AIM ImmunoTech Inc. reported a net loss of approximately $17.3 million for the fiscal year ending December 31, 2024, a significant decrease of 40% compared to a net loss of $29 million in 2023. This improvement was attributed to reduced general and administrative expenses, which fell by $7.4 million, and a decrease in research and development costs by $4.7 million. The company’s revenues from its Ampligen Cost Recovery Program were $170,000, down from $202,000 in the previous year, primarily due to fluctuations in patient participation. AIM's stockholders’ equity was reported at a deficit of $1.3 million, raising concerns about its ability to continue as a going concern.
In terms of operational developments, AIM ImmunoTech has been focusing on the clinical development of its lead product, Ampligen (rintatolimod), which is being evaluated for various conditions, including pancreatic cancer and chronic fatigue syndrome (CFS). The company has engaged Amarex Clinical Research to assist with the management of clinical trials and has received approval for a Phase 2 study of Ampligen in combination with AstraZeneca’s Imfinzi for late-stage pancreatic cancer. AIM is also exploring Ampligen's potential as a treatment for post-COVID conditions and has initiated a Phase 2 study for this indication.
The company has made strategic moves to enhance its financial position, including entering into a purchase agreement with Atlas Sciences, allowing for the potential sale of up to $15 million in common stock over a 24-month period. This agreement is part of AIM's broader strategy to secure funding necessary for ongoing operations and clinical trials. However, AIM's ability to regain compliance with the NYSE American's listing requirements remains uncertain, as it must increase its stockholders’ equity to at least $6 million by June 2026 to avoid delisting.
As of December 31, 2024, AIM ImmunoTech had approximately $4 million in cash and cash equivalents, a decrease from the previous year. The company is actively negotiating with vendors to reduce outstanding accounts payable, which could help alleviate its working capital deficit. AIM's workforce consisted of 21 full-time and two part-time employees, with a focus on research, development, and regulatory functions. The company continues to face challenges in securing additional funding and achieving regulatory approvals for its products, which are critical for its long-term viability and growth.
About AIM ImmunoTech Inc.
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