Breaking Down AIM ImmunoTech Inc. (AIM) Financial Health: Key Insights for Investors

You're looking at AIM ImmunoTech Inc. (AIM) and trying to map the clinical promise of its lead drug, Ampligen, against a tight cash position and significant burn rate. Honestly, the financials show a classic biotech risk/reward profile: the company reported a Q2 2025 net loss of $2.8 million, or $3.68 per share, on negligible revenue, which is a 55.6% wider loss than the prior year. This cash-intensive research model meant cash on hand was a slim $835,000 as of June 30, 2025. That's a serious runway problem, but the July 2025 public offering of $8.0 million in gross proceeds bought them roughly 12 months of operational breathing room, which is defintely the most critical near-term action. Now, the focus shifts entirely to the Phase 2 DURIPANC trial for pancreatic cancer, where R&D expenses hit $1.2 million in Q2, because a positive data readout is the only thing that changes the valuation equation and justifies the continued capital raises.

Revenue Analysis

You need to know the core financial engine of AIM ImmunoTech Inc. (AIM), and the direct takeaway is this: the company's revenue base is extremely small and continues to shrink, reflecting its status as a clinical-stage immuno-pharma company focused on research and development (R&D), not commercial sales.

For the nine months ended September 30, 2025, the company anticipates total revenue of approximately $67,000, a sharp drop from $125,000 in the same period a year earlier. Honestly, this is a negligible figure for a publicly traded entity, and it tells you AIM's value proposition is entirely tied to its pipeline, not its current top-line performance.

Primary Revenue Sources: A Dual-Product Stream

AIM ImmunoTech's revenue comes from product sales, primarily its two key assets. The flagship product is Ampligen (rintatolimod), an investigational drug for cancers, viral diseases, and immune-deficiency disorders. The other is Alferon N Injection (Interferon alfa), a natural-source alpha interferon approved for the treatment of genital warts. To be fair, the vast majority of the company's operational focus and capital is directed toward the clinical development of Ampligen, not maximizing sales of these products.

Here's the quick math on how the revenue broke down in the near-term:

• Ampligen Sales: Likely the primary contributor to the small revenue stream, often through compassionate use or early access programs in Europe, given its investigational status in the U.S.
• Alferon N Injection Sales: The older, approved product, which contributes a smaller, inconsistent stream.

Year-over-Year Revenue Contraction

The most important trend here is the significant year-over-year (YoY) revenue contraction. This isn't a growth story; it's a story of a company intentionally prioritizing R&D spend over commercial efforts for its existing, niche products. The trailing twelve months (TTM) revenue as of mid-2025 was approximately $121,000, which was down nearly -40% from the prior TTM period. That's a defintely alarming rate of decline, even on a small base.

The quarterly data for 2025 paints a clear picture of this downward trend:

The Q1 2025 revenue of $16,000 was a -60.0% drop from the previous year. This consistent, steep decline confirms that the company is not focused on generating sales from its existing assets; its entire financial future hinges on the success of its clinical trials, particularly for Ampligen in pancreatic cancer and other indications. You can get a sense of their long-term focus by reviewing their Mission Statement, Vision, & Core Values of AIM ImmunoTech Inc. (AIM).

Strategic Shift: R&D Over Commercialization

The significant change in the revenue stream isn't a sudden event, but an ongoing strategic posture. The revenue is so low it essentially acts as a rounding error compared to their operating expenses. For example, in Q1 2025, the revenue was $16,000, but their research and development expenses alone were $1.08 million. This tells you the company is a pure-play R&D investment. What this estimate hides, however, is the potential for massive revenue growth if Ampligen achieves regulatory approval in a major indication like pancreatic cancer. Until then, treat current revenue as immaterial to the valuation model; focus on the burn rate and pipeline milestones instead.

Profitability Metrics

You need to know the cold, hard numbers on AIM ImmunoTech Inc. (AIM) to make a smart decision, and the reality is stark: as a clinical-stage biopharma company, AIM is not profitable. For the trailing twelve months (TTM) ending June 30, 2025, the company posted a net loss of over $16 million on minimal revenue, a clear signal that its valuation is tied entirely to its drug pipeline, not current earnings.

