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AIM ImmunoTech Inc. (AIM-0.50%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $3.7 million, down from $7.8 million in the same quarter the previous year. This decrease is attributed to reductions in research and development expenses and general and administrative expenses.
Revenue from the Ampligen Cost Recovery Program was $35,000, a decrease from $46,000 in the same quarter the previous year. This decrease is primarily related to fluctuating patient participation.
Interest and other income increased to $718,000 from $294,000, primarily due to changes in agreements with Amarex and the recognition of a refundable deposit.
Research and development expenses decreased to $1.4 million from $2.7 million, primarily due to reduced clinical expenses.
General and administrative expenses decreased to $3.1 million from $5.4 million, primarily due to lower professional fees and public relations expenses.
Interest expense for the quarter was $202,000, related to a Note Purchase Agreement entered into with Streeterville Capital LLC.
Cash used in operating activities was $10.9 million for the nine months ended September 30, 2024, compared to $11.5 million for the same period in 2023.
Cash provided by financing activities was $5.4 million, up from $338,000 in the same period in 2023, due to proceeds from notes payable and warrant exercises.
AIM ImmunoTech continues to focus on clinical trials for Ampligen in various indications, including pancreatic cancer, ME/CFS, and post-COVID conditions.
The company acknowledges substantial doubt regarding its ability to continue as a going concern due to working capital deficits and stockholders' equity below NYSE American requirements.
AIM ImmunoTech is exploring additional funding opportunities, including equity distribution agreements and an equity line of credit with Atlas Sciences, LLC.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AIM ImmunoTech Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.