AIM ImmunoTech Narrows Losses Amid Revenue Dip, Delisting Scare

TL;DR

**AIM ImmunoTech is a high-risk bet, with a 'going concern' warning and minimal revenue, despite a temporary stock market reprieve.**

AI Summary

AIM ImmunoTech Inc. reported a net loss of $3.284 million for the three months ended September 30, 2025, a decrease from the $3.700 million net loss in the same period of 2024. For the nine months ended September 30, 2025, the net loss was $9.783 million, an improvement from $11.353 million in 2024. Total revenues decreased to $26,000 for the three months ended September 30, 2025, from $35,000 in 2024, and to $67,000 for the nine months ended September 30, 2025, from $125,000 in 2024. Research and development expenses significantly decreased to $607,000 in Q3 2025 from $1.437 million in Q3 2024, and general and administrative expenses also fell to $1.798 million from $3.079 million. The company's cash and cash equivalents increased to $2.347 million as of September 30, 2025, from $1.701 million at December 31, 2024, primarily due to $7.669 million in financing activities. A significant event was the forgiveness of $3.041 million in legal fees during Q3 2025, recorded as 'other income'. The company faces substantial doubt about its ability to continue as a going concern due to a stockholders' deficit of ($6.077 million) as of September 30, 2025, and a prior delisting notice from the NYSE American, which was resolved by a 1-for-100 reverse stock split on June 10, 2025.

Why It Matters

AIM ImmunoTech's continued net losses and 'going concern' warning signal high risk for investors, despite a reduction in R&D and G&A expenses. The successful reverse stock split and subsequent relisting on the NYSE American provided a temporary reprieve, but the underlying financial instability, evidenced by a $6.077 million stockholders' deficit, remains a critical concern. The company's ability to fund its clinical trials for Ampligen, particularly for pancreatic cancer, is paramount for future growth and competitive positioning against larger pharmaceutical players. Employees and customers face uncertainty regarding the long-term viability of the company and its product pipeline if capital cannot be secured.

Risk Assessment

Risk Level: high — The company explicitly states 'substantial doubt regarding the Company's ability to continue as a going concern' due to incurred losses, net cash used in operating activities, and a working capital deficit. As of September 30, 2025, its stockholders' deficit was approximately ($6.077 million), significantly below the NYSE American's $6.000 million requirement, although a reverse stock split helped regain compliance with a low selling price rule.

Analyst Insight

Investors should exercise extreme caution and consider this a highly speculative investment. Monitor the company's progress on its 'Plan' to regain NYSE American compliance and its ability to secure significant additional financing, as its current cash position and revenue are insufficient to sustain operations long-term.

Financial Highlights

debt To Equity

N/A

revenue

$26,000

operating Margin

N/A

total Assets

$5,494,000

total Debt

$11,571,000

net Income

-$3,284,000

eps

-$1.57

gross Margin

N/A

cash Position

$2,347,000

revenue Growth

-25.7%

Revenue Breakdown

Key Numbers

• $26,000 — Total Revenues (Q3 2025) (Decreased from $35,000 in Q3 2024)
• $67,000 — Total Revenues (YTD Q3 2025) (Decreased from $125,000 in YTD Q3 2024)
• $3.284 million — Net Loss (Q3 2025) (Improved from $3.700 million in Q3 2024)
• $9.783 million — Net Loss (YTD Q3 2025) (Improved from $11.353 million in YTD Q3 2024)
• $607,000 — Research and Development (Q3 2025) (Decreased from $1.437 million in Q3 2024)
• $1.798 million — General and Administrative (Q3 2025) (Decreased from $3.079 million in Q3 2024)
• $2.347 million — Cash and Cash Equivalents (Sept 30, 2025) (Increased from $1.701 million at Dec 31, 2024)
• $7.669 million — Net Cash Provided by Financing Activities (YTD Q3 2025) (Significant source of liquidity)
• ($6.077 million) — Stockholders' Deficit (Sept 30, 2025) (Below NYSE American minimum requirement of $6.000 million)
• $3.041 million — Legal Fees Forgiven (Q3 2025) (Recorded as 'other income')

