AIM ImmunoTech(AIM) - 2025 Q1 - Quarterly Report

Financial Performance - Net loss for Q1 2025 was approximately $3,705,000, a decrease of 36% from a net loss of $5,817,000 in Q1 2024[217]. - Revenues from the Ampligen® Cost Recovery Program decreased to $16,000 in Q1 2025 from $40,000 in Q1 2024, a decline of $24,000[218]. - Research and Development costs decreased to approximately $1,080,000 in Q1 2025 from $1,951,000 in Q1 2024, reflecting a reduction of approximately $871,000[222]. - General and Administrative expenses decreased to approximately $2,545,000 in Q1 2025 from $3,815,000 in Q1 2024, a decrease of approximately $1,270,000[224]. - Cash used in operating activities decreased to approximately $2,361,000 in Q1 2025 from $4,815,000 in Q1 2024, a reduction of $2,454,000[226]. Cash and Equity Position - As of March 31, 2025, the company had approximately $2,247,000 in cash and cash equivalents, a decrease of approximately $1,730,000 from December 31, 2024[229]. - Stockholders' equity was below the minimum requirements for continued listing on the NYSE American, with a deficit of approximately $3.9 million as of March 31, 2025[237]. Securities and Offerings - The company filed a Universal Shelf Registration Statement to register the offering of up to $100,000,000 of various securities, which has not yet been declared effective[242]. - An Equity Distribution Agreement was entered into with Maxim Group LLC to issue and sell up to $3,000,000 of common stock under the Registration Statement[243]. - The company has entered into a Purchase Agreement with Atlas Sciences, LLC, committing to purchase up to $15 million of common stock over a 24-month period[254]. - As of March 31, 2025, a total of 3,082,961 shares have been issued under the Purchase Agreement for approximately $398,000 after clearing costs[264]. - The company issued 5,640,958 shares of common stock and Class A and B common warrants to a single accredited investor, with an exercise price of $0.363 per share[265]. - The company received aggregate gross proceeds of approximately $1.26 million from the issuance of 4,653,036 shares and associated warrants in a registered direct offering[272]. - The company has agreed to pay Maxim a commission of 3.0% on the aggregate gross proceeds from each sale of common stock under the Sales Agreement[246]. - The total estimated expenses for the offering, excluding compensation to Maxim, will be approximately $54,000[246]. - The company cannot sell shares below the Minimum Price that would represent more than 19.99% of the outstanding shares without stockholder approval[258]. - The initial commitment fee to Atlas was paid through the issuance of 338,600 shares of common stock, equal to 1.0% of the Commitment Amount[260]. - The Common Warrants issued in the Transactions are classified as equity within the consolidated financial statements, with proceeds allocated totaling approximately $2.5 million[270]. - The registration statement for the resale of shares issued under the Purchase Agreement was declared effective on May 1, 2024[255].