The company's revenue base has contracted significantly to $22,000 in 2026Q1, resulting in a severe negative gross margin of 113.6% that highlights the lack of a viable commercial engine.
| 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 |
|---|
| Sales/Revenue | 94K | 88K | 170K | 202K | 141K | 135K | 163K | 140K | 367K | 437K | 92K | 133K | 197K | 150K | 213K | 161K | 135K | 111K | 265K | 1.06M | 933K | 1.08M | 1.23M | 657K | 341K | 390K | 788K | 700K | 400K | 300K | 100K |
| Revenue Growth % | -35.62% | -48.24% | -15.84% | 43.26% | 4.44% | -17.18% | 16.43% | -61.85% | -16.02% | 375% | -30.83% | -32.49% | 31.33% | -29.58% | 32.3% | 19.26% | 21.62% | -58.11% | -74.98% | 13.5% | -13.85% | -11.88% | 87.06% | 92.67% | -12.56% | -50.51% | 12.57% | 75% | 33.33% | 200% | -96.67% |
| Cost of Goods Sold | 219K | 338K | 31K | 42K | 0 | 850K | 806K | 893K | 884K | 1.18M | 1.11M | 1.6M | 1.25M | 1.23M | 1.99M | 1.04M | 1.34M | 584K | 798K | 930K | 1.27M | 391K | 2.11M | 502K | 0 | 0 | -487K | -300K | -300K | -200K | -100K |
| COGS % of Revenue | - | 384.09% | 18.24% | 20.79% | - | 629.63% | 494.48% | 637.86% | 240.87% | 270.71% | 1204.35% | 1201.5% | 635.03% | 822.67% | 933.8% | 647.83% | 993.33% | 526.13% | 301.13% | 87.82% | 136.66% | 36.1% | 171.85% | 76.41% | - | - | -61.8% | -42.86% | -75% | -66.67% | -100% |
| Gross Profit | -125K | -250K | 139K | 160K | 141K | -715K | -643K | -753K | -517K | -746K | -1.02M | -1.47M | -1.05M | -1.08M | -1.78M | -882K | -1.21M | -473K | -533K | 129K | -342K | 692K | -883K | 155K | 341K | 390K | 1.27M | 1M | 700K | 500K | 200K |
| Gross Margin % | -132.98% | -284.09% | 81.76% | 79.21% | 100% | -529.63% | -394.48% | -537.86% | -140.87% | -170.71% | -1104.35% | -1101.5% | -535.03% | -722.67% | -833.8% | -547.83% | -893.33% | -426.13% | -201.13% | 12.18% | -36.66% | 63.9% | -71.85% | 23.59% | 100% | 100% | 161.8% | 142.86% | 175% | 166.67% | 200% |
| Gross Profit Growth % | - | -279.86% | -13.13% | 13.48% | 119.72% | -11.2% | 14.61% | -45.65% | 30.7% | 26.57% | 30.65% | -38.99% | 2.77% | 38.96% | -101.36% | 26.87% | -154.97% | 11.26% | -513.18% | 137.72% | -149.42% | 178.37% | -669.68% | -54.55% | -12.56% | -69.41% | 27.5% | 42.86% | 40% | 150% | -93.94% |
| Operating Expenses | 10.06M | 10.28M | 19.91M | 32.08M | 20.06M | 18.12M | 14.51M | 11.69M | 10.98M | 10.67M | 12.79M | 15.19M | 18.05M | 16.08M | 18.56M | 13.41M | 15.18M | 12.79M | 12.28M | 19.42M | 18.35M | 10.33M | 10.01M | 7.41M | 6.96M | 9.19M | 10.32M | 10.6M | 7.9M | 6.9M | 5M |
| OpEx % of Revenue | - | 11677.27% | 11712.35% | 15879.21% | 14229.79% | 13424.44% | 8901.23% | 8350% | 2991.55% | 2441.65% | 13900% | 11417.29% | 9159.9% | 10722% | 8715.49% | 8331.06% | 11245.19% | 11523.42% | 4633.21% | 1833.62% | 1966.99% | 953.92% | 814.16% | 1127.4% | 2041.35% | 2356.92% | 1309.39% | 1514.29% | 1975% | 2300% | 5000% |
