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1. Company Snapshot

1.a. Company Description

AIM ImmunoTech Inc., an immuno-pharma company, focuses on the research and development of therapeutics to treat multiple types of cancers, viral diseases, and immune-deficiency disorders in the United States.The company's products include Ampligen, a drug of macromolecular ribonucleic acid molecules for the treatment of chronic fatigue syndrome (CFS).It is also developing Ampligen for the treatment of renal cell carcinoma, malignant melanoma, non-small cell lung, ovarian, breast, colorectal, prostate and pancreatic cancer, myalgic encephalomyelitis, Hepatitis B, HIV, COVID-19, and post-COVID conditions.


In addition, the company provides Alferon N Injection, an injectable formulation of natural alpha interferon to treat genital warts, a sexually transmitted disease.It has agreements with UMN Pharma Inc.; Japanese National Institute of Infectious Diseases; Shionogi & Co., Ltd.; Polysciences Inc.; and University of Cagliari Dipartimento di Scienze della Vita e dell'Ambiente.The company was formerly known as Hemispherx Biopharma, Inc.


and changed its name to AIM ImmunoTech Inc.in August 2019.AIM ImmunoTech Inc.


was incorporated in 1966 and is headquartered in Ocala, Florida.

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1.b. Last Insights on AIM

AIM ImmunoTech's recent performance faced negative drivers, including a mixed industry landscape. Despite this, the company reported Q3 2025 financial results, highlighting progress in its pipeline, particularly in pancreatic cancer. A recent abstract presented at the 40th Annual SITC Meeting showcased Ampligen's potential in treating advanced recurrent ovarian cancer. However, Polarean Imaging's plan to leave AIM may impact investor sentiment. AIM ImmunoTech secured a patent in Japan for its cancer therapy through 2039, expanding international market protection.

1.c. Company Highlights

2. AIM ImmunoTech's Fourth Quarter and Full Year 2024 Earnings Update

AIM ImmunoTech reported a challenging financial picture in its latest earnings update, with limited revenue growth and significant operating expenses. For the full year 2024, the company reported total revenue of just $3.1 million, a modest increase from the previous year. However, this growth was overshadowed by elevated operating expenses, with R&D costs reaching $6.2 million and general and administrative expenses totaling $13.7 million. These figures reflect the company's continued focus on advancing its lead product, Ampligen, through multiple clinical trials. Despite these investments, AIM ImmunoTech ended the year with a cash balance of approximately $4 million, raising concerns about its ability to sustain operations without additional funding. The company's financial metrics also highlight the challenges of commercializing a novel therapeutic, with no meaningful revenue streams yet established.

Publication Date: Apr -03

📋 Highlights
  • Ampligen Clinical Advancements: Significant progress in combining Ampligen with FluMist for influenza, including avian flu, led by Dr. Paul Goepfert.
  • New Board Members: Addition of Ted Kellner and David Chemerow brings extensive experience in finance and operations to the Board.
  • Financial Highlights: Cash reserves of ~$4 million, with reduced R&D ($6.2M vs $10.9M) and G&A ($13.7M vs $21.1M) expenses compared to 2023.
  • Ampligen Supply: Sufficient inventory for current clinical trials, with plans for additional manufacturing as needed.
  • Stock Listing Consideration: Potential reverse stock split under consideration to maintain New York Stock Exchange listing.

Operational Highlights and Clinical Progress

While financial performance remains a concern, AIM ImmunoTech demonstrated notable progress in its clinical pipeline. The company highlighted several key developments during the earnings call, including the initiation of a new study combining Ampligen with AstraZeneca's FluMist to address influenza, including avian flu. Additionally, the Phase 2 portion of the DURIPANC trial for pancreatic cancer has commenced, with dosing already underway. These advancements underscore AIM ImmunoTech's commitment to expanding Ampligen's therapeutic applications. The company also emphasized its growing intellectual property portfolio, securing new patents for endometriosis and post-COVID fatigue, further reinforcing its long-term vision for Ampligen as a versatile immunotherapy.

Financial Concerns and Listing Status

AIM ImmunoTech's financial situation remains fragile, with limited cash reserves and no immediate path to profitability. The company is actively exploring strategic options to maintain its New York Stock Exchange listing, including a potential reverse stock split. This move, while not uncommon for companies facing liquidity challenges, could signal investor confidence in the company's long-term prospects. However, the lack of near-term revenue and the high burn rate of R&D and G&A expenses raise questions about the sustainability of current operations. The company's ability to secure additional funding or generate meaningful revenue in 2025 will be critical to its survival.

