The firm's liquidity is under extreme pressure, evidenced by a free cash flow margin of -125.2% in 2026Q1 and an OCF/NI ratio of 0.90, confirming a persistent trend of capital depletion.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -11.31M | -10.96M | -14.89M | -21.27M | -16.11M | -13.96M | -10.37M | -9.07M | -10.64M | -7.94M | -7.38M | -16.05M | -13.92M | -16.83M | -13.14M | -10.1M | -11.89M | -9.3M | -9.36M | -15.11M | -13.75M | -7.24M | -7.24M | -7.02M | -6.41M | -7.28M | -8.07M | -7M | -5.9M | -4.6M | -6.1M |
| Operating CF Margin % | - | -12451.14% | -8757.65% | -10528.22% | -11424.11% | -10344.44% | -6360.74% | -6476.43% | -2899.18% | -1817.16% | -8021.74% | -12069.92% | -7064.97% | -11220% | -6167.14% | -6270.81% | -8804.44% | -8375.68% | -3531.32% | -1427.01% | -1473.42% | -668.14% | -589.1% | -1068.8% | -1879.47% | -1866.92% | -1024.62% | -1000% | -1475% | -1533.33% | -6100% |
| Operating CF Growth % | 20.41% | 26.4% | 29.99% | -32.03% | -15.35% | -34.69% | -14.35% | 14.78% | -33.99% | -7.6% | 54.03% | -15.34% | 17.3% | -28.12% | -30.11% | 15.06% | -27.85% | 0.65% | 38.08% | -9.93% | -89.98% | 0.06% | -3.1% | -9.56% | 11.98% | 9.82% | -15.34% | -18.64% | -28.26% | 24.59% | -221.05% |
| Net Income | -13.28M | -13.96M | -17.32M | -28.96M | -19.45M | -19.13M | -14.4M | -9.53M | -9.81M | -8.26M | -7.5M | -15.23M | -17.45M | -16.23M | -17.35M | -9.02M | -13.14M | -13.44M | -12.22M | -18.14M | -19.4M | -13.21M | -24.14M | -14.77M | -7.42M | -9.08M | -8.55M | -9.2M | -7.3M | -6.1M | -4.6M |
| Depreciation & Amortization | 152K | 37K | 246K | 238K | 256K | 805K | 733K | 792K | 878K | 1.01M | 1.3M | 1.19M | 1.14M | 867K | 683K | 630K | 780K | 981K | 716K | 717K | 980K | 4.41M | 12.98M | 7.55M | 297K | 524K | 487K | 300K | 300K | 200K | 100K |
| Stock-Based Compensation | 0 | 60K | 686K | 243K | 954K | 1.57M | 1.04M | 853K | 929K | 571K | 410K | 181K | 326K | 376K | 356K | 377K | 740K | 826K | 573K | 0 | 391K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 5.84M | 197K | -2.32M | -96K | -891K | -1.4M | -17K | 57K | 0 | 145K | 800K | 9K | 9.08M | 0 | -83K | 0 | 0 | -214K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 945K | 3.78M | 1.2M | 310K | 964K | 4.21M | 1.75M | 255K | 845K | -2.38M | -1.68M | 378K | -14K | 172K | 938K | -11.44M | -879K | 400K | -65K | 3.11M | 2.62M | 667K | 2.6M | 237K | 1.6M | 1.24M | 478K | 1.66M | 800K | 1.6M | 700K |
| Working Capital Changes | -2.16M | -878K | 296K | 1.06M | 966K | 895K | 605K | -543K | -2.08M | 1.13M | 29K | -2.57M | 1.93M | -2.82M | 2.23M | 268K | 609K | 2.02M | 1.64M | -797K | 1.87M | 898K | 1.32M | -36K | -884K | 40K | -487K | 245K | 300K | -300K | -2.3M |
| Change in Receivables | 19K | -7K | 1.18M | 492K | -35K | 34K | 40K | 274K | -1.07M | -24K | 0 | 0 | 0 | 0 | 0 | -52K | 177K | 0 | -227K | 0 | 43K | 43K | 143K | 0 | -1.29M | 52K | 15K | -18K | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 35K | 0 | 0 | -647K | 0 | 0 | -1.33M | -1.33M | 0 | 0 | -579K | -110K | 77K | 0 | -288K | 337K | 669K | 505K | 523K | -1.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -2.69M | -1.71M | -60K | 6.07M | 179K | -185K | -89K | -207K | 166K | 566K | -326K | -196K | 869K | -617K | 860K | 424K | 362K | 1.88M | 1.7M | 292K | 687K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 918K | 1.85M | 4.71M | -832K | 10.99M | -631K | -9.16M | -6.15M | 92K | 2.73M | 2.92M | 6.35M | 2.49M | 22.27M | -16.07M | 8.65M | -43.52M | -574K | 3.74M | 13.96M | -7.21M | -5.78M | -6.8M | -1.79M | 4.6M | -920K | -3.25M | -1.4M | -2.1M | -1.3M | -500K |
