AIM ImmunoTech (AIM)
Market Price (8/7/2026): $0.2699 | Market Cap: $1.2 MilSector: Health Care | Industry: Biotechnology
AIM ImmunoTech (AIM)
Market Price (8/7/2026): $0.2699Market Cap: $1.2 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -111% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -39% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. | Weak multi-year price returns2Y Excs Rtn is -66%, 3Y Excs Rtn is -126% | Penny stockMkt Price is 0.3 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -10 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -10927% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -36%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -12% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -12037%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12417% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -1134% High stock price volatilityVol 12M is 203% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 35% Key risksAIM key risks include [1] significant financial viability challenges that create 'going concern' and stock delisting threats, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -111% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -39% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -66%, 3Y Excs Rtn is -126% |
| Penny stockMkt Price is 0.3 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -10 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -10927% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -36%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -12% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -12037%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12417% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -1134% |
| High stock price volatilityVol 12M is 203% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 35% |
| Key risksAIM key risks include [1] significant financial viability challenges that create 'going concern' and stock delisting threats, Show more. |
Qualitative Assessment
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AIM ImmunoTech (AIM) stock has lost about 50% since 4/30/2026 because of the following key factors:
1. AIM ImmunoTech reported a significant earnings miss for its fiscal Q1 2026, which ended March 31, 2026. The company reported an earnings per share (EPS) of -$0.57, substantially missing the consensus estimate of -$0.3737 by 52.53%, with no revenue generated during the quarter. This announcement, made around June 3, 2026, led to an 11.46% decline in shares in the subsequent trading session, reflecting investor disappointment with the wider-than-expected loss and ongoing lack of revenue.
2. The company engaged in multiple dilutive financing activities to raise capital. Between May and June 2026, AIM ImmunoTech undertook several offerings and warrant exercises. This included a warrant exercise inducement offer on May 7, 2026, yielding approximately $3.5 million, and subsequent issuances of common stock and warrants on May 21, 2026, for about $2.4 million. A $2.65 million registered direct offering and private placement was announced on June 9, 2026, followed by further issuances on June 10, 2026, generating approximately $2.6 million. These repeated equity raises, along with shareholder approval on July 16, 2026, for potential future issuances and a reverse stock split, indicated persistent capital needs and led to significant share dilution, contributing to a -35% stock plummet on May 7, 2026, and a -22.34% drop on June 9, 2026.
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AIM ImmunoTech (AIM) stock has lost about 50% since 4/30/2026 because of the following key factors:
1. AIM ImmunoTech reported a significant earnings miss for its fiscal Q1 2026, which ended March 31, 2026. The company reported an earnings per share (EPS) of -$0.57, substantially missing the consensus estimate of -$0.3737 by 52.53%, with no revenue generated during the quarter. This announcement, made around June 3, 2026, led to an 11.46% decline in shares in the subsequent trading session, reflecting investor disappointment with the wider-than-expected loss and ongoing lack of revenue.
2. The company engaged in multiple dilutive financing activities to raise capital. Between May and June 2026, AIM ImmunoTech undertook several offerings and warrant exercises. This included a warrant exercise inducement offer on May 7, 2026, yielding approximately $3.5 million, and subsequent issuances of common stock and warrants on May 21, 2026, for about $2.4 million. A $2.65 million registered direct offering and private placement was announced on June 9, 2026, followed by further issuances on June 10, 2026, generating approximately $2.6 million. These repeated equity raises, along with shareholder approval on July 16, 2026, for potential future issuances and a reverse stock split, indicated persistent capital needs and led to significant share dilution, contributing to a -35% stock plummet on May 7, 2026, and a -22.34% drop on June 9, 2026.
3. Underlying financial instability concerns persisted, highlighted by a "going concern" emphasis and prior NYSE American non-compliance. While not directly within the specified period, the company's audited financial statements for the fiscal year ended December 31, 2025, contained an audit report with a "going concern emphasis of matter," indicating significant doubt about its ability to continue as a going concern. Furthermore, AIM ImmunoTech only regained compliance with NYSE American's continued listing standards related to stockholders' equity on June 15, 2026, implying a period of non-compliance that would have created substantial investor uncertainty and pressure on the stock price due to concerns over its financial viability.