Key Players & Entities

• AIM ImmunoTech Inc. (company) — immuno-pharma company headquartered in Ocala, Florida
• Ampligen (product) — flagship double-stranded RNA molecule
• Alferon N Injection (product) — flagship Interferon alfa product
• FDA (regulator) — U.S. Food and Drug Administration
• NYSE American (regulator) — stock exchange where AIM is listed
• AstraZeneca (company) — partner in vaccine adjuvant evaluation
• FluMist (product) — AstraZeneca's intranasal vaccine for influenza
• SEC (regulator) — Securities and Exchange Commission
• FASB (regulator) — Financial Accounting Standards Board
• Ocala, Florida (location) — company headquarters

FAQ

Risk Factors

• Going Concern Uncertainty [high — financial]: The company has a stockholders' deficit of ($6.077 million) as of September 30, 2025, which is below the NYSE American minimum requirement of $6.000 million. This, combined with a history of net losses and limited revenue, raises substantial doubt about its ability to continue as a going concern.
• NYSE American Listing Compliance [high — regulatory]: The company received a delisting notice from the NYSE American due to not meeting the minimum stockholders' equity requirement. While a 1-for-100 reverse stock split on June 10, 2025, was intended to resolve this, continued non-compliance could lead to delisting, impacting liquidity and investor confidence.
• Declining Revenue and High Burn Rate [high — financial]: Total revenues for Q3 2025 were $26,000, a decrease from $35,000 in Q3 2024. For the nine months ended September 30, 2025, revenues were $67,000, down from $125,000 in the prior year. The company continues to incur significant operating losses, with a net loss of $9.783 million for the nine months ended September 30, 2025.
• Dependence on Financing Activities [medium — operational]: The company's cash position increased to $2.347 million as of September 30, 2025, primarily due to $7.669 million in net cash provided by financing activities. This highlights a significant reliance on external funding to sustain operations, which may not be consistently available.
• Warrant Liability and Fair Value Changes [medium — legal]: The company recorded a significant warrant liability of $7.302 million as of September 30, 2025, and a loss on issuance of warrants of $3.977 million for the nine months ended September 30, 2025. Changes in the fair value of these warrants also impacted financial results.
• Reduced R&D Spending [medium — operational]: Research and development expenses decreased significantly to $607,000 in Q3 2025 from $1.437 million in Q3 2024. While this reduced the net loss, it could indicate a slowdown in product development or pipeline progression.

Industry Context

AIM ImmunoTech operates in the highly competitive and capital-intensive biopharmaceutical sector, focusing on immuno-oncology and antiviral therapies. The industry is characterized by long development cycles, significant R&D investment, and stringent regulatory hurdles. Success often depends on clinical trial outcomes, intellectual property protection, and the ability to secure substantial funding for development and commercialization.

Regulatory Implications

The company faces significant regulatory scrutiny, particularly concerning its listing status on the NYSE American due to its stockholders' deficit. Failure to maintain compliance could lead to delisting, severely impacting liquidity and investor confidence. Ongoing clinical development also requires adherence to FDA and other global regulatory body guidelines.

What Investors Should Do

1. Monitor cash burn and financing activities closely.
2. Evaluate the impact of reduced R&D spending.
3. Assess the sustainability of the current cash position.
4. Consider the implications of the warrant liability.
5. Watch for updates on NYSE American compliance.

Key Dates

• 2025-09-30: Quarterly Report for period ending September 30, 2025 filed — Reveals continued net losses, declining revenues, but improved cash position due to financing and a significant one-time gain from legal fee forgiveness.
• 2025-06-10: 1-for-100 reverse stock split — Executed to regain compliance with NYSE American minimum stockholders' equity requirements, addressing a prior delisting notice.
• 2025-03-31: First quarter report filed — Showcased initial progress in reducing net loss and operating expenses compared to the previous year.
• 2024-12-31: Year-end financial statements filed — Established the baseline for the current year's financial performance, including a stockholders' deficit.

Glossary

Stockholders' Deficit

A negative stockholders' equity, meaning the company's liabilities exceed its assets. (Indicates a precarious financial position and is a key factor in the going concern assessment and NYSE listing compliance.)

Going Concern

An assumption that a company will continue to operate for the foreseeable future. If substantial doubt exists, it must be disclosed. (The company's financial situation raises substantial doubt about its ability to continue operating without further financing or restructuring.)

Reverse Stock Split

A corporate action to reduce the number of outstanding shares of stock, typically to increase the share price. (AIM executed a 1-for-100 reverse split to meet NYSE American listing requirements.)

