cure, and
preliminary clinical evidence has indicated that the drug has the potential to address these unmet medical needs.

In
June 2025, NXC-201 clinical data in relapsed/refractory AL Amyloidosis was presented in an oral presentation at the 2025 American Society
of Clinical Oncology Annual Meeting (ASCO 2025), covering 10 relapsed/refractory AL Amyloidosis patients treated with NXC-201. After
NXC-201 treatment, all patients normalized pathological disease markers As of the ASCO data cutoff, complete responses (CRs) were observed
in 70% (7 out of 10) of patients treated with NXC-201. The remaining three patients were bone marrow minimum residual disease (MRD) negative
(10-6) at D+25, predicting future CR. These patients were confirmed as CRs by Independent Review Committee following data cutoff. Downstream
clinical improvement, including cardiac and renal organ responses, were recorded. There have been no relapses recorded and no safety
signals identified as of the date of this report. Also, as of the date of this report, no neurotoxicity has been observed and only low-grade
cytokine release syndrome has been observed.

In
July 2025, we expanded the number of clinical trial sites to 18 in our relapsed/refractory AL Amyloidosis clinical trial NEXICART-2 with
a registrational design.

In
December 2025, we announced positive interim phase 2 NXC-201 results in an oral presentation at the American Society of Hematology’s
ASH 2025 Annual Meeting, presented by Heather Landau, MD, of Memorial Sloan Kettering Cancer Center. NXC-201 demonstrated a complete
response (CR) rate of 75% (at s/u IFE(-) level) (15/20) by independent review committee.

In
January 2026, the FDA granted Breakthrough Therapy designation to sterically-optimized CAR-T NXC-201 for the treatment of relapsed/refractory
AL amyloidosis. Per FDA, Breakthrough Therapy designation aims to expedite the development and review of drugs that are intended to treat
a serious condition and preliminary clinical evidence indicates that the drug may demonstrate substantial improvement over available
therapy on a clinically significant endpoint.

Our
Other Programs

Our
other programs include NXC-201 for treatment of select other serious diseases and other preclinical candidates.

Our
Platform and Technologies

We
believe our N-GENIUS platform has broad potential utility in hematologic, neurologic, rheumatologic, vascular and other serious diseases.

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Our
in-licensed N-GENIUS platform, which has produced NXC-201, consists of three key elements: (1) Purpose-Built Cell Therapy Evidence Capture
Engine + Relational Database, which relates Immix internal data to external to accelerate therapy design, manufacture, and preclinical;
(2) proprietary EXPAND technology, which is applied to multiple cell therapy indications, already utilized to create NXC-201; and (3)
Atomized, Novel Binding Scaffold Generation Engine, which allows for optimal molecule binding. We believe key characteristics of NXC-201
may apply to other products candidates produced by the N-GENIUS Platform. Those three key characteristics are: (a) high transduction
efficiency (supporting efficient manufacturing), (b) low tonic signaling (lower off-target toxicity may lead to lower toxicity), and
(c) anti-exhaustion capability (increased persistence may lead to activity over an extended period of time).

Our
Lead Program: NXC-201 in relapsed/refractory AL Amyloidosis

Market
Opportunity

The
first indication we are pursuing for NXC-201 is relapsed/refractory AL Amyloidosis.

AL
amyloidosis is a life-threatening immunological disorder in which an abnormal protein called amyloid builds up in tissues and organs.
This abnormal protein is produced by long-lived plasma cells (“LLPCs”), a type of immune B-cell. The signs and symptoms of
AL amyloidosis vary among patients because build-up may occur in the heart (most frequent cause of mortality), liver, kidneys, intestines,
muscles, joints, nerves, or spleen, according to the National Institutes of Health (“NIH”). Diagnosis is frequently delayed,
due to varied and non-specific symptoms including: fatigue, weight loss, shortness of breath, dizziness, and numbness in hands and feet.
Upon diagnosis, many patients already have late-stage disease, and are not aware of available treatment options and clinical trials.

The
U.S. observed prevalence of relapsed/refractory AL Amyloidosis is growing 12% per year according to Staron, et al Blood Cancer Journal,
estimated to reach 38,500 patients in 2026. AL amyloidosis has a one-year mortality rate of 47%, 76% of which is caused by cardiac amyloidosis,
according to Alexion. The global amyloidosis treatment market size was estimated at $5.80 billion in 2024 and is projected to reach $11.13
billion by 2033, growing at a CAGR of 7.5% from 2025 to 2033, according to Grand View Research.

As
of March 2026, there are no FDA approved drugs for relapsed/refractory AL Amyloidosis.

Figure
2: NXC-201 Addresses Sizable U.S. Relapsed/Refractory AL Amyloidosis Patient Population

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NXC-201
Composition and Mechanism of Action

NXC-201
is a next-generation CAR-T targeting B-cell maturation antigen (“BCMA”). CAR-T cell therapy is a type of immunotherapy that
uses the patient’s own immune cells, modified with our proprietary technology, to create NXC-201, which is then introduced into
the patient’s body. Then the patient’s modified NXC-201 CAR-T cells are able to recognize and eliminate diseased cells.

Figure
3: NXC-201: What is CAR-T Cell Therapy?

Our
N-GENIUS cell engineering platform with EXPAND technology has already produced clinical-stage CAR-T NXC-201, targeting BCMA, which we
believe is the first and only autologous CAR-T being developed to treat light-chain (AL) Amyloidosis. NXC-201 is currently being evaluated
in our ongoing Phase 1b/2a NEXICART-1 (NCT04720313) clinical trial.

Figure
4: NXC-201: First CAR-T Generated by the N-GENIUS Platform

Those
three key characteristics of NXC-201 are: (a) high transduction efficiency (supporting efficient manufacturing), (b) low tonic signaling
(lower off-target toxicity may lead to lower toxicity), and (c) anti-exhaustion capability (increased persistence may lead to activity
over an extended period of time).

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Figure
5: NXC-201: Key Characteristics

NXC-201
has been designed with a proprietary, optimized CD3ζγ for enhanced signal transduction, proprietary, optimized modified-stiffness
CD8 hinge, and proprietary, optimized COBRA binder for enhanced signal binding. We believe the combination of these modifications has
the potential to allow for NXC-201 to deliver “digital” intracellular signaling, potentially eliminating neurotoxicity and
minimizing cytokine release syndrome (“CRS”) duration.

Figure
6: N-GENIUS Platform – EXPAND Technology + COBRA Binder

NXC-201
Pre-clinical Data

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In
AL Amyloidosis, we believe there are two primary challenges with CAR-T patient dosing:

a)
Uneven BCMA expression across disease-causing LLPCs; and

b)
frail patient due to pre-existing organ (heart) damage.

Published
in Clinical Cancer Research in 2022, NXC-201 was tested preclinical and clinically in AL Amyloidosis.

Figure
7: In AL Amyloidosis, BCMA expression is at a low-to-medium level

Source:
Clinical Cancer Research, Kfir-Erenfeld,et al, 2022

Our
testing demonstrated low-to-medium expression of BCMA in 18 AL Amyloidosis patient samples.

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Figure
8: High Activity Level of NXC-201 in AL Amyloidosis

Source:
Clinical Cancer Research, Kfir-Erenfeld,et al, 2022

NXC-201
demonstrated high activity in the presence of AL Amyloidosis diseased plasma cells.

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Figure
9: NXC-201 Targets Diseased AL Amyloidosis LLPCs in One Patient’s Bone Marrow After 33 Days

Source:
Clinical Cancer Research, Kfir-Erenfeld,et al, 2022

Near-complete
elimination of diseased AL Amyloidosis LLPCs was observed in relapsed/refractory AL Amyloidosis patients treated with NXC-201.

In
Vitro Studies

NXC-201
has demonstrated efficient eradication of plasma cells from patients with AL amyloidosis (Kfir-Erenfeld et al. 2022). Co-cultures of
plasma cells from AL amyloidosis patients and NXC-201 resulted in an almost complete eradication of the plasma cells. A control of AL
amyloidosis plasma cells with non-transduced (“NT”) cells, in contrast, did not result in a similar elimination of the plasma
cells.

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Figure
10. Elimination of Plasma Cells After Co-culture with NXC-201 Compared to NT Cells

Abbreviations:
AL: amyloid light chain; NT: non-transduced; HBI0101 = NXC-201. Source: (Kfir-Erenfeld et al. 2022).

