AIM ImmunoTech Q1 2024 Financial Results and Corporate Update

AIM ImmunoTech Inc. (NYSE American: AIM) has disclosed its financial outcomes for the first quarter of 2024, along with significant advancements in its clinical development programs. The company is set to hold a conference call and webcast to discuss these updates.

Thomas K. Equels, AIM's Chief Executive Officer, highlighted the company's achievements, emphasizing the positive progression in their clinical studies and the manufacturing of 9,000 vials of Ampligen under cGMP standards. These milestones are crucial as AIM seeks commercial partnerships. Equels underscored the company's commitment to operational, clinical, and regulatory goals to boost stockholder value.

Key Developments

1. Manufacturing Achievement: AIM has completed the cGMP production of clinical vials of Ampligen, reinforcing the company's readiness for potential commercial partnerships.

2. Pancreatic Cancer Study: In a Phase 1b/2 study investigating Ampligen in combination with Imfinzi for advanced pancreatic cancer, the first dosage level was generally well-tolerated.

3. New Appointment: Charles Lapp, MD, has been appointed as Consulting Medical Officer for AIM's ME/CFS and Long COVID programs, reinforcing the company's expertise in these areas.

4. Ovarian Cancer Study: Positive interim data from a study combining Ampligen with pembrolizumab for recurrent ovarian cancer was reported. In a Phase 2 trial, researchers observed an Objective Response Rate of 45% and a Clinical Benefit Rate of 55%, including patients who experienced stable disease. The median Progression-Free Survival was noted as 7.8 months.

5. CEO Corner Segments: Multiple segments were released, highlighting company news and clinical program updates.

Anticipated Milestones

- Q2 2024: Final data set for Post-COVID Conditions (AMP-518) is expected.
- 2024: The first subject dosing for Locally Advanced Pancreatic Adenocarcinoma (AMP-270) is planned, along with the publication of data in scientific journals.

Financial Overview for Q1 2024

- Cash and Equivalents: As of March 31, 2024, AIM reported $10.9 million in cash, cash equivalents, and marketable securities.
- Research and Development Expenses: For the three months ending March 31, 2024, R&D expenses were $2.0 million, slightly down from $2.1 million in 2023.
- General and Administrative Expenses: These expenses rose to $3.8 million in Q1 2024, compared to $2.3 million in the same period last year.
- Net Loss: The net loss from operations was $5.8 million ($0.12 per share) for Q1 2024, an increase from $3.7 million ($0.08 per share) in Q1 2023.

Conference Call and Webcast

The company will discuss these results in a conference call and webcast on May 16, 2024, at 8:30 AM ET. The call will be led by Thomas K. Equels, CEO, and Christopher McAleer, PhD, Scientific Officer. Participants can join by dialing specified domestic and international numbers or via a webcast that will be available on AIM's website for 90 days post-event.

About AIM ImmunoTech Inc.

AIM ImmunoTech Inc. is dedicated to developing therapeutics for various cancers, immune disorders, and viral diseases, including COVID-19. Its leading product, Ampligen®, is a first-in-class investigational drug with broad-spectrum activity in clinical trials for significant global health issues.

AIM ImmunoTech continues to make strides in its clinical development programs, with financial stability to support its ongoing initiatives. The upcoming milestones and recent advancements underscore the company's potential to deliver innovative therapies in critical medical fields.

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