The company's profitability ratios are overwhelmingly negative, which is expected for a firm focused on research and development (R&D) rather than commercial sales. Here's the quick math based on the TTM data ending June 30, 2025, with figures in millions of USD:

• Gross Profit Margin: 75% (Gross Profit of $0.09 million on Revenue of $0.12 million)
• Operating Profit Margin: -13,841.67% (Operating Loss of $16.61 million)
• Net Profit Margin: -13,475% (Net Loss of $16.17 million)

Gross, Operating, and Net Profit Margins

The 75% gross profit margin is deceptively high. Gross profit (Revenue minus Cost of Revenue) only reflects the minimal cost of goods sold for their existing product, Ampligen. The real story is in the operating and net margins, which are deep in the red. A negative margin of over 13,000% tells you that for every dollar of revenue, the company is spending over $138 on operations and R&D. That's the cost of advancing a drug like Ampligen through clinical trials for pancreatic cancer and other indications.

To be fair, this is the business model for a development-stage biotech. They burn cash now to chase a massive future payoff. Your investment thesis here must be about the science and the clinical trial milestones, not the current income statement. You can read more about this analysis in the full post: Breaking Down AIM ImmunoTech Inc. (AIM) Financial Health: Key Insights for Investors.

Trends in Profitability and Operational Efficiency

The trend over 2025 shows a continued, though slightly moderated, cash burn. For the first nine months of 2025, the expected net loss is around $9.783 million, an improvement from the $11.353 million loss in the same period a year earlier. This is not due to a revenue surge-revenue is actually expected to decrease to around $67,000 for the nine months of 2025 from $125,000 a year prior. The improvement in net loss comes from cost management, specifically in General and Administrative (G&A) expenses.

Here's a look at the cost-cutting efforts in 2025:

• Q2 2025 G&A: $1.5 million, down from $2.6 million in Q2 2024.
• Q1 2025 R&D: $1.08 million, a significant drop from $1.95 million in Q1 2024.

This cost control is defintely a positive sign of management discipline, but the R&D budget remains substantial at $1.2 million in Q2 2025, which is necessary to keep the core clinical programs moving forward.

Industry Comparison and Investor Action

Comparing AIM ImmunoTech Inc.'s profitability to a commercial-stage biotech is like comparing apples to a pre-harvest orchard. For instance, BioHarvest Sciences, a company in the broader biotechnology sector, reported a Q3 2025 gross profit margin of 61% and a net loss of $2.5 million. While BioHarvest is also losing money, its gross margin is lower because it has higher costs of revenue, but its net loss is much smaller on a larger revenue base. AIM's incredibly high negative operating margin is the key differentiator, reflecting its pure R&D status. A positive operating margin is simply not in the cards until a product is approved and generating substantial sales.

Here is a summary of the key profitability metrics for AIM ImmunoTech Inc. (AIM) for the TTM ending June 30, 2025:

What this estimate hides is the potential for a massive, immediate shift in the financials upon positive Phase 3 data or a major partnership. Until then, the focus for you is on the cash runway-the capital raised in July 2025 is expected to fund operations for about 12 months, buying the company critical time.

Debt vs. Equity Structure

You're looking at AIM ImmunoTech Inc. (AIM) and its capital structure, which is a critical lens for any biotech investor. The direct takeaway is that AIM ImmunoTech Inc. is an equity-heavy company, but not in the traditional, healthy sense. Its financing is overwhelmingly dominated by shareholder funding, and the small amount of debt is overshadowed by a significant deficit in shareholder equity.

For a company in the clinical-stage biotechnology space, the balance sheet often reflects a heavy reliance on equity financing (selling stock) rather than debt, simply because they have minimal revenue to service large loans. AIM ImmunoTech Inc. is no exception, but its financial position highlights the risks inherent in drug development.

The Debt Footprint: Small but Noteworthy

AIM ImmunoTech Inc.'s total debt is quite modest, sitting at approximately $2.29 million as of the second quarter of 2025 (Q2 2025). This total debt includes both short-term and long-term liabilities, though the majority of its liabilities fall into the short-term category, often related to operating payables rather than large, multi-year bank loans. The debt is not the primary concern here; the company's negative equity position is.

A small debt load is typical for a pre-revenue biotech. It means they aren't burdened by high interest payments that drain their limited operating cash, which was only about $835,000 as of June 30, 2025.

• Total Debt (Q2 2025): $2.29 million.
• Cash Position (Q2 2025): $835,000.
• Recent Interest Expense (Q1 2025): Increased to $124,000 due to a note payable.

