Here are 1-2 brief analogies for AIM ImmunoTech:

• Imagine Moderna before its COVID vaccine breakthrough, but developing immune-modulating drugs for chronic fatigue and cancer.
• An early-stage Vertex Pharmaceuticals, but focused on immune system disorders like ME/CFS and certain cancers with its lead drug candidate.

• Ampligen (rintatolimod): An experimental immune modulator and Toll-like receptor 3 (TLR3) agonist that is AIM ImmunoTech's lead drug candidate, primarily being developed for the treatment of various cancers (including pancreatic cancer) and diseases like Long COVID.

AIM ImmunoTech (symbol: AIM) is a clinical-stage immuno-oncology company focused on the research and development of novel immunotherapies. As such, the company does not currently have "major customers" in the traditional sense of generating substantial revenue from product sales to either other companies or individuals.

The company's primary product candidate, rintatolimab (trade name Ampligen), is currently in clinical trials for various indications. While Ampligen has received limited approval for severe Chronic Fatigue Syndrome (ME/CFS) in Argentina and is available through compassionate use programs in other regions, the commercial sales associated with these activities are minimal and do not constitute a primary revenue stream for AIM ImmunoTech.

Therefore, AIM ImmunoTech does not "primarily sell" to other companies or individuals in a way that generates significant commercial revenue. However, for its extremely limited product sales and distribution activities, the company engages with other companies. These would typically include:

• Distributors: Companies responsible for importing and distributing Ampligen within a specific region (e.g., in Argentina), which then supply healthcare providers or pharmacies. Due to the very limited sales volume and regional nature, specific names of major, publicly traded distributors are not identified by AIM ImmunoTech as significant customers.
• Healthcare Institutions/Providers: In some cases, direct sales might occur to hospitals or specialized clinics participating in compassionate use programs or for specific patient needs, although this is less common for a clinical-stage company managing a global supply chain. These are typically not large, publicly traded entities that would be considered "major customers" of AIM.

It is crucial to reiterate that these entities are not "major customers" for AIM ImmunoTech, as the revenue generated from these limited sales is not significant to the company's overall financial health. The company's financial success is predominantly tied to its research and development milestones, successful clinical trials, and securing future partnerships or regulatory approvals, rather than current commercial product sales.

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Thomas K. Equels, M.S., J.D. Chief Executive Officer, President & Executive Vice Chairman

Thomas K. Equels has served as the Chief Executive Officer of AIM ImmunoTech Inc. since February 2016, and as a Director on the company's Board of Directors since 2008. He previously held roles within the company as Secretary from 2008 to 2016, General Counsel from 2010 to 2016, and Chief Financial Officer from December 2013 to February 2016. Before joining AIM ImmunoTech, Mr. Equels was the President and Managing Director of the Equels Law Firm in Miami, Florida, where for over 25 years he represented national governments, state governments, and private companies. He also frequently served as a court-appointed receiver tasked with turning around distressed companies.

Robert Dickey IV Chief Financial Officer

Robert Dickey IV brings over 25 years of C-suite financial leadership experience to life science and medical device companies, encompassing both private and public entities. His experience spans from preclinical development to commercial operations across various disease areas and medical technologies.

Peter W. Rodino III, J.D. Chief Operating Officer, Executive Director for Governmental Relations, General Counsel, Secretary

Peter W. Rodino III was appointed Executive Director for Governmental Relations and General Counsel in October 2016, and Secretary in November 2016. He previously served as a Director of the company from July 2013 until his resignation to assume his current executive roles. Mr. Rodino possesses extensive legal, financial, and executive experience. His past roles include serving as President of Rodino Consulting LLC and a managing partner at several law firms. Notably, he was also the Chairman and CEO of Crossroads Health Plan, New Jersey's first major Health Maintenance Organization. Additionally, he has experience as an investment executive in the securities industry and has acted as a trustee in numerous complex Chapter 11 corporate reorganizations.

William M. Mitchell, M.D., Ph.D. Chairman of the Board

Dr. William M. Mitchell was appointed Chairman of the Board in February 2016, having served as a Director since July 1998. He is a Professor of Pathology, Microbiology & Immunology at Vanderbilt University School of Medicine and is a board-certified physician. Dr. Mitchell is the inventor or co-inventor of 14 issued U.S. patents. He also served as an independent director of Chronix Biomedical, a genetics-based cancer diagnostic company, until its acquisition by OncoCyte in 2021.

Charles Lapp, M.D. Managing Research Programs (ME/CFS and Long COVID)

Dr. Charles Lapp manages AIM ImmunoTech’s research programs focused on ME/CFS and Long COVID, including the development of protocols and new clinical trials. Prior to joining the company, Dr. Lapp played a crucial role in AIM's long-standing AMP-511 Expanded Access Program for the treatment of ME/CFS and Long COVID, where he founded one of the program's key clinical trial sites, the Hunter-Hopkins Center in Charlotte, North Carolina.

