AIM ImmunoTech Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing a decline in total revenues and a significant reduction in losses compared to the same periods in 2023. For the third quarter of 2024, total revenues were $35,000, down from $46,000 in Q3 2023. For the nine-month period, revenues decreased to $125,000 from $137,000 in the prior year.
Total costs and expenses for Q3 2024 were $4,524,000, a notable decrease from $8,203,000 in Q3 2023. For the nine months, costs fell to $14,042,000 from $18,049,000. The operating loss for Q3 2024 was $(4,489,000), down from $(8,157,000) in Q3 2023, while the nine-month operating loss improved to $(13,917,000) from $(17,912,000). The net loss for Q3 2024 was $(3,700,000), a reduction from $(7,816,000) in the same quarter of 2023, and for the nine months, the net loss decreased to $(11,353,000) from $(16,386,000).
The company’s basic and diluted loss per share improved to $(0.06) for Q3 2024 from $(0.16) in Q3 2023, and for the nine months, it decreased to $(0.21) from $(0.34).
AIM ImmunoTech's balance sheet showed a significant change in stockholders' equity, which fell to $2,912 as of September 30, 2024, from $10,234 at the end of 2023. The company reported a working capital deficit, primarily attributed to accounts payable negotiations. As of September 30, 2024, the company had cash and cash equivalents totaling $915,000, down from $15,264,000 a year earlier.
In terms of strategic developments, AIM ImmunoTech has been focusing on its flagship product, Ampligen, which is currently in clinical trials for various conditions, including pancreatic cancer and post-COVID fatigue. The company has also entered into several financing agreements, including a $2.5 million unsecured promissory note and an equity distribution agreement to raise additional funds.
Research and development expenses for Q3 2024 were $1,437,000, significantly lower than the $2,733,000 reported in Q3 2023. General and administrative expenses also decreased to $3,079,000 from $5,439,000 in the prior year, reflecting cost-cutting measures.
Overall, AIM ImmunoTech's financial performance indicates a strategic shift towards reducing losses while continuing to advance its clinical programs, despite facing challenges in revenue generation and maintaining stockholder equity.
About AIM ImmunoTech Inc.
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