| Capital Expenditures | -357K | -378K | -18K | -585K | -271K | -633K | -595K | -365K | -127K | -69K | -454K | -490K | -762K | -1.14M | -5.97M | -2.04M | -1.07M | -332K | -215K | -423K | -1.42M | -1.17M | -150K | -19K | 0 | 0 | -171K | -300K | -200K | 0 | -100K |
| CapEx % of Revenue | 379.79% | 429.55% | 10.59% | 289.6% | 192.2% | 468.89% | 365.03% | 260.71% | 34.6% | 15.79% | 493.48% | 368.42% | 386.8% | 760% | 2800.94% | 1264.6% | 789.63% | 299.1% | 81.13% | 39.94% | 152.63% | 108.03% | 12.21% | 2.89% | - | - | 21.7% | 42.86% | 50% | - | 100% |
| Acquisitions | 0 | 0 | 0 | 47K | 3.9M | 592K | 573K | 0 | 755K | 0 | 0 | 0 | 0 | 0 | -211K | -234K | -337K | 0 | 0 | 0 | 995K | 0 | 0 | -154K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 17K | -631K | 0 | 0 | -347K | -573K | 0 | 1.13M | 0 | 0 | 0 | 2K | -71K | 217K | 230K | 328K | -242K | 0 | 0 | -995K | 0 | -208K | -638K | -176K | -240K | -642K | -500K | -1.3M | -300K | -400K |
| Cash from Financing | 15.31M | 10.39M | 6.44M | 485K | 80K | 8.19M | 56.56M | 16.39M | 9.44M | 4.21M | 4.76M | 9.66M | 12.78M | -6.85M | 28.31M | 1.62M | 250K | 61.82M | 270K | 8.98M | 20.77M | 8.03M | 19.09M | 10.32M | 961K | 7.59M | 8.64M | 2.8M | 11M | 9.7M | 600K |
| Debt Issued (Net) | 1.89M | 2.09M | 2.25M | 0 | 0 | -4.85M | -4.68M | 1.08M | 4.92M | 1.9M | -1K | -21K | -34K | -7.1M | 5.31M | 1.62M | -42K | 0 | 0 | -4.1M | 0 | 0 | 7.55M | 11.3M | 0 | 0 | 0 | 0 | 0 | 0 | -4.9M |
| Equity Issued (Net) | 11.79M | 8.3M | 892K | 485K | 80K | 13.04M | 61.25M | 15.3M | 5.07M | 2.42M | 4.74M | 9.68M | 12.82M | 249K | 23M | 1.7M | 292K | 55.57M | 270K | 11.62M | 20.77M | 8.03M | 11.54M | 1.15M | 961K | 7.59M | 8.64M | 2.78M | 10.9M | 9.6M | 5.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -83K | -50K | -560K | -3.59M | -2.06M | -100K | -5M | 0 |
| Other Financing | 1.63M | 0 | 3.3M | 0 | 0 | 0 | 0 | 0 | -553K | -102K | 14K | 0 | 0 | 0 | 0 | -1.7M | 0 | 6.25M | 0 | 1.46M | 0 | 5K | 0 | -2.13M | 0 | 0 | 0 | 24K | 100K | 100K | 0 |
| Net Change in Cash | 4.92M | 1.28M | -3.74M | -21.61M | -5.04M | -6.41M | 37.03M | 1.17M | -1.11M | -996K | 293K | -41K | 1.35M | -1.41M | -891K | 183K | -55.15M | 51.95M | -5.35M | 7.83M | -181K | -4.99M | 5.05M | 1.51M | -851K | -614K | -2.67M | -5.6M | 11M | 9.7M | 600K |
| Free Cash Flow | -11.58M | -10.96M | -14.91M | -21.85M | -16.38M | -14.6M | -10.96M | -9.43M | -10.77M | -8.01M | -7.83M | -16.54M | -14.68M | -17.97M | -19.1M | -12.13M | -12.95M | -9.87M | -9.57M | -15.54M | -15.17M | -8.41M | -7.39M | -7.04M | -6.41M | -7.28M | -8.24M | -7.3M | -6.1M | -4.6M | -6.2M |
| FCF Margin % | -12315.96% | -12451.14% | -8768.24% | -10817.82% | -11616.31% | -10813.33% | -6725.77% | -6737.14% | -2933.79% | -1832.95% | -8515.22% | -12438.35% | -7451.78% | -11980% | -8968.08% | -7535.4% | -9594.07% | -8892.79% | -3612.45% | -1466.95% | -1626.04% | -776.18% | -601.3% | -1071.69% | -1879.47% | -1866.92% | -1046.32% | -1042.86% | -1525% | -1533.33% | -6200% |
| FCF Growth % | 10.92% | 26.49% | 31.79% | -33.41% | -12.2% | -33.16% | -16.23% | 12.4% | -34.42% | -2.25% | 52.64% | -12.69% | 18.31% | 5.93% | -57.45% | 6.33% | -31.21% | -3.11% | 38.38% | -2.4% | -80.48% | -13.75% | -4.96% | -9.86% | 11.98% | 11.69% | -12.95% | -19.67% | -32.61% | 25.81% | -226.32% |