This
data suggest that NXC-201 cells were able to recognize the AL amyloidosis plasma cells and exert specific BCMA-directed antitumoral effect,
as further evidenced by the fact that following co-culture with AL amyloidosis plasma cells, NXC-201 cells underwent significant activation,
demonstrated by upregulation of the 4-1BB cell marker and increased secreted levels of inflammatory cytokines (interferon gamma: IFNγ,
tumor necrosis factor alpha: TFNα), which was not seen in NT cells. Furthermore, non-tumor bone marrow derived mononuclear cells
were not affected by co-culture with NXC-201, demonstrating the targeted effect of this therapy.

NXC-201
Development Strategy

In
our lead program, NXC-201 for relapsed/refractory AL Amyloidosis, we are treating patients with relapsed/refractory AL Amyloidosis in
the Phase 2 portion of our Phase1/2 open label, single-arm clinical trial. NEXICART-2 is expected to enroll 40 patients, and we plan
for a final data readout and, if positive, submission of a BLA for FDA approval thereafter. See “Recent Developments- Clinical
Update- NEXICART-2” above for information regarding trial results as of November 13, 2025.

The
primary objectives in relapsed/refractory AL Amyloidosis are to study the safety and efficacy of NXC-201.

The
primary endpoints in the NEXICART-2 trial are complete response rate and overall response rate in our NXC-201 relapsed/refractory AL
Amyloidosis clinical trial.

Our
strategy is to pursue orphan drug indications in which open-label, single-arm clinical trials may lead to possible BLA submissions, or
indications with large populations with remaining unmet medical need.

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Manufacturing

We
have a strong track record of successful manufacturing. We have already established a track record of producing NXC-201 for patient dosing
and testing in the U.S. and ex-U.S. In addition, we have already developed a scalable, reliable manufacturing process for NXC-201 according
to current Good Manufacturing Practice (“cGMP”).

We
will continue to leverage our established technical, manufacturing, analytical, quality, cGMP, project management expertise and existing
relationships to contract with appropriate CMOs to manufacture our cell therapies and NXC-201 moving forward.

In
January 2024, we entered into a long-term operating lease agreement for biopharmaceutical research and development space located in California.
To date, we have obtained active pharmaceutical ingredients (“API”) and drug product for our product candidates from several
third party contract manufacturers. We are in the process of developing our supply chain for each of our product candidates and have
entered into agreements pursuant to which third-party contract manufacturers will provide us with necessary quantities of API and drug
product on a project-by-project basis based upon our needs. We rely, and expect to continue to rely for the foreseeable future on third-party
CMOs to produce our product candidates for pre-clinical and clinical testing, as well as for commercial manufacture if our product candidates
receive marketing approval. As part of the manufacture and design process for our product candidates, we rely on internal, scientific
and manufacturing know-how and trade secrets and the know-how and trade secrets of third-party manufacturers. We will also contract with
additional third parties for the filling, labeling, packaging, storage and distribution of investigational drug products. We believe
that this strategy allows us to maintain a more efficient infrastructure by eliminating the need for us to invest in our own manufacturing
facilities, equipment and personnel while also enabling us to focus our expertise and resources on the development of our product candidates.
We maintain agreements with our manufacturers that include confidentiality and intellectual property, and quality provisions to protect
our proprietary rights related to our product candidates and satisfy regulatory requirements.

Competition

The
biotechnology industry is extremely competitive in the race to develop new products. Our competitors include major multi-national pharmaceutical
companies and biotechnology companies developing both generic and proprietary therapies to treat serious diseases. Many of these companies
are well-established and possess technical, human, research and development, financial, and sales and marketing resources significantly
greater than ours. In addition, many of our potential competitors have formed strategic collaborations, partnerships and other types
of joint ventures with larger, well established industry competitors that afford these companies potential research and development and
commercialization advantages in the therapeutic areas we are currently pursuing. Academic research centers, governmental agencies and
other public and private research organizations are also conducting and financing research activities which may produce products directly
competitive to those being developed by us. In addition, many of these competitors may be able to obtain patent protection, obtain FDA
and other regulatory approvals and begin commercial sales of their products before us.

We
currently face and will continue to face competition for our development programs from groups that are developing therapies for oncology
and inflammation. Companies which have publicly disclosed developing therapies for AL amyloidosis include, but are not limited to, Abbvie,
Caelum Biosciences (n/k/a Alexion/AstraZeneca), and Janssen/Johnson & Johnson.

Intellectual
Property

Our
success depends in part on our ability to obtain and maintain proprietary protection for our product candidates, technology and know-how,
to operate without infringing the proprietary rights of others and to prevent others from infringing our proprietary rights. Our strategy
is to seek to protect our proprietary position by, among other methods, pursuing and obtaining patent protection in the United States
and in jurisdictions outside of the United States related to our proprietary technology, inventions, improvements, and product candidates
that are important to the development and implementation of our business. We intend to build a patent portfolio to cover our product
candidates and related components, their methods of use and processes for their manufacture, our proprietary reagents and assays, and
any other inventions that are commercially important to our business. We also rely on trademarks as well as trade secret protection of
our confidential information and know-how relating to our proprietary technology platform, and product candidates. We believe that we
have substantial know-how and trade secrets relating to our technology and product candidates.

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As
of March 2026, we have global exclusive rights to PCT Application No. PCT/IL2023/050142 filed in 2023. The application is directed to
our N-GENIUS platform, EXPAND technology, and to our product candidates, including NXC-201. The application relates to a chimeric antigen
receptor (CAR) molecule specific for B cell maturation antigen (BCMA), compositions and methods thereof for the treatment of immune-related
disorders. The PCT application has entered the national phase in the following countries: United States, Europe, Israel, United Arab
Emirates, Australia, Brazil, Canada, China, Hong Kong, Indonesia, Japan, Korea, Mexico, New Zealand, Philippines, and Singapore (see
the below table). Any resulting patents in this family are expected to expire in 2043 (not including any patent term adjustment and patent
term extension in the United States and equivalents in foreign countries).

