Immix Biopharma, Inc. Leases Disclosure
Note 10 – Leases
In January 2024, the Company entered into a long-term operating lease agreement for 14,000 square feet of biopharmaceutical manufacturing space in California under a non-cancelable operating lease that expires in December 2033. Under the terms of the lease, the Company is required to pay monthly base rents ranging from $11,900 to $16,218, and pay its proportionate share of property taxes, insurance and normal maintenance costs. The lease agreement includes two options to extend the lease for a term of five years each. The lease has a remaining term of 8.00 years and an implicit weighted average interest rate of 8%.
The components of lease cost for operating leases, which are recorded in general and administrative expenses in the years ended December 31, 2025 and 2024 were as follows:
Year Ended December 31, 2025 | Year Ended December 31, 2024 | |||||||
| Operating lease cost | $ | 204,599 | $ | 168,599 | ||||
| Short-term lease cost | 58,805 | 56,621 | ||||||
| Total lease cost | $ | 263,404 | $ | 225,220 | ||||
The following table summarizes the lease-related assets and liabilities recorded in the consolidated balance sheets at December 31, 2025 and 2024:
| December 31, 2025 | December 31, 2024 | |||||||
| Operating Leases | ||||||||
| Operating lease right-of-use assets | $ | 966,917 | $ | 989,471 | ||||
| Right of use liability operating lease current portion | $ | 139,339 | $ | 65,219 | ||||
| Right of use liability operating lease long term | 933,625 | 1,009,551 | ||||||
| Total operating lease liabilities | $ | 1,072,964 | $ | 1,074,770 | ||||
The Company utilizes the incremental borrowing rate in determining the present value of lease payments unless the implicit rate is readily determinable. The Company estimated its incremental borrowing rate to be 8%.
The following table provides the maturities of lease liabilities at December 31, 2025:
| Operating | ||||
| Leases | ||||
| 2026 | $ | 218,971 | ||
| 2027 | 158,325 | |||
| 2028 | 163,866 | |||
| 2029 | 169,602 | |||
| 2030 | 175,538 | |||
| 2031 and thereafter | 564,344 | |||
| Total future undiscounted lease payments | 1,450,646 | |||
| Less: Interest | (377,682 | ) | ||
| Present value of lease liabilities | $ | 1,072,964 | ||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 25, 2026 | Showing above |
| 2024 | Mar 25, 2025 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.