Detailed financial statements for AIM ImmunoTech Inc. (AIM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
AIM ImmunoTech Inc., an immuno-pharmaceutical company based in Ocala, Florida, focuses on discovering and advancing treatments for a diverse array of cancers, viral infections, and immune system disorders across the United States.
Analysis Summary
AIM ImmunoTech Inc. reported revenue of $88000 in the most recent fiscal year, growing at a 5-year CAGR of -11.6%.
Trailing-twelve-month margins: gross margin -125.3%, operating margin -116.4%, net margin -150.2%.
At the current price of $0.21, AIM has negative trailing earnings (P/E not meaningful) and an ROE of 9.53%. Market capitalisation stands at $1M.
Balance sheet quality for AIM: current ratio of 0.5, net debt of $3.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $92000 | $437000 | $367000 | $140000 | $163000 | $135000 | $141000 | $202000 | $170000 | $88000 |
| Cost of Revenue | $1.1M | $1.2M | $884000 | $893000 | $806000 | $850000 | 0 | $42000 | $31000 | $338000 |
| Gross Profit | -$1.0M | -$746000 | -$517000 | -$753000 | -$643000 | -$715000 | $141000 | $160000 | $139000 | -$250000 |
| Research & Development | $5.1M | $4.1M | $4.8M | $4.7M | $5.7M | $7.7M | $7.0M | $10.9M | $6.2M | $3.9M |
| Selling, General & Admin | $7.7M | $6.6M | $6.2M | $7.0M | $8.7M | $8.7M | $13.1M | $21.1M | $13.7M | $7.7M |
| Operating Expenses | $12.8M | $10.7M | $11.0M | $11.7M | $14.5M | $18.1M | $20.1M | $32.1M | $19.9M | $10.3M |
| Operating Income | -$13.8M | -$11.4M | -$11.5M | -$12.4M | -$15.2M | -$18.8M | -$19.9M | -$31.9M | -$19.8M | -$10.5M |
| EBITDA | -$6.3M | -$7.1M | -$8.4M | -$8.1M | -$13.0M | -$18.3M | -$19.2M | -$28.7M | -$16.5M | -$12.9M |
| Interest Expense | 0 | $139000 | $502000 | $427000 | $672000 | $67000 | 0 | 0 | $585000 | $812000 |
| Pre-tax Income | -$7.5M | -$8.3M | -$9.8M | -$9.4M | -$14.4M | -$19.1M | -$19.4M | -$29.0M | -$17.3M | -$14.0M |
| Income Tax | 0 | 0 | $2.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$7.5M | -$8.3M | -$9.8M | -$9.4M | -$14.4M | -$19.1M | -$19.4M | -$29.0M | -$17.3M | -$14.0M |
| EPS | $-543.05 | $-463.19 | $-355.19 | $-93.71 | $-16.41 | $-14.67 | $-14.69 | $-21.64 | $-11.22 | $-8.62 |
| EPS (Diluted) | $-543.05 | $-463.19 | $-355.19 | $-93.71 | $-16.41 | $-14.67 | $-14.69 | $-21.64 | $-11.22 | $-8.62 |
| Shares Outstanding (Diluted) | $13669 | $17967 | $27689 | $100429 | $877903 | $1.3M | $1.3M | $1.3M | $1.5M | $1.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $26000 | $21000 | $22000 | $26000 |
| Gross Profit | -$96000 | -$19000 | -$25000 | $21000 |
| Operating Income | -$2.4M | -$3.0M | -$2.2M | -$3.5M |
| EBITDA | -$3.1M | -$3.7M | -$2.7M | -$3.4M |
| Net Income | -$3.3M | -$4.2M | -$3.0M | -$3.8M |
| EPS | $-1.57 | $-1.36 | $-0.69 | $-0.22 |
| EPS (Diluted) | $-1.57 | $-1.36 | $-0.69 | $-0.22 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.4M | $1.4M | $299000 | $1.5M | $38.5M | $32.1M | $27.1M | $5.4M | $1.7M | $931000 |