Warrant Liability

A financial liability representing the fair value of warrants issued by the company that are subject to revaluation. (A significant warrant liability of $7.302 million was recorded, impacting the balance sheet and potentially future dilution.)

Other Income

Revenue or gains not derived from the company's primary business operations. (Included a $3.041 million non-cash gain from the forgiveness of legal fees, which temporarily boosted net income.)

Year-Over-Year Comparison

Compared to the prior year's comparable periods, AIM ImmunoTech Inc. has seen a significant reduction in both revenue and expenses. Total revenues for the nine months ended September 30, 2025, decreased to $67,000 from $125,000 in 2024, while net losses improved to $9.783 million from $11.353 million, largely due to substantial cuts in R&D and G&A expenses. The company's cash position has improved, driven by significant financing activities, but it continues to operate with a stockholders' deficit, highlighting ongoing financial challenges.

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share AIM NYSE American Indic

Filing Documents

• form10-q.htm (10-Q) — 1503KB
• ex10-3.htm (EX-10.3) — 12KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• ex10-3_001.jpg (GRAPHIC) — 16KB
• 0001493152-25-023894.txt ( ) — 7326KB
• aimi-20250930.xsd (EX-101.SCH) — 52KB
• aimi-20250930_cal.xml (EX-101.CAL) — 59KB
• aimi-20250930_def.xml (EX-101.DEF) — 236KB
• aimi-20250930_lab.xml (EX-101.LAB) — 399KB
• aimi-20250930_pre.xml (EX-101.PRE) — 318KB
• form10-q_htm.xml (XML) — 1266KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2025 Commission File Number: 001-27072 AIM IMMUNOTECH INC. (Exact name of registrant as specified in its charter) Delaware 52-0845822 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 2117 SW Highway 484 , Ocala FL 34473 (Address of principal executive offices) (Zip Code) (352) 448-7797 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common Stock, par value $0.001 per share AIM NYSE American Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit and post such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No 2,853,114 shares of common stock were outstanding, and no shares of series B preferred stock were outstanding as of November 14, 2025. PART I- FINANCIAL INFORMATION ITEM 1 : Financial Statements AIM IMMUNOTECH INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except for share and per share amounts) (Unaudited September 30, 2025 and Audited December 31, 2024) September 30, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 2,347 $ 1,701 Marketable securities 62 2,276 Prepaid expenses and other current assets 166 199 Total current assets 2,575 4,176 Property and equipment, net 80 108 Right of use asset, net 436 618 Patent and trademark rights, net 2,041 2,594 Other assets 362 1,112 Total assets $ 5,494 $ 8,608 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,252 $ 6,383 Accrued expenses 679 606 Current portion of operating lease liability 232 239 Current portion of note payable, net 1,880 2,307 Total current liabilities 4,043 9,535 Long-term liabilities: Operating lease liability 226 395 Warrant liability 7,302 — Total liabilities 11,571 9,930 Commitments and contingencies (Note 10 and 11) - - Stockholders' deficit: Series A Junior Participating Preferred Stock, $ 0.001 par value, 4,000,000 and 250,000 shares authorized as of September 30, 2025, and December 31, 2024, respectively; issued and outstanding – none — — Series B Convertible Preferred Stock, stated value $ 1,000 per share, 10,000 shares authorized; as of September 30, 2025, and December 31, 2024, respectively; issued and outstanding – none — — Preferred Stock, Value — — Common Stock, $ 0.001 par value, authorized shares - 350,000,000 ; issued and outstanding shares 2,764,188 and 655,263 as of September 30, 2025 and December 31, 2024, respectively 3 1 Additional paid-in capital 430,531 425,505 Accumulated deficit ( 436,611 ) ( 426,828 ) Total stockholders' equity ( 6,077 ) ( 1,322 ) Total liabilities and stockholders' equity $ 5,494 $ 8,608 See accompanying notes to consolidated financial statements. 2 AIM IMMUNOTECH INC. AND SUBSIDIARIES Consolidated (in thousands, except share and per share data) (Unaudited) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Revenues: Clinical treatment programs - US $ 26 $ 35 $ 67 $ 125 Total Revenues 26 35 67 125 Costs and Expenses:

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View this 10-Q filing on SEC EDGAR