| Selling, General & Admin | 6.92M | 7.7M | 13.71M | 21.14M | 13.07M | 8.67M | 8.65M | 7.04M | 6.2M | 6.57M | 7.68M | 7.15M | 9.06M | 7.72M | 9.06M | 6.69M | 7.57M | 5.8M | 6.48M | 8.97M | 8.22M | 5.19M | 6.16M | 4.26M | 2.02M | 3.41M | 3.69M | 5.6M | 3M | 3.5M | 3M |
| SG&A % of Revenue | - | 8750% | 8067.06% | 10463.86% | 9272.34% | 6423.7% | 5309.2% | 5027.86% | 1689.65% | 1503.89% | 8348.91% | 5373.68% | 4597.46% | 5148.67% | 4251.64% | 4155.9% | 5605.93% | 5221.62% | 2444.53% | 847.4% | 881.56% | 478.95% | 501.55% | 647.95% | 590.91% | 874.87% | 468.91% | 800% | 750% | 1166.67% | 3000% |
| Research & Development | 3.33M | 3.92M | 6.2M | 10.93M | 6.99M | 7.67M | 5.72M | 4.65M | 4.78M | 4.1M | 5.11M | 8.04M | 8.99M | 8.36M | 9.51M | 6.72M | 7.61M | 7M | 5.8M | 10.44M | 10.13M | 5.14M | 3.84M | 3.15M | 4.95M | 5.78M | 6.14M | 4.7M | 4.6M | 3.2M | 1.9M |
| R&D % of Revenue | - | 4459.09% | 3645.29% | 5408.42% | 4957.45% | 5682.96% | 3509.2% | 3322.14% | 1301.91% | 937.76% | 5551.09% | 6043.61% | 4562.44% | 5573.33% | 4463.85% | 4175.16% | 5639.26% | 6301.8% | 2188.68% | 986.21% | 1085.42% | 474.98% | 312.61% | 479.45% | 1450.44% | 1482.05% | 778.68% | 671.43% | 1150% | 1066.67% | 1900% |
| Other Operating Expenses | -179K | -1.35M | 0 | 14K | 0 | 1.78M | 135K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 487K | 300K | 300K | 200K | 100K |
| Operating Income | -10.19M | -10.53M | -19.77M | -31.92M | -19.92M | -18.84M | -15.15M | -12.44M | -11.5M | -11.42M | -13.8M | -16.65M | -19.1M | -17.17M | -20.34M | -14.29M | -16.39M | -13.26M | -12.81M | -18.76M | -18.69M | -9.91M | -10.89M | -7.25M | -6.62M | -8.8M | -9.04M | -12.78M | -7.2M | -6.4M | -4.8M |
| Operating Margin % | -10839.36% | -11961.36% | -11630.59% | -15800% | -14129.65% | -13954.07% | -9295.71% | -8887.86% | -3132.43% | -2612.36% | -15004.35% | -12518.8% | -9694.92% | -11444.67% | -9549.3% | -8878.88% | -12138.52% | -11949.55% | -4834.34% | -1771.77% | -2003.64% | -915.51% | -886% | -1103.81% | -1941.35% | -2256.92% | -1147.59% | -1825.71% | -1800% | -2133.33% | -4800% |
| Operating Income Growth % | - | 46.76% | 38.05% | -60.2% | -5.76% | -24.33% | -21.77% | -8.24% | -0.7% | 17.3% | 17.09% | 12.82% | -11.25% | 15.6% | -42.29% | 12.77% | -23.54% | -3.54% | 31.72% | -0.37% | -88.54% | 8.94% | -50.15% | -9.55% | 24.79% | 2.67% | 29.24% | -77.5% | -12.5% | -33.33% | -380% |
| EBITDA | -9.99M | -10.32M | -19.53M | -31.68M | -20.35M | -18.06M | -14.42M | -11.61M | -10.58M | -10.41M | -12.63M | -15.68M | -18.4M | -16.48M | -19.66M | -13.66M | -15.61M | -12.52M | -12.1M | -18.33M | -17.71M | -9.52M | -10.45M | 2.07M | -6.32M | -8.28M | -8.56M | -12.48M | -6.9M | -6.2M | -4.7M |
| EBITDA Margin % | -10631.91% | -11722.73% | -11485.88% | -15682.18% | -14430.36% | -13380% | -8846.01% | -8295.71% | -2881.74% | -2382.61% | -13733.7% | -11785.72% | -9341.62% | -10984% | -9228.64% | -8487.58% | -11560.74% | -11282.88% | -4564.15% | -1730.59% | -1898.61% | -879.04% | -850.2% | 314.46% | -1854.25% | -2122.56% | -1085.79% | -1782.86% | -1725% | -2066.67% | -4700% |