Debt-to-Equity: A Negative Signal

The company's Debt-to-Equity (D/E) ratio is a major red flag, sitting at approximately -35%. Here's the quick math: the ratio is negative because AIM ImmunoTech Inc. has a total shareholder equity deficit of about -$6.5 million. This means that accumulated losses have exceeded the capital invested by shareholders. A negative equity position is a more serious indicator of financial instability than a high debt-to-equity ratio.

To be fair, the average D/E ratio for the Biotechnology industry is low, around 0.17, reflecting the sector's reliance on equity. But a negative D/E ratio for AIM ImmunoTech Inc. means the company is technically insolvent on a book-value basis. This is why the NYSE American issued a notice of noncompliance regarding minimum stockholders' equity requirements earlier in 2025.

Balancing Act: Equity Funding to Extend Runway

Since traditional debt financing is difficult and expensive with a negative equity base, AIM ImmunoTech Inc. has been forced to rely on equity funding to keep its operations running, particularly its Phase 2 DURIPANC trial. The most significant recent financing was a public equity offering in July 2025, which raised $8.0 million in gross proceeds. This is a clear example of the company prioritizing equity funding to extend its cash runway for approximately 12 months.

This capital raise, which involved selling 2,000,000 shares of common stock and accompanying warrants, is a double-edged sword. It provides the necessary capital to advance their lead drug, Ampligen, but it also causes significant dilution for existing shareholders. The company's strategy is clear: fund high-risk, high-reward R&D through equity to reach a value-inflection point, hoping for a breakthrough that negates the current financial distress. You can see their core focus in their Mission Statement, Vision, & Core Values of AIM ImmunoTech Inc. (AIM).

What this estimate hides is the potential for further dilution. If the clinical trials require more funding or take longer than a year, another equity raise is defintely on the horizon.

Liquidity and Solvency

You need to know if AIM ImmunoTech Inc. (AIM) can cover its near-term bills, and the simple answer is: not with its existing operational cash flow. The company's liquidity position, as of the second quarter of 2025, was extremely tight, but a recent financing event has bought them critical time to execute their clinical strategy.

Current and Quick Ratios Signal High Risk

The company's short-term liquidity ratios are a stark indicator of the financial pressure they face. The current ratio, which measures the ability to pay short-term liabilities (due within one year) with short-term assets, stood at a mere 0.10 for the most recent quarter (MRQ) ended June 30, 2025. A healthy ratio is typically 1.0 or higher. The quick ratio (or acid-test ratio), which excludes less-liquid assets like inventory, was even lower at 0.08 (MRQ).

• Current Ratio (MRQ): 0.10.
• Quick Ratio (MRQ): 0.08.
• Cash, Cash Equivalents, and Marketable Investments (June 30, 2025): $835,000.

Here's the quick math: For every dollar of current liabilities, AIM ImmunoTech Inc. had only about 10 cents in current assets to cover it. That's a defintely a red flag for any company not actively raising capital.

Working Capital and Cash Flow Trends

This low ratio translates directly into a persistent working capital deficit, meaning current liabilities exceed current assets. This is common for a clinical-stage biotech focused on research and development (R&D), but it makes external funding absolutely essential. The cash flow statement confirms this burn rate:

• Operating Cash Flow (TTM): -$10.96 million.
• Investing Cash Flow (TTM): $5.69 million.

The negative operating cash flow of nearly $11.0 million over the trailing twelve months (TTM) shows the consistent cash drain from R&D expenses, which were $1.2 million in Q2 2025 alone. The positive cash flow from investing activities is mostly a function of managing their marketable securities, not from selling a product.

Near-Term Liquidity Concerns and Mitigating Actions

The primary liquidity concern is the operational cash burn. Without a product generating revenue, the company must rely on financing activities to bridge the gap. This is where the July 2025 public equity offering becomes the most critical near-term data point. AIM ImmunoTech Inc. successfully raised $8.0 million in gross proceeds. Management has stated this capital infusion is expected to fund operations for approximately 12 months.

This financing is a lifeline, not a cure. It shifts the immediate liquidity risk from critical to manageable, giving them a one-year operational runway. The clock is ticking, and the next capital raise will be dictated by the success and timing of their clinical milestones, particularly the Phase 2 trial for Ampligen in pancreatic cancer. For a deeper dive into the company's strategic position, you should read our full post: Breaking Down AIM ImmunoTech Inc. (AIM) Financial Health: Key Insights for Investors.

