What changed in this filing

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Item 1. Financial Statements

2025-11-17 compared with 2025-08-14 · 741 added, 693 removed, 349 unchanged (80% of the section changed)

4 unchanged sentences

thousands, except for share and per share amounts)

June 30, 2025 and Audited December 31, 2024)

June 30, 2025

December 31, 2024

September 30, 2025 and Audited December 31, 2024)

Current assets:

Cash and cash equivalents

Marketable investments

Prepaid expenses and other current assets

Total current assets

Cash and cash

Marketable securities

expenses and other current assets

current assets

Property and equipment, net

1 unchanged sentence

Patent and trademark rights, net

LIABILITIES AND STOCKHOLDERS’ DEFICIT

LIABILITIES AND STOCKHOLDERS’

Current liabilities:

1 unchanged sentence

Accrued expenses

Current portion of operating lease liability

Current portion of note payable, net

Total current liabilities

Current portion of operating

lease liability

portion of note payable, net

current liabilities

Long-term liabilities:

Operating lease liability

Total liabilities

Commitments and contingencies (Notes 13 and 14)

Warrant liability

Commitments and contingencies (Note 10 and 11)

Stockholders’ deficit:

Series A Junior Participating Preferred Stock, $ 0.001 par value, 4,000,000 and 250,000 shares authorized

as of June 30, 2025, and December 31, 2024, respectively;

Series A Junior Participating

Preferred Stock, $ 0.001 par value, 4,000,000 and 250,000 shares authorized as of September 30, 2025, and December 31, 2024, respectively;

issued and outstanding – none

Series B Convertible Preferred Stock, stated value $ 1,000 per share, 10,000 shares authorized;

June 30, 2025, and December 31, 2024, respectively;

Series B Convertible

Preferred Stock, stated value $ 1,000 per share, 10,000 shares authorized;

as of September 30, 2025, and December 31, 2024, respectively;

issued and outstanding – none

Preferred Stock, Value

Common Stock, $ 0.001 par value, authorized shares - 350,000,000 ;

issued and outstanding shares 764,188 and 655,263 as of June

30, 2025 and December 31, 2024, respectively

Common Stock, $ 0.001 par value, authorized

shares - 350,000,000 ;

issued and outstanding shares 2,764,188 and 655,263 as of September 30, 2025 and December 31, 2024, respectively

Additional paid-in capital

Accumulated deficit

Total stockholders’ deficit

Total liabilities and stockholders’ deficit

stockholders’ equity

liabilities and stockholders’ equity

accompanying notes to consolidated financial statements.

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thousands, except share and per share data)

Three months ended June 30,

Six months ended June 30,

Clinical treatment programs - US

months ended September 30,

treatment programs - US

Total Revenues

2 unchanged sentences

Research and development

General and administrative

and administrative

Total Costs and Expenses

2 unchanged sentences

Interest and other income

Interest expense and other finance costs

(Loss) on warrant issuance

Interest expense and other

finance costs

Issuance Cost

Loss on issuance of warrants

Change in fair value of warrants

Basic and diluted loss per share

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Statements of Changes in Stockholders’ Equity

the Six Months Ended June 30, 2025 and 2024

the Nine Months Ended September 30, 2025 and 2024

thousands except share data)

Preferred Shares

Stockholders’ Equity

Comprehensive

Income (Loss)

Stockholders’

Balance December 31, 2024

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Equity-based compensation

Repayment of Debt with Shares

Debt repayment

Net comprehensive loss

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$ ( 433,327 )

Common stock and warrant issuance, net of costs

Net comprehensive loss

Balance September 30, 2025

$ ( 436,611 )

Preferred Shares

Stockholders’ Equity

Comprehensive

Income (Loss)

Stockholders’

Balance December 31, 2023

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Equity-based compensation

Committed shares

Net comprehensive loss

1 unchanged sentence

$ ( 415,325 )

Common stock issuance, net of costs

1 unchanged sentence

Equity-based compensation

Series B preferred shares expired

Series B preferred shares converted to common

Net Comprehensive loss

2 unchanged sentences

$ ( 417,161 )

Common stock issuance, net of costs

Equity-based compensation

Net Comprehensive loss

Balance September 30, 2024

$ ( 420,861 )

accompanying notes to consolidated financial statements.

2 unchanged sentences

Statements of Cash Flows

the Six Months Ended June 30, 2025 and 2024

the Nine Months Ended September 30, 2025 and 2024

Cash flows from operating activities:

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation of property and equipment

Abandonment and expiration of patents and trademark rights

Amortization of patent, trademark rights

Adjustments to reconcile net loss to net cash

used in operating activities:

Depreciation of property

and equipment

Abandonment and expiration

of patents and trademark rights

Amortization of patent,

trademark rights

Non-cash lease expense

Equity-based compensation

Loss (gain) on sale of marketable investments

Gain on sale of marketable

Amortization of financial

Gain on fair value of warrants

Loss on issuance of warrants

Amortization of financial obligation

Non-cash gain on settlement of liability

Change in assets and liabilities:

Funds receivable from New Jersey net operating loss

Prepaid expenses and other current assets and other non-current assets

Funds receivable from New

Jersey net operating loss

Prepaid expenses and other

current assets

Lease liability

Accounts payable

Accrued expenses

Net cash used in operating activities

Cash flows from investing activities:

Proceeds from sale of marketable investments

Purchase of marketable investments

(Purchase) abandonment of patent and trademark rights

Net cash provided by investing activities

cash used in operating activities

Cash flows from investing

Proceeds from sale of marketable

Purchase of marketable

Purchase of property and

abandonment of patent and trademark rights

cash provided by investing activities

Cash flows from financing activities:

Proceeds from sale of stock, net of issuance costs

Proceeds from note payable, net of issuance costs

Proceeds from issuance of equity warrants

Net cash provided by financing activities

Net decrease in cash and cash equivalents

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period

Supplemental disclosures of non-cash investing and financing cash flow information:

Unrealized gain on marketable investments

Proceeds from issuance

of common stock and warrants

Proceeds from sale of stock,

net of issuance costs

Proceeds from note payable,

net of issuance costs

Repayment of debt with cash

Proceeds from equity line of credit

Net cash provided

by financing activities

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents

at beginning of period

Cash and cash equivalents

at end of period

Supplemental disclosures

of non-cash investing and financing cash flow information:

lease-Right of Use Assets

gain on marketable securities

Repayment of debt obligation with shares

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and do not contain certain information which will be included in the Company’s annual consolidated financial statements and notes

consolidated financial statements contained herein should be read in conjunction with the Company’s audited consolidated financial

statements for the years ended December 31, 2024, and 2023, contained in the Company’s Annual Report on Form 10-K for the year

ended December 31, 2024, filed on March 27, 2025.

a Special Meeting of Stockholders held on April 30, 2025, the Company’s stockholders approved a series of alternate amendments

to the Company’s Certificate of Incorporation to effect a reverse stock split of the Company’s outstanding common stock at

a ratio in the range of up to 1-for-100 , with such ratio to be determined by the Company’s Board of Directors.

Stockholders will

be given cash in lieu of any fractional shares on a post-split basis.

Following the Reverse Stock Split, the new CUSIP number of the

common stock will be 00901B303, with the par value per share of common stock remaining at $ 0.001 .

The Company’s Board

of Directors approved the implementation of the reverse stock split at a ratio 1-for-100 which took effect on June 12, 2025.

and per share amounts for prior periods have been revised to give retroactive effect to this reverse stock split.

consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements for the years

ended December 31, 2024, and 2023, contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024,

filed on March 27, 2025.

preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires

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of significant estimates include determination of other-than-temporary impairment on securities, valuation of deferred taxes, patent

and trademark valuations, equity-based compensation calculations, fair value of warrants, and contingency accruals.

and trademark valuations, stock-based compensation calculations, fair value of warrants, and contingency accruals.

and Going Concern

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within one year after the date that the financial statements are issued.

Company’s principal source of liquidity is its cash and cash equivalents, marketable securities, and proceeds from financing

activities to provide the necessary funding to meet its obligations as they become due.

The Company has incurred losses from

operations and net cash used on operating activities for the year ended December 31, 2024 and for the six months ended June 30,

2025, and has a working capital deficit as of December 31, 2024 and as of June 30, 2025.

Additionally, its stockholders’

equity was below the minimum requirements for continued listing on the New York Stock Exchange American (“NYSE

These factors raise substantial doubt regarding the Company’s ability to continue as a going concern for a

period of at least one year from the date of issuance of these unaudited condensed consolidated financial statements.

evaluated the conditions and the significance in relation to the Company’s ability to meet its obligations and noted that all outstanding debt is current as of June 30, 2025.

