Immix Biopharma, Inc., a Delaware-incorporated pharmaceutical company, has announced a change in its independent registered public accounting firm. On Monday, the company disclosed the appointment of Crowe LLP as its new auditor, replacing KMJ Corbin & Company LLP, effective from last Wednesday.
The transition occurred after KMJ's partners and staff joined Crowe LLP on May 20, 2024. Immix Biopharma's Audit Committee approved the change, which was made official on July 17, 2024. According to the SEC filing, there were no disagreements or reportable events between Immix Biopharma and KMJ during the two most recently completed fiscal years or the subsequent interim period.
KMJ's reports on Immix Biopharma's consolidated financial statements for the fiscal years ended December 31, 2023, and 2022, did not contain any adverse opinions or disclaimers and were not qualified or modified regarding uncertainties, audit scope, or accounting principles.
Furthermore, there were no consultations between Immix Biopharma and Crowe regarding accounting principles or auditing matters before the appointment. A letter from KMJ, dated July 19, 2024, confirming their agreement with the statements made by Immix Biopharma in the 8-K filing, is included as an exhibit to the SEC filing.
The switch to Crowe LLP comes as Immix Biopharma continues to focus on developing pharmaceutical preparations, as classified under its SIC code 2834.
This corporate update is based on information provided in a recent press release statement filed with the U.S. Securities and Exchange Commission.
In other recent news, Immix Biopharma, Inc. has recently received orphan drug designation from the European Commission for its therapy NXC-201, targeted at treating multiple myeloma, a type of blood cancer. This designation grants Immix Biopharma a decade of market exclusivity upon authorization in the European Union. The company is also set to present updated clinical data for NXC-201 at the 27th Annual Meeting of The American Society of Gene & Cell Therapy.
These are the latest developments for Immix Biopharma, as it continues to make strides in the biopharmaceutical industry, focusing on advancing its respective clinical trials and expanding its presence in the oncology sector.
InvestingPro Insights
As Immix Biopharma, Inc. navigates the transition to a new auditor and continues its pharmaceutical development endeavors, a glance at the company's financial health and market performance offers additional context. According to InvestingPro data, Immix Biopharma holds a market capitalization of approximately $54.94 million. The company's P/E ratio stands at -1.96, reflecting investor sentiment on its earnings potential. Moreover, Immix Biopharma's stock has experienced a significant decline over the past six months, with a 60.53% drop, emphasizing the volatility and challenges it faces in the market.
An InvestingPro Tip highlights that while Immix Biopharma holds more cash than debt, indicating a solid liquidity position, the company is quickly burning through its cash reserves. This is further evidenced by the fact that Immix Biopharma is not profitable over the last twelve months and analysts do not anticipate the company will be profitable this year. These factors are crucial for investors to consider, especially those looking for long-term growth and stability.
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