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Stock Movement Drivers
Fundamental Drivers
The -47.8% change in AIM stock from 4/30/2026 to 8/6/2026 was primarily driven by a -30.8% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8062026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.52 | 0.27 | -47.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 6.8% |
| P/S Multiple | 18.1 | 12.5 | -30.8% |
| Shares Outstanding (Mil) | 3 | 4 | -29.4% |
| Cumulative Contribution | -47.8% |
Market Drivers
4/30/2026 to 8/6/2026| Return | Correlation | |
|---|---|---|
| AIM | -47.8% | |
| Market (SPY) | 6.9% | -3.1% |
| Sector (XLV) | 12.6% | -12.7% |
Fundamental Drivers
The -76.5% change in AIM stock from 1/31/2026 to 8/6/2026 was primarily driven by a -51.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 1312026 | 8062026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.15 | 0.27 | -76.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | -16.1% |
| P/S Multiple | 21.5 | 12.5 | -41.7% |
| Shares Outstanding (Mil) | 2 | 4 | -51.8% |
| Cumulative Contribution | -76.5% |
Market Drivers
1/31/2026 to 8/6/2026| Return | Correlation | |
|---|---|---|
| AIM | -76.5% | |
| Market (SPY) | 11.4% | -3.3% |
| Sector (XLV) | 6.7% | -8.1% |
Fundamental Drivers
The -90.7% change in AIM stock from 7/31/2025 to 8/6/2026 was primarily driven by a -83.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312025 | 8062026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.92 | 0.27 | -90.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | -35.6% |
| P/S Multiple | 14.1 | 12.5 | -10.8% |
| Shares Outstanding (Mil) | 1 | 4 | -83.8% |
| Cumulative Contribution | -90.7% |
Market Drivers
7/31/2025 to 8/6/2026| Return | Correlation | |
|---|---|---|
| AIM | -90.7% | |
| Market (SPY) | 22.6% | 2.6% |
| Sector (XLV) | 27.7% | -4.5% |
Fundamental Drivers
The -56.4% change in AIM stock from 7/31/2023 to 8/6/2026 was primarily driven by a -88.9% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312023 | 8062026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.62 | 0.27 | -56.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | -39.7% |
| P/S Multiple | 1.9 | 12.5 | 549.6% |
| Shares Outstanding (Mil) | 0 | 4 | -88.9% |
| Cumulative Contribution | -56.4% |
Market Drivers
7/31/2023 to 8/6/2026| Return | Correlation | |
|---|---|---|
| AIM | -56.4% | |
| Market (SPY) | 73.8% | -3.8% |
| Sector (XLV) | 28.3% | -7.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AIM Return | -49% | -66% | 41% | -55% | 471% | -75% | -84% |
| Peers Return | 4% | -8% | -36% | 29% | 48% | 7% | 25% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| AIM Win Rate | 33% | 8% | 58% | 17% | 25% | 25% | |
| Peers Win Rate | 40% | 45% | 37% | 48% | 52% | 65% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AIM Max Drawdown | -67% | -76% | -48% | -70% | -89% | -83% | |
| Peers Max Drawdown | -46% | -60% | -73% | -57% | -68% | -55% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ONDS, CLDX, GERN, ATRA, REPL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/6/2026 (YTD)
How Low Can It Go
| Event | AIM | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -29.1% | -18.8% |
| % Gain to Breakeven | 41.1% | 23.1% |
| Time to Breakeven | 74 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -26.3% | -7.8% |
| % Gain to Breakeven | 35.7% | 8.5% |
| Time to Breakeven | 12 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -37.7% | -9.5% |
| % Gain to Breakeven | 60.5% | 10.5% |
| Time to Breakeven | 574 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -24.3% | -6.7% |
| % Gain to Breakeven | 32.2% | 7.1% |
| Time to Breakeven | 22 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -53.5% | -24.5% |
| % Gain to Breakeven | 115.0% | 32.4% |
| Time to Breakeven | 979 days | 427 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -25.0% | -19.2% |
| % Gain to Breakeven | 33.3% | 23.8% |
| Time to Breakeven | 39 days | 105 days |
In The Past
AIM ImmunoTech's stock fell -29.1% during the 2025 US Tariff Shock. Such a loss loss requires a 41.1% gain to breakeven.