| Short-term Investments | $3.5M | $695000 | $1.5M | $7.3M | $501000 | $16.2M | $7.1M | $7.6M | $2.3M | $62000 |
| Receivables | 0 | $24000 | $1.1M | $820000 | $1.1M | $1.6M | $1.7M | $1.2M | 0 | $7000 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$302000 | 0 | 0 |
| Total Current Assets | $6.9M | $3.5M | $3.8M | $10.4M | $40.3M | $50.2M | $36.3M | $14.6M | $4.2M | $3.3M |
| Property, Plant & Equipment | $9.5M | $8.6M | $7.8M | $7.3M | $6.7M | $4.2M | $1.0M | $824000 | $726000 | $449000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $872000 | $858000 | $912000 | $1.2M | $1.5M | $2.0M | $1.9M | $2.3M | $2.6M | $1.7M |
| Total Assets | $18.9M | $14.2M | $13.8M | $20.2M | $111.0M | $57.7M | $40.5M | $19.4M | $8.6M | $5.8M |
| Accounts Payable | $887000 | $741000 | $680000 | $472000 | $383000 | $198000 | $377000 | $6.4M | $6.4M | $1.6M |
| Short-term Debt | 0 | 0 | $3.6M | $214000 | $277000 | 0 | 0 | 0 | $2.3M | $3.8M |
| Total Current Liabilities | $2.4M | $2.7M | $5.3M | $1.1M | $1.1M | $673000 | $1.4M | $8.7M | $9.5M | $6.2M |
| Long-term Debt | 0 | $1.8M | 0 | $3.9M | 0 | 0 | 0 | 0 | 0 | $927000 |
| Total Liabilities | $3.4M | $5.5M | $8.7M | $7.3M | $49.7M | $820000 | $2.0M | $9.1M | $9.9M | $15.6M |
| Retained Earnings | -$300.5M | -$308.8M | -$318.6M | -$328.1M | -$342.0M | -$361.1M | -$380.5M | -$409.5M | -$426.8M | -$440.8M |
| Total Equity | $15.5M | $8.7M | $5.2M | $12.9M | $61.3M | $56.9M | $38.5M | $10.2M | -$1.3M | -$9.8M |
| Total Debt | 0 | $1.8M | $5.9M | $6.4M | $2.3M | $149000 | $837000 | $718000 | $2.9M | $4.9M |
| Net Debt | -$5.9M | -$272000 | $4.1M | -$2.4M | -$36.7M | -$48.1M | -$33.4M | -$12.4M | -$1.0M | $3.9M |
| Working Capital | $4.5M | $798000 | -$1.5M | $9.3M | $39.2M | $49.5M | $35.0M | $5.9M | -$5.4M | -$2.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $2.3M | $931000 | $5.8M | $9.9M |
| Total Assets | $5.5M | $5.8M | $8.6M | $12.7M |
| Total Liabilities | $11.6M | $15.6M | $6.5M | $5.0M |
| Total Equity | -$6.1M | -$9.8M | $2.1M | $7.7M |
| Total Debt | $2.3M | $4.9M | $4.6M | $3.9M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$7.5M | -$8.3M | -$9.8M | -$9.5M | -$14.4M | -$19.1M | -$19.4M | -$29.0M | -$17.3M | -$14.0M |
| Depreciation & Amortization | $1.3M | $1.0M | $878000 | $792000 | $733000 | $659000 | $256000 | $238000 | $246000 | $210000 |
| Stock-based Compensation | $410000 | $571000 | $929000 | $853000 | $1.0M | $1.6M | $954000 | $243000 | $686000 | $60000 |
| Change in Working Capital | $29000 | $1.1M | -$2.1M | -$543000 | $605000 | $1.1M | $966000 | $7.1M | $296000 | -$878000 |
| Operating Cash Flow | -$7.4M | -$7.9M | -$10.6M | -$9.1M | -$10.4M | -$14.0M | -$16.1M | -$21.3M | -$14.9M | -$11.0M |
| Capital Expenditure | -$454000 | -$69000 | -$127000 | -$365000 | -$595000 | -$41000 | -$271000 | -$585000 | -$18000 | -$378000 |
