AIM ImmunoTech (AIM) Registration filing summary

Company overview and business model

• Focuses on developing immuno-pharma therapeutics for cancers, viral diseases, and immune-deficiency disorders with unmet needs.

• Lead products are Ampligen (dsRNA molecule) and Alferon N Injection (Interferon alfa); Ampligen is approved in Argentina for severe Chronic Fatigue Syndrome.

• Current R&D priorities include clinical trials for pancreatic cancer, exploring Ampligen as a combinational therapy, and investigating antiviral and vaccine adjuvant applications.

• Ongoing studies target post-COVID conditions and ME/CFS, with recent positive clinical data supporting further trials.

• Holds a portfolio of patents and proprietary technologies to maintain competitive advantage.

Financial performance and metrics

• As of September 30, 2025, net tangible book value was approximately negative $8.1 million, or negative $2.94 per share.

• Pro forma net tangible book value after the offering would be $2.53 million, or $0.22 per share, representing an immediate dilution of $1.12 per share to new investors.

• Not currently in compliance with NYSE American's $6 million stockholders' equity rule; must regain compliance by June 11, 2026.

Use of proceeds and capital allocation

• Net proceeds (estimated at $10.65 million if fully subscribed) will fund general corporate purposes, clinical trial and manufacturing expenses for Phase 2/3 pancreatic cancer trials, and partial repayment of two unsecured notes (each originally ~$3.3 million).

• Proceeds from warrant exercises will be used similarly.

• Management has broad discretion over allocation of funds.