AIM ImmunoTech (AIM)
Market Price (11/5/2026): $0.1693 | Market Cap: $6.8 MilSector: Health Care | Industry: Biotechnology
AIM ImmunoTech (AIM)
Market Price (11/5/2026): $0.1693Market Cap: $6.8 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 -221% 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 -147% | Penny stockMkt Price is 0.2 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -11 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -11724% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -21%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -14% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -15131%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -15385% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 119% 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 -527% High stock price volatilityVol 12M is 204% 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 -221% |
| 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 -147% |
| Penny stockMkt Price is 0.2 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -11 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -11724% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -21%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -14% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -15131%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -15385% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 119% |
| 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 -527% |
| High stock price volatilityVol 12M is 204% |
| 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 35% since 7/31/2026 because of the following key factors:
1. Delayed definitive clinical trial readouts for Ampligen's lead pancreatic cancer program (DURIPANC Phase 2).
While AIM ImmunoTech announced the completion of Ampligen dosing in the DURIPANC study ahead of schedule on August 3, 2026, the primary endpoint analysis for Clinical Benefit Rate is not anticipated until fiscal Q1 2027, with overall survival data expected in fiscal Q3 2027. This prolonged waiting period for pivotal efficacy data likely contributed to investor uncertainty and a lack of immediate positive catalysts to significantly impact the stock price.
2. Increased net loss reported in fiscal Q2 2026.
The company reported an approximate net loss of $(3.8 million), or $(0.43) per share, for the fiscal second quarter ended June 30, 2026. This represented an increased net loss compared to $(2.8 million), or $(3.68) per share, in fiscal Q2 2025. Despite an improved cash position, the continued operational losses without near-term revenue generation likely weighed on investor sentiment.
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AIM ImmunoTech (AIM) stock has lost about 35% since 7/31/2026 because of the following key factors:
1. Delayed definitive clinical trial readouts for Ampligen's lead pancreatic cancer program (DURIPANC Phase 2).
While AIM ImmunoTech announced the completion of Ampligen dosing in the DURIPANC study ahead of schedule on August 3, 2026, the primary endpoint analysis for Clinical Benefit Rate is not anticipated until fiscal Q1 2027, with overall survival data expected in fiscal Q3 2027. This prolonged waiting period for pivotal efficacy data likely contributed to investor uncertainty and a lack of immediate positive catalysts to significantly impact the stock price.
2. Increased net loss reported in fiscal Q2 2026.
The company reported an approximate net loss of $(3.8 million), or $(0.43) per share, for the fiscal second quarter ended June 30, 2026. This represented an increased net loss compared to $(2.8 million), or $(3.68) per share, in fiscal Q2 2025. Despite an improved cash position, the continued operational losses without near-term revenue generation likely weighed on investor sentiment.
3. Emergence of a new competitor in the pancreatic cancer treatment landscape.
The U.S. Food and Drug Administration (FDA) approved daraxonrasib for metastatic pancreatic cancer, a development highlighted by AIM ImmunoTech's CEO in a letter to stockholders on September 22, 2026. This introduction of a new competitive therapy could have increased investor concerns regarding Ampligen's potential market share and future prospects, even though AIM sought to differentiate Ampligen's mechanism of action.
4. Termination of the At-the-Market (ATM) offering program.
AIM ImmunoTech terminated its Equity Distribution Agreement for at-the-market (ATM) offerings with Maxim Group, effective August 15, 2026. Although the company incurred no termination penalties, and had previously generated approximately $2.8 million in gross proceeds from selling 3,200,736 shares under the program from April 1, 2025, through July 31, 2026, discontinuing this financing mechanism may have raised concerns about future capital access for ongoing clinical development and operations.