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Asset Allocation
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| Event | AIM | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -29.1% | -18.8% |
| % Gain to Breakeven | 41.1% | 23.1% |
| Time to Breakeven | 74 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -26.3% | -7.8% |
| % Gain to Breakeven | 35.7% | 8.5% |
| Time to Breakeven | 12 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -37.7% | -9.5% |
| % Gain to Breakeven | 60.5% | 10.5% |
| Time to Breakeven | 574 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -24.3% | -6.7% |
| % Gain to Breakeven | 32.2% | 7.1% |
| Time to Breakeven | 22 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -53.5% | -24.5% |
| % Gain to Breakeven | 115.0% | 32.4% |
| Time to Breakeven | 979 days | 427 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -25.0% | -19.2% |
| % Gain to Breakeven | 33.3% | 23.8% |
| Time to Breakeven | 39 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -60.2% | -12.2% |
| % Gain to Breakeven | 151.4% | 13.9% |
| Time to Breakeven | 39 days | 62 days |
| 2013 Taper Tantrum | ||
| % Loss | -20.6% | -0.2% |
| % Gain to Breakeven | 26.0% | 0.2% |
| Time to Breakeven | 14 days | 1 days |
In The Past
AIM ImmunoTech's stock fell -29.1% during the 2025 US Tariff Shock. Such a loss loss requires a 41.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About AIM ImmunoTech (AIM)
AIM ImmunoTech Inc. is an immuno-pharma company focused on the research and development of therapeutics to address a broad spectrum of challenging diseases. The company's core mission is to develop treatments for various types of cancers, viral diseases, and immune-deficiency disorders. Its primary product, Ampligen, is a drug based on macromolecular ribonucleic acid molecules, central to its therapeutic pipeline.
Ampligen is currently approved for the treatment of chronic fatigue syndrome (CFS). Beyond CFS, AIM ImmunoTech is actively developing Ampligen for a wide array of conditions, including numerous cancers such as renal cell carcinoma, malignant melanoma, and non-small cell lung cancer, as well as viral diseases like Hepatitis B, HIV, COVID-19, and post-COVID conditions. The company also markets Alferon N Injection, an injectable formulation of natural alpha interferon used to treat genital warts. AIM's primary customers are patients suffering from these severe and chronic conditions, positioning the company as a provider of specialized treatments in oncology, virology, and immunology.
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Here are a few analogies for AIM ImmunoTech:
- Like a smaller, disease-focused Moderna, but developing RNA-based therapeutics for a range of cancers and viral diseases rather than vaccines.
- A specialized biotech company akin to a smaller Gilead Sciences, but targeting a broader spectrum of viral diseases and multiple types of cancer with immune-focused drugs.
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- Ampligen: A drug of macromolecular ribonucleic acid molecules used for chronic fatigue syndrome (CFS) and in development for various cancers, viral diseases, and post-COVID conditions.
- Alferon N Injection: An injectable formulation of natural alpha interferon used to treat genital warts.
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AIM ImmunoTech Inc. (AIM) is an immuno-pharma company that develops and sells therapeutics. Pharmaceutical companies typically sell their products to entities within the healthcare supply chain rather than directly to individual patients. Therefore, AIM ImmunoTech's sales are primarily to other companies and institutions.
Based on the provided company description, AIM ImmunoTech Inc. lists "agreements with" several entities. While the nature of all these agreements is not fully detailed as direct customer relationships for commercial products, the most prominent entity that could be considered a major customer for its drug products or licensing, based on its business type, is:
- Shionogi & Co., Ltd. (TSE: 4507 / ADR: SGIOY) - A major Japanese pharmaceutical company. Agreements with such companies often involve licensing or distribution rights for a product in a specific territory, making them a customer for the product or its rights.
Other entities mentioned in "agreements" include UMN Pharma Inc. (which merged with Shionogi), Japanese National Institute of Infectious Diseases, Polysciences Inc., and University of Cagliari Dipartimento di Scienze della Vita e dell'Ambiente. These relationships may involve research collaboration, supply arrangements, or procurement for specific research or public health initiatives, but are less clearly defined as major commercial customer relationships for AIM's finished drug products based solely on the provided text.
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Polysciences Inc.
Shionogi & Co., Ltd. (TYO: 4507)
UMN Pharma Inc.