Reference
Number

Juris-diction

#

Status

Effective
Filing Date

Title

Expected
Expiration Date

NXC-201PCT

PCT

IL2023/050142

National
phase Filed

2/9/2023

ANTI-BCMA
CAR TO TARGET IMMUNE-RELATED DISORDERS, COMPOSITIONS AND METHOD THEREOF

2043

NXC-201AU

Australia

2023219348

Pending

2/9/2023

ANTI-BCMA
CAR TO TARGET IMMUNE-RELATED DISORDERS, COMPOSITIONS AND METHOD THEREOF

2043

NXC-201BA

Brazil

BR
112024016228-1

Pending

2/9/2023

ANTI-BCMA
CAR TO TARGET IMMUNE-RELATED DISORDERS, COMPOSITIONS AND METHOD THEREOF

2043

NXC-201CA

Canada

3,243,771

Pending

2/9/2023

ANTI-BCMA
CAR TO TARGET IMMUNE-RELATED DISORDERS, COMPOSITIONS AND METHOD THEREOF

2043

NXC-201CHN

China

202380032400.8

Pending

2/9/2023

ANTI-BCMA
CAR TO TARGET IMMUNE-RELATED DISORDERS, COMPOSITIONS AND METHOD THEREOF

2043

NXC-201EP

Europe

23706677.4

Pending

2/9/2023

ANTI-BCMA
CAR TO TARGET IMMUNE-RELATED DISORDERS, COMPOSITIONS AND METHOD THEREOF

2043

NXC-201HK

Hong
Kong

62025108680.2

Pending

2/9/2023

ANTI-BCMA
CAR TO TARGET IMMUNE-RELATED DISORDERS, COMPOSITIONS AND METHOD THEREOF

2043

NXC-201IN

Indonesia

P00202408856

Pending

2/9/2023

ANTI-BCMA
CAR TO TARGET IMMUNE-RELATED DISORDERS, COMPOSITIONS AND METHOD THEREOF

2043

NXC-201IL

Israel

314843

Pending

2/9/2023

ANTI-BCMA
CAR TO TARGET IMMUNE-RELATED DISORDERS, COMPOSITIONS AND METHOD THEREOF

2043

NXC-201JP

Japan

2024-547268

Pending

2/9/2023

ANTI-BCMA
CAR TO TARGET IMMUNE-RELATED DISORDERS, COMPOSITIONS AND METHOD THEREOF

2043

NXC-201MX

Mexico

MX/a/2024/009763

Pending

2/9/2023

ANTI-BCMA
CAR TO TARGET IMMUNE-RELATED DISORDERS, COMPOSITIONS AND METHOD THEREOF

2043

NXC-201NZ

New
Zealand

813602

Pending

2/9/2023

ANTI-BCMA
CAR TO TARGET IMMUNE-RELATED DISORDERS, COMPOSITIONS AND METHOD THEREOF

2043

NXC-201PN

Philippines

1-2024-551906

Pending

2/9/2023

ANTI-BCMA
CAR TO TARGET IMMUNE-RELATED DISORDERS, COMPOSITIONS AND METHOD THEREOF

2043

NXC-201SP

Singapore

11202405357P

Pending

2/9/2023

ANTI-BCMA
CAR TO TARGET IMMUNE-RELATED DISORDERS, COMPOSITIONS AND METHOD THEREOF

2043

NXC-201SK

South
Korea

10-2024-7030269

Pending

2/9/2023

ANTI-BCMA
CAR TO TARGET IMMUNE-RELATED DISORDERS, COMPOSITIONS AND METHOD THEREOF

2043

NXC-201US

USA

18837381

Pending

2/9/2023

ANTI-BCMA
CAR TO TARGET IMMUNE-RELATED DISORDERS, COMPOSITIONS AND METHOD THEREOF

2043

NXC-201UAE

United
Arab Emirates

P2024-02059

Pending

2/9/2023

ANTI-BCMA
CAR TO TARGET IMMUNE-RELATED DISORDERS, COMPOSITIONS AND METHOD THEREOF

2043

PCT

IL2025/050836

Pending

9/18/2025

A
NOVEL PLATFORM FOR THE GENERATION OF “NAÏVE-LIKE” CART CELLS

2045

We
also have global exclusive rights to PCT Application No. PCT/IL2025/050836 filed in 2025 (see the above table). This application is directed
to the Generation of “Naïve-like” CART cells. Any resulting patents in this family are expected to expire in 2045 (not
including any patent term adjustment and patent term extension in the United States and equivalents in foreign countries).

We
generally pursue multilayered patent protection covering the composition of matter including the formulations of the product candidates,
and/or the functional characteristics of the product candidates. In addition to composition of matter coverage, we also generally pursue
claims directed to methods of making, and methods of use of the product candidates.

Nexcella
Subsidiary

Nexcella
Inc., our former wholly-owned subsidiary, was merged with and into the Company in May 2024. Subsequently, a wholly-owned
subsidiary Nexcella, Inc. was created and continues to be wholly-owned.

19

Research
and License Agreement with Hadasit and BIRAD

On
December 8, 2022, our subsidiary Nexcella entered into a Research and License Agreement (the “Agreement”) with Hadasit Medical
Research Services & Development, Ltd. and BIRAD – Research and Development Company Ltd. (collectively, the “Licensors”)
pursuant to which the Licensors granted to Nexcella an exclusive, worldwide, royalty-bearing license throughout the world, except Israel,
Cyprus and other countries in the Middle East (the “Territory”), to an invention entitled “Anti-BCMA CAR-T cells to
target plasma cell” to develop, manufacture, have manufactured, use, market, offer for sale, sell, have sold, export and import
the Licensed Product (as defined in the Agreement). Pursuant to the Agreement, Nexcella paid the Licensors an upfront fee of $1,500,000
in December 2022. Additional quarterly payments totaling approximately $13.0 million are due through September 2026 along with an annual
license fee of $50,000. Upon the merger of Nexcella with and into Immix, we assumed all of Nexcella’s rights and obligations pursuant
to the Agreement.

We
are required to pay royalties to the Licensors equal to 5% of Net Sales (as defined in the Agreement) during the Royalty Period. “Royalty
Period” means for each Licensed Product, on a country-to-country basis, the period commencing on December 8, 2022 and ending on
the later of (a) the expiration of the last to expire Valid Claim (as defined in the Agreement) under a Licensed Patent (as defined in
the Agreement), if any, in such country, (b) the date of expiration of any other Exclusivity Right (as defined in the Agreement) or data
protection period granted by a regulatory or other governmental authority with respect to a Licensed Product or (c) 15 years from the
date of First Commercial Sale (as defined in the Agreement) of a Licensed Product in such country.

In
addition, we are required to pay milestone payments of up to $20 million upon the achievement of certain Net Sales milestones as set
forth in the Agreement. Pursuant to the Agreement, Nexcella committed to funding NXC-201 clinical trials in Israel for a period of four
years for an estimated total cost of approximately $13 million, spread on a quarterly basis over that period, the payment of which has
been, and will be, paid by us since the merger in May 2024. We expect that the clinical trial data generated by the NXC-201 clinical
trials in Israel will be owned by us. The term of the Agreement commenced on December 8, 2022 and, unless earlier terminated pursuant
to the terms thereof, will continue in full force and effect until the later of the expiration of the last Valid Claim under a Licensed
Patent or a Joint Patent (as defined in the Agreement) or Exclusivity Right covering a Licensed Product or the expiration of a continuous
period of 15 years during which there shall not have been a First Commercial Sale of any Licensed Product in any country in the world.
Licensors may terminate the Agreement immediately if we or our affiliates or sublicensees commences an action in which the validity,
enforceability or scope of any of the Licensed Patents or Joint Patents is challenged. In addition, either party may terminate the Agreement
if the other party materially breaches the Agreement and fails to cure such breach within 30 days. Additionally, Licensors may terminate
the Agreement if we become insolvent or file for bankruptcy.

On
December 16, 2024, our wholly-owned subsidiary, Nexcella, Inc., entered into the First Amendment to the Research and License
Agreement (the “First Amendment”) with the Licensors. The First Amendment includes terms specific to new licensed products
and requires an additional upfront license fee of $1.5 million, which has been paid in full as of December 31, 2025, as well as development
milestone payments of up to $4.5 million upon the Company’s achievement of certain milestones.

CIRM
Grant

On
July 25, 2024, we were awarded an $8 million grant from the California Institute for Regenerative Medicine (CIRM) to support the clinical
development of chimeric antigen receptor T-cell therapy NXC-201 for the treatment of relapsed/refractory AL Amyloidosis. The award is
payable to us upon achievement of milestones that are primarily based on patient enrollment in our clinical trials. Additionally, if
CIRM determines, in its sole discretion, that we have not complied with the terms and conditions of the grant, CIRM may suspend or permanently
cease disbursements. Funds received under this grant may only be used for allowable project costs specifically identified with the CIRM-funded
project. Such costs can include, but are not limited to, salary for personnel, itemized supplies, consultants, and itemized clinical
study costs. Under the terms of the grant, both CIRM and we will co-fund the research project and the amount of our co-funding requirement
is predetermined as a part of the award. We signed the grant agreement in November 2024 and began receiving funds from the grant in November
of 2024. As of March 20, 2026, we have received $6.2 million in grant reimbursements under the grant agreement.

Government
Regulations

United
States Regulation of Drugs and Biologics

We
expect that NXC-201 will be regulated by the FDA as a biologic and plan to submit a BLA to the FDA after
the final readout from our NEXICART-2 trial. We expect to pursue United States and global regulatory designations, vouchers, conditional
approvals and accelerated approvals where appropriate.

Our
business activities are subject to various laws, rules and regulations of the United States as well as of foreign governments. In the
United States, the FDA regulates pharmaceutical and biological products under the Federal Food, Drug and Cosmetic Act, Public Health
Service Act, and implementing regulations. Products are also subject to other federal, state and local statutes and regulations. Failure
to comply with the applicable U.S. requirements at any time during the product development process, approval process or after approval,
may subject an applicant to administrative or judicial sanctions. FDA sanctions could include, among other actions, refusal to approve
pending applications, withdrawal of an approval, a clinical hold, warning letters, product recalls or withdrawals from the market, product
seizures, total or partial suspension of production or distribution injunctions, fines, refusals of government contracts, restitution,
disgorgement or civil or criminal penalties. Any agency or judicial enforcement action could have a material adverse effect on us.