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Stock Movement Drivers
Fundamental Drivers
The -36.5% change in AIM stock from 7/31/2026 to 11/4/2026 was primarily driven by a -74.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312026 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.25 | 0.16 | -36.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 1.1% |
| P/S Multiple | 11.7 | 29.0 | 147.1% |
| Shares Outstanding (Mil) | 4 | 17 | -74.6% |
| Cumulative Contribution | -36.5% |
Market Drivers
7/31/2026 to 11/4/2026| Return | Correlation | |
|---|---|---|
| AIM | -36.5% | |
| Market (SPY) | 2.6% | 21.5% |
| Sector (XLV) | 16.7% | 3.6% |
Fundamental Drivers
The -69.0% change in AIM stock from 4/30/2026 to 11/4/2026 was primarily driven by a -82.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 4302026 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.52 | 0.16 | -69.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 8.0% |
| P/S Multiple | 18.1 | 29.0 | 60.2% |
| Shares Outstanding (Mil) | 3 | 17 | -82.0% |
| Cumulative Contribution | -69.0% |
Market Drivers
4/30/2026 to 11/4/2026| Return | Correlation | |
|---|---|---|
| AIM | -69.0% | |
| Market (SPY) | 7.0% | 0.2% |
| Sector (XLV) | 30.5% | -8.8% |
Fundamental Drivers
The -92.3% change in AIM stock from 10/31/2025 to 11/4/2026 was primarily driven by a -95.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312025 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.10 | 0.16 | -92.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | -21.5% |
| P/S Multiple | 13.2 | 29.0 | 120.2% |
| Shares Outstanding (Mil) | 1 | 17 | -95.6% |
| Cumulative Contribution | -92.3% |
Market Drivers
10/31/2025 to 11/4/2026| Return | Correlation | |
|---|---|---|
| AIM | -92.3% | |
| Market (SPY) | 13.4% | 3.0% |
| Sector (XLV) | 33.2% | -4.5% |
Fundamental Drivers
The -65.0% change in AIM stock from 10/31/2023 to 11/4/2026 was primarily driven by a -97.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312023 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.46 | 0.16 | -65.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | -43.5% |
| P/S Multiple | 1.3 | 29.0 | 2084.1% |
| Shares Outstanding (Mil) | 0 | 17 | -97.2% |
| Cumulative Contribution | -65.0% |
Market Drivers
10/31/2023 to 11/4/2026| Return | Correlation | |
|---|---|---|
| AIM | -65.0% | |
| Market (SPY) | 89.7% | -3.9% |
| Sector (XLV) | 59.5% | -7.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AIM Return | -49% | -66% | 41% | -55% | 471% | -86% | -91% |
| Peers Return | 4% | -8% | -36% | 29% | 48% | 1% | 18% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| AIM Win Rate | 33% | 8% | 58% | 17% | 25% | 18% | |
| Peers Win Rate | 40% | 45% | 37% | 48% | 52% | 55% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| AIM Max Drawdown | -67% | -76% | -48% | -70% | -89% | -88% | |
| Peers Max Drawdown | -46% | -60% | -73% | -57% | -68% | -63% | |
| 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 11/4/2026 (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.
Preserve Wealth
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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.
AI Analysis | Feedback
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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AI Analysis | Feedback
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.
Peer Outperformance in Biotechnology
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| AIM | AIM ImmunoTech | -13.9% | -0.2x | -89.9% | -67.9% | -90.9% | — |
| DNTH | Dianthus Therapeutics | -11.4% | -25.0x | 158.5% | 615.1% | 930.1% | +1,021pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 13.4% | 63.7% | 103.3% | CAH 490% · MCK 391% · COR 194% |
| Health Care Services | 20 | 44.0% | 33.3% | 11.6% | HIMS 220% · RDNT 148% · DGX 96% |
| Managed Health Care | 8 | 44.6% | 5.6% | 0.6% | OSCR 107% · HQY 59% · ELV 11% |
| Health Care Facilities | 25 | 16.9% | 18.4% | -3.0% | THC 302% · NHC 241% · EHC 202% |
| Health Care Equipment | 50 | 14.4% | 18.7% | -15.0% | UFPT 408% · GKOS 348% · PLSE 147% |
| Pharmaceuticals | 60 | -5.1% | 8.2% | -35.2% | LQDA 999% · KNSA 546% · LLY 448% |
| Health Care Supplies | 11 | 34.9% | 23.0% | -36.1% | LNTH 267% · HAE 76% · MMSI 33% |
| Life Sciences Tools & Services | 108 | -6.2% | -10.3% | -74.1% | AXGN 288% · NTRA 253% · MEDP 189% |