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Thomas K. Equels, Chief Executive Officer, President, and Vice Chairman of the Board
Mr. Equels has served as Chief Executive Officer of AIM ImmunoTech Inc. since February 2016, and as President since August 2015. He has been a Director on the company's Board since 2008. Previously, he held roles as the company's Secretary (2008-2016), General Counsel (2010-2016), and Chief Financial Officer (December 2013-February 2016). Before joining AIM ImmunoTech, Mr. Equels was the President and Managing Director of the Equels Law Firm, where he represented national and state governments, and private companies in various sectors. He has also served as a court-appointed receiver to turn around distressed companies. Mr. Equels is a decorated combat aviator from the Vietnam War and was twice awarded the Distinguished Flying Cross. He was recognized as BioFlorida's Weaver H. Gaines Entrepreneur of the Year in 2020.
Robert Dickey IV, Chief Financial Officer
Mr. Dickey was appointed Chief Financial Officer of AIM ImmunoTech effective April 4, 2022. He brings over 25 years of C-suite financial leadership experience from both private and public life science and medical device companies. Earlier in his career, he spent 18 years in investment banking, primarily at Lehman Brothers, focusing on mergers and acquisitions and capital markets transactions. His fundraising achievements include raising over $100 million for private companies, over $200 million for public companies, and over $1 billion as an investment banker. He has served as full-time CFO for several companies, including Caladrius Biosciences, Tyme Technologies, StemCyte, Locus Pharmaceuticals, and Protarga, Inc. Mr. Dickey previously served on the Boards of Sanuthera and Protarga, the latter of which he sold to Daiichi Sankyo. He holds an AB from Princeton University and an MBA from The Wharton School, University of Pennsylvania.
Peter W. Rodino III, Chief Operating Officer, Executive Director for Governmental Relations, General Counsel, and Secretary
Mr. Rodino was named Executive Director for Governmental Relations and General Counsel in October 2016 and Secretary in November 2016. He was a Director of the Company from July 2013, where he served as Lead Director, Chairman and Financial Expert of the Audit Committee, and a member of other committees. Mr. Rodino possesses extensive legal, financial, and executive experience. His past roles include President of Rodino Consulting LLC and managing partner at several law firms. He also served as Chairman and CEO of Crossroads Health Plan.
David R. Strayer, M.D., Chief Scientific & Medical Officer
Dr. Strayer serves as the Chief Scientific & Medical Officer of AIM ImmunoTech. He was formerly a Professor of Medicine at the Medical College of Pennsylvania and Hahnemann University from 1987 to 1998. Board Certified in Medical Oncology and Internal Medicine, his research focuses on cancer and immune system disorders. Dr. Strayer has been a principal investigator in studies funded by prominent organizations such as the Leukemia Society of America, the American Cancer Society, and the National Institutes of Health. He is also a co-inventor of a Netherlands patent for Ampligen targeting post-COVID-19 fatigue.
Dr. Charles Lapp, Lead Medical Officer
Dr. Lapp was appointed AIM’s Lead Medical Officer in April 2024. He manages the company's research programs related to Myalgic Encephalomyelitis/Chronic Fatigue Syndrome (ME/CFS) and Long COVID, including the development of protocols and new clinical trials. Prior to joining AIM ImmunoTech, Dr. Lapp founded the Hunter-Hopkins Center in Charlotte, N.C., a key site in AIM's AMP-511 Expanded Access Program for ME/CFS and Long COVID. He is a graduate of Albany Medical College.
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- Clinical Trial and Regulatory Approval Risk: As an immuno-pharma company heavily invested in research and development, AIM ImmunoTech's future largely depends on the successful completion of clinical trials for its drug candidates, particularly Ampligen, across various indications including multiple cancers, viral diseases, and immune-deficiency disorders. The high failure rate inherent in drug development, coupled with stringent regulatory approval processes, poses a significant risk. Failure to demonstrate sufficient efficacy or safety, or delays in obtaining regulatory approvals for new indications for Ampligen, could severely impact the company's business prospects and financial performance.
- Dependence on Ampligen: AIM ImmunoTech's pipeline and strategic focus appear significantly concentrated on Ampligen, which is being investigated for a wide array of conditions such as chronic fatigue syndrome, renal cell carcinoma, malignant melanoma, and COVID-19. While pursuing multiple indications for a single asset can be beneficial, it also means that the company's success is heavily reliant on the overall clinical, regulatory, and commercial viability of Ampligen. Any unforeseen issues, setbacks, or competitive pressures specifically related to Ampligen could have a disproportionately large negative impact on the company.
