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

Rhea-AI Summary

AIM ImmunoTech (NYSE American: AIM) reported its Q3 2024 financial results, highlighting progress in Ampligen® clinical development programs, particularly in pancreatic cancer treatment. The company reported cash and equivalents of $7.2 million, with reduced quarterly losses of $3.7 million ($0.06 per share) compared to $7.8 million ($0.16 per share) in Q3 2023. R&D expenses decreased to $1.4 million from $2.7 million, while G&A expenses reduced to $3.1 million from $5.4 million year-over-year. Key developments include positive preliminary data in pancreatic cancer studies, progress in Long-COVID research, and a new U.S. patent for Ampligen in endometriosis treatment.

Positive

• Reduced net loss from $7.8M to $3.7M year-over-year
• Decreased R&D expenses from $2.7M to $1.4M
• Reduced G&A expenses from $5.4M to $3.1M
• Secured U.S. patent for Ampligen in endometriosis treatment
• Positive preliminary data in pancreatic cancer clinical trials

Negative

• Continued operational losses of $3.7M in Q3 2024
• cash position of $7.2M

Insights

Financial Analyst

The Q3 2024 results show mixed signals. While the company reduced its quarterly net loss by 52.6% to $3.7 million from $7.8 million year-over-year, this was primarily achieved through cost reductions. R&D expenses decreased by 48% to $1.4 million and G&A expenses fell by 43% to $3.1 million.

The cash position of $7.2 million is concerning given the current burn rate and small market cap of $15.6 million. At the current quarterly loss rate, without additional funding, the company has approximately 2 quarters of runway. This financial position may necessitate dilutive financing in the near term, which could pressure the stock price.

Medical Research Analyst

The preliminary positive data from the Phase 1b/2 study of Ampligen combined with Imfinzi for late-stage pancreatic cancer represents a significant opportunity. Pancreatic cancer has one of the lowest survival rates among cancers, with treatment options. The potential for big pharma partnerships in this high-value indication could be transformative for AIM.

However, the company's diverse focus across multiple indications (pancreatic cancer, Long-COVID and endometriosis) with financial resources raises concerns about program prioritization and execution capability. While the patent grant for endometriosis treatment adds value to the IP portfolio, the company needs to focus resources on its most promising programs.

– Continued execution across Ampligen® clinical development programs in areas with critical unmet needs, especially in the high-value pancreatic cancer space

– Driving significant momentum with positive clinical trial data, underscoring big pharma collaboration and commercialization opportunities

– Company to host conference call and webcast today, November 15^th, at 8:30 AM ET

OCALA, Fla., Nov. 15, 2024 (GLOBE NEWSWIRE) -- AIM ImmunoTech Inc. (NYSE American: AIM) (“AIM” or the “Company”) has reported its financial results for the third quarter 2024. As previously announced, the Company will host a conference call and webcast today, November 15, 2024 at 8:30 AM ET (details below).

AIM Chief Executive Officer Thomas K. Equels stated, “We are driving significant momentum across multiple clinical programs and studies that are demonstrating Ampligen’s significant potential to address high value and high need indications, especially in the pancreatic cancer space. Over the course of 2024, our team has made important progress in executing our clinical strategy, facilitating potential partnerships with big pharma and leveraging commercialization opportunities to create value. Our Board of Directors is dedicated to helping patients in need and delivering enhanced value for our shareholders.”

Recent Highlights

• Pancreatic Cancer:
  • Reported positive preliminary data in Phase 1b/2 study of Ampligen and Imfinzi as a combination therapy for late-stage pancreatic cancer.
  • Announced further positive findings from a study evaluating Ampligen in the treatment of pancreatic cancer.
• Long-COVID:
  • Announced that analysis of AMP-518 complete clinical patient data underscores Ampligen's potential to improve the post-COVID condition of fatigue.
• Endometriosis: Company granted U.S. patent for Ampligen for composition of matter and method of treatment of endometriosis.

Please refer to previously released CEO Corner segments for additional highlights around the Company’s news and programs.

Summary of Financial Highlights for Third Quarter 2024

• As of September 30, 2024, AIM reported cash, cash equivalents and marketable securities of $7.2 million.
• Research and development expenses for the three months ended September 30, 2024 were $1.4 million, compared to $2.7 million for the same period in 2023.
• General and administrative expenses were $3.1 million for the three months ended September 30, 2024, compared to $5.4 million for the same period 2023.
• The net loss from operations for the three months ended September 30, 2024 was $3.7 million, or $0.06 per share, compared to $7.8 million, or $0.16 per share, for the three months ended September 30, 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 Q3 2024 operational and financial results on November 15, 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. Data, pre-clinical success and clinical success seen to date does not guarantee that Ampligen will be approved as a therapy for endometriosis or ovarian cancer. 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 Q3 2024 financial results?

AIM reported a net loss of $3.7 million ($0.06 per share), with cash and equivalents of $7.2 million. R&D expenses were $1.4 million and G&A expenses were $3.1 million.

What progress did AIM make in pancreatic cancer research during Q3 2024?

AIM reported positive preliminary data in a Phase 1b/2 study of Ampligen and Imfinzi as a combination therapy for late-stage pancreatic cancer.

What new patent did AIM receive in Q3 2024?

AIM was granted a U.S. patent for Ampligen for composition of matter and method of treatment of endometriosis.