If the Company is

unable to implement sufficient mitigation efforts, it may need to limit its business activities or be unable to continue as a going

concern, which would have a material adverse effect on its results of operations and financial condition.

December 11, 2024, the Company received an official notice of noncompliance with the NYSE American’s continued listing requirements.

This includes the need for the Company to have stockholders’ equity of $ 6.0 million or more.

The NYSE American’s review showed

that the Company was not in compliance with that requirement.

As required, the Company submitted a plan (the “Plan”) to the

NYSE American illustrating how it can regain compliance by June 11, 2026.

The NYSE American accepted the Plan on February 26, 2025.

the Company is not able to regain compliance by June 11, 2026, its common stock may be delisted from the NYSE American.

As of June 30,

2025, its stockholders’ deficit was ($ 6.5 ) million.

It must increase its stockholders’ equity to be at least $ 6 million to

regain compliance with this rule.

If it is not able to raise sufficient capital as set forth in the Plan or by other means, it may be

unable to regain compliance with the NYSE American’s listing standards and its securities could be subject to delisting.

in the event that the price of the common stock drops to $ 0.10 per share, trading in the common stock will automatically be suspended

and the common stock would be subject to delisting.

The price dropped below $ 0.10 and on April 4, 2025, the Company received a delisting

letter from the NYSE American and trading in its common stock on the NYSE American was suspended.

AIM sought a review of the delisting

and were granted a hearing to be held on June 5, 2025.

Since the suspension of its common stock, AIM trades on the Pink Open Market under

the symbol “AIMI”.

April 30, 2025, the Company held a special meeting of stockholders to approve a series of alternate amendments to its Certificate of

Incorporation to effect, at the option of its Board of Directors, a reverse stock split of its outstanding common stock at a ratio in

the range of up to 1-for-100 , with such ratio to be determined by the Board of Directors in its sole discretion.

At that meeting, stockholders

approved the measure.

Company’s principal source of liquidity is its cash and cash equivalents, marketable securities, and proceeds from financing activities

to provide the necessary funding to meet its obligations as they become due.

The Company incurred losses from operations and net cash

used on operating activities for the year ended December 31, 2024 and for the nine months ended September 30, 2025, and has a working

capital deficit as of December 31, 2024 and as of September 30, 2025.

Additionally, its stockholders’ equity was below the minimum

requirements for continued listing on the New York Stock Exchange American (“the Exchange”).

These factors raise substantial

doubt regarding the Company’s ability to continue as a going concern for a period of at least one year from the date of issuance

of these unaudited condensed consolidated financial statements.

Management evaluated the conditions and the significance in relation

to the Company’s ability to meet its obligations and noted that all outstanding debt is current as of September 30, 2025.

Company is unable to implement sufficient mitigation efforts, it may need to limit its business activities or be unable to continue as

a going concern, which would have a material adverse effect on its results of operations and financial condition.

During the third quarter of 2025,

an agreement was reached with a vendor surrounding legal fees.

The agreement provided that $ 3,041,000 of previously billed fees would

be forgiven in exchange for payments totaling $ 1,875,000 .

The reduction was included as “other income” and accounts payable

December 11, 2024, the Company received an official notice of noncompliance with the Exchange’s continued listing requirements.

This includes the need for the Company to have stockholders’ equity of $ 6,000,000

The Exchange’s review showed that the Company

was not in compliance with that requirement.

As required, the Company submitted a plan (the “Plan”) to the Exchange illustrating

how it can regain compliance by June 11, 2026.

The Exchange accepted the Plan on February 26, 2025.

If the Company is not able to regain

compliance by June 11, 2026, its common stock may be delisted from the Exchange.

As of September 30, 2025, its stockholders’ deficit

was approximately ($ 6,077,000 ).

It must increase its stockholders’ equity to be at least $ 6,000,000 to regain compliance with this rule.

If it is not able to raise

sufficient capital as set forth in the Plan or by other means, it may be unable to regain compliance with the Exchange’s listing

standards and its securities could be subject to delisting.

In addition, in the event that the price of the common stock drops to $ 0.10

per share, trading in the common stock will automatically be

suspended and the common stock would be subject to delisting.

The price dropped below $ 0.10

and on April 4, 2025, the Company received a delisting letter

from the Exchange and trading in its common stock on the Exchange was suspended.

On April 30, 2025, the Company

held a special meeting of stockholders and authorized the Company’s Board of Directors to effect a reverse split at its discretion

on a basis of up to one for 100 outstanding shares of Common Stock.

On May 29, 2025, the Board authorized the Reverse Split and on June

10, 2025, the Company filed an amendment to its Articles of Incorporation effecting a reverse split of its outstanding shares of Common

Stock on a one for 100 basis (the “Reverse Split”).

Stockholders were given cash in lieu of any fractional shares on a post-split

On June 11, 2025,

the Company was notified by the Exchange that the Company had regained compliance with Section 1003(f)(v) of the Exchange’s Company

Guide (low selling price) and that trading in the Company’s Common Stock was reinstated on the Exchange on June 17, 2025

Recent Accounting Pronouncements

The Company has implemented

all new accounting pronouncements that are in effect.

These pronouncements did not have any material impact on the financial statements

unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued

that might have a material impact on its financial position or results of operations.

Accounting pronouncements issued by the FASB since

filing the Annual Report on Form 10-K for the year ended December 31, 2024 did not or are not believed by management to have a material

impact on the Company’s present or future financial statements.

Cash and Cash Equivalents

2 unchanged sentences

maturity of three months or less to be cash equivalents.

At various times throughout the six months ended June 30, 2025, some accounts

At various times throughout the nine months ended September 30, 2025, some accounts

held at financial institutions were in excess of the federally insured limit of $ 250,000 .

3 unchanged sentences

securities consist of mutual funds.

At June 30, 2025 and December 31, 2024, it was determined that none of the marketable securities

At September 30, 2025 and December 31, 2024, it was determined that none of the marketable securities

had an other-than-temporary impairment.

At June 30, 2025 and December 31, 2024, all securities were measured as Level 1 instruments of

the fair value measurements standard (See Note 12:

At June 30, 2025, and December 31, 2024 the Company held $ 359,000 and

$ 2,276,000 respectively, in mutual funds.

Funds classified as available for sale consisted of $ 359,000 at June 30, 2025.

The net loss recognized for the six-month period ended

June 30, 2025 on equity securities was ($ 68,000 ) .

The unrealized gains recognized for the six-month period ended June 30, 2025 on equity

At September 30, 2025, and December 31, 2024, all securities were measured as Level 1 instruments

of the fair value measurements standard (See Note 5:

At September 30, 2025, and December 31, 2024, the Company held $ 62,000

and $ 2,276,000 respectively, in mutual funds.

Funds classified as available for sale consisted of $ 62,000

at September 30, 2025.

The net losses recognized for the three-month

period ended September 30, 2025 on equity securities was ($ 1,000 ) .

The net gains recognized for the three-month period ended September

30, 2025 on equity securities sold during the period were $ 11,000 .

The unrealized losses recognized for the three-month period ended

September 30, 2025 on equity securities still held was ($ 12,000 ) .

The net gain recognized for the nine-month period ended September 30,

2025, on equity securities was $ 17,000 .

The net losses recognized for the nine-month period ended September 30, 2025, on equity securities

sold during the period were ($ 56,000 ) .

The unrealized gains recognized for the nine-month period ended September 30, 2025, on equity

securities still held was $ 73,000 .

The net gain recognized for the six-month period ended June 30, 2025 on equity securities was $ 17,000 .

Funds classified as available for sale consisted of $ 2,276,000 at December 31, 2024.

The net loss recognized for the six-month period

ended June 30, 2024 on equity securities was ($ 219,000 ) .

The unrealized gains recognized for the six-month period ended June 30, 2024

on equity securities still held was $ 42,000 .

The net loss recognized for the six-month period ended June 30, 2024 on equity securities

was ($ 177,000 ) .

Funds classified as available for sale consisted of $ 2,276,000

at December 31, 2024.

The net gain recognized for the three-month

period ended September 30, 2024 on equity securities was $ 273,000 .

The net losses recognized for the three-month period ended September

30, 2024 on equity securities sold during the period were ($ 59,000 ) .

The unrealized gains recognized for the three-month period ended

September 30, 2024 on equity securities still held was $ 332,000 .

The net gain recognized for the nine-month period ended September 30,

2024 on equity securities was $ 95,000 .

The net losses recognized for the nine-month period ended September 30, 2024 on equity securities

sold during the period were ($ 277,000 ) .

The unrealized gains recognized for the nine-month period ended September 30, 2024 on equity

securities still held was $ 373,000 .

Fair Value Measurements

Company complies with the provisions of FASB ASC 820 “Fair Value Measurements” for its financial and non-financial assets

and liabilities.

ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosure for each major asset

and liability category measured at fair value on either a recurring or nonrecurring basis.

fair values of cash and cash equivalents, other assets, accounts payable and accrued expenses approximate their carrying values due to

the short-term maturities of these items and are considered a Level 1 instrument of the fair value measurements standard.

also has certain warrants with a cash settlement feature in the occurrence of a Fundamental Transaction.

The fair value of the Class

A and Class B warrants (“June 2024 Warrants”) related to the Company’s June 2024 common stock and warrant issuance,

are calculated using a Black-Scholes model.

The fair value of the Class C and Class D warrants (“October 2024 Warrants”)

related to the Company’s October 2024 common stock and warrant issuance, are calculated using a Black-Scholes model.

The fair value

of the Class E and Class F warrants (“August 2025 Warrants”) related to the Company’s August 2025 common stock and

warrant issuance, are calculated using a Black-Scholes model.

Company also had certain redeemable warrants in the Rights Offering with a cash settlement feature in the occurrence of a Fundamental

No Fundamental Transaction occurred.

In March 2024, 2,050 of these warrants converted on a cashless basis and the remaining

58,300 expired.

Company estimated the fair value of the June 2024 Warrants, October 2024 Warrants and August 2025 Warrants using the Black-Scholes Model,

which uses multiple inputs including the Company’s stock price, the exercise price of the warrant, volatility of the Company’s

stock price, the risk-free interest rate and the expected term of the warrants.

Company utilized the following assumptions to estimate the fair value of the Class A Warrants:

Schedule of Assumptions to Estimate Fair Value of Warrants

Underlying price per share

Exercise price per share

Risk-free interest rate

Expected holding period

Expected volatility

Expected dividend yield

Warrants measurement input

Company utilized the following assumptions to estimate the fair value of the Class B Warrants:

Underlying price per share

Exercise price per share

Risk-free interest rate

Expected holding period

Expected volatility

Expected dividend yield

Warrants measurement input

Company utilized the following assumptions to estimate the fair value of the Class C Warrants:

Underlying price per share

Exercise price per share

Risk-free interest rate

Expected holding period

Expected volatility

Expected dividend yield

Warrants measurement input

Company utilized the following assumptions to estimate the fair value of the Class D Warrants:

Underlying price per share

Exercise price per share

Risk-free interest rate

Expected holding period

Expected volatility

Expected dividend yield

Warrant measurement input

Company utilized the following assumptions to estimate the fair value of the Class E Warrants:

September 30,

Underlying price per share

Exercise price per share

Risk-free interest rate

Expected holding period

Expected volatility

Expected dividend yield

Warrant measurement input

Company utilized the following assumptions to estimate the fair value of the Class F Warrants:

September 30,

Underlying price per share

Exercise price per share

Risk-free interest rate

Expected holding period

Expected volatility

Expected dividend yield

Warrant measurement input

significant assumptions using the Black-Scholes model approach for valuation of the Warrants are:

Risk-Free Interest Rate .

The risk-free interest rates

for the Warrants are based on U.S.

Treasury constant maturities for periods commensurate with the remaining expected holding periods

of the warrants.

Expected Holding Period .

The expected holding period

represents the period of time that the Warrants are expected to be outstanding until they are exercised.

The Company utilizes the remaining

contractual term of the Warrants at each valuation date as the expected holding period.

Expected Volatility .

Expected stock volatility is based

on daily observations of the Company’s historical stock values for a period commensurate with the remaining expected holding period

on the last day of the period for which the computation is made.

Expected Dividend Yield .

The expected dividend yield

is based on the Company’s anticipated dividend payments over the remaining expected holding period.

As the Company has never issued

dividends, the expected dividend yield is 0 % and this assumption will be continued in future calculations unless the Company changes

its dividend policy.

Expected Probability of a Fundamental Transaction.

rights arise if a Fundamental Transaction 1) is an all cash transaction;

(2) results in the Company going private;

or (3) is a transaction

involving a person or entity not traded on a national securities exchange.

The Company believes such an occurrence is unlikely because:

Company only has one product that is FDA approved but is currently not available for commercial

Company will have to perform additional clinical trials for FDA approval of its flagship

and market conditions continue to include uncertainty, adding risk to any transaction.

nature of a life sciences company is heavily dependent on future funding and high fixed costs,

including Research & Development.

Company has minimal revenues streams which are insufficient to meet the funding needs for

the cost of operations or construction at their manufacturing facility;

Company’s Rights Agreement and Executive Agreements make it less attractive to a potential

the assumptions remain consistent from period to period (e.g., utilizing historical stock prices), the actual historical prices input

for the relevant period input change.

Company accounts for certain assets and liabilities at fair value.

The hierarchy below lists three levels of fair value based on the

extent to which inputs used in measuring fair value are observable in the market.

AIM categorizes each of its fair value measurements

in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety.

1 – Quoted prices are available in active markets for identical assets or liabilities

at the reporting date.

Generally, this includes debt and equity securities that are traded

in an active market.

2 – Observable inputs other than Level 1 prices such as quote prices for similar assets

or liabilities;

quoted prices in markets that are not active;

or other inputs that are observable

or can be corroborated by observable market data for substantially the full term of the assets

or liabilities.

Generally, this includes debt and equity securities that are not traded in

an active market.

3 – Unobservable inputs that are supported by little or no market activity and that

are significant to the fair value of the assets or liabilities.

Level 3 assets and liabilities

include financial instruments whose value is determined using pricing models, discounted

cash flow methodologies, or other valuation techniques, as well as instruments for which

the determination of fair value requires significant management judgment or estimation.

of September 30, 2024, the Company has classified the warrants with cash settlement features

Management evaluates a variety of inputs and then estimates fair value based

on those inputs.

As discussed above, the Company utilized the Black-Scholes model in valuing

the warrants.

table below presents the balances of assets and liabilities measured at fair value on a recurring basis by level within the hierarchy

as (in thousands):

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

As of September 30, 2025

Cash equivalents

Marketable securities

As of December 31, 2024

Cash equivalents

Marketable securities

Property and Equipment, Net

Schedule of Property and Equipment

June 30, 2025

December 31, 2024

(in thousands)

June 30, 2025

December 31, 2024

Furniture, fixtures, and equipment

accumulated depreciation

Property and equipment, net

Property and equipment,

and equipment are recorded at cost.

Depreciation is computed using the straight-line method over the estimated useful lives of the

respective assets, ranging from 3 three to ten

Depreciation expense

for the six months ending June 30, 2025 and June 30, 2024 was $ 19,000 and

respectively.

Depreciation and amortization are computed using the straight-line method over the estimated useful

lives of the respective assets, ranging from 3 three to ten years .

Depreciation expense for the nine months ending September 30, 2025 and

September 30, 2024 was $ 28,000 and $ 28,000 , respectively.

Patents, and Trademark Rights, Net

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of Patent and Trademark Rights

June 30, 2025

December 31, 2024

Gross Carrying Value

Accumulated Amortization

Net Carrying Value

Gross Carrying Value

Accumulated Amortization

Net Carrying Value

Net amortizable patents and trademarks rights

Carrying Value

Net amortizable patents

and trademarks rights

and trademark rights acquisitions, abandonments and amortization:

Schedule of Changes in Patents, Trademark Rights

December 31, 2024

June 30, 2025

Abandonments and expirations

September 30, 2025

and trademarks are stated at cost (primarily legal fees) and are amortized using the straight-line method over an estimated useful life

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The company expenses annuity costs related to its trademarks and patents.

of patents and trademarks for each of the next five years and thereafter is as follows:

of patents and trademarks for each of the next five years and thereafter is as follows (in thousands):

Schedule of Amortization of Patents and Trademarks

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Schedule of Accrued Expenses

June 30, 2025

December 31, 2024

(in thousands)

June 30, 2025

December 31, 2024

Professional fees

1 unchanged sentence

Other expenses

Unsecured Promissory Note

Accrued expenses

Unsecured Promissory Notes

February 16, 2024, the Company (“Borrower”) entered into a Note and Note Purchase Agreement with Streeterville Capital LLC

1 unchanged sentence

Under the terms of the agreements, Streeterville paid the Company $ 2,500,000

in exchange for an unsecured promissory Note with an Original

Issue Discount of $ 781,000 .

in exchange for an unsecured promissory Note with an Original Issue Discount of $ 781,000 .

The Company will pay approximately $ 3,300,000

consisting of the principal amount of the Note, together with

the original issue discount and $ 20,000

of lender transaction fees, no later than February 16, 2026.

consisting of the principal amount of the Note, together with the original issue discount and $ 20,000 of lender transaction fees, no

later than February 16, 2026.

The stated interest rate of the note is 10 %.