The
FDA and other regulatory authorities at federal, state, and local levels, as well as in foreign countries, extensively regulate, among
other things, the research, development, testing, manufacture, quality control, import, export, safety, effectiveness, labeling, packaging,
storage, distribution, record keeping, approval, advertising, promotion, marketing, post-approval monitoring, and post-approval reporting
of drug products such as those we are developing. We, along with third-party contractors, will be required to navigate the various pre-clinical,
clinical and commercial approval requirements of the governing regulatory agencies of the countries in which we wish to conduct studies
or seek approval or licensure of our product candidates.

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The
process required by the FDA before drug candidates may be marketed in the United States generally involves the following:

●
completion of pre-clinical
laboratory tests and animal studies performed in accordance with the FDA’s current Good Laboratory Practice (“GLP”)
regulation;

●
submission to the FDA of
an IND, which must become effective before clinical trials may begin and must be updated annually or when significant changes are
made;

●
approval by an independent
institutional review board (“IRB”), or ethics committee at each clinical site before the trial is commenced;

●
performance of adequate
and well-controlled human clinical trials to establish the safety and efficacy of the proposed drug candidate for its intended purpose;

●
preparation of and submission
to the FDA of an NDA or BLA after completion of all pivotal clinical trials;

●
satisfactory completion
of an FDA Advisory Committee review, if applicable;

●
a determination by the
FDA within 60 days of its receipt of an NDA or BLA to file the application for review;

●
satisfactory completion
of an FDA pre-approval inspection of the manufacturing facility or facilities at which the proposed product is produced to assess
compliance with cGMP, and of selected clinical investigation sites to assess compliance with current good clinical practice (“cGCP”);
and

●
FDA review and approval
of the NDA or BLA to permit commercial marketing of the product for particular indications for use in the United States.

Pre-clinical
and Clinical Development

Prior
to beginning the first clinical trial with a product candidate, we must submit an IND to the FDA. An IND is a request for authorization
from the FDA to administer an investigational new drug product to humans. The central focus of an IND submission is on the general investigational
plan and the protocol(s) for clinical trials. The IND also includes results of animal and in vitro studies assessing the toxicology,
pharmacokinetics, pharmacology and pharmacodynamic characteristics of the product; chemistry, manufacturing and controls information;
and any available human data or literature to support the use of the investigational product. An IND must become effective before human
clinical trials may begin. The IND automatically becomes effective 30 days after receipt by the FDA, unless the FDA, within the 30-day
time period, raises safety concerns or questions about the proposed clinical trial. In such a case, the IND may be placed on clinical
hold and the IND sponsor and the FDA must resolve any outstanding concerns or questions before the clinical trial can begin. Submission
of an IND therefore may or may not result in FDA authorization to begin a clinical trial.

Clinical
trials involve the administration of the investigational product to human subjects under the supervision of qualified investigators in
accordance with cGCP, which include the requirement that all research subjects provide their informed consent for their participation
in any clinical trial. Clinical trials are conducted under protocols detailing, among other things, the objectives of the study, the
parameters to be used in monitoring safety and the effectiveness criteria to be evaluated. A separate submission to the existing IND
must be made for each successive clinical trial conducted during product development and for any subsequent protocol amendments. Furthermore,
an independent IRB for each site proposing to conduct the clinical trial must review and approve the plan for any clinical trial and
its informed consent form before the clinical trial begins at that site, and must monitor the study until completed. Regulatory authorities,
the IRB or the sponsor may suspend a clinical trial at any time on various grounds, including a finding that the subjects are being exposed
to an unacceptable health risk or that the trial is unlikely to meet its stated objectives. Some studies also include oversight by an
independent group of qualified experts organized by the clinical trial sponsor, known as a data safety monitoring board, which provides
authorization for whether or not a study may move forward at designated check points based on access to certain data from the study and
may halt the clinical trial if it determines that there is an unacceptable safety risk for subjects or other grounds, such as no demonstration
of efficacy. There are also requirements governing the reporting of ongoing clinical trials and clinical trial results to public registries.

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For
purposes of NDA or BLA approval, human clinical trials are typically conducted in three sequential phases that may overlap.

●
Phase 1—The
investigational product is initially introduced into healthy human subjects or patients with the target disease or condition. These
studies are designed to test the safety, dosage tolerance, absorption, metabolism and distribution of the investigational product
in humans, the side effects associated with increasing doses, and, if possible, to gain early evidence on effectiveness.

●
Phase 2—The
investigational product is administered to a limited patient population with a specified disease or condition to evaluate the preliminary
efficacy, optimal dosages and dosing schedule and to identify possible adverse side effects and safety risks. Multiple Phase 2 clinical
trials may be conducted to obtain information prior to beginning larger and more expensive Phase 3 clinical trials. Some trials may
combine aspects of Phase 1 and Phase 2 into a single clinical trial that can examine both safety in healthy volunteers and safety
and preliminary efficacy in patients with a specific disease.

●
Phase 3—The
investigational product is administered to an expanded patient population to further evaluate dosage, to provide statistically significant
evidence of clinical efficacy and to further test for safety, generally at multiple geographically dispersed clinical trial sites.
These clinical trials are intended to establish the overall risk/benefit ratio of the investigational product and to provide an adequate
basis for product approval.

A
registrational trial is a clinical trial that adequately meets regulatory agency requirements for the evaluation of a drug candidate’s
efficacy and safety such that it can be used to justify the approval of the drug. Generally, registrational trials are Phase 3 trials
but may be Phase 2 trials if the trial design provides a reliable assessment of clinical benefit, particularly in situations where there
is an unmet medical need.

In
some cases, the FDA may require, or companies may voluntarily pursue, additional clinical trials after a product is approved to gain
more information about the product. These so-called Phase 4 studies may be made a condition to approval of the NDA or BLA. Concurrent
with clinical trials, companies may complete additional animal studies and develop additional information about the characteristics of
the product candidate and must finalize a process for manufacturing the product in commercial quantities in accordance with cGMP requirements.
The manufacturing process must be capable of consistently producing quality batches of the product candidate and, among other things,
must develop methods for testing the final product. Additionally, appropriate packaging must be selected and tested and stability studies
must be conducted to demonstrate that the product candidate does not undergo unacceptable deterioration over its shelf life.

NDA
or BLA Submission and Review

Assuming
successful completion of all required testing in accordance with all applicable regulatory requirements, the results of product development,
non-clinical studies and clinical trials are submitted to the FDA as part of an NDA or BLA requesting approval to market the product
for one or more indications. The NDA or BLA must include all relevant data available from pertinent pre-clinical and clinical trials,
including negative or ambiguous results as well as positive findings, together with detailed information relating to the product’s
chemistry, manufacturing, controls, and proposed labeling, among other things. A determination by the FDA within 60 days of the receipt
of an NDA or BLA to file the application for review for its completeness is initiated at the time of submission. If the FDA determines
there is significance to the missing or incomplete information in the context of the proposed drug product, the proposed indication(s)
and the amount of time needed to address any given deficiency, it can issue a refusal-to-file letter. The submission of an NDA or BLA
requires payment of a substantial application user fee to FDA, unless a waiver or exemption applies.

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Once
an NDA has been submitted, the FDA’s goal is to review standard applications within ten months after it accepts the application
for filing, or, if the application qualifies for priority review, six months after the FDA accepts the application for filing. In both
standard and priority reviews, the review process is often significantly extended by FDA requests for additional information or clarification.
The FDA reviews an NDA or BLA to determine, among other things, whether a product is safe and effective. The FDA may convene an advisory
committee to provide clinical insight on application review questions. Before approving an NDA or BLA, the FDA will typically inspect
the facility or facilities where the product is manufactured. The FDA will not approve an application unless it determines that the manufacturing
processes and facilities are in compliance with cGMP requirements and adequate to assure consistent production of the product within
required specifications. Additionally, before approving an NDA or BLA, the FDA will typically inspect one or more clinical sites to assure
compliance with cGCP. If the FDA determines that the application, manufacturing process or manufacturing facilities are not acceptable,
it will outline the deficiencies in the submission and often will request additional testing or information. Notwithstanding the submission
of any requested additional information, the FDA ultimately may decide that the application does not satisfy the regulatory criteria
for approval.