| Biotechnology ← | 364 | -21.1% | -31.5% | -81.7% | ELVN 1112% · TRVI 1046% · DNTH 930% |
| Health Care Technology | 21 | -23.4% | -56.5% | -82.3% | VEEV -3% · DOCS -52% |
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 | 6.72 |
| Mkt Cap | 1.4 |
| Rev LTM | 3 |
| Op Inc LTM | -130 |
| FCF LTM | -143 |
| FCF 3Y Avg | -123 |
| CFO LTM | -138 |
| CFO 3Y Avg | -121 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -21.5% |
| Rev Chg 3Y Avg | 304.9% |
| Rev Chg Q | 4.0% |
| QoQ Delta Rev Chg LTM | 1.1% |
| Op Inc Chg LTM | -11.6% |
| Op Inc Chg 3Y Avg | -24.8% |
| Op Mgn LTM | -229.7% |
| Op Mgn 3Y Avg | -5,541.4% |
| QoQ Delta Op Mgn LTM | -202.4% |
| CFO/Rev LTM | -353.5% |
| CFO/Rev 3Y Avg | -5,092.6% |
| FCF/Rev LTM | -353.5% |
| FCF/Rev 3Y Avg | -5,118.8% |
Price Behavior
| Market Price | $0.16 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 07/12/1996 | |
| Distance from 52W High | -91.0% | |
| 50 Days | 200 Days | |
| DMA Price | $0.19 | $0.47 |
| DMA Trend | down | down |
| Distance from DMA | -17.0% | -66.0% |
| 3M | 1YR | |
| Volatility | 68.3% | 203.7% |
| Downside Capture | 395.75 | 288.00 |
| Upside Capture | 102.66 | -48.92 |
| Correlation (S&P 500) | 20.4% | 2.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.66 | 1.62 | 1.52 | 0.06 | 0.48 | -13.67 |
| Up Beta | -6.65 | -1.35 | -0.13 | -4.41 | -1.75 | -0.04 |
| Down Beta | 1.44 | 1.32 | -0.44 | 5.45 | 2.48 | -11.09 |
| Up Capture | 287% | 82% | 128% | -122% | -50% | -5% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 9 | 17 | 27 | 49 | 100 | 298 |
| Down Capture | 377% | 312% | 334% | 79% | 156% | -18% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 13 | 26 | 35 | 73 | 142 | 388 |
[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 | -91.5% | 204.4% | -0.43 | - |
| Sector ETF (XLV) | 33.1% | 16.7% | 1.53 | -4.3% |
| Equity (SPY) | 13.2% | 12.9% | 0.68 | 3.1% |
| Gold (GLD) | 1.0% | 28.8% | 0.03 | -3.5% |
| Commodities (DBC) | 35.9% | 21.2% | 1.34 | 4.1% |
| Real Estate (VNQ) | 14.3% | 14.1% | 0.70 | -10.0% |
| Bitcoin (BTCUSD) | -28.2% | 43.4% | -0.65 | -3.2% |
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 | -75.5% | 120.4% | -0.70 | - |
| Sector ETF (XLV) | 9.3% | 15.3% | 0.40 | 5.0% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 11.9% |
| Gold (GLD) | 17.3% | 19.1% | 0.73 | 0.4% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 2.6% |
| Real Estate (VNQ) | 1.8% | 18.9% | -0.01 | 4.4% |
| Bitcoin (BTCUSD) | 5.5% | 51.5% | 0.29 | 6.0% |
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 | -64.2% | 125.4% | -0.34 | - |
| Sector ETF (XLV) | 12.5% | 16.8% | 0.61 | 0.2% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | -0.2% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 2.5% |
| Commodities (DBC) | 7.4% | 18.1% | 0.33 | -4.7% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | -4.4% |
| Bitcoin (BTCUSD) | 61.0% | 66.2% | 1.01 | -0.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 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 |
Insider Activity
Updated 10/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Equels, Thomas K | CEO & President | Direct | Buy | 10262026 | 0.16 | 31,675 | 5,068 | 30,360 | Form |
| 2 | Equels, Thomas K | CEO & President | Direct | Buy | 10232026 | 0.16 | 31,250 | 5,094 | 25,766 | Form |
| 3 | Equels, Thomas K | CEO & President | Direct | Buy | 9182026 | 0.21 | 24,000 | 4,992 | 26,379 | Form |
| 4 | Equels, Thomas K | CEO & President | Direct | Buy | 9172026 | 0.21 | 11,000 | 2,310 | 21,593 | Form |
| 5 | Equels, Thomas K | CEO & President | Direct | Buy | 9162026 | 0.22 | 22,000 | 4,862 | 20,293 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Equels, Thomas K | CEO & President | Direct | Buy | 10262026 | 0.16 | 31,675 | 5,068 | 30,360 | Form |
| 2 | Equels, Thomas K | CEO & President | Direct | Buy | 10232026 | 0.16 | 31,250 | 5,094 | 25,766 | Form |
| 3 | Equels, Thomas K | CEO & President | Direct | Buy | 9182026 | 0.21 | 24,000 | 4,992 | 26,379 | Form |
| 4 | Equels, Thomas K | CEO & President | Direct | Buy | 9172026 | 0.21 | 11,000 | 2,310 | 21,593 | Form |
| 5 | Equels, Thomas K | CEO & President | Direct | Buy | 9162026 | 0.22 | 22,000 | 4,862 | 20,293 | Form |
| 6 | Equels, Thomas K | CEO & President | Direct | Buy | 9152026 | 0.22 | 5,900 | 1,292 | 15,291 | 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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