AIM ImmunoTech Inc.

Management said cash, cash equivalents and marketable securities were approximately $4 million as of December 31, 2024. For the year ended December 31, 2024, research and development expense was $6.2 million versus $10.9 million in 2023, and general and administrative expense was $13.7 million versus $21.1 million in 2023. No revenue, EPS, gross margin, or formal next-quarter/full-year financial guidance was given on the call. Operationally, the company said DURIPANC has entered Phase 2 dosing, the ovarian cancer study is expected to complete in the first half of 2025, first dosing in the melanoma study is expected in the first half of 2025, and the TNBC study is expected to complete enrollment in the second quarter of 2026.

Thomas Equels emphasized that AIM is building momentum across multiple Ampligen programs in oncology, post-COVID conditions, and influenza. He framed recent updates as evidence of broad clinical potential and said the company is moving toward several inflection points, including Phase 2 dosing in pancreatic cancer, a planned follow-up long-COVID study, and a new influenza vaccine collaboration with the University of Alabama-Birmingham. His tone was optimistic, but he also acknowledged the practical need to secure capital and maintain the company’s exchange listing.

No dedicated CFO spoke on the call; Equels covered the financials. He stated cash, cash equivalents and marketable securities were about $4 million at December 31, 2024, and highlighted lower 2024 operating spend versus 2023, with R&D at $6.2 million and G&A at $13.7 million. He also said the company is actively evaluating options to remain compliant with NYSE American requirements, including a potential reverse stock split and a stockholder meeting within about a month to authorize one if needed.

The only analyst question focused on whether AIM has enough Ampligen supply for this year’s trials and how difficult it would be to obtain more. Management said current supply should be sufficient for ongoing studies absent an unforeseen issue, but additional future trials would require manufacturing more Ampligen, which would require capital. Equels said the company is working with polymer manufacturers and other vendors needed for production and does not expect to run out of supply in the near term.