After
the FDA evaluates an NDA or BLA and conducts inspections of manufacturing facilities where the product will be produced, the FDA may
issue an approval letter or a Complete Response letter. An approval letter authorizes commercial marketing of the product with specific
prescribing information for specific indications. A Complete Response letter will describe all of the deficiencies that the FDA has identified
in the NDA or BLA. In issuing the Complete Response letter, the FDA may recommend actions that the applicant might take to place the
NDA or BLA in condition for approval, including requests for additional information or clarification. The FDA may delay or refuse approval
of an NDA or BLA if applicable regulatory criteria are not satisfied, require additional testing or information and/or require post-marketing
testing and surveillance to monitor safety or efficacy of a product.

If
regulatory approval of a product is granted, such approval will be granted for particular indications and may entail limitations on the
indicated uses for which such product may be marketed. For example, the FDA may approve the NDA or BLA with a Risk Evaluation and Mitigation
Strategy (“REMS”), to ensure the benefits of the product outweigh its risks. A REMS is a safety strategy to manage a known
or potential serious risk associated with a product and to enable patients to have continued access to such medicines by managing their
safe use, and could include medication guides, physician communication plans or elements to assure safe use, such as restricted distribution
methods, patient registries and other risk minimization tools. The FDA also may condition approval on, among other things, changes to
proposed labeling or the development of adequate controls and specifications. Once approved, the FDA may withdraw the product approval
if compliance with pre- and post-marketing requirements is not maintained or if problems occur after the product reaches the marketplace.
The FDA may require one or more Phase 4 post-market studies and surveillance to further assess and monitor the product’s safety
and effectiveness after commercialization, and may limit further marketing of the product based on the results of these post-marketing
studies.

Expedited
Development and Review Programs

Fast
Track Designation

The
FDA offers several expedited development and review programs for qualifying product candidates. The Fast Track program is intended to
expedite or facilitate the process for reviewing new products that meet certain criteria. Specifically, new products are eligible for
Fast Track designation if they are intended to treat a serious or life-threatening disease or condition and demonstrate the potential
to address unmet medical needs for the disease or condition. Fast Track designation applies to the combination of the product and the
specific indication for which it is being studied. The sponsor of a fast track product has opportunities for frequent interactions with
the review team during product development and, once an NDA or BLA is submitted, the product may be eligible for priority review. A fast
track product may also be eligible for rolling review, where the FDA may consider for review sections of the NDA or BLA on a rolling
basis before the complete application is submitted, if the sponsor provides a schedule for the submission of the sections of the NDA
or BLA, the FDA agrees to accept sections of the NDA or BLA and determines that the schedule is acceptable, and the sponsor pays any
required user fees upon submission of the first section of the NDA or BLA. In addition, the FDA may withdraw Fast Track designation if
it believes that the designation is no longer supported by data from the clinical trials. Fast Track designation alone does not guarantee
qualification for the FDA’s priority review procedures.

23

Breakthrough
Therapy Designation

A
product intended to treat a serious or life-threatening disease or condition may also be eligible for Breakthrough Therapy designation
to expedite its development and review. A product can receive Breakthrough Therapy designation if preliminary clinical evidence indicates
that the product may demonstrate substantial improvement over existing therapies on one or more clinically significant endpoints, such
as substantial treatment effects observed early in clinical development. The designation includes all of the fast track program features,
including being eligible for rolling review, as well as more intensive FDA interaction and guidance beginning as early as Phase 1 and
an organizational commitment to expedite the development and review of the product, including involvement of senior managers. In any
event, the receipt of a Breakthrough Therapy designation for a product candidate may not result in a faster development process, review
or approval compared to therapies considered for approval under conventional FDA procedures and does not assure ultimate approval by
the FDA.

In
January 2026, the FDA granted Breakthrough Therapy designation to sterically-optimized CAR-T NXC-201 for the treatment of relapsed/refractory
AL amyloidosis.

Priority
Review

Any
product is eligible for priority review if it has the potential to provide a significant improvement in the treatment, diagnosis or prevention
of a serious disease or condition compared to marketed products. For products containing new molecular entities, priority review designation
means the FDA’s goal is to take action on the marketing application within six months of the 60-day filing date (compared with
ten months under standard review).

Additionally,
products studied for their safety and effectiveness in treating serious or life-threatening diseases or conditions may receive accelerated
approval upon a determination that the product has an effect on a surrogate endpoint that is reasonably likely to predict clinical benefit,
or on a clinical endpoint that can be measured earlier than irreversible morbidity or mortality, that is reasonably likely to predict
an effect on irreversible morbidity or mortality or other clinical benefit, taking into account the severity, rarity, or prevalence of
the condition and the availability or lack of alternative treatments. As a condition of accelerated approval, the FDA will generally
require the sponsor to perform adequate and well-controlled post-marketing clinical trials to verify and describe the anticipated effect
on irreversible morbidity or mortality or other clinical benefit. In addition, the FDA currently requires, as a condition for accelerated
approval, pre-approval of promotional materials, which could adversely impact the timing of the commercial launch of the product.

Regenerative
Medicine Advanced Therapy Designation

With
passage of the Cures Act in December 2016, Congress authorized the FDA to accelerate review and approval of products designated as regenerative
medicine advanced therapies. A product is eligible for RMAT designation if it is a regenerative medicine therapy that is intended to
treat, modify, reverse or cure a serious or life-threatening disease or condition and preliminary clinical evidence indicates that the
product has the potential to address unmet medical needs for such disease or condition. Regenerative medicine therapies include cell
therapy, therapeutic tissue engineering product, human cell and tissue products and combination products that use such products. The
benefits of a regenerative medicine advanced therapy designation include early interactions with FDA to expedite development and review,
benefits available to breakthrough therapies, potential eligibility for priority review, and accelerated approval based on surrogate
or intermediate endpoints. RMAT designation may be rescinded if a product no longer meets the qualifying criteria.

Rare
Pediatric Disease Priority Review Voucher Program

With
enactment of the Food and Drug Administration Safety and Innovation Act (FDASIA) in 2012, Congress authorized the FDA to award priority
review vouchers to sponsors of certain rare pediatric disease product applications that meet the criteria specified in the law. This
provision is designed to encourage development of new drug and biological products for prevention and treatment of certain rare pediatric
diseases. Specifically, under this program, a sponsor who receives an approval for a drug or biologic for a “rare pediatric disease”
may qualify for a voucher that can be redeemed to receive a priority review of a subsequent marketing application for a different product.
The sponsor of a rare pediatric disease drug product receiving a priority review voucher may transfer (including by sale) the voucher
to another sponsor. The voucher may be further transferred any number of times before the voucher is used, as long as the sponsor making
the transfer has not yet submitted the application.

24

For
the purposes of this program, a “rare pediatric disease” is a (a) serious or life-threatening disease in which the serious
or life-threatening manifestations primarily affect individuals aged from birth to 18 years, including age groups often called neonates,
infants, children, and adolescents; and (b) rare disease or conditions within the meaning of the Orphan Drug Act. A sponsor may choose
to request rare pediatric disease designation (“RPDD”), but the designation process is entirely voluntary; requesting designation
is not a prerequisite to requesting or receiving a priority review voucher. In addition, sponsors who choose not to submit a RPDD request
may nonetheless receive a priority review voucher if they request such a voucher in their original marketing application and meet all
of the eligibility criteria. The Rare Pediatric Disease Priority Review Voucher Program was extended as part of the 2021 Coronavirus
Response and Relief Supplemental Consolidated Appropriations Act in December 2020. More recent legislative authorization for the Rare
Pediatric Disease Priority Review Voucher Program extended the program to enable award of priority review vouchers for approved products
until September 30, 2029.

Orphan
Drug Designation

Under
the Orphan Drug Act, the FDA may grant orphan designation to a drug or biologic intended to treat a rare disease or condition, which
is a disease or condition that affects fewer than 200,000 individuals in the United States, or more than 200,000 individuals in the United
States for which there is no reasonable expectation that the cost of developing and making available in the United States a drug or biologic
for this type of disease or condition will be recovered from sales in the United States for that drug or biologic. Orphan drug designation
must be requested before submitting an NDA or BLA. After the FDA grants orphan drug designation, the generic identity of the therapeutic
agent and its potential orphan use are disclosed publicly by the FDA. The orphan drug designation does not convey any advantage in, or
shorten the duration of, the regulatory review or approval process.