| EBITDA Growth % | 42.39% | 47.17% | 38.36% | -55.69% | -12.64% | -25.27% | -24.15% | -9.81% | -1.58% | 17.59% | 19.39% | 14.82% | -11.7% | 16.18% | -43.85% | 12.44% | -24.62% | -3.55% | 34% | -3.46% | -86.07% | 8.89% | -605.76% | 132.67% | 23.62% | 3.25% | 31.44% | -80.87% | -11.29% | -31.91% | -571.43% |
| D&A (Non-Cash Add-back) | 195K | 210K | 246K | 238K | -424K | 775K | 733K | 829K | 920K | 1M | 1.17M | 975K | 696K | 691K | 683K | 630K | 780K | 740K | 716K | 436K | 980K | 395K | 440K | 9.32M | 297K | 524K | 487K | 300K | 300K | 200K | 100K |
| EBIT | -11.79M | -10.53M | -16.73M | -28.96M | -19.45M | -19.06M | -13.73M | -8.98M | -9.32M | -8.12M | -7.5M | -15.23M | -17.44M | -16.21M | -17.33M | -8.97M | -13.13M | -13.2M | -12.81M | -17.74M | -18.69M | -9.32M | -11.21M | -7.25M | -6.62M | -8.8M | -9.04M | -12.78M | -7.2M | -6.4M | -4.8M |
| Net Interest Income | 2.19M | 2.37M | 4.61M | 1.07M | 629K | -67K | -453K | -338K | -470K | -51K | 129K | 361K | 654K | 775K | 1.56M | 583K | 2.37M | 67K | 592K | 1.15M | -705K | -2.53M | -12.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 3.18M | 3.18M | 5.19M | 1.07M | 629K | 0 | 219K | 89K | 32K | 88K | 129K | 364K | 665K | 791K | 1.58M | 624K | 2.38M | 67K | 592K | 1.55M | 554K | 590K | 49K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 992K | 812K | 585K | 0 | 0 | 67K | 672K | 427K | 502K | 139K | 0 | 3K | 11K | 16K | 24K | 41K | 11K | 0 | 0 | 396K | 1.26M | 3.12M | 12.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -3.09M | -3.43M | 2.45M | 2.95M | 477.81K | -289K | 752K | 3.04M | 1.67M | 3.16M | 6.3M | 1.42M | 1.65M | 942K | 2.99M | 5.28M | 3.25M | -174K | 592K | 624K | -705K | -2.53M | -12.51M | 7.25M | 6.62M | -565K | 9.04M | 12.78M | -201K | 300K | 4.8M |
| Pretax Income | -13.28M | -13.96M | -17.32M | -28.96M | -19.45M | -19.13M | -14.4M | -9.4M | -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 | -12.45M | -23.4M | 0 | 0 | -9.37M | 0 | 0 | -7.4M | -6.1M | 0 |
| Pretax Margin % | -14123.4% | -15861.36% | -10188.24% | -14337.62% | -13790.78% | -14168.15% | -8834.36% | -6717.14% | -2673.84% | -1889.93% | -8154.35% | -11451.13% | -8857.87% | -10816.67% | -8147.42% | -5599.38% | -9730.37% | -12106.31% | -4610.94% | -1712.84% | -2079.21% | -1149.22% | -1903.82% | - | - | -2401.79% | - | - | -1850% | -2033.33% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.57M | 0 | 0 | 0 | -284K | 0 | 0 | -100K | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -22.27% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -28.72% | 0% | - | - | 3.03% | - | - | 1.35% | 0% | - |
| Net Income | -13.28M | -13.96M | -17.32M | -28.96M | -19.45M | -19.13M | -14.4M | -9.4M | -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 | -12.45M | -23.4M | -13.99M | -7.42M | -9.08M | -8.55M | -12.3M | -7.3M | -6.1M | -4.6M |