On May 13, 2025, the Lender and the Borrower entered into a Forbearance Agreement pursuant to which, for a 1 %

fee and expenses, the Lender released the Borrower and its affiliates from all defaults under the Agreements through the date of the

Forbearance Agreement and confirmed that, as a result, no Default Interest is due.

June 30, 2025, the Company (“Borrower”) entered into a Note and Note Purchase Agreement with Streeterville Capital LLC (“Streeterville”

or the “Lender”).

On May 13, 2025, the Lender and the Borrower entered into

a Forbearance Agreement pursuant to which, for a 1 % fee and expenses, the Lender released the Borrower and its affiliates from all defaults

under the Agreements through the date of the Forbearance Agreement and confirmed that, as a result, no Default Interest is due.

June 30, 2025, the Company (“Borrower”) entered into a Note and Note Purchase Agreement with Streeterville Capital LLC

(“Streeterville” or the “Lender”).

Under the terms of the agreements, Streeterville paid the Company $ 250,000

in exchange for an unsecured promissory Note with an Original

Issue Discount of $ 50,000 .

The Company will pay $ 310,000

consisting of the principal amount of the Note, together with

the original issue discount and $ 10,000

in exchange for an unsecured promissory Note with an Original Issue Discount of $ 50,000 .

The Note required the Company to pay $ 310,000

consisting of the principal amount of the Note, together with the original issue discount and $ 10,000

of lender transaction fees, no later than October 28, 2025.

Schedule of Long Term Debt

Debt schedule at June 30, 2025 (in thousands)

Long-term debt

Unamortized Original issue discount

Unamortized Financing fees

Unamortized discount and

debt issuance costs

Less current portion of long-term debt, net

Long-term debt, net

maturities for long-term debt as of June 30, 2025 were as follows:

On August 12, 2025, the Company repaid the note in full.

all related obligations were fully satisfied during the three months ended September 30, 2025.

maturities for the debt as of September 30, 2025 were as follows:

Schedule of Maturities of Long-Term Debt

Fiscal years ending December 31:

Interest expense

related to long-term debt was $ 149,000

for the three months ended June 30, 2025.

This included $ 62,000

in original issue discount and $ 2,500 for loan

fee amortization.

Interest expense related to long-term debt was $ 273,000

for the six months ended June 30, 2025.

This included $ 134,000

in original issue discount and $ 5,000 for loan

fee amortization.

portion of long-term debt of approximately $ 2,290,000 is net of the current portion of debt discount of approximately $ 415,000 and the

current portion of debt origination costs of approximately $ 16,000 as of June 30, 2025.

agreement allows the Lender to redeem up to $250,000 per calendar month beginning in August 2024, upon providing written notice to Borrower.

The Note further contains triggering events which can be remedied by the Lender requiring the Borrower to correct the triggering event,

increasing the outstanding balance by applying the triggering effect, or making the Note immediately due and payable .

In the six months

ended June 30, 2025, the Company entered into agreements with the Lender to settle a portion of its outstanding loan obligation in the

amount of $ 450,000 through the issuance of 20,541 shares of common stock, rather than cash payment.

This exchange was completed pursuant

to the terms of the loan agreement, which allows for the settlement of debt through stock issuance under certain conditions.

Interest and other charges related

to the Streeterville notes were as follows (in thousands):

Schedule of Interest and

Other Charges

Three months ended

September 30, 2025

Nine months ended

September 30, 2025

Interest Charges:

Interest on 2024 note

Original issue discount 2024 note

Interest on 2025 note

Interest on note

Original issue discount 2025 note

Original issue discount note

Total interest charges

Other Charges

Loan fee amortization 2024 note

agreement allows the Lender to redeem up to $250,000 per calendar month beginning in August 2024, upon providing written notice to

The Note further contains triggering events which can be remedied by the Lender requiring the Borrower to correct the

triggering event, increasing the outstanding balance by applying the triggering effect, or making the Note immediately due and

In the nine months ended September 30, 2025, the Company entered into agreements with the Lender to settle a portion

of its outstanding loan obligation in the amount of $ 450,000

through the issuance of 20,541

shares of common stock, rather than cash payment.

This exchange was completed pursuant to the terms of the loan agreement, which

allows for the settlement of debt through stock issuance under certain conditions.

Subsequent to September 30, 2025, the Company entered into agreements with the Lender to settle a portion of its outstanding loan obligation

in the amount of $ 150,000 through the issuance of 74,626 shares of common stock, rather than cash payment.

Company leases office and lab facilities and other equipment under non-cancellable operating leases with initial terms typically ranging

from 1 to 5 years, expiring at various dates during 2024 through 2027, and requiring monthly payments ranging from less than $ 1,000 to

Certain leases include additional renewal options ranging from 1 to 5 years.

AIM has classified all of its leases as operating

September 30, 2025 and December 31, 2024, the balance of the right of use assets was $ 436,000 and $ 618,000 , respectively, and the corresponding

operating lease liability balance was $ 458,000 and $ 634,000 , respectively.

Right of use assets are recorded net of accumulated amortization

of $ 567,000 and $ 428,000 as of September 30, 2025 and December 31, 2024, respectively.

recognized rent expense associated with these leases are follows:

Schedule of AIM Recognized Rent Expense Associated with Operating Lease

September 30, 2025

September 30, 2024

(in thousands)

September 30, 2025

September 30, 2024

Operating lease costs

Short-term and variable lease costs

Total lease costs

Classification of lease costs

Research & development

General and administrative

Total lease costs

Company’s leases have remaining lease terms between 8 and 23 months.

At September 30, 2025, the weighted-average remaining term

was 22 months.

At December 31, 2024, the weighted-average remaining term was 41 months.

The Company’s weighted average incremental

borrowing rate for its leases was 10 % at September 30, 2025 and 10% at December 31, 2024.

minimum payments as of September 30, 2025, are as follows:

Schedule of Operating Lease Future Payments

Year Ending December 31, (in thousands)

Less imputed interest

Research, Consulting and Supply Agreements

Company has entered into research, consulting and supply agreements with third party service providers to perform research and development

activities on therapeutics, including clinical trials.

The identification of research and development costs involves reviewing open contracts

and purchase orders, communicating with applicable company and third-party personnel to identify services that have been performed, and

corroborating the level of service performed and the associated cost incurred for the service when the Company has not yet been invoiced

or otherwise notified of actual expenses.

The Company expenses these research and development costs when incurred.

Company’s research and development expenses were comprised of the following (thousands):

of Research and Development Expenses

Three months ended

September 30,

Nine months ended

September 30,

Clinical studies

Manufacturing & Engineering

Quality control

following summarizes the most substantial of our contracts relating to research, consulting, and supply costs for AIM as they related

to research and development costs for the nine months ended September 30, 2025.

Clinical Research LLC

is the principal administrator of several of AIM’s largest clinical studies.

AIM has multiple contracts with Amarex Clinical Research

LLC (“Amarex”).

During the nine months ended September 30, 2025 and 2024, the Company incurred approximately $ 207,000 and

$ 337,000 , respectively, related to these ongoing agreements:

Pancreatic Cancer - In April 2022, AIM executed a work order

with Amarex pursuant to which Amarex is managing a Phase 2 clinical trial in locally advanced pancreatic cancer patients designated AMP-270.

Per the work order, AIM anticipates that Amarex’s management of the study will cost approximately $ 8,400,000 .

This estimate includes

pass-through costs of approximately $ 1,000,000 and excludes certain third-party and investigator costs and escalations necessary for

study completion.

AIM anticipates that the study will take approximately 4.6 years to complete.

Post-COVID Conditions - In September 2022, AIM executed a work

order with Amarex, pursuant to which Amarex is managing a Phase 2 trial in patients with Post-COVID Conditions.

AIM is sponsoring the

AIM anticipates that the study will cost approximately $ 6,400,000 , which includes passthrough costs of approximately $ 125,000 ,

investigator costs estimated at about $ 4,400,000 and excludes certain other third-party costs and escalations.

During 2023, the original

work order increased to approximately $ 6,600,000 for the addition of patient reported outcome (PRO) electronic questionnaires (devices/tablets

for patients to complete);

services associated with the ePRO system and additional safety monitoring services as well as changes to study

documentation (such as protocol amendments) which resulted in additional IND submissions to FDA.

The final subject completed the clinical

trial in 2023.The end of study close out tasks continued into 2025.

incurred pursuant to the Amarex agreements were as follows (thousands):

Three months ended

September 30,

Nine months ended

September 30,

Pancreatic Cancer

Post Covid Conditions

Jubilant HollisterStier

Jubilant HollisterStier (“Jubilant”)

is AIM’s authorized CMO for Ampligen for the approval in Argentina.

In 2017, the Company entered into an agreement with Jubilant

pursuant to which Jubilant will manufacture batches of Ampligen® for the Company.