- Intellectual Property Protection Risk: For a pharmaceutical company, the ability to protect its drug candidates and approved products through patents and other intellectual property rights is crucial for maintaining market exclusivity and profitability. The risk of patents expiring, being challenged, or not providing sufficient protection against generic competition for key products like Ampligen, particularly given its long development history for some indications, could significantly erode potential future revenues and market share for AIM ImmunoTech.
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AIM ImmunoTech Inc. (AIM) has several products and pipeline therapies targeting various diseases. The addressable markets for their main products or services are as follows:
Ampligen (Rintatolimod)
Ampligen is a drug of macromolecular ribonucleic acid molecules for the treatment of chronic fatigue syndrome (CFS) and is also being developed for various cancers, viral diseases, and immune-deficiency disorders.
- Chronic Fatigue Syndrome (CFS) / Myalgic Encephalomyelitis (ME): The global Chronic Fatigue Syndrome (CFS) treatment market was valued at approximately USD 1.2 billion in 2024 and is projected to reach USD 1.8 billion by 2030.
- Renal Cell Carcinoma: The global advanced renal cell carcinoma treatment market size was valued at around USD 7.02 billion in 2025 and is projected to reach USD 12.34 billion by 2035. The global renal cancer drugs market is projected to reach USD 8 billion by 2027.
- Malignant Melanoma: null
- Non-Small Cell Lung Cancer: The global non-small cell lung cancer therapeutics market size was estimated at USD 21.45 billion in 2024 and is projected to reach USD 43.89 billion by 2030. North America held a dominant share of 35.41% in this market in 2024.
- Ovarian Cancer: The global ovarian cancer treatment drugs market was valued at USD 3.5 billion in 2023 and is expected to reach USD 6.1 billion by 2032.
- Breast Cancer: null
- Colorectal Cancer: null
- Prostate Cancer: The global prostate cancer therapeutics market size was estimated at USD 17.0 billion in 2024 and is projected to reach USD 31.99 billion by 2030. North America accounted for 40.8% of this market in 2024.
- Pancreatic Cancer: The global pancreatic cancer treatment market size was estimated at USD 2.92 billion in 2024 and is projected to reach USD 5.84 billion by 2030. North America dominated the market with a global share of 39.27% in 2024.
- Hepatitis B: The global hepatitis B therapeutics market size was USD 2.48 billion in 2025 and is projected to grow to USD 6.66 billion in 2034. Another source estimates the global Hepatitis B Treatment Market size reached US$ 3.57 billion in 2024 and is expected to reach US$ 6.47 billion by 2033. North America held a significant market share of 52.31% in 2025.
- HIV: The global HIV drugs market size was valued at USD 32.85 billion in 2024 and is expected to reach USD 45.07 billion by 2033, with another projection indicating it will reach approximately USD 66.16 billion by 2034. North America held over 45.7% of the market share in 2024.
- COVID-19: The global COVID-19 therapeutics market size was estimated at USD 32.54 billion in 2025, with a projected decline to USD 8.7 billion by 2033. The global coronavirus (COVID-19) current therapy market reached a value of nearly USD 9.36 billion in 2024, with projections of further decline.
- Post-COVID Conditions: null
Alferon N Injection
Alferon N Injection is an injectable formulation of natural alpha interferon used to treat genital warts.
- Genital Warts: The global genital warts treatment market is estimated to be valued at USD 2.01 billion in 2025 and is expected to reach USD 2.91 billion by 2032. North America is projected to dominate this market with an estimated market share of 40.7% in 2025.
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- Commercialization of Ampligen for Myalgic Encephalomyelitis/Chronic Fatigue Syndrome (ME/CFS) in Argentina: Ampligen has achieved import clearance in Argentina and is in the final phase for commercial launch to treat severe ME/CFS. It is the only drug approved globally for severe CFS, including potential application for COVID-19 induced chronic fatigue, which represents an unmet medical need.
