IMMX

Immix is a clinical-stage CAR-T company with zero revenue across its entire reported history (FY2021–FY2025) and a widening loss trajectory: net loss expanded from -$21.6M in FY2024 to -$29.4M in FY2025 (-36.2% YoY), with operating losses of -$30.0M and operating cash burn of -$23.9M. The MD&A is explicit that losses will not just continue but increase ('we anticipate these losses to increase as we continue to research, develop and seek regulatory approvals'), and the Risk Factors concede the company 'do[es] not expect to generate revenues for many years, if at all.' That is not a base case a fundamentals-first investor underwrites.

The one genuine positive is the recapitalized balance sheet: cash & equivalents jumped to $93.9M (+431%), stockholders' equity to $93.8M (+608%), and liabilities/equity sits at a benign 0.12x. But that liquidity was bought with extreme dilution — shares outstanding rose 91.1% YoY to 53.0M, driven by the December 2025 Morgan Stanley-led offering of 19.1M shares at $5.10, a September 2025 private placement at $2.37 (with 2.94M warrants struck at $2.00 over a 10-year window), and an active $50M ATM facility with Citizens JMP. Today's $10.10 print is roughly 2x the most recent underwritten clearing price, and management has both the shelf capacity and the stated intent to keep raising ('we will need to raise significant additional capital').