If
a product that has orphan drug designation subsequently receives the first FDA approval for the disease for which it has such designation,
the product is entitled to orphan drug exclusive approval (or exclusivity), which means that the FDA may not approve any other applications,
including a full NDA or BLA, to market the same drug for the same indication for seven years, except in limited circumstances, such as
a showing of clinical superiority to the product with orphan drug exclusivity. Orphan drug exclusivity does not prevent the FDA from
approving a different drug or biologic for the same disease or condition, or the same drug or biologic for a different disease or condition.
Among the other benefits of orphan drug designation are tax credits for certain research and a waiver of the application user fee.

A
designated orphan drug may not receive orphan drug exclusivity if it is approved for a use that is broader than the indication for which
it received orphan designation. In addition, exclusive marketing rights in the United States may be lost if the FDA later determines
that the request for designation was materially defective or if the manufacturer is unable to assure sufficient quantities of the product
to meet the needs of patients with the rare disease or condition.

Post-Approval
Requirements

Any
products manufactured or distributed by us pursuant to FDA approvals are subject to pervasive and continuing regulation by the FDA, including,
among other things, requirements relating to record-keeping, reporting of adverse experiences, periodic reporting, product sampling and
distribution, and advertising and promotion of the product. After approval, most changes to the approved product, such as adding new
indications or other labeling claims, are subject to prior FDA review and approval. There also are continuing user fee requirements,
under which FDA assesses an annual program fee for each product identified in an approved NDA or BLA. Drug manufacturers and their subcontractors
are required to register their establishments with the FDA and certain state agencies, and are subject to periodic unannounced inspections
by the FDA and certain state agencies for compliance with cGMP, which impose certain procedural and documentation requirements upon us
and our third-party manufacturers. Changes to the manufacturing process are strictly regulated, and, depending on the significance of
the change, may require prior FDA approval before being implemented. FDA regulations also require investigation and correction of any
deviations from cGMP and impose reporting requirements upon us and any third-party manufacturers that we may decide to use. Accordingly,
manufacturers must continue to expend time, money and effort in the area of production and quality control to maintain compliance with
cGMP and other aspects of regulatory compliance.

25

The
FDA may withdraw approval if compliance with regulatory requirements and standards is not maintained or if problems occur after the product
reaches the market. Later discovery of previously unknown problems with a product, including adverse events of unanticipated severity
or frequency, or with manufacturing processes, or failure to comply with regulatory requirements, may result in revisions to the approved
labeling to add new safety information; imposition of post-market studies or clinical trials to assess new safety risks; or imposition
of distribution restrictions or other restrictions under a REMS program. Other potential consequences include, among other things:

●
restrictions on the marketing
or manufacturing of a product, complete withdrawal of the product from the market or product recalls;

●
fines, warning or untitled
letters or holds on post-approval clinical trials;

●
refusal of the FDA to approve
pending applications or supplements to approved applications, or suspension or revocation of existing product approvals;

●
product seizure or detention,
or refusal of the FDA to permit the import or export of products; or

●
injunctions or the imposition
of civil or criminal penalties.

The
FDA closely regulates the marketing, labeling, advertising and promotion of biologics and drugs. A company can make only those claims
relating to safety and efficacy, purity and potency that are approved by the FDA and in accordance with the provisions of the approved
label. However, companies may share truthful and not misleading information that is otherwise consistent with a product’s FDA approved
labeling. The FDA and other agencies actively enforce the laws and regulations prohibiting the promotion of off-label uses. Failure to
comply with these requirements can result in, among other things, adverse publicity, warning or untitled letters, corrective advertising
and potential civil and criminal penalties. Physicians may prescribe legally available products for uses that are not described in the
product’s labeling and that differ from those tested by us and approved by the FDA. Such off-label uses are common across medical
specialties. Physicians may believe that such off-label uses are the best treatment for patients in varied circumstances. The FDA does
not regulate the behavior of physicians in their choice of treatments. The FDA does, however, restrict manufacturers’ communications
on the subject of off-label use of their products.

Europe

European
Drug Development

In
the European Union, our future products also may be subject to extensive regulatory requirements. As in the United States, medicinal
products can be marketed only if a marketing authorization from the competent regulatory agencies has been obtained.

The
development and commercialization of pharmaceutical products in the European Union (“EU”) is governed by a comprehensive
regulatory framework intended to ensure the safety, efficacy, and quality of medicinal products. Drug development in the EU generally
follows a multi-stage process that includes non-clinical testing, clinical trials, regulatory review, and post-authorization monitoring.

Clinical
trials conducted in the EU are subject to authorization by national competent authorities and ethics committees in the EU Member States
in which the trials are conducted. Clinical trials are regulated under the EU Clinical Trials Regulation (EU) No. 536/2014, which is
intended to harmonize the assessment and supervision of clinical trials across the EU. Sponsors are required to submit clinical trial
applications and related documentation through a centralized EU portal and database, and compliance with Good Clinical Practice (“GCP”)
standards is required.

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European
Drug Review and Approval

In
the European Economic Area (“EEA”), which is comprised of the Member States of the European Union together with Norway, Iceland
and Liechtenstein, medicinal products can only be commercialized after obtaining a marketing authorization (“MA”). There
are two main types of MAs:

●
The centralized MA is issued
by the European Commission through the centralized procedure, based on the opinion of the Committee for Medicinal Products for Human
Use (“CHMP”), of the EMA, and is valid throughout the entire territory of the EEA. The centralized procedure is mandatory
for certain types of products, such as biotechnology medicinal products, orphan medicinal products, advanced-therapy medicinal products
(i.e. gene-therapy, somatic cell-therapy or tissue-engineered medicines) and medicinal products containing a new active substance
indicated for the treatment of HIV, AIDS, cancer, neurodegenerative disorders, diabetes, auto-immune and other immune dysfunctions
and viral diseases. The centralized procedure is optional for products containing a new active substance not yet authorized in the
EEA, or for products that constitute a significant therapeutic, scientific or technical innovation or which are in the interest of
public health in the European Union. Under the centralized procedure the maximum timeframe for the evaluation of an MA application
by the EMA is 210 days, excluding clock stops, when additional written or oral information is to be provided by the applicant in
response to questions asked by the CHMP. Clock stops may extend the timeframe of evaluation of an MA application considerably beyond
210 days. Where the CHMP gives a positive opinion, the EMA provides the opinion together with supporting documentation to the European
Commission, who make the final decision to grant a marketing authorization, which is issued within 67 days of receipt of the EMA’s
recommendation. Accelerated assessment might be granted by the CHMP in exceptional cases, when a medicinal product is expected to
be of major public health interest, particularly from the point of view of therapeutic innovation. The timeframe for the evaluation
of an MA application under the accelerated assessment procedure is 150 days, excluding stop-clocks, but it is possible that the CHMP
may revert to the standard time limit for the centralized procedure if it determines that the application is no longer appropriate
to conduct an accelerated assessment.

●
National MAs, which are
issued by the competent authorities of the Member States of the EEA and only cover their respective territory, are available for
products not falling within the mandatory scope of the centralized procedure. Where a product has already been authorized for marketing
in a Member State of the EEA, this national MA can be recognized in other Member States through the mutual recognition procedure.
If the product has not received a national MA in any Member State at the time of application, it can be approved simultaneously in
various Member States through the decentralized procedure. Under the decentralized procedure an identical dossier is submitted to
the competent authorities of each of the Member States in which the MA is sought, one of which is selected by the applicant as the
Reference Member State (“RMS”). The competent authority of the RMS prepares a draft assessment report, a draft summary
of the product characteristics, or SmPC, and a draft of the labeling and package leaflet, which are sent to the other Member States
(referred to as the Concerned Member States) for their approval. If the Concerned Member States raise no objections, based on a potential
serious risk to public health, to the assessment, SmPC, labeling, or packaging proposed by the RMS, the product is subsequently granted
a national MA in all the Member States (i.e., in the RMS and the Concerned Member States).

Under
the above described procedures, before granting the MA, the EMA or the competent authorities of the Member States of the EEA make an
assessment of the risk-benefit balance of the product on the basis of scientific criteria concerning its quality, safety and efficacy.