Since the 2017 engagement of Jubilant, two lots

of Ampligen consisting of more than 16,000 units were manufactured and released in the year 2018.

The first lot was designated for human

use in the United States in the cost recovery CFS program and for expanded oncology clinical trials.

The second lot has been designated

for these programs in addition to commercial distribution in Argentina for the treatment of CFS.

Jubilant manufactured additional two

lots of Ampligen in December 2019 and January 2020.

In December 2023, Jubilant completed manufacturing of 9,042 vials of Ampligen for

clinical use.

incurred pursuant to the Jubilant agreements were as follows (thousands):

Three months ended

September 30,

Nine months ended

September 30,

Pharma Solutions

2022, the Company entered into a Master Service Agreement and a Quality Agreement with Sterling Pharma Solutions (“Sterling”)

for the manufacture of the Company’s Poly I and Poly C12U polynucleotides and transfer of associated test methods at Sterling’s

Dudley, UK location to produce the polymer precursors to manufacture the drug Ampligen.

incurred pursuant to the Sterling Pharma agreements were as follows (thousands):

Three months ended

September 30,

Nine months ended

September 30,

December 2022, the Company entered into a joint clinical study agreement with Erasmus University Medical Center Rotterdam to conduct

a Phase II study:

Combining anti-PD-L1 immune checkpoint inhibitor durvalumab with TLR-3 agonist rintatolimod in patients with metastatic

pancreatic ductal adenocarcinoma for therapy efficacy.

This is a study in collaboration with AstraZeneca.

AIM’s limited responsibilities

are limited to providing Ampligen.

Additionally, in April 2023 AIM agreed to provide to Erasmus MC an unrestricted grant of $ 200,000

for immune monitoring in pancreatic cancer patients.

incurred pursuant to the Erasmus agreements were as follows (thousands):

Three months ended

September 30,

Nine months ended

September 30,

Sales International

October 2023, the Company entered into a consulting agreement with Azenova, LLC whereas Azenova will provide business development services

for AIM’s Ampligen product for solid tumors for a 12-month term that is extendable upon the agreement of the parties.

for its services, Azenova received a monthly retainer of $ 30,000 in addition to 3,600 stock options that vest monthly.

The monthly retainer

was reduced to $ 10,000 in August 2024 and then changed again to payments based on hourly billing only.

incurred pursuant to the Azenova agreements were as follows (thousands):

Three months ended

September 30,

Nine months ended

September 30,

September 2023, the Company entered into an agreement with Alcami Corporation to perform an extractables study for a primary packaging

The agreement called for fixed costs of approximately $ 30,000 upon completion of the study and issue of the final report,

along with solvent costs, and pass through items to be billed on a per activity basis.

The final bill for the initial study was received

in December 2023.

incurred pursuant to the Alcami agreements were as follows (thousands):

Three months ended

September 30,

Nine months ended

September 30,

research and development expenses

have a defined contribution plan, entitled the AIM ImmunoTech Employees 401(k) Plan and Trust Agreement (the “401(k) Plan”).

Our full-time employees are eligible to participate in the 401(k) Plan following 61 days of employment.

Subject to certain limitations

imposed by federal tax laws, participants are eligible to contribute up to 15 % of their salary (including bonuses and/or commissions)

Participants’ contributions to the 401(k) Plan may be matched by us at a rate determined annually by the Board of Directors.

participant immediately vests in his or her deferred salary contributions as well as our safe harbor contributions.

A 6 % safe harbor

matching contribution by us was reinstated effective January 1, 2021.

For the nine months ending September 30, 2025 we made approximately

$ 87,000 in contributions, and for the year ending December 31, 2024 approximately $ 167,000 in contributions were made.

Equity-Based Compensation

3 unchanged sentences

Stock Awards.

Initially, a maximum of 70,000 shares of common stock were reserved for potential issuance pursuant to awards under

the 2018 Equity Incentive Plan.

When the plan was amended and restated, an additional 2,500 shares were reserved for potential issuance

pursuant to awards under the 2018 Equity Incentive Plan.

The number of shares of the Company’s common stock available for grant

and issuance under the 2018 Equity Incentive Plan is subject to an annual increase on July 1 of each calendar year, by an amount equal

to two percent (2%) of the then outstanding shares of the Company’s common stock (the “2018 Plan Evergreen Provision”).

As a result of the 2018 Plan Evergreen Provisions, a maximum of 4,632 unissued shares of common stock is reserved for potential issuance

pursuant to awards under the 2018 Equity Incentive Plan as of June 30, 2025.

On July 1, 2025, the number of shares of the Company’s

common stock available for grant and issuance under the 2018 Equity Incentive Plan increased by 15,283 shares.

Unless sooner terminated,

the 2018 Equity Incentive Plan will continue in effect for a period of 10 years from its effective date.

There were no options issues

to officers during the six months ended June 30, 2025 and the fiscal year ending December 31, 2024.

After taking into account the 100:1 reverse stock split which was effective in June 12, 2025, a maximum of 4,632 shares

of common stock were reserved for potential issuance pursuant to awards under the 2018 Equity Incentive Plan.

The number of shares of

the Company’s common stock available for grant and issuance under the 2018 Equity Incentive Plan is subject to an annual increase

on July 1 of each calendar year, by an amount equal to two percent (2%) of the then outstanding shares of the Company’s common

stock (the “2018 Plan Evergreen Provision”).

On July 1, 2025, the number of shares of the Company’s common stock available

for grant and issuance under the 2018 Equity Incentive Plan increased by 15,283 shares, respectively.

As a result of the 2018 Plan Evergreen

Provisions, a maximum of 19,915 shares of common stock is reserved for potential issuance pursuant to awards under the 2018 Equity Incentive

Plan as of September 30, 2025.

Unless sooner terminated, the 2018 Equity Incentive Plan will continue in effect for a period of 10 years

from its effective date.

During the fiscal year ended December 31, 2018, the Board of Directors issued 1,189,284 options to each employee,

the officers and directors at the exercise price of $ 9.68 expiring in 10 years ( 270 options post reverse split).

During the fiscal year

ending December 31, 2019, 1,727,756 options were issued to each of these officers with an exercise price of $ 9.68 for a period of ten

years with a vesting period of one year ( 392 options post reverse split).

During the fiscal year ending December 31, 2020, 1,025,000

options were issued to each of these officers and directors with an exercise price range of $ 2.77 to $ 3.07 for a period of ten years

with a vesting period of one year ( 10,250 options post reverse split).

During the fiscal year ending December 31, 2021, 613,512 options

were issued to officers, directors and consultants with an exercise price range of $ 1.11 to $ 1.71 for a period of ten years with a vesting

period of one year ( 6,135 options post reverse split).

During the fiscal year ending December 31, 2022, 850,000 options were issued to

officers, directors and consultants with an exercise price range of $ 0.31 to $ 0.71 for a period of ten years with a vesting period of

one year ( 8,500 options post reverse split).

During the fiscal year ending December 31, 2023, 400,000 options were issued to officers

with an exercise price of $ 0.47 for a period of ten years with a vesting period of one year ( 4,000 options post reverse split).

were no options issued during the fiscal year ending December 31, 2024 or during the nine months ended September 30, 2025.

the Company’s cash conservation strategy, the Company issued common stock as a substitute for cash salaries to certain executives

and directors.

During the fiscal year ending December 31, 2024, there were 202,669 shares issued related to the cash conservation program

( 2,026 shares post reverse split).

During the nine months ended September 30, 2025, there were 424,225 shares issued related to the cash

conservation program ( 4,242 shares post reverse split).

fair value of each option and equity warrant award is estimated on the date of grant using a Black-Scholes-Merton option pricing valuation

5 unchanged sentences

data to estimate expected dividend yield, expected life and forfeiture rates.

During the six months ended June 30, 2024 and 2023, there

were no options granted.

options activity during the three months ended June 30, 2025, was as follows:

options activity during the three months ended September 30, 2025, was as follows:

option activity for employees:

Schedule of Stock Option Activity

Outstanding March 31, 2025

Outstanding June 30, 2025

Vested and expected to vest June 30, 2025

Exercisable June 30, 2025

Outstanding September 30, 2025

Vested and expected

to vest September 30, 2025

Exercisable September 30, 2025

option activity for non-employees:

Schedule of Stock Option Activity

Outstanding March 31, 2025

Outstanding June 30, 2025

Vested and expected to vest June 30, 2025

Exercisable June 30, 2025

compensation expense was approximately $ 0 and $ 80,000 for the three months ended June 30, 2025 and 2024, resulting in a decrease in general

and administrative expenses, respectively.

stock option activity during the six months ended June 30, 2025, was as follows:

Outstanding September 30, 2025

Vested and expected

to vest September 30, 2025

Exercisable September 30, 2025

compensation expense was approximately $ 0 and $ 329,000 for the three months ended September 30, 2025, and 2024, resulting in an increase

in general and administrative expenses, respectively.

stock option activity during the nine months ended September 30, 2025, was as follows:

option activity for employees:

Intrinsic Value

Outstanding January 1, 2025

Outstanding June 30, 2025

Vested and expected to vest June 30, 2025

Exercisable June 30, 2025

Outstanding September 30, 2025

Vested and expected

to vest September 30, 2025

Exercisable September 30, 2025

option activity for non-employees:

Intrinsic Value

Outstanding January 1, 2025

Outstanding June 30, 2025

Vested and expected to vest June 30, 2025

Exercisable June 30, 2025

compensation expense was approximately $ 60,000 and $ 160,000 for the six months ended June 30, 2025 and 2024, respectively.