Valuation Analysis

You're looking at AIM ImmunoTech Inc. (AIM), a clinical-stage biotech, and trying to figure out if the market is missing something big or if the stock is a value trap. The short answer is that traditional valuation metrics are nearly useless here, but the analyst consensus is exceptionally bullish, pointing to a massive potential upside driven by their lead drug, Ampligen (rintatolimod).

As of November 2025, AIM ImmunoTech's market capitalization sits at a small $3.87 million, with an Enterprise Value (EV) of $5.79 million. For a company focused on drug development for pancreatic cancer and other serious conditions, this low valuation reflects its pre-commercial stage and ongoing losses.

The Problem with Standard Ratios

For a company like AIM ImmunoTech, which is still in the research and development (R&D) phase, metrics like Price-to-Earnings (P/E) and Enterprise Value-to-EBITDA (EV/EBITDA) are not meaningful. Honestly, they just show the losses.

• Price-to-Earnings (P/E): The trailing twelve-month (TTM) P/E ratio is negative, around -0.0913. This is because the company reported a net loss of approximately $3.284 million in the third quarter of 2025 alone (preliminary). A negative P/E simply means no earnings yet.
• Price-to-Book (P/B) and EV/EBITDA: These are generally not available (n/a) or not useful for a biotech with a small asset base and negative earnings.
• EV/Sales (TTM): This is a better proxy. The EV/Sales ratio is high at 47.85. Here's the quick math: the market is valuing each dollar of the company's minimal revenue (expected Q3 2025 revenue was only about $26,000) at nearly 48 times, which is typical for a growth stock where investors are betting on future product success, not current sales.

Also, don't look for dividends; AIM ImmunoTech does not pay a dividend, which is standard for a company reinvesting all capital into clinical trials.

Stock Price Trajectory and Analyst Forecasts

The stock price trend over the last 12 months is volatile, which is a defintely a key risk in this sector. The company executed a 1-for-100 reverse stock split in June 2025. This action artificially inflates the historical price chart, so you need to be careful when looking at the 52-week range. The stock closed recently at $1.41 per share (November 14, 2025).

What this low price hides is the extreme optimism from Wall Street. Analysts see a huge disconnect between the current price and the potential value of Ampligen.

Here is a snapshot of the analyst consensus:

The consensus rating is a rare Strong Buy. The average price target of $15.00 suggests an incredible upside of over 900% from the recent closing price of $1.41. This kind of forecast is a pure bet on the successful commercialization of their drug pipeline, especially the positive mid-year update from the Phase 2 DURIPANC clinical study for pancreatic cancer. You are essentially buying a lottery ticket on the clinical trial results. To be fair, this is the nature of early-stage biotech investing.

For a deeper dive into who is making these bets, you should be Exploring AIM ImmunoTech Inc. (AIM) Investor Profile: Who's Buying and Why?

Risk Factors

You're looking at AIM ImmunoTech Inc. (AIM) and seeing the clinical promise of Ampligen, but honestly, the near-term investment decision hinges less on the drug's potential and more on the company's financial tightrope walk. The core risk is simple: liquidity and regulatory compliance.

As of the second quarter of 2025, the financial picture is strained. AIM ImmunoTech Inc. (AIM) reported a net loss of $2.8 million for Q2 2025, and their cash, cash equivalents, and marketable investments stood at just $835,000 as of June 30, 2025. This is a classic biotech challenge: a high cash burn rate (the rate at which a company spends its capital) with minimal revenue to offset it. Here's the quick math: the Q2 2025 operating expenses (R&D of $1.2 million plus G&A of $1.5 million) total $2.7 million, which is a significant drain on a sub-$1 million cash balance.

The biggest structural threat is the NYSE American's listing requirement. AIM ImmunoTech Inc. (AIM) had a stockholders' equity deficit of approximately -$3.9 million as of March 2025, which is far below the NYSE American's minimum requirement of $6.0 million for continued listing. To bridge this gap and regain compliance, they must generate an additional $9.9 million in equity by June 2026. This is a very real delisting risk.

To be fair, the company has taken clear, concrete steps to address these financial and regulatory risks, which is what you want to see from management:

• Capital Raise: They successfully closed a public equity offering in July 2025, raising $8.0 million in gross proceeds, which management projects will fund operations for approximately 12 months.
• Cost Control: General and administrative (G&A) expenses were reduced to $1.5 million in Q2 2025, down from $2.6 million in Q2 2024.
• Listing Compliance: They executed a 1-for-100 reverse stock split in June 2025 to increase the per-share price and regain compliance with NYSE American's minimum bid price requirement.

Still, the operational and external risks remain high, as is typical for a clinical-stage immuno-pharma company focused on a single lead product, Ampligen (rintatolimod). The entire investment thesis rests on the success of their clinical programs, particularly the Phase 2 DURIPANC trial in pancreatic cancer, which is a high-stakes bet.

What this estimate hides is the inherent uncertainty of the regulatory landscape (external risk) and the clinical trial process (operational risk). Positive mid-year data from the DURIPANC study is encouraging, but it doesn't guarantee the Food and Drug Administration (FDA) will approve it for commercial treatment. The company is defintely reliant on its strategic collaborations with partners like AstraZeneca and Merck to partially fund these expensive trials, which helps mitigate some of the R&D cost pressure.

Here's a snapshot of the key financial risks and mitigation strategies based on 2025 data:

For a deeper dive into the long-term vision that drives these high-risk clinical bets, you should review the company's stated goals: Mission Statement, Vision, & Core Values of AIM ImmunoTech Inc. (AIM).

Growth Opportunities

You're looking at AIM ImmunoTech Inc. (AIM) because you see the potential in their lead drug, Ampligen (rintatolimod), but you need to know if the financial runway supports the clinical promise. The near-term view is challenging, but the company's growth is entirely tied to its clinical pipeline, specifically the data from its key partnerships.

The core growth driver is the advancement of Ampligen, a double-stranded RNA (dsRNA) and highly selective Toll-like Receptor 3 (TLR3) agonist. This first-in-class investigational drug is being positioned as a broad-spectrum immunotherapy (a treatment that uses the body's own immune system to fight disease). The company's strategic focus for 2025 centers on three high-value areas, which is a smart way to manage a tight budget.

• Pancreatic Cancer: The Phase 2 DURIPANC trial in collaboration with AstraZeneca is key. Mid-year 2025 data showed promising signs of superior Progression-Free Survival (PFS) and Overall Survival (OS) when Ampligen is combined with AstraZeneca's Imfinzi (durvalumab). That's a major signal in a notoriously difficult-to-treat cancer.
• ME/CFS and Post-COVID Conditions: AIM is expanding research here, capitalizing on its early work connecting post-viral conditions to Myalgic Encephalomyelitis/Chronic Fatigue Syndrome (ME/CFS). A recent European patent grant in October 2025 for Ampligen in treating post-COVID fatigue could be a significant, though long-term, asset.
• Antiviral Development: The company is also developing Ampligen as a vaccine adjuvant-a substance that enhances the body's immune response to a vaccine-for the growing threat of bird flu.

Here's the quick math on the financial side: AIM is a clinical-stage company, so revenue is minimal and losses are the norm. For the nine months ended September 30, 2025, preliminary revenues are expected to be approximately $67,000, a decrease from the prior year. The net loss for the same period is expected to narrow to roughly $9,783,000, compared to about $11,353,000 in 2024. You are defintely investing in a high-risk, high-reward proposition.

The analyst consensus reflects this binary risk. While some analysts have a 'Strong Buy' rating, the forecast is for the company to remain unprofitable over the next three years, with revenue expected to decline at -67.9% per year. The good news is that a public equity offering in July 2025 raised $8.0 million in gross proceeds, which management expects will fund operations for about 12 months. This gives them a clear operational runway for the near-term milestones.

What this estimate hides is that a single positive Phase 2 readout in pancreatic cancer could completely re-rate the stock, making the current revenue decline irrelevant. The key competitive advantage is Ampligen's unique mechanism of action as a TLR3 agonist, which has shown synergy with checkpoint inhibitors (a type of immunotherapy) in cancer, a concept further solidified by a Japanese patent secured through 2039.

For a deeper dive into who is betting on these milestones, you should check out Exploring AIM ImmunoTech Inc. (AIM) Investor Profile: Who's Buying and Why?

The table below summarizes the critical 2025 financial data and projections you need to keep in mind.

Your next step is to monitor the news flow from the DURIPANC trial and any updates on the bird flu adjuvant program; those are the catalysts that will drive the stock, not the current revenue numbers.