| Net Margin % | -14123.4% | -15861.36% | -10188.24% | -14337.62% | -13790.78% | -14168.15% | -8834.36% | -6717.14% | -2673.84% | -1889.93% | -8154.35% | -11451.13% | -8857.87% | -10816.67% | -8147.42% | -5599.38% | -9730.37% | -12106.31% | -4610.94% | -1712.84% | -2079.21% | -1149.22% | -1903.82% | -2129.83% | -2177.13% | -2328.97% | -1085.28% | -1756.86% | -1825% | -2033.33% | -4600% |
| Net Income Growth % | 12.7% | 19.41% | 40.2% | -48.94% | -1.66% | -32.83% | -53.13% | 4.17% | -18.82% | -10.09% | 50.74% | 12.72% | -7.55% | 6.51% | -92.5% | 31.37% | 2.25% | -9.98% | 32.64% | 6.5% | -55.87% | 46.81% | -67.21% | -88.48% | 18.26% | -6.21% | 30.46% | -68.47% | -19.67% | -32.61% | -155.56% |
| Net Income (Continuing) | -13.28M | -13.96M | -17.32M | -28.96M | -19.45M | -19.13M | -14.4M | -9.4M | -9.83M | -8.26M | -7.5M | -15.23M | -17.45M | -16.23M | -17.35M | -9.02M | -13.14M | -13.44M | -12.22M | -18.14M | -19.4M | -12.45M | -23.4M | -13.99M | -7.42M | -9.08M | -8.55M | -12.3M | -7.3M | -6.1M | -4.6M |
| Discontinued Operations | 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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 946K | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.05 | -8.62 | -11.22 | -21.64 | -14.69 | -14.67 | -16.41 | -93.71 | -355.19 | -463.19 | -543.05 | -1149.98 | -1724.98 | -1916.64 | -2299.97 | -1341.65 | -1916.64 | -1341.65 | -3066.62 | -4791.60 | -5941.58 | -4599.94 | -102.41 | -82.42 | -44.35 | -55.39 | -56.04 | -90.08 | -61.33 | -67.08 | -56.09 |
| EPS Growth % | 79.82% | 23.2% | 48.13% | -47.29% | -0.17% | 10.66% | 82.48% | 73.62% | 23.32% | 14.71% | 52.78% | 33.33% | 10% | 16.67% | -71.43% | 30% | -42.86% | 56.25% | 36% | 19.35% | -29.17% | -4391.55% | -24.26% | -85.84% | 19.93% | 1.16% | 37.79% | -46.88% | 8.57% | -19.59% | -62.59% |
| EPS (Basic) | - | -8.62 | -11.22 | -21.64 | -14.69 | -14.67 | -16.41 | -93.71 | -355.19 | -463.19 | -543.05 | -1149.98 | -1724.98 | -1916.64 | -2299.97 | -1341.65 | -1916.64 | -1341.65 | -3066.62 | -4791.60 | -5941.58 | -4599.94 | -102.41 | -82.42 | -44.35 | -55.39 | -56.04 | -90.08 | -61.33 | -67.08 | -56.09 |
| Diluted Shares Outstanding | 4.35M | 1.62M | 1.54M | 1.34M | 1.32M | 1.31M | 877.9K | 100.43K | 27.69K | 17.97K | 13.67K | 12.33K | 9.83K | 8.73K | 7.36K | 7.07K | 7K | 5.72K | 3.92K | 3.75K | 3.23K | 2.69K | 2.36K | 1.84K | 1.68K | 1.64K | 1.53K | 1.38K | 1.19K | 910 | 821 |
| Basic Shares Outstanding | 4.35M | 1.62M | 1.54M | 1.34M | 1.32M | 1.31M | 877.9K | 100.43K | 27.69K | 17.97K | 13.67K | 12.33K | 9.83K | 8.73K | 7.36K | 7.07K | 7K | 5.72K | 3.92K | 3.75K | 3.23K | 2.69K | 2.36K | 1.84K | 1.68K | 1.64K | 1.53K | 1.38K | 1.19K | 910 | 821 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity exhaustion
As reported in recent financial statements, AIM's quarterly revenue has dwindled to a nominal $22,000, representing a significant contraction from historical levels and underscoring the absence of a viable commercial engine to support the company's ongoing research and development activities in the competitive biotechnology sector.