June 30, 2025, and 2024, respectively, there was approximately $ 0 and $ 134,000 of unrecognized equity-based compensation cost related

Outstanding September 30, 2025

Vested and expected

to vest September 30, 2025

Exercisable September 30, 2025

compensation expense was approximately $ 60,000 and $ 490,000 for the nine months ended September 30, 2025, and 2024, respectively.

part of the Company’s cash conservation strategy, the Company issued common stock as a substitute for cash salaries to certain

executives and directors.

For the three and nine months ended September 30, 2025, stock issued as compensation totaled $ 0 and $ 60,000 ,

respectively.

For the three and nine months ended September 30, 2024, stock issued as payroll totaled $ 329,000 and $ 490,000 , respectively.

This compensation is included in the overall equity-based compensation expense.

September 30, 2025, and 2024, respectively, there was approximately $ 0 and $ 53,400 of unrecognized equity-based compensation cost related

to options granted under the Equity Incentive Plan.

Stockholders’ Equity (Deficit)

Stock warrants

July 30, 2025, the Company announced closing a public offering of an aggregate of 2,000,000

shares of its common stock (or pre-funded warrants in lieu thereof), Class E warrants to purchase up to 2,000,000

shares of common stock, and Class F warrants to purchase up to 2,000,000

shares of common stock, at a combined public offering price of $ 4.00

per share (or $ 3.999

per pre-funded warrant) and accompanying warrants.

The warrants will have an exercise price of $ 4.00

per share, and were exercisable immediately upon issuance.

The Class E warrants will expire on the fifth anniversary of the original

issuance date, and the Class F warrants will expire on the eighteen-month anniversary of the original issuance date.

Gross proceeds,

before deducting placement agent fees and offering expenses, were approximately $ 8,000,000 .

Maxim Group LLC acted as sole placement agent in connection with this offering.

review of the Class E and F warrants, it was determined that the warrants met the liability criteria as described in Accounting Standards

Codification 480.

Accordingly, as the warrants might require the Company to issue additional stock under certain circumstances, a loss was recognized and the resulting computed value was classified as a liability on the

Company’s balance sheet at September 30, 2025.

For further information, please refer to Note 5.

Stockholders’ Equity

Preferred Stock

6 unchanged sentences

A Junior Participating Preferred Stock to 4,000,000 from 250,000 shares.

As of June 30, 2025, there were no Series A Junior Participating

As of September 30, 2025, there were no Series A Junior Participating

Preferred Stock outstanding.

18 unchanged sentences

The net proceeds realized from the rights offering were approximately $ 4,700,000 .

At December 31, 2024, 689 shares of Series B Convertible

At September 30, 2024, 689 shares of Series B Convertible

Preferred Stock had expired, and none were converted prior to expiration.

At June 30, 2025 the Company had no shares of Series B Convertible

Preferred Stock outstanding.

At September 30, 2025 the Company had no shares of Series B

Convertible Preferred Stock outstanding.

Common Stock and Equity Finances

1 unchanged sentence

authorized shares.

As of June 30, 2025 and December 31, 2024, there were 764,188 and 655,263 shares of common stock issued and outstanding,

respectively.

June 2025, the Company effected a 100-to-1 reverse stock split of the outstanding shares, in order to become compliant with the NYSE

This did not affect the number of authorized shares.

All references to shares of common stock, options, warrants and preferred

stock have been adjusted herein to give effect to this reverse stock split.

As of September 30, 2025, and December 31, 2024, there were 2,764,188 and 655,263

shares of common stock issued and outstanding, respectively.

Stock Purchase Plan (Not equity compensation)

1 unchanged sentence

an aggregate of $ 500,000 worth of shares at the market price (including subsequent plans, the “Employee Stock Purchase Plan”).

Pursuant to NYSE American rules, this plan was effective for a sixty-day period commencing upon the date that the NYSE American approved

the Company’s Supplemental Listing Application (a “SLAP”).

The Company created successive new plans following the expiration

of the July 7, 2020 plan.

Pursuant to Exchange’s rules, this plan was effective for a sixty-day period commencing upon the date that the Exchange approved

the Company’s Supplemental Listing Application.

The Company created successive new plans following the expiration of the July 7,

Recently, the procedure for purchases under the plan changed.

Now, any time an officer or employee purchases

stock from the Company under the plan, that person must file a SLAP with the NYSE American and the purchase cannot be effected until

the NYSE American accepts the SLAP.

the three months ended June 30, 2025, the Company issued a total of 41,339 shares of its common stock at a price of $ 2.54 for total proceeds

of approximately $ 105,000 as part of the employee stock purchase plan.

the six months ended June 30, 2025, the Company issued a total of 42,171 shares of its common stock at a price ranging from $ 2.54 to

$ 12.00 for total proceeds of approximately $ 115,000 as part of the employee stock purchase plan.

Now, any time an officer or employee purchases stock from the

Company under the plan, that person must file a SLAP with the Exchange and the purchase cannot be effected until the Exchange

accepts the SLAP.

the three months ended September 30, 2025, the Company did not issue any shares of its common stock as part of the employee stock purchase

the nine months ended September 30, 2025, the Company issued a total of 42,172 shares of its common stock at a price ranging from $ 2.54

to $ 12.00 for total proceeds of approximately $ 115,000 as part of the employee stock purchase plan.

the three months ended September 30, 2024, the Company did not issue any shares of its common stock as part of the employee stock purchase

the nine months ended September 30, 2024, the Company issued a total of 3,356 shares of its common stock at a price ranging from $ 31.00

to $ 67.00 for total proceeds of approximately $ 120,000 as part of the employee stock purchase plan.

May 12, 2023, the Company amended and restated its November 14, 2017 Rights Plan with American Stock Transfer & Trust Company as

3 unchanged sentences

of (i) 17,405 shares of common stock;

(ii) pre-funded warrants exercisable for 71,483 shares of common stock (the “Pre-funded

Warrants”), and (iii) warrants to purchase up to an aggregate of 88,888 shares of common stock (the “Warrants”).

In conjunction with the Offering, we issued a Representative’s Warrant to purchase up to an aggregate of 2,666 shares of common

stock (the “Representative’s Warrant”).

The shares of common stock and Warrants were sold at a combined Offering price

of $ 0.90 , less underwriting discounts and commissions.

Each Warrant sold with the shares of common stock represents the right to purchase

one share of common stock at an exercise price of $ 0.99 per share.

The Pre-Funded Warrants and Warrants were sold at a combined Offering

price of $ 0.899 , less underwriting discounts and commissions.

The Pre-Funded Warrants were sold to purchasers whose purchase of shares

of common stock in the Offering would otherwise result in the purchaser, together with its affiliates and certain related parties, beneficially

owning more than 4.99 % of the Company’s outstanding common stock immediately following the consummation of the Offering, in lieu

of shares of common stock.

Each Pre-Funded Warrant represents the right to purchase one share of common stock at an exercise price of

(ii) pre-funded warrants exercisable for 71,483 shares of common stock (the “Pre-funded Warrants”),

and (iii) warrants to purchase up to an aggregate of 88,888 shares of common stock (the “Warrants”).

In conjunction with

the Offering, we issued a Representative’s Warrant

to purchase up to an aggregate of 2,666 shares of common stock (the “Representative’s Warrant”) .

The shares of common stock and Warrants were sold at a combined Offering price of $ 0.90 , less underwriting discounts and commissions.

Each Warrant sold with the shares of common stock represents the right to purchase one share of common stock at an exercise price of

$ 0.99 per share.

The Pre-Funded Warrants are exercisable immediately and may be exercised at any time until the Pre-Funded Warrants

are exercised in full.

A registration statement on Form S-1, relating to the Offering was filed with the SEC and was declared effective

on September 25, 2019, the net proceeds were approximately $ 7,200,000 .

During the year ended December 31, 2020, 18,700 of the Pre-funded

Warrants were exercised and 88,739 Warrants were exercised.