- Advancement and Potential Regulatory Approval of Ampligen for Pancreatic Cancer: The company is heavily focused on progressing Ampligen towards FDA approval as part of a combination therapy for pancreatic cancer. Positive interim Phase 2 data has been reported for Ampligen in combination with AstraZeneca's Imfinzi, showing promising survival signals. AIM ImmunoTech holds U.S. and European Union orphan drug designations and a U.S. patent through 2039 for Ampligen in combination with anti-PD-L1 therapies for pancreatic cancer, which could provide significant market exclusivity and value upon commercial approval. The company believes moving Ampligen into a Phase 3 clinical trial has "great financial potential".
- Development and Commercialization of Ampligen for Long COVID/Post-COVID Conditions: Ampligen is being advanced as a potential treatment for COVID-19 and post-COVID conditions, including ME/CFS that may develop in COVID-19 survivors. The company has been granted a European patent covering compositions for treating Long COVID. The identification of Ampligen as a potential therapeutic for post-COVID conditions in peer-reviewed publications also highlights this area as a future growth driver.
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Share Issuance
- AIM ImmunoTech completed a rights offering in March 2026, raising approximately $1.8 million in gross proceeds.
- As part of the March 2026 rights offering, the company issued 1,842 shares of Series G Convertible Preferred Stock and 3,684,000 Class G Warrants. Each unit, priced at $1,000, consisted of one share of Series G Convertible Preferred Stock and 2,000 Class G Warrants.
Capital Expenditures
- For the nine months ended September 30, 2024, research and development (R&D) expenses were approximately $6.1 million.
- Capital expenditures were reported as $0.02 million in 2024.
- In 2022, capital expenditures were -$3.81 million.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| AIM ImmunoTech Stock Jump Looks Great, But How Secure Is That Gain? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 8.50 |
| Mkt Cap | 1.1 |
| Rev LTM | 12 |
| Op Inc LTM | -63 |
| FCF LTM | -101 |
| FCF 3Y Avg | -130 |
| CFO LTM | -99 |
| CFO 3Y Avg | -130 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -35.6% |
| Rev Chg 3Y Avg | 115.8% |
| Rev Chg Q | 17.2% |
| QoQ Delta Rev Chg LTM | 4.3% |
| Op Inc Chg LTM | 3.1% |
| Op Inc Chg 3Y Avg | -9.8% |
| Op Mgn LTM | -93.9% |
| Op Mgn 3Y Avg | -5,541.4% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | -111.8% |
| CFO/Rev 3Y Avg | -5,092.6% |
| FCF/Rev LTM | -111.8% |
| FCF/Rev 3Y Avg | -5,118.8% |
Price Behavior
| Market Price | $0.27 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 07/12/1996 | |
| Distance from 52W High | -90.6% | |
| 50 Days | 200 Days | |
| DMA Price | $2.79 | $1.30 |
| DMA Trend | down | down |
| Distance from DMA | -90.3% | -79.2% |
| 3M | 1YR | |
| Volatility | 349.5% | 203.8% |
| Downside Capture | -177.15 | 143.26 |
| Upside Capture | -439.87 | -154.87 |
| Correlation (SPY) | -2.3% | 1.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.86 | 1.69 | -0.88 | -0.66 | 0.40 | -13.24 |
| Up Beta | 1.48 | -5.63 | -6.73 | -2.69 | -1.34 | 0.04 |
| Down Beta | 0.43 | 1.37 | 10.30 | 2.57 | 2.89 | -9.30 |
| Up Capture | -4% | 124% | -270% | -120% | -55% | -5% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 8 | 15 | 22 | 47 | 101 | 298 |
| Down Capture | 168% | 324% | -331% | 52% | 133% | -102% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 13 | 27 | 39 | 76 | 141 | 390 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AIM | |
|---|---|---|---|---|
| AIM | -90.2% | 203.8% | -0.36 | - |
| Sector ETF (XLV) | 25.8% | 15.6% | 1.27 | -4.6% |
| Equity (SPY) | 23.5% | 12.9% | 1.37 | 2.1% |
| Gold (GLD) | 25.3% | 28.3% | 0.79 | -4.8% |
