Ainos, Inc. Reports 83% Revenue Decline, Shifts Focus to VELDONA Product Line

Ainos, Inc. reported a significant decline in revenue for the fiscal year ending December 31, 2024, generating $20,729 compared to $122,112 in 2023, marking an 83% decrease. This drop was primarily attributed to a reduction in sales of COVID-19 antigen rapid test kits, which were previously a major revenue source. The company also reported a gross loss of $31,866 for 2024, a substantial improvement from the $253,733 loss in the prior year, largely due to decreased costs associated with the lower sales volume of these kits. Operating losses increased slightly to $13,841,204 from $13,206,396 in 2023, reflecting ongoing investments in research and development (R&D) and operational expenses.

In terms of strategic developments, Ainos has shifted its focus from COVID-19 testing to the commercialization of its VELDONA product line, which includes pet supplements and therapeutics for human health. The company has initiated clinical studies for VELDONA treatments targeting HIV-related oral warts and Sjögren’s syndrome, with plans to conduct these studies in Taiwan in 2025. Additionally, Ainos has signed a Memorandum of Understanding with Taiwan Tanabe Seiyaku Co., Ltd. to explore manufacturing and marketing partnerships for its Sjögren’s syndrome drug.

Operationally, Ainos has made strides in expanding its product pipeline and enhancing its technological capabilities. The company is advancing its VOC (volatile organic compound) point-of-care testing (POCT) solutions, including Ainos Flora, which is designed for at-home testing. Ainos has also reported progress in its collaboration with Nisshinbo Micro Devices Inc. and Taiwan Inabata Sangyo Co. to develop a VOC sensing platform, achieving key milestones in accuracy and application for industrial use. As of December 31, 2024, Ainos had 44 full-time employees, with plans to expand its workforce to support its growth strategy.

Despite these developments, Ainos continues to face challenges, including a cumulative loss of $52,749,316 as of the end of 2024. The company reported cash and cash equivalents of $3,892,919, which it anticipates will fund operations in the short term. However, Ainos acknowledges the need for additional capital to support ongoing R&D and commercialization efforts. The company has entered into financing agreements, including a $9 million convertible note, to bolster its liquidity. Looking ahead, Ainos aims to leverage its technological advancements and strategic partnerships to enhance its market position and drive future growth, although it remains cautious about the uncertainties inherent in product development and regulatory approval processes.