In addition, on March 25, 2020, the Representative’s Warrant was

amended to permit exercise of such warrant to commence on March 30, 2020.

These warrants were exercised on March 31, 2020 and an aggregate

of 2,666 shares were issued upon exercise of this warrant for gross proceeds of approximately $ 264,000 and a $ 46,000 expense for the

warrant modification.

the six months ended June 30, 2024, 2,050 warrants were exercised, and 58,300 warrants expired unexercised.

As of June 30, 2025

The Pre-Funded Warrants and Warrants were sold at a combined Offering price of $ 0.899 , less underwriting discounts and

The Pre-Funded Warrants were sold to purchasers whose purchase of shares of common stock in the Offering would otherwise

result in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99 % of the Company’s

outstanding common stock immediately following the consummation of the Offering, in lieu of shares of common stock.

Each Pre-Funded Warrant

represents the right to purchase one share of common stock at an exercise price of $ 0.001 per share.

The Pre-Funded Warrants are exercisable

immediately and may be exercised at any time until the Pre-Funded Warrants are exercised in full.

A registration statement on Form S-1,

relating to the Offering was filed with the SEC and was declared effective on September 25, 2019, the net proceeds were approximately

$ 7,200,000 .

During the year ended December 31 , 2020, 18,700 of the Pre-funded Warrants were

exercised and 88,739 Warrants were exercised.

In addition, on March 25, 2020, the Representative’s Warrant was amended to

permit exercise of such warrant to commence on March 30, 2020.

These warrants were exercised on March 31, 2020 and an aggregate of 2,666

shares were issued upon exercise of this warrant for gross proceeds of approximately $ 264,000 and a $ 46,000 expense for the warrant modification.

the nine months ended September 30, 2024, 2,050 warrants were exercised, and 58,300 warrants expired unexercised.

As of September 30,

2024, and December 31, 2024, there were no warrants outstanding related to the Rights Offering.

Distribution Agreement

April 19, 2023, the Company entered into an Equity Distribution Agreement (the “EDA”), with Maxim, pursuant to which

they may sell from time to time, shares of our common stock having an aggregate offering price of up to $ 8.5

million through Maxim, as agent.

The amount was subsequently reduced from $ 8.5

million to $ 3.1

Sales under the EDA were registered under the S-3 Shelf Registration Statement.

Under the terms of the Distribution

Agreement, Maxim is entitled to a transaction fee at a fixed rate of 3.0 %

of the gross sales price of shares sold under the EDA.

For the year ended December 31, 2024, the company sold 13,956

shares under the EDA for total gross proceeds of approximately $ 649,916 ,

which includes a 3.0 %

fee to Maxim of $ 19,497 .

For the six months ended June 30, 2025, the Company has sold 11,191

shares under the EDA for total gross proceeds of approximately $ 259,800 ,

April 19, 2023, the Company entered into an Equity Distribution Agreement (the “EDA”), with Maxim, pursuant to which they

may sell from time to time, shares of our common stock having an aggregate offering price of up to $ 8,500,000 through Maxim, as agent.

The amount was subsequently reduced from $ 8,500,000 to $ 3,100,000 .

Sales under the EDA were registered under the S-3 Shelf Registration

Under the terms of the Distribution Agreement, Maxim is entitled to a transaction fee at a fixed rate of 3.0 % of the gross

sales price of shares sold under the EDA.

For the year ended December 31, 2024, the company sold 13,956 shares under the EDA for total

gross proceeds of approximately $ 649,916 , which includes a 3.0 % fee to Maxim of $ 19,497 .

For the nine months ended September 30, 2025,

the Company has sold 11,191 shares under the EDA for total gross proceeds of approximately $ 259,800 , which includes a 3.0 % fee to Maxim

of approximately $ 7,800 .

April 1, 2025, the Company entered into a new EDA, a sales agreement, with Maxim pursuant to which it may issue and sell up to an aggregate

of $ 3,000,000

shares of the Company’s common stock from time to time

through Maxim acting as agent.

Under the terms of the sales agreement in no event will the Company, inter alia, issue or sell through

the sales agreement such number or dollar amount of shares of common stock that would exceed the number or dollar amount of shares of

common stock permitted to be sold under Form S-3 (including General Instruction I.B.6 thereof, if applicable).

Subsequent to September

30, 2025, the Company has sold 24,680

shares under the new EDA for a total gross proceeds of approximately

which includes a 3.0 %

fee to Maxim of approximately $ 1,147 .

April 1, 2025, the Company entered into a new EDA, a sales agreement, with Maxim pursuant to which it may issue and sell up to an aggregate

of $ 3,000,000 shares of the Company’s common stock from time to time through Maxim acting as agent.

Under the terms of the sales

agreement in no event will the Company, inter alia, issue or sell through the sales agreement such number or dollar amount of shares

of common stock that would exceed the number or dollar amount of shares of common stock permitted to be sold under Form S-3 (including

General Instruction I.B.6 thereof, if applicable).

Company will pay Maxim in cash, upon each sale of the common stock pursuant to the sales agreement, a commission in an amount equal to

10 unchanged sentences

March 28, 2024, the Company entered into a purchase agreement and a registration rights agreement with Atlas Sciences, LLC (“Atlas”),

pursuant to which Atlas committed to purchase up to $ 15 million of common stock of the Company for a period of 24 months from the date

pursuant to which Atlas committed to purchase up to $ 15,000,000 of common stock of the Company for a period of 24 months from the date

of the purchase agreement.

11 unchanged sentences

approximately $ 128,000 after clearing costs.

In the six months ended June 30, 2025, a total of 30,829 shares have been issued pursuant

In the nine months ended September 30, 2025, a total of 30,829 shares have been issued pursuant

to the purchase agreement for a total of approximately $ 398,000 after clearing costs.

There were no shares issued subsequent to June

There were no shares issued subsequent to September

Purchase Agreements

2024 Securities Purchase Agreement

May 31, 2024, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) to complete an offering

5 unchanged sentences

“Warrants” and, along with the A Warrants, the “Common Warrants”) at an exercise price of $ 36.30 per share.

A Warrants and B Warrants are not exercisable for six months after the issuance date and expire, respectively, 24 months and five years

and six months after the issuance date.

The Common Warrants and the shares of common stock issuable upon the exercise of such warrants

are offered pursuant to an exemption from the registration requirements of the Securities Act provided in Section 4(a)(2) of the Securities

Act and Rule 506(b) promulgated thereunder.

A Warrants and B Warrants are not exercisable for six months after the issuance date and expire, respectively, five years and six months

and twenty-four months after the issuance date.

The Common Warrants and the shares of common stock are issuable upon the exercise of

such warrants are offered pursuant to an exemption from the registration requirements of the Securities Act provided in Section 4(a)(2)

of the Securities Act and Rule 506(b) promulgated thereunder.

Shares were offered by the Company pursuant to a shelf registration statement on Form S-3 (File No.

35 unchanged sentences

Proceeds allocated to such warrants totaled approximately

$ 2.5 million.

For the six months ended June 30,2025, no Common Warrants were exercised, and all remain outstanding on June 30, 2025 related

to this agreement.

$ 2,500,000 .

For the nine months ended September 30,2025, no Common Warrants were exercised, and all remain outstanding on September

30, 2025, related to this agreement.

2024 Securities Purchase Agreement

September 30, 2024, the Company entered into a Purchase Agreement with the Selling Stockholder as Purchaser, pursuant to which we issued

4 unchanged sentences

The purchase price for Shares in the registered direct offering was $ 28.00 per Share.

Company received aggregate gross proceeds from the Transactions of approximately $ 1.26 million, before deducting fees to the Placement

Company received aggregate gross proceeds from the Transactions of approximately $ 1,260,000 , before deducting fees to the Placement

Agent and other estimated offering expenses payable by us.

7 unchanged sentences

The Class C Warrants and the Class D Warrants are not exercisable until December 3, 2024, and will expire, respectively,

24 months and five years and six months after that date.

twenty-four months and five years and six months after that date.

Company evaluated the Common Warrants under the guidance of ASC 480 – Distinguishing Liabilities from Equity and determined that

2 unchanged sentences

Proceeds allocated to such warrants totaled approximately

$ 2.5 million.

For the six months ended June 30,2025, no Common Warrants were exercised, and all remain outstanding on June 30, 2025 related

to this agreement.

$ 2,500,000 .

For the nine months ended September 30,2025, no Common Warrants were exercised, and all remain outstanding on September

30, 2025, related to this agreement.

Net Loss Per Share

Basic and diluted net loss per share is computed using the weighted average number of shares of common stock outstanding

during the period.

Equivalent common shares, consisting of stock options and warrants which amounted to a post-split elimination

of 13 options and warrants for the three months ended June 30, 2025 and stock options and warrants which amounted to 112,030 for the three

months ended June 30, 2024;

and 238,792 and 145,897 shares for the six months ended June 30, 2025 and 2024, respectively, are excluded from the calculation of diluted

net loss per share since their effect is anti-dilutive.