Valuation and Risk Considerations

From a valuation perspective, AIM ImmunoTech's shares appear to reflect the market's cautious optimism about the potential of Ampligen. The company's price-to-sales ratio of 44.29 suggests that investors are willing to pay a premium for its pipeline, though this metric is elevated relative to peers in the biotechnology sector. Meanwhile, the company's negative free cash flow yield (-253.44%) and return on equity (-397.59%) highlight the significant financial risks associated with the stock. These metrics underscore the speculative nature of AIM ImmunoTech's shares, with returns heavily contingent on the successful commercialization of Ampligen and the achievement of clinical milestones.

Conclusion

AIM ImmunoTech's fourth-quarter and full-year 2024 results paint a mixed picture of progress and financial strain. While the company has made strides in advancing its clinical pipeline and expanding its intellectual property portfolio, its financial health remains precarious. Investors will need to closely monitor the company's ability to secure additional funding, manage expenses, and deliver on its clinical promises in 2025. With a potential reverse stock split on the table, AIM ImmunoTech's ability to maintain its listing and sustain operations will be a key focus for the foreseeable future.

3. NewsRoom

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Drivers still at risk from fatigue in early hours, report finds

Dec -04

Source: proactiveinvestors.co.uk

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CellbxHealth raises just shy of £1m in retail offer

Dec -02

Source: proactiveinvestors.co.uk

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AIM ImmunoTech to Participate in Live ‘Fireside' Chat on Virtual Investor Closing Bell Series

Dec -01

Source: globenewswire.com

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Polarean strikes South Korean distribution deal for lung-imaging system

Nov -24

Source: proactiveinvestors.co.uk

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AIM ImmunoTech Reports Third Quarter 2025 Financial Results and Highlights Continued Progress Across Pipeline with Strategic Focus on Pancreatic Cancer Clinical Program

Nov -18

Source: globenewswire.com

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Polarean plans to quit AIM as board seeks flexibility and fresh funding

Nov -14

Source: proactiveinvestors.co.uk

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Greatland Resources chair says AIM market "remains an important part of who we are"

Nov -13

Source: proactiveinvestors.co.uk

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Aimia Inc. (AIM:CA) Q3 2025 Earnings Call Transcript

Nov -12

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (0.00%)

6. Segments

Ampligen and Other Drugs

Expected Growth: 10.5%

Growing demand for RNA-based therapies, increasing cancer and COVID-19 cases, and promising clinical trials of Ampligen and other AIM ImmunoTech Inc. drugs drive market growth.

7. Detailed Products

Ampligen

A RNA-based drug that acts as a Toll-like receptor 3 (TLR3) agonist, which stimulates the immune system to fight diseases.

Alferon N Injection

A prescription injectable drug that is a natural source interferon, used to treat genital warts.

Rintatolimod

A late-stage drug candidate that is a TLR3 agonist, being developed to treat pancreatic cancer.

8. AIM ImmunoTech Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for AIM ImmunoTech Inc. is medium due to the availability of alternative treatments for chronic fatigue syndrome and other diseases.

Bargaining Power Of Customers

The bargaining power of customers is low due to the lack of negotiating power of individual customers and the high demand for AIM ImmunoTech Inc.'s products.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the presence of multiple suppliers and the moderate switching costs for AIM ImmunoTech Inc.

Threat Of New Entrants

The threat of new entrants is high due to the relatively low barriers to entry and the attractiveness of the market for new companies.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of multiple competitors and the high stakes in the pharmaceutical industry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 6.56%
Debt Cost 3.95%
Equity Weight 93.44%
Equity Cost 3.41%
WACC 3.44%
Leverage 7.02%

11. Quality Control: AIM ImmunoTech Inc. passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Stoke Therapeutics

A-Score: 4.4/10

Value: 1.3

Growth: 5.2

Quality: 8.9

Yield: 0.0

Momentum: 9.5

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
IGM Biosciences

A-Score: 3.8/10

Value: 9.4

Growth: 7.1

Quality: 4.3

Yield: 0.0

Momentum: 0.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Editas Medicine

A-Score: 3.3/10

Value: 6.2

Growth: 3.9

Quality: 3.6

Yield: 0.0

Momentum: 6.0

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
Beam Therapeutics

A-Score: 3.2/10

Value: 6.6

Growth: 3.2

Quality: 3.7

Yield: 0.0

Momentum: 4.0

Volatility: 1.7

1-Year Total Return ->

View Full Report
Stock-Card
AIM ImmunoTech

A-Score: 3.1/10

Value: 8.0

Growth: 4.3

Quality: 6.1

Yield: 0.0

Momentum: 0.0

Volatility: 0.3

1-Year Total Return ->

View Full Report
Stock-Card
Precision BioSciences

A-Score: 3.0/10

Value: 6.6

Growth: 5.0

Quality: 3.5

Yield: 0.0

Momentum: 1.5

Volatility: 1.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.44$

Current Price

1.44$

Potential

-0.00%

Expected Cash-Flows