| FCF per Share | -2.66 | -6.77 | -9.65 | -16.31 | -12.36 | -11.18 | -12.49 | -93.92 | -388.86 | -445.81 | -573.11 | -1341.76 | -1493.17 | -2057.44 | -2594.96 | -1716.24 | -1851.01 | -1726.21 | -2440.09 | -4143.20 | -4703.18 | -3127.50 | -3132.76 | -3827.16 | -3825.48 | -4436.20 | -5398.14 | -5299.74 | -5121.05 | -5054.78 | -7554.49 |
| FCF Conversion (FCF/Net Income) | 0.87x | 0.78x | 0.86x | 0.73x | 0.83x | 0.73x | 0.72x | 0.96x | 1.08x | 0.96x | 0.98x | 1.05x | 0.80x | 1.04x | 0.76x | 1.12x | 0.90x | 0.69x | 0.77x | 0.83x | 0.71x | 0.58x | 0.31x | 0.50x | 0.86x | 0.80x | 0.94x | 0.57x | 0.81x | 0.75x | 1.33x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity exhaustion
According to quarterly financial data, AIM's operating cash flow consistently tracks below net losses, with an OCF/NI ratio of 0.90 in 2026Q1, confirming that the company lacks any meaningful accrual-based earnings quality as it continues to burn through its remaining capital reserves to fund operations.
The persistent gap between net income and operating cash flow suggests that the company's losses are not merely accounting artifacts but represent actual cash outflows. Investors should monitor this relationship, as the inability to generate positive cash flow from operations indicates that the business model remains entirely dependent on external financing.
As reported in recent financial statements, AIM's free cash flow margin reached -125.2% in 2026Q1, illustrating a trajectory of sustained cash depletion that shows no signs of stabilization as the company continues to prioritize clinical development over the achievement of a self-sustaining commercial revenue base.
The consistent negative FCF trajectory highlights the company's reliance on capital markets to bridge the gap between its high fixed-cost structure and negligible revenue. This trend appears to be accelerating, suggesting that the current cash runway is insufficient to support the existing clinical pipeline without further dilution.
Based on the company's reported figures, working capital changes have been highly erratic, swinging from a $1.4 million inflow in 2024Q4 to a $491,000 outflow in 2026Q1, which suggests that the firm's liquidity management is subject to significant, unpredictable fluctuations in its operational cycle.
These swings in working capital likely reflect the timing of clinical trial payments and the irregular nature of inventory management for Alferon N. Such volatility warrants further investigation, as it complicates the company's ability to forecast its cash needs and maintain a stable operational footing.
As detailed in the provided cash flow statements, the company's reliance on stock-based compensation and minimal capital expenditures masks the true cost of maintaining its manufacturing and regulatory infrastructure, which remains a significant burden on the firm's limited and rapidly dwindling cash reserves.
The cash flow statement obscures the fact that the company is essentially a vehicle for clinical research rather than a commercial entity. By focusing on these metrics, investors may overlook the underlying reality that the firm's survival is contingent upon continuous, dilutive equity issuance rather than operational success.
Quick answers to the most common questions about buying AIM stock.
AIM ImmunoTech Inc. (AIM) generated $-11.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
AIM ImmunoTech Inc. (AIM) reported negative free cash flow of $11.0M in 2025, indicating capital requirements exceeded cash from operations.
AIM ImmunoTech Inc. (AIM) spent $0.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.