AIM ImmunoTech Inc Dossier - Source-backed chat

AIM ImmunoTech Inc

AIMNYSE

SectorHealth Care

IndustryBiotechnology

Beta (adjusted)1.16

Intrinsic Value

Insufficient data for a value estimateNot enough reliable inputs to publish a fair value for this company yet.

Market Price $0.17Price as of 30 Sep 2026

Data confidenceNot applicable

Market Cap $6.9M

Enterprise Value $787.3K

Shares Outstanding 39.2M diluted

Next Earnings Date31 Dec 2026

All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference.

Thesis

Street consensus, scenarios, merits, risks, and invalidation triggers

AI-assisted

Thesis Summary

AIM ImmunoTech is a high-risk, high-reward micro-cap biotechnology company focused on developing its lead drug candidate, Ampligen (rintatolimod), for late-stage pancreatic cancer and emerging viral threats. The company has achieved a major clinical milestone by completing enrollment and dosing the final patient in its Phase 2 DURIPANC trial ahead of schedule. This trial evaluates Ampligen in combination with AstraZeneca's Imfinzi (durvalumab). Historical monotherapy data from its Named Patient Program (NPP) demonstrated a dramatic survival benefit in biomarker-stratified patient subsets (e.g., median overall survival of 34.8 months vs. 12.5 months for controls in patients with a Neutrophil/Lymphocyte ratio < 4.5). With primary endpoint evaluation scheduled for December 2026 and topline results in Q1 2027, AIM is entering a critical value-inflection window. While the company faces ongoing going-concern risks and dilution from recent capital raises, its successful regain of NYSE American compliance and strategic partnership with Thermo Fisher's PPD for Phase 3 planning make it an attractive speculative play for investors focused on oncology breakthroughs.

This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today.

Street view · analyst 12-month targets2 analysts · as of 18 Aug 2026

Low · most bearish analyst$1.50

Mean target$5.25

High · most bullish analyst$9.00

Our research · scenarios, merits, risks, and invalidation triggersResearch as of 20 Jun 2026

Scenarios · 12-month scenario targetsAnchored at research date

Bear CaseDownside scenario

The DURIPANC trial fails to show a meaningful improvement in Clinical Benefit Rate compared to standard of care, or the combination therapy exhibits unexpected toxicity. Without positive Phase 2 data, the company is unable to secure strategic partnerships or non-dilutive funding. Continued reliance on highly dilutive equity offerings and warrant exercises depresses the share price, leading to non-compliance with NYSE American listing standards and eventual delisting or restructuring.

Base CaseCentral scenario

The Phase 2 DURIPANC trial successfully meets its primary endpoint of Clinical Benefit Rate (CBR) in December 2026, showing a statistically significant improvement in stable disease and partial responses when combining Ampligen with Imfinzi. Topline results in Q1 2027 confirm a favorable safety profile and high quality-of-life scores. This clinical validation allows AIM to finalize its Phase 3 trial design with Thermo Fisher's PPD and secure a co-development partnership or licensing deal with a major pharmaceutical company (such as AstraZeneca), mitigating its long-term funding risks and driving substantial valuation upside.

Bull CaseUpside scenario

Successful Phase 2 DURIPANC trial readout in Q1 2027 leads to a lucrative strategic partnership or acquisition by a major pharmaceutical company (e.g., AstraZeneca) to fund and execute the Phase 3 clinical trial for Ampligen in metastatic pancreatic cancer.

Scenarios are anchored to street consensus at the research date, with our probabilities and rationale.

Key Investment Merits

Completed Phase 2 DURIPANC enrollment ahead of schedule, with the final patient dosed in June 2026, keeping the company on track for a critical December 2026 primary endpoint readout.
Strong historical clinical signal from the Named Patient Program, showing median overall survival of 19.7 months (and up to 34.8 months in NLR < 4.5 subsets) compared to 8.6 months for historical controls.
Strategic collaboration with Thermo Fisher Scientific's PPD clinical research business to design a pivotal Phase 3 trial, preparing the company for rapid late-stage advancement.
Orphan drug designations in both the US and EU for pancreatic cancer and Ebola, providing 7 and 10 years of market exclusivity respectively upon regulatory approval.
Resolved stockholders' equity deficiency in June 2026, regaining compliance with NYSE American listing standards and extending near-term debt maturity to June 2027.

Key Investment Risks

Going concern emphasis of matter in audited financial statements, highlighting the company's ongoing need to raise capital to fund clinical development.
High risk of shareholder dilution, as evidenced by recent registered direct offerings, warrant issuances, and potential increases in outstanding shares of up to 47% upon warrant exercises.
Clinical trial risk inherent in oncology development, where positive early-stage or monotherapy results may not be replicated in combination therapies or larger controlled trials.
Extremely low current revenue ($22K in Q1 2026) and high reliance on capital markets to sustain operations.

Thesis Invalidation Triggers

Failure to meet the primary endpoint of Clinical Benefit Rate (CBR) in the DURIPANC Phase 2 trial in December 2026.
Inability to secure a strategic partner or licensing agreement to fund the planned Phase 3 clinical trial.
Severe cash depletion leading to a breach of NYSE American listing requirements or default on outstanding promissory notes.

All scenarios are estimates and subject to change. Past performance is not indicative of future results.

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Explore this dossier

ValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework.