AIM ImmunoTech Inc. reported a net loss of $3.3 million for the July‑September quarter, a modest improvement from the $3.7 million loss recorded in the same period last year. Revenue fell to $26,000, down 26 % from $35,000 in Q3 2024, reflecting the limited commercial activity of its investigational product Ampligen. Operating cash flow was negative $5.07 million, and the company’s working‑capital deficit widened to $9.37 million, underscoring a tightening liquidity position. With a monthly cash burn of roughly $550,000 and only $2.4 million in cash on hand, the company’s runway is constrained to a few months without additional financing.
The year‑over‑year comparison highlights a mixed picture. While the loss narrowed, revenue contraction and a deeper working‑capital deficit signal that cost containment has not offset the decline in commercial revenue. The negative operating cash flow, larger than the $3.89 million reported in the original article, indicates that operating expenses are outpacing the modest revenue stream. The widening deficit—from $8.5 million at the end of 2024 to $9.37 million now—shows that liabilities are growing faster than assets, a red flag for liquidity and potential delisting risk.
On the clinical front, AIM’s management emphasized positive mid‑year safety and efficacy data from the DURIPANC trial, which combines Ampligen with AstraZeneca’s Imfinzi for metastatic pancreatic cancer. CEO Thomas K. Equels said the data “provides a foundation for moving Ampligen toward FDA approval as part of a combination therapy.” The company also highlighted progress in manufacturing efficiencies and the filing of new patents for Long COVID and Ampligen‑checkpoint inhibitor combinations. However, AIM has suspended other oncology trials and focused resources on its lead indication, reflecting a strategic shift to conserve capital.
Financially, the company has issued a 1‑for‑100 reverse stock split in June 2025 to meet NYSE American’s minimum price rule and has filed a “going concern” warning in its 10‑Q. The combination of a $6.1 million equity deficit, a $9.37 million working‑capital shortfall, and a monthly burn of $550,000 places AIM in a precarious position; the company must secure additional funding or achieve regulatory milestones to avoid a potential delisting. Management’s focus on cost control and manufacturing efficiencies is a short‑term mitigation, but the long‑term viability hinges on Ampligen’s clinical success.
Looking ahead, AIM plans to release a year‑end update on the DURIPANC trial by the end of the quarter. While the company remains optimistic about regulatory approval, the liquidity crunch remains a critical risk. Investors and stakeholders will watch for any new financing activity or a breakthrough in the clinical data that could extend the company’s runway and restore confidence in its commercial prospects.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.