| Commodities (DBC) | 32.4% | 19.8% | 1.30 | 4.6% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | -9.7% |
| Bitcoin (BTCUSD) | -43.6% | 43.0% | -1.21 | -4.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AIM | |
|---|---|---|---|---|
| AIM | -73.6% | 119.6% | -0.65 | - |
| Sector ETF (XLV) | 6.1% | 15.0% | 0.22 | 5.2% |
| Equity (SPY) | 13.2% | 17.2% | 0.59 | 11.6% |
| Gold (GLD) | 17.9% | 18.5% | 0.78 | -0.3% |
| Commodities (DBC) | 8.0% | 19.6% | 0.31 | 3.1% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 4.1% |
| Bitcoin (BTCUSD) | 10.0% | 53.0% | 0.38 | 5.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AIM | |
|---|---|---|---|---|
| AIM | -63.9% | 125.9% | -0.33 | - |
| Sector ETF (XLV) | 10.0% | 16.6% | 0.48 | 0.5% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | -0.2% |
| Gold (GLD) | 11.8% | 16.2% | 0.59 | 2.2% |
| Commodities (DBC) | 7.4% | 18.0% | 0.33 | -4.3% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | -4.5% |
| Bitcoin (BTCUSD) | 58.3% | 66.2% | 0.98 | -0.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/5/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/19/2026 | 0.7% | -43.0% | -2.0% |
| SUMMARY STATS | |||
| # Positive | 1 | 0 | 0 |
| # Negative | 0 | 1 | 1 |
| Median Positive | 0.7% | ||
| Median Negative | -43.0% | -2.0% | |
| Max Positive | 0.7% | ||
| Max Negative | -43.0% | -2.0% | |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/19/2026 | 0.7% | -43.0% | -2.0% |
| SUMMARY STATS | |||
| # Positive | 1 | 0 | 0 |
| # Negative | 0 | 1 | 1 |
| Median Positive | 0.7% | ||
| Median Negative | -43.0% | -2.0% | |
| Max Positive | 0.7% | ||
| Max Negative | -43.0% | -2.0% | |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 03/27/2026 | 10-K |
| 09/30/2025 | 11/17/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/27/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 03/27/2026 | 10-K |
| 09/30/2025 | 11/17/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/27/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/13/2022 | 10-Q |
| 12/31/2021 | 03/31/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 08/16/2021 | 10-Q |
| 03/31/2021 | 05/17/2021 | 10-Q |
| 12/31/2020 | 03/31/2021 | 10-K |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 08/14/2020 | 10-Q |
| 03/31/2020 | 05/14/2020 | 10-Q |
| 12/31/2019 | 03/30/2020 | 10-K |
| 09/30/2019 | 11/14/2019 | 10-Q |
| 06/30/2019 | 08/14/2019 | 10-Q |
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Equels, Thomas K | CEO & President | Direct | Buy | 6162025 | 7.70 | 107 | 824 | 299,298 | Form |
| 2 | Equels, Thomas K | CEO & President | Direct | Buy | 6132025 | 8.70 | 103 | 896 | 336,472 | Form |
| 3 | Mitchell, William M | Direct | Buy | 4232025 | 0.03 | 196,851 | 5,000 | 13,252 | Form | |
| 4 | Equels, Thomas K | CEO & President | Direct | Buy | 4232025 | 0.03 | 1,968,504 | 50,000 | 98,235 | Form |
| 5 | Kellner, Ted D | Direct | Buy | 4232025 | 0.03 | 1,968,504 | 50,000 | 50,025 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Equels, Thomas K | CEO & President | Direct | Buy | 6162025 | 7.70 | 107 | 824 | 299,298 | Form |
| 2 | Equels, Thomas K | CEO & President | Direct | Buy | 6132025 | 8.70 | 103 | 896 | 336,472 | Form |
| 3 | Mitchell, William M | Direct | Buy | 4232025 | 0.03 | 196,851 | 5,000 | 13,252 | Form | |
| 4 | Equels, Thomas K | CEO & President | Direct | Buy | 4232025 | 0.03 | 1,968,504 | 50,000 | 98,235 | Form |
| 5 | Kellner, Ted D | Direct | Buy | 4232025 | 0.03 | 1,968,504 | 50,000 | 50,025 | Form | |
| 6 | Equels, Thomas K | CEO & President | Direct | Buy | 4072025 | 0.06 | 41,000 | 2,583 | 119,639 | Form |
| 7 | Rodino, Peter W Iii | COO, Secretary, Gen. Counsel | Direct | Buy | 4042025 | 0.09 | 500 | 44 | 34,953 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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