| Acquisitions | 0 | 0 | $755000 | 0 | $573000 | 0 | 0 | $47000 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$7.8M | -$8.0M | -$10.8M | -$9.4M | -$11.0M | -$14.0M | -$16.4M | -$21.9M | -$14.9M | -$11.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$5.1M | -$2.0M | -$2.7M | $2.7M |
| Capital Expenditure | 0 | -$95000 | -$35000 | $35000 |
| Free Cash Flow | -$5.1M | -$2.1M | -$2.8M | $2.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +375.0% | -16.0% | -61.9% | +16.4% | -17.2% | +4.4% | +43.3% | -15.8% | -48.2% | |
| Net Income Growth (YoY) | -10.1% | -18.8% | +4.2% | -53.1% | -32.8% | -1.7% | -48.9% | +40.2% | +19.4% | |
| EPS Growth (YoY) | +14.7% | +23.3% | +73.6% | +82.5% | +10.7% | -0.2% | -47.3% | +48.1% | +23.2% | |
| Shares Change (YoY) | +31.4% | +54.1% | +262.7% | +774.2% | +48.7% | +1.5% | +1.1% | +15.3% | +4.8% | |
| FCF Growth (YoY) | -2.2% | -34.4% | +12.4% | -16.2% | -27.8% | -16.9% | -33.4% | +31.8% | +24.0% | |
| Gross Margin | -1104.3% | -170.7% | -140.9% | -537.9% | -394.5% | -529.6% | 100.0% | 79.2% | 81.8% | -284.1% |
| Operating Margin | -15004.3% | -2612.4% | -3132.4% | -8887.9% | -9295.7% | -13954.1% | -14129.7% | -15800.0% | -11630.6% | -11961.4% |
| EBITDA Margin | -6883.7% | -1628.4% | -2290.2% | -5820.0% | -7972.4% | -13544.4% | -13609.2% | -14219.8% | -9699.4% | -14700.0% |
| Net Margin | -8154.3% | -1889.9% | -2673.8% | -6717.1% | -8834.4% | -14168.1% | -13790.8% | -14337.6% | -10188.2% | -15861.4% |
| FCF Margin | -8515.2% | -1833.0% | -2933.8% | -6737.1% | -6725.8% | -10374.8% | -11616.3% | -10817.8% | -8768.2% | -12880.7% |
| Effective Tax Rate | -0.0% | -0.0% | -22.3% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-573.11 | $-445.81 | $-388.86 | $-93.92 | $-12.49 | $-10.73 | $-12.36 | $-16.31 | $-9.65 | $-7.00 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $13669 | $17967 | $27689 | $100429 | $877903 | $1.3M | $1.3M | $1.3M | $1.5M | $1.6M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 952.76% |
| Return on Invested Capital | -94.78% |
| Return on Assets | -112.09% |
| Gross Margin | -125.26% |
| Operating Margin | -11637.89% |
| Net Margin | -15021.05% |
Financial Health
| Debt / Equity | 0.51 |
| Current Ratio | 2.11 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -5.26 | -3.13 | -2.10 | -0.54 | -10.26 | -5.90 | -1.99 | -1.91 | -1.68 | -0.13 |
| P/B | 2.52 | 2.99 | 3.99 | 0.40 | 2.41 | 1.99 | 1.00 | 5.42 | -21.99 | -0.19 |
| P/S | 424.36 | 59.57 | 56.21 | 36.45 | 906.99 | 836.75 | 274.05 | 274.53 | 170.97 | 20.78 |
| Gross Margin | -1104.3% | -170.7% | -140.9% | -537.9% | -394.5% | -529.6% | 100.0% | 79.2% | 81.8% | -284.1% |
| Operating Margin | -15004.3% | -2612.4% | -3132.4% | -8887.9% | -9295.7% | -13954.1% | -14129.7% | -15800.0% | -11630.6% | -11961.4% |
| Net Margin | -8154.3% | -1889.9% | -2673.8% | -6717.1% | -8834.4% | -14168.1% | -13790.8% | -14337.6% | -10188.2% | -15861.4% |
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Explore sector: Healthcare · Biotechnology
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