European
New Chemical Entity Exclusivity

In
the EEA, medicinal products for human use qualify for eight years of data exclusivity upon marketing authorization and an additional
two years of market exclusivity. The data exclusivity, if granted, prevents generic or biosimilar applicants from referencing the innovator’s
preclinical and clinical trial data contained in the dossier of the reference product when applying for a generic or biosimilar marketing
authorization, for a period of eight years from the date on which the reference product was first authorized in the EEA. During the additional
two-year period of market exclusivity, a generic or biosimilar marketing authorization can be submitted, and the innovator’s data
may be referenced, but no generic or biosimilar product can be marketed until the expiration of the market exclusivity period. The overall
ten-year period will be extended to a maximum of 11 years if, during the first eight years of those ten years, the marketing authorization
holder obtains an authorization for one or more new therapeutic indications which, during the scientific evaluation prior to their authorization,
are determined to bring a significant clinical benefit in comparison with currently approved therapies. Even if an innovative medicinal
product gains the prescribed period of data exclusivity, another company may market another version of the product if such company obtained
a marketing authorization based on an application with a complete and independent data package of pharmaceutical tests, preclinical tests
and clinical trials.

27

European
orphan designation and exclusivity

In
the EEA, the EMA’s Committee for Orphan Medicinal Products grants orphan drug designation to promote the development of products
that are intended for the diagnosis, prevention or treatment of life-threatening or chronically debilitating conditions which either
affect no more than five in 10,000 persons in the European Union, or where it is unlikely that the marketing of the medicine would generate
sufficient return to justify the necessary investment in its development. In each case, no satisfactory method of diagnosis, prevention
or treatment has been authorized (or, if such a method exists, the product in question would be of significant benefit to those affected
by the condition).

In
the EEA, orphan drug designation entitles a party to financial incentives such as reduction of fees or fee waivers, and ten years of
market exclusivity is granted following marketing approval for the orphan product. This period may be reduced to six years if, at the
end of the fifth year, it is established that the orphan drug designation criteria are no longer met, including where it is shown that
the product is sufficiently profitable not to justify maintenance of market exclusivity. During the period of market exclusivity, marketing
authorization may only be granted to a “similar medicinal product” for the same therapeutic indication if: (i) a second applicant
can establish that its product, although similar to the authorized product, is safer, more effective or otherwise clinically superior;
(ii) the marketing authorization holder for the authorized product consents to a second orphan medicinal product application; or (iii)
the marketing authorization holder for the authorized product cannot supply enough orphan medicinal product. A “similar medicinal
product” is defined as a medicinal product containing a similar active substance or substances as contained in an authorized orphan
medicinal product, and which is intended for the same therapeutic indication. Orphan drug designation must be requested before submitting
an application for marketing approval. Orphan drug designation does not convey any advantage in, or shorten the duration of, the regulatory
review and approval process.

European
pediatric investigation plan

In
the EEA, companies developing a new medicinal product must agree upon a pediatric investigation plan (“PIP”), with the EMA’s
Pediatric Committee (“PDCO”), and must conduct pediatric clinical trials in accordance with that PIP, unless a waiver applies.
The PIP sets out the timing and measures proposed to generate data to support a pediatric indication of the drug for which marketing
authorization is being sought. The PDCO can grant a deferral of the obligation to implement some or all of the measures of the PIP until
there is sufficient data to demonstrate the efficacy and safety of the product in adults. Further, the obligation to provide pediatric
clinical trial data can be waived by the PDCO when this data is not needed or appropriate because the product is likely to be ineffective
or unsafe in children, the disease or condition for which the product is intended occurs only in adult populations, or when the product
does not represent a significant therapeutic benefit over existing treatments for pediatric patients. Products that are granted a marketing
authorization with the results of the pediatric clinical trials conducted in accordance with the PIP (even where such results are negative)
are eligible for six months’ supplementary protection certificate extension (if any is in effect at the time of approval). In the
case of orphan medicinal products, a two year extension of the orphan market exclusivity may be available. This pediatric reward is subject
to specific conditions and is not automatically available when data in compliance with the PIP is developed and submitted.

PRIME
Designation

In
March 2016, the EMA launched an initiative to facilitate development of product candidates in indications, often rare, for which few
or no therapies currently exist. The PRIority Medicines (“PRIME”) scheme is a voluntary scheme intended to encourage drug
development in areas of unmet medical need and provides accelerated assessment of products representing substantial innovation, where
the marketing authorization application will be made through the centralized procedure. Eligible products must target conditions for
which where is an unmet medical need (there is no satisfactory method of diagnosis, prevention or treatment in the EEA or, if there is,
the new medicine will bring a major therapeutic advantage) and they must demonstrate the potential to address the unmet medical need
by introducing new methods of therapy or improving existing ones. Products from small- and medium-sized enterprises may qualify for earlier
entry into the PRIME scheme than larger companies. Many benefits accrue to sponsors of product candidates with PRIME designation, including
but not limited to, early and proactive regulatory dialogue with the EMA, frequent discussions on clinical trial designs and other development
program elements, and accelerated marketing authorization application assessment once a dossier has been submitted. Importantly, a dedicated
contact and rapporteur from the EMA’s CHMP or Committee for Advanced Therapies are appointed early in PRIME scheme facilitating
increased understanding of the product at EMA’s Committee level. A kick-off meeting initiates these relationships and includes
a team of multidisciplinary experts at the EMA to provide guidance on the overall development and regulatory strategies. Where, during
the course of development, a medicine no longer meets the eligibility criteria, support under the PRIME scheme may be withdrawn.

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Australia

Our
clinical trial for IMX-110 is being conducted in Australia and the United States. The Therapeutic Goods Administration (“TGA”)
and the National Health and Medical Research Council set the GCP requirements for clinical research in Australia, and compliance with
these codes is mandatory. Australia has also adopted international codes, such as those promulgated by the International Council for
Harmonization of Technical Requirements for Registration of Pharmaceuticals for Human Use (“ICH”). The ICH guidelines must
be complied with across all fields of clinical research, including those related to pharmaceutical quality, nonclinical and clinical
data requirements and trial designs. The basic requirements for preclinical data to support a first-in-human trial under ICH guidelines
are applicable in Australia. Requirements related to adverse event reporting in Australia are similar to those required in other major
jurisdictions.

Clinical
trials conducted using “unapproved therapeutic goods” in Australia, being those which have not yet been evaluated by the
TGA for quality, safety and efficacy must occur pursuant to either the Clinical Trial Notification Scheme (“CTN Scheme”)
or the Clinical Trial Exemption Scheme (“CTX Scheme”). In each case, the trial is supervised by a Human Research Ethics Committee
(“HREC”), an independent review committee set up under guidelines of the Australian National Health and Medical Research
Council that ensures the protection of rights, safety and well-being of human subjects involved in a clinical trial. A HREC does this
by reviewing, approving and providing continuing examination of trial protocols and amendments, and of the methods and material to be
used in obtaining and documenting informed consent of the trial subjects.

The
CTN Scheme broadly involves:

●
completion of preclinical
laboratory and animal testing;

●
submission to a HREC, of
all material relating to the proposed clinical trial, including the trial protocol;

●
the institution or organization
at which the trial will be conducted, referred to as the “Approving Authority”, giving final approval for the conduct
of the trial at the site, having regard to the advice from the HREC; and

●
the investigator submitting
a ‘Notification of Intent to Conduct a Clinical Trial’ form, or CTN Form, to the TGA. The CTN form must be signed by
the sponsor, the principal investigator, the chairman of the HREC and a person responsible from the Approving Authority. The TGA
does not review any data relating to the clinical trial however CTN trials cannot commence until the trial has been notified to the
TGA.

Under
the CTX Scheme:

●
a sponsor submits an application
to conduct a clinical trial to the TGA for evaluation and comment; and

●
a sponsor must forward
any comments made by the TGA Delegate to the HREC(s) at the sites where the trial will be conducted.

A
sponsor cannot commence a trial under the CTX Scheme until written advice has been received from the TGA regarding the application and
approval for the conduct of the trial has been obtained from an ethics committee and the institution at which the trial will be conducted.

29

Approval
for inclusion in the Australian Register of Therapeutic Goods (“ARTG”) is required before a pharmaceutical product may be
marketed (or imported, exported or manufactured) in Australia. In order to obtain registration of the product on the ARTG, it is required
that:

●
adequate and well-controlled
clinical trials demonstrate the quality, safety and efficacy of the therapeutic product;

●
evidence is compiled which
demonstrates that the manufacture of the therapeutic product complies with the principles of cGMP;

●
manufacturing and clinical
data is derived to submit to the Advisory Committee on Prescription Medicines, which makes recommendations to the TGA as to whether
or not to grant approval to include the therapeutic product in the ARTG; and

●
an ultimate decision is
made by the TGA whether to include the therapeutic product in the ARTG.

