AIM ImmunoTech Reports Second Quarter 2024 Financial Results and Provides Corporate Update

Rhea-AI Summary

AIM ImmunoTech Inc. (NYSE American: AIM) reported its Q2 2024 financial results and provided a corporate update. Key highlights include:

Financial Results:

• Cash, cash equivalents, and marketable securities: $10.1 million as of June 30, 2024
• R&D expenses: $1.1 million for Q2 2024, down from $3.0 million in Q2 2023
• G&A expenses: $2.6 million for Q2 2024, unchanged from Q2 2023
• Net loss: $1.8 million ($0.03 per share) for Q2 2024, compared to $4.9 million ($0.10 per share) in Q2 2023

Corporate Updates:

• New positive data on Ampligen's anti-tumor potential in melanoma treatment
• Publication of results in the peer-reviewed journal Vaccines
• Continued progress in Ampligen clinical development programs

Positive

• Reduced R&D expenses from $3.0 million in Q2 2023 to $1.1 million in Q2 2024
• Decreased net loss from $4.9 million in Q2 2023 to $1.8 million in Q2 2024
• New positive data on Ampligen's anti-tumor potential in melanoma treatment
• Publication of results in peer-reviewed journal Vaccines

Negative

• Decline in cash, cash equivalents, and marketable securities to $10.1 million as of June 30, 2024
• Continued net loss of $1.8 million in Q2 2024

Financial Analyst

AIM ImmunoTech's Q2 2024 results reveal a mixed financial picture. The company's cash position of $10.1 million provides a reasonable runway, but it's significantly lower than previous quarters, indicating potential cash burn concerns. R&D expenses decreased by 63% year-over-year, which could signal either improved efficiency or reduced investment in pipeline development. The net loss narrowed to $1.8 million from $4.9 million in Q2 2023, primarily due to lower R&D spending. However, the lack of revenue growth and continued losses suggest challenges in commercializing Ampligen.

Medical Research Analyst

The new data on Ampligen's anti-tumor potential in melanoma treatment is promising, especially given its publication in a peer-reviewed journal. This suggests scientific validity and could attract interest from the oncology community. However, it's important to note that this is likely early-stage research and the path to clinical application remains long and uncertain. The company's focus on multiple indications for Ampligen demonstrates a diversified approach, which could mitigate risk but also spread resources thin. Investors should watch for concrete progress in later-stage trials and regulatory milestones to gauge Ampligen's true potential.

– Continued execution across Ampligen® clinical development programs and growing body of positive data in multiple high-value indications

– Company to host conference call and webcast today, August 16^th at 8:30 AM ET

OCALA, Fla., Aug. 16, 2024 (GLOBE NEWSWIRE) -- AIM ImmunoTech Inc. (NYSE American: AIM) (“AIM” or the “Company”) today reported its financial results for the second quarter 2024. As previously announced, the Company will host a conference call and webcast today, Friday, August 16, 2024, at 8:30 AM ET (details below).

“We continue to see great potential in Ampligen as we progress across our clinical development programs and look forward to results from our ongoing studies in the near future. Our entire team remains dedicated to patients and stockholders and will continue to drive momentum across our operational, clinical and regulatory initiatives throughout the remainder of 2024. We strongly believe in the potential of Ampligen to have a meaningful therapeutic benefit across multiple indications as well as the opportunity to unlock significant shareholder value,” commented AIM Chief Executive Officer, Thomas K. Equels.

Recent Highlights

• Announced new positive data on Ampligen’s anti-tumor potential when used as part of a combination therapy for the treatment of melanoma
  • A manuscript of the results titled, “Therapeutic Anti-Tumor Efficacy of DC-Based Vaccines Targeting TME-Associated Antigens is Improved When Combined with a Chemokine-Modulating Regimen and/or Anti-PD-L1” was published in the peer-reviewed journal Vaccines.
• Released several CEO Corner segments highlighting Company news and programs
  