The revenue trajectory appears highly irregular and lacks the consistency required for a sustainable business model. Investors should monitor the lack of meaningful commercial traction, which suggests that the company remains entirely dependent on external capital to fund its operations.
Based on the provided income statement data, AIM's gross margin has fluctuated wildly, reaching a negative 113.6% in 2026Q1, which highlights the extreme difficulty in achieving cost-effective production for its legacy products while maintaining a high-cost clinical research infrastructure that currently yields no commercial return.
The erratic nature of these margins suggests that the company's cost of goods sold is not aligned with its minimal revenue generation. This volatility implies that the current manufacturing process for Alferon N may be economically unviable without a significant shift in scale or commercial strategy.
According to the company's quarterly filings, operating expenses continue to dwarf gross profit, with SG&A costs alone reaching $1.8 million in 2026Q1, indicating that the firm lacks the necessary operating leverage to scale its business without incurring massive, recurring losses that erode shareholder value.
The persistent gap between operating expenses and revenue suggests that the company's cost structure is heavily weighted toward fixed administrative and research overhead. This structure appears to offer little protection against the ongoing cash burn, necessitating constant external financing to maintain basic corporate functions.
As detailed in the income statement, AIM continues to prioritize R&D expenditures, which totaled $482,000 in 2026Q1, despite the company's limited cash reserves and the absence of a clear, near-term path to regulatory approval or commercialization for its primary drug candidate, Ampligen.
The company's expense discipline appears focused on maintaining clinical trial momentum rather than achieving operational efficiency. This strategy warrants further investigation, as the high burn rate relative to the current cash position suggests that the current cost structure may be unsustainable in the near term.
Based on the reported figures, the company's cash position of approximately $931,000 against quarterly operating losses of over $2 million suggests an imminent liquidity crisis that may force management to pursue highly dilutive financing or risk a total suspension of its clinical development programs.
Short-term observers should focus on the widening gap between cash availability and the capital required to sustain ongoing Phase 2 trials. This financial profile implies that the company's survival is contingent upon its ability to access capital markets, which may be increasingly difficult given the historical dilution.
Quick answers to the most common questions about buying AIM stock.
For fiscal year 2025, AIM ImmunoTech Inc. (AIM) reported total revenue of $0.1M. This represents a 12.0% decline compared to $0.1M in 1996.
AIM ImmunoTech Inc. (AIM) reported a net loss of $14.0M for the fiscal year ending 2025.
AIM ImmunoTech Inc. (AIM) reported an operating income of $-10.5M, resulting in an operating profit margin of -11961.4%. This margin reflects the operational efficiency of the business before interest and taxes.
AIM ImmunoTech Inc. (AIM) generated $-0.3M in gross profit for the year, representing a gross profit margin of -284.1%. This demonstrates the company's core pricing power and production efficiency.