Regulation
and Procedures Governing Approval of Products in Other Jurisdictions

The
requirements governing the conduct of clinical trials, drug licensing, pricing and reimbursement vary from country to country. In all
cases, clinical trials must be conducted in accordance with applicable regulatory requirements. If we fail to comply with applicable
foreign regulatory requirements, we may be subject to, among other things, fines, suspension or withdrawal of regulatory approvals, product
recalls, seizure of products, operating restrictions and criminal prosecution.

Coverage
and Reimbursement

Sales
of our products will depend, in part, on the extent to which our drugs will be covered by third-party payors, such as government health
programs, commercial insurance and managed healthcare organizations. These third-party payors are increasingly reducing reimbursements
for medical drugs and services. Additionally, the containment of healthcare costs has become a priority of federal and state governments,
and the prices of drugs have been a focus in this effort. The U.S. government, state legislatures and foreign governments have shown
significant interest in implementing cost-containment programs, including price controls, restrictions on reimbursement and requirements
for substitution of generic drugs.

There
may be significant delays in obtaining coverage and reimbursement for newly approved drugs, and coverage may be more limited than the
purposes for which the drug is approved by the FDA or similar regulatory authorities outside of the United States. Moreover, eligibility
for coverage and reimbursement does not imply that a drug will be paid for in all cases or at a rate that covers our costs, including
research, development, intellectual property protection, manufacture, sale and distribution expenses. Interim reimbursement levels for
new drugs, if applicable, may also not be sufficient to cover our costs and may not be made permanent. Reimbursement rates may vary according
to the use of the drug and the clinical setting in which it is used, may be based on reimbursement levels already set for lower-cost
drugs and may be incorporated into existing payments for other services. Net prices for drugs may be reduced by mandatory discounts or
rebates required by government healthcare programs or private payors and by any future relaxation of laws that presently restrict imports
of drugs from countries where they may be sold at lower prices than in the United States. Third-party payors often rely upon Medicare
coverage policy and payment limitations in setting their own reimbursement policies, but also have their own methods and approval process
apart from Medicare determinations. Even if favorable coverage and reimbursement status is attained for our product candidates, once
approved, less favorable coverage policies and reimbursement rates may be implemented in the future.

In
addition, in some foreign countries, the proposed pricing for a drug must be approved before it may be lawfully marketed. The requirements
governing drug pricing vary widely from country to country.

30

Healthcare
Laws and Regulations

Sales
of our product candidates, if approved, will be subject to healthcare regulation and enforcement by the federal government and the states
and foreign governments in which we might conduct our business. The healthcare laws and regulations that may affect our ability to operate
include the following:

●
The federal Anti-Kickback
Statute, a criminal statute, makes it illegal for any person or entity to knowingly and willfully, directly or indirectly, solicit,
receive, offer, or pay any remuneration that is in exchange for or to induce the referral of business, including the purchase, order,
lease of any good, facility, item or service for which payment may be made under a federal healthcare program, such as Medicare or
Medicaid. The term “remuneration” has been broadly interpreted to include anything of value. The Civil Monetary Penalties
Law also contains a provision that prohibits the payment of anything of value in return for referrals and provides for the imposition
of civil penalties.

●
the Omnibus Budget Reconciliation
Act of 1993 (42 U.S.C. § 1395nn) (the “Stark Law”) prohibit referrals by a physician of “designated health
services” which are payable, in whole or in part, by Medicare or Medicaid, to an entity in which the physician or the physician’s
immediate family member has an investment interest or other financial relationship, subject to several exceptions. The Stark Law
also prohibits billing for services rendered pursuant to a prohibited referral. Several states have enacted laws similar to the Stark
Law. These state laws may cover all (not just Medicare and Medicaid) patients. We consider the Stark Law in planning our products,
marketing and other activities, and believe that our operations are in compliance with the Stark Law. If we violate the Stark Law,
our financial results and operations could be adversely affected. Penalties for violations include denial of payment for the services,
significant civil monetary penalties, and exclusion from the Medicare and Medicaid programs.

●
Federal false claims and
false statement laws, including the federal civil False Claims Act, prohibits, among other things, any person or entity from knowingly
presenting, or causing to be presented, for payment to, or approval by, federal programs, including Medicare and Medicaid, claims
for items or services, including drugs, that are false or fraudulent.

●
Health Insurance Portability
and Accountability Act of 1996, the Health Information and Technology for Economic and Clinical Health Act and their implementing
regulations at 45 C.F.R. Parts 160, 162 and 164, as amended (“HIPAA”) created additional federal criminal statutes that
prohibit among other actions, knowingly and willfully executing, or attempting to execute, a scheme to defraud any healthcare benefit
program, including private third-party payors or making any false, fictitious or fraudulent statement in connection with the delivery
of or payment for healthcare benefits, items or services.

●
HIPAA, as amended by the
Health Information Technology for Economic and Clinical Health Act of 2009 and their implementing regulations, imposes obligations
on certain types of individuals and entities regarding the electronic exchange of information in common healthcare transactions,
as well as standards relating to the privacy and security of individually identifiable health information.

●
The federal Physician Payments
Sunshine Act requires certain manufacturers of drugs, devices, biologics and medical supplies for which payment is available under
Medicare, Medicaid or the Children’s Health Insurance Program, with specific exceptions, to report annually to the Centers
for Medicare & Medicaid Services information related to payments or other transfers of value made to physicians and teaching
hospitals, as well as ownership and investment interests held by physicians and their immediate family members.

Also,
many states have similar laws and regulations, such as anti-kickback and false claims laws that may be broader in scope and may apply
regardless of payor, in addition to items and services reimbursed under Medicaid and other state programs. Additionally, we may be subject
to state laws that require pharmaceutical companies to comply with the federal government’s and/or pharmaceutical industry’s
voluntary compliance guidelines, state laws that require drug manufacturers to report information related to payments and other transfers
of value to physicians and other healthcare providers or marketing expenditures, as well as state and foreign laws governing the privacy
and security of health information, many of which differ from each other in significant ways and often are not preempted by HIPAA. These
laws are subject to extensive and increasing enforcement by numerous federal, state, and local government agencies including the Office
of Inspector General, the Department of Justice, the CMS, the Office of Civil Rights, and various state authorities.

31

Additionally,
to the extent that our product candidates, if approved, are sold in a foreign country, we may be subject to similar foreign laws.

Human
Capital

As
of March 20, 2026, we had 21 employees, all of which are full-time employees. Of such employees, 17 are engaged in research and development.
None of our employees are represented by a labor union or covered by a collective bargaining agreement, nor have we experienced work
stoppages. We believe that relations with our employees are good.

Our
Corporate History

We
were incorporated as a California limited liability company in 2012 and converted to a Delaware corporation in January 2014. In
August 2016, we established a wholly-owned Australian subsidiary, Immix Biopharma Australia Pty Ltd., in order to conduct various
pre-clinical and clinical activities for the development of our product candidates. In November 2022, we established a Delaware
corporation, Nexcella, Inc., in order to conduct various pre-clinical and clinical activities for the development of our product
candidates. On May 20, 2024, Nexcella Inc., our former wholly-owned subsidiary, was merged with and into the Company, with the
Company continuing as the surviving corporation. Subsequently, a wholly-owned
subsidiary Nexcella, Inc. was created and continues to be wholly-owned.

Available
Information

Our
website address is www.immixbio.com. The contents of, or information accessible through, our website are not part of this
Annual Report on Form 10-K, and our website address is included in this document as an inactive textual reference only. We make our filings
with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and all amendments
to those reports, available free of charge on our website as soon as reasonably practicable after we file such reports with, or furnish
such reports to, the SEC. The public may read and copy the materials we file with the SEC at the SEC’s Public Reference Room at
100 F Street, NE, Washington, DC 20549. The public may obtain information on the operation of the Public Reference Room by calling the
SEC at 1-800-SEC-0330. Additionally, the SEC maintains an internet site that contains reports, proxy and information statements and other
information. The address of the SEC’s website is www.sec.gov. The information contained in the SEC’s website
is not intended to be a part of this filing.