• Slower than anticipated patient enrollment in the pivotal Phase 2/3 AMP-279 clinical trial for metastatic melanoma, potentially delaying the timeline for critical data readout, increasing development costs, and postponing potential market entry.
• Inability to secure funding for the planned Phase 2 AMP-518 clinical trial for Long COVID, which could prevent the company from advancing a key pipeline diversification effort and allow competitors to establish market leadership in this emerging therapeutic area.

Addressable Markets for AIM ImmunoTech's Main Products or Services:

• Ampligen (rintatolimod) for Pancreatic Cancer: The global market for pancreatic cancer is projected to grow from $2.72 billion in 2025 to $13.01 billion by 2037.
• Ampligen (rintatolimod) for Chronic Fatigue Syndrome (CFS)/Myalgic Encephalomyelitis (ME/CFS): The global chronic fatigue syndrome treatment market advanced from USD 67.93 billion in 2024 to USD 75.75 billion in 2025 and is projected to reach USD 159.42 billion by 2032, demonstrating a compound annual growth rate (CAGR) of 11.25%. North America dominates this market. Another estimate values the global chronic fatigue syndrome market at USD 13.86 billion in 2025, expected to reach USD 20.03 billion by 2032, growing at a CAGR of 5.4% from 2025 to 2032.
• Ampligen (rintatolimod) for Long COVID (Post-COVID conditions of fatigue): A study indicated a 15-fold increase in ME/CFS incidence post-COVID infection, significantly expanding the potential market for Ampligen. There is a lack of approved treatments for Long COVID, creating a significant market opportunity.
• Alferon N Injection (Interferon alfa) for Genital Warts: null
• Ampligen (rintatolimod) for other cancer types (renal cell carcinoma, malignant melanoma, non-small cell lung, ovarian, breast, colorectal, and prostate cancers), Hepatitis B, HIV: null

• Advancement and potential approval of Ampligen for pancreatic cancer: AIM ImmunoTech has a stated primary focus on advancing Ampligen through clinical trials for the treatment of pancreatic cancer, with the ultimate goal of achieving drug approval. The company has reported positive safety results in the DURIPANC study combining Ampligen with Imfinzi for late-stage metastatic pancreatic cancer, and believes that establishing a clear path to registration in this high-value indication will unlock significant potential.
• Expansion into other oncology indications: Beyond pancreatic cancer, Ampligen is also being developed for the potential treatment of other cancers, including recurrent ovarian cancer (where interim data showed a 45% objective response rate in a study combining Ampligen with Keytruda), renal cell carcinoma, malignant melanoma, non-small cell lung, breast, colorectal, and prostate cancers. Continued progress and potential commercialization in these areas could contribute to future revenue.
• Development and commercialization for Long COVID: AIM ImmunoTech has secured a European patent for compositions containing Ampligen for the treatment of Long COVID. This strengthens their intellectual property portfolio and provides additional validation of Ampligen's potential as a broad-spectrum immunotherapy. Successful clinical trials (such as the AMP-518 Phase 2 study which reported positive topline results regarding a reduction in post-COVID fatigue) and subsequent commercialization in Europe or other markets for Long COVID could represent a new revenue stream.
• Strategic Partnerships and Collaborations: The company is actively facilitating potential partnerships, including with big pharma, to advance its clinical strategy and leverage commercialization opportunities. Collaborations, such as those with AstraZeneca (for pancreatic cancer) and Merck (for advanced ovarian cancer), which partially fund some trials, are crucial for accelerating development and future market access, thereby driving revenue growth through licensing agreements, milestone payments, or co-commercialization efforts.
• New indications and intellectual property expansion: AIM ImmunoTech continues to explore and secure patents for Ampligen in additional indications, such as a U.S. patent for the treatment of endometriosis and plans to conduct a clinical study combining Ampligen with AstraZeneca's FluMist as an intranasal vaccine for influenza, including avian influenza. While these may be longer-term drivers, successful development and commercialization in these newer areas would diversify and expand future revenue sources.

Share Repurchases

No information available regarding share repurchases made or authorized by AIM ImmunoTech within the last 3-5 years.

Share Issuance

• In July 2025, AIM ImmunoTech completed a public offering of 2,000,000 shares of common stock and accompanying warrants, raising approximately $8.0 million in gross proceeds.
• In October 2025, the company launched an at-the-market (ATM) offering to sell up to $2,288,760 of common stock.
• A 1-for-100 reverse stock split was effected on June 12, 2025, to increase the per-share market price and regain compliance with NYSE American's listing qualifications.

Inbound Investments

• The primary form of inbound investment has been through public offerings, such as the $8.0 million raised in July 2025 through the issuance of common stock and warrants.
• An at-the-market offering was initiated in October 2025 to raise up to $2,288,760 in capital.

Outbound Investments

No information available regarding significant outbound investments made by AIM ImmunoTech within the last 3-5 years.

Capital Expenditures

• Capital expenditures for AIM ImmunoTech were reported as -$18,000 in the last 12 months leading up to June 2025.
• Annual capital expenditures were approximately -$0.02 million for fiscal year 2024, none for 2023, and -$0.09 million for 2022.
• The company is focused on optimizing its manufacturing process, which is anticipated to result in $2 million in savings and reduced per-batch production costs.