Summary of Financial Highlights for Second Quarter 2024

• As of June 30, 2024, AIM reported cash, cash equivalents and marketable securities of $10.1 million.
• Research and development expenses for the three months ended June 30, 2024, were $1.1 million, compared to $3.0 million for the same period in 2023. Expenses for the six months ended June 30, 2024, were $3.1 million, compared to $5.0 million for the same period in 2023.
• General and administrative expenses were $2.6 million for the three months ended June 30, 2024, compared to $2.6 million for the same period 2023. Expenses were $6.4 million for the six months ended June 30, 2024, compared to $4.8 million for the same period in 2023.
• The net loss from operations for the three months ended June 30, 2024, was $1.8 million, or $0.03 per share, compared to $4.9 million, or $0.10 per share, for the same period in 2023. Net loss for the six months ended June 30, 2024, was $7.7 million, or $0.15 per share, compared to $8.6 million, or $0.18 per share, for the same period in 2023.

Please refer to the full 10-Q for complete details.

Conference Call and Webcast Details

As previously announced, the Company will host a conference call and webcast to discuss the Company’s Q2 2024 operational and financial results today, August 16, 2024 at 8:30 AM ET.

The call will be hosted by members of AIM’s leadership team, Thomas K. Equels, Chief Executive Officer and Christopher McAleer, PhD, Scientific Officer. Interested participants and investors may access the conference call by dialing (877) 407-9219 (domestic) or (201) 689-8852 (international) and referencing the AIM ImmunoTech Conference Call. The webcast will be accessible on the Events page of the Investors section of the Company’s website, aimimmuno.com, and will be archived for 90 days following the live event.

About AIM ImmunoTech Inc.

AIM ImmunoTech Inc. is an immuno-pharma company focused on the research and development of therapeutics to treat multiple types of cancers, immune disorders and viral diseases, including COVID-19. The Company’s lead product is a first-in-class investigational drug called Ampligen® (rintatolimod), a dsRNA and highly selective TLR3 agonist immuno-modulator with broad spectrum activity in clinical trials for globally important cancers, viral diseases and disorders of the immune system.

For more information, please visit aimimmuno.com and connect with the Company on X, LinkedIn, and Facebook.

Cautionary Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Words such as “may,” “will,” “expect,” “plan,” “anticipate,” “continue,” “believe,” “potential,” “upcoming” and other variations thereon and similar expressions (as well as other words or expressions referencing future events or circumstances) are intended to identify forward-looking statements. Many of these forward-looking statements involve a number of risks and uncertainties. Publication of this data, and pre-clinical and clinical success seen to date, does not guarantee that Ampligen will be approved for the commercial treatment of cancers. The Company urges investors to consider specifically the various risk factors identified in its most recent Form 10-K, and any risk factors or cautionary statements included in any subsequent Form 10-Q or Form 8-K, filed with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Among other things, for those statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the PSLRA. The Company does not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof.

FAQ

What were AIM ImmunoTech's Q2 2024 financial results?

AIM ImmunoTech reported a net loss of $1.8 million ($0.03 per share) for Q2 2024, with R&D expenses of $1.1 million and G&A expenses of $2.6 million. The company had $10.1 million in cash, cash equivalents, and marketable securities as of June 30, 2024.

How did AIM's Q2 2024 results compare to Q2 2023?

AIM's Q2 2024 results showed improvement compared to Q2 2023. Net loss decreased from $4.9 million ($0.10 per share) in Q2 2023 to $1.8 million ($0.03 per share) in Q2 2024. R&D expenses also decreased from $3.0 million to $1.1 million, while G&A expenses remained unchanged at $2.6 million.

What recent developments did AIM ImmunoTech report for Ampligen?

AIM reported new positive data on Ampligen's anti-tumor potential when used as part of a combination therapy for melanoma treatment. The results were published in the peer-reviewed journal Vaccines, highlighting the potential therapeutic benefits of Ampligen across multiple indications.

When is AIM ImmunoTech's Q2 2024 earnings call scheduled?

AIM ImmunoTech's Q2 2024 earnings call is scheduled for August 16, 2024, at 8:30 AM ET. The call will be hosted by CEO Thomas K. Equels and Scientific Officer Christopher McAleer, PhD.