MeritValue

Immix Biopharma, Inc.

IMMXdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'

The thesis, from the filings

Immix Biopharma, Inc. earns about -97% on equity, but has diluted owners by 798% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$24.4M1−$8.23M2−$15.4M3−$21.6M4−$29.4M4
Operating cash flow−$1.59M5−$7.41M6−$11.4M7−$14.6M8−$23.9M8
Capital expenditure$8029—$52,08910$1.18M11$732,92511
Free cash flow (derived)−$1.59M5—−$11.4M7−$15.8M8−$24.7M8
Total debt—————
Cash & equivalents$17.6M12$13.4M13$17.5M14$17.7M15$93.9M15
Diluted shares3.7M13.9M17.3M28.3M33.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$28.45
your share of equity
Profit it earned you last year
−$8.93
Free cash flow it threw off
−$7.48
Debt you’d be carrying
—

10 shares is a claim on $28.45 of net worth that earned you −$8.93 and generated −$7.48 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-97% avg · 5y
FY21 -136%FY22 -63%FY23 -94%FY24 -163%FY25 -31%

It earned an average -97% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+798% shares · 5y

Share count is up 798% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-22-007921 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-011975 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-000387 (NetIncomeLoss)
  4. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-013298 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-009091 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-011975 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-000387 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-013298 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-009091 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2023-12-31 · accession 0001641172-25-000387 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-013298 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0001493152-23-009091 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-24-011975 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001641172-25-000387 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-013298 (CashAndCashEquivalentsAtCarryingValue)