Recent Accounting Pronouncements

Company has implemented all new accounting pronouncements that are in effect.

These pronouncements did not have any material impact on

the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements

that have been issued that might have a material impact on its financial position or results of operations.

Accounting pronouncements

issued by the FASB since filing the Annual Report on Form 10-K for the year ended December 31, 2024 did not or are not believed by management

to have a material impact on the Company’s present or future financial statements.

Company complies with the provisions of FASB ASC 820 “Fair Value Measurements” for its financial and non-financial assets

and liabilities.

ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosure for each major asset

and liability category measured at fair value on either a recurring or nonrecurring basis.

fair values of cash and cash equivalents, other assets, accounts payable and accrued expenses approximate their carrying values due to

the short-term maturities of these items and are considered a Level 1 instrument of the fair value measurements standard.

also has certain warrants with a cash settlement feature in the occurrence of a Fundamental Transaction.

The fair value of the Class

A and Class B warrants (“June 2024 Warrants”) related to the Company’s June 2024 common stock and warrant issuance,

are calculated using a Monte Carlo Simulation.

The fair value of the Class C and Class D warrants (“October 2024 Warrants”)

related to the Company’s October 2024 common stock and warrant issuance, are calculated using a Monte Carlo Simulation.

Company also had certain redeemable warrants in the Rights Offering with a cash settlement feature in the occurrence of a Fundamental

No Fundamental Transaction occurred.

In March 2024, 205,000 of these warrants converted on a cashless basis and the remaining

5,830,028 expired.

Company estimated the fair value of the June 2024 Warrants and October 2024 Warrants using the Black-Scholes Model, which uses multiple

inputs including the Company’s stock price, the exercise price of the warrant, volatility of the Company’s stock price, the

risk-free interest rate and the expected term of the warrants.

Company utilized the following assumptions to estimate the fair value of the Class A Warrants:

Schedule of Assumptions to Estimate Fair Value of Warrants

June 30, 2024

Underlying price per share

Exercise price per share

Risk-free interest rate

Expected holding period

Expected volatility

Expected dividend yield

Warrants measurement input

Company utilized the following assumptions to estimate the fair value of the Class B Warrants:

June 30, 2024

Underlying price per share

Exercise price per share

Risk-free interest rate

Expected holding period

Expected volatility

Expected dividend yield

Warrants measurement input

Company utilized the following assumptions to estimate the fair value of the Class C Warrants:

October 1, 2024

Underlying price per share

Exercise price per share

Risk-free interest rate

Expected holding period

Expected volatility

Expected dividend yield

Warrants measurement input

Company utilized the following assumptions to estimate the fair value of the Class D Warrants:

October 1, 2024

Underlying price per share

Exercise price per share

Risk-free interest rate

Expected holding period

Expected volatility

Expected dividend yield

Warrant measurement input

significant assumptions using the Monte Carlo Simulation approach for valuation of the Warrants are:

(i) Risk-Free

Interest Rate .

The risk-free interest rates for the Warrants are based on U.S.

constant maturities for periods commensurate with the remaining expected holding periods

of the warrants.

(ii) Expected

Holding Period .

The expected holding period represents the period of time that the Warrants

are expected to be outstanding until they are exercised.

The Company utilizes the remaining

contractual term of the Warrants at each valuation date as the expected holding period.

(iii) Expected

Expected stock volatility is based on daily observations of the Company’s

historical stock values for a period commensurate with the remaining expected holding period

on the last day of the period for which the computation is made.

(iv) Expected

Dividend Yield .

The expected dividend yield is based on the Company’s anticipated

dividend payments over the remaining expected holding period.

As the Company has never issued

dividends, the expected dividend yield is 0 % and this assumption will be continued in future

calculations unless the Company changes its dividend policy.

Probability of a Fundamental Transaction.

Put rights arise if a Fundamental Transaction

1) is an all cash transaction;

(2) results in the Company going private;

or (3) is a transaction

involving a person or entity not traded on a national securities exchange.

The Company believes

such an occurrence is unlikely because:

Company only has one product that is FDA approved but is currently not available for commercial

Company will have to perform additional clinical trials for FDA approval of its flagship

and market conditions continue to include uncertainty, adding risk to any transaction.

nature of a life sciences company is heavily dependent on future funding and high fixed costs,

including Research & Development.

Company has minimal revenues streams which are insufficient to meet the funding needs for

the cost of operations or construction at their manufacturing facility;

Company’s Rights Agreement and Executive Agreements make it less attractive to a potential

the above factors utilized in analysis of the likelihood of the Put’s potential Liability, the Company estimated the range of probabilities

related to a Put right being triggered as:

Schedule of Range of Probabilities

Range of Probability

Monte Carlo Simulation has incorporated a 5.0 % probability of a Fundamental Transaction to date for the life of the securities.

(vi) Expected

Timing of Announcement of a Fundamental Transaction.

As the Company has no specific expectation

of a Fundamental Transaction, for reasons elucidated above, the Company utilized a discrete

uniform probability distribution over the Expected Holding Period to model in the potential

announcement of a Fundamental Transaction occurring during the Expected Holding Period.

(vii) Expected

100 Day Volatility at Announcement of a Fundamental Transaction .

An estimate of future

volatility is necessary as there is no mechanism for directly measuring future stock price

Daily observations of the Company’s historical stock values for the 100

days immediately prior to the Warrants’ grant dates, with a floor of 100 %, were utilized

as a proxy for future volatility estimates.

(viii) Expected

Risk-Free Interest Rate at Announcement of a Fundamental Transaction .

The Company utilized

a risk-free interest rate corresponding to the forward U.S.

Treasury rate for the period

equal to the time between the date forecast for the public announcement of a Fundamental

Transaction and the Warrant expiration date for each simulation.

(ix) Expected

Time Between Announcement and Consummation of a Fundamental Transaction.

time between the announcement and the consummation of a Fundamental Transaction is based

on the Company’s experience with the due diligence process performed by acquirers and

is estimated to be six months.

The Monte Carlo Simulation approach incorporates this additional

period to reflect the delay Warrant Holders would experience in receiving the proceeds of

the assumptions remain consistent from period to period (e.g., utilizing historical stock prices), the actual historical prices input

for the relevant period input change.

Company accounts for certain assets and liabilities at fair value.

The hierarchy below lists three levels of fair value based on the

extent to which inputs used in measuring fair value are observable in the market.

AIM categorizes each of its fair value measurements

in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety.

1 – Quoted prices are available in active markets for identical assets or liabilities

at the reporting date.

Generally, this includes debt and equity securities that are traded

in an active market.

2 – Observable inputs other than Level 1 prices such as quote prices for similar assets

or liabilities;

quoted prices in markets that are not active;

or other inputs that are observable

or can be corroborated by observable market data for substantially the full term of the assets

or liabilities.

Generally, this includes debt and equity securities that are not traded in

an active market.

3 – Unobservable inputs that are supported by little or no market activity and that

are significant to the fair value of the assets or liabilities.

Level 3 assets and liabilities

include financial instruments whose value is determined using pricing models, discounted

cash flow methodologies, or other valuation techniques, as well as instruments for which

the determination of fair value requires significant management judgment or estimation.

of December 31, 2024, the Company has classified the warrants with cash settlement features

Management evaluates a variety of inputs and then estimates fair value based

on those inputs.

As discussed above, the Company utilized the Monte Carlo Simulation Model

in valuing the warrants.

table below presents the balances of assets and liabilities measured at fair value on a recurring basis by level within the hierarchy

as (in thousands):

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

As of June 30, 2025

Cash equivalents

Marketable securities

As of December 31, 2024

Cash equivalents

Marketable securities

Company leases office and lab facilities and other equipment under non-cancellable operating leases with initial terms typically ranging

from 1 to 5 years, expiring at various dates during 2024 through 2027, and requiring monthly payments ranging from less than $ 1,000 to

Certain leases include additional renewal options ranging from 1 to 5 years.

AIM has classified all of its leases as operating

June 30, 2025 and December 31, 2024, the balance of the right of use assets was $ 496,000 and $ 618,000 , respectively, and the corresponding

operating lease liability balance was $ 515,000 and $ 634,000 , respectively.

Right of use assets are recorded net of accumulated amortization

of $ 507,000 and $ 428,000 as of June 30, 2025 and December 31, 2024, respectively.

recognized rent expense associated with these leases are follows:

Schedule of AIM Recognized Rent Expense Associated with Operating Lease

June 30, 2025

June 30, 2024

(in thousands)

June 30, 2025

June 30, 2024

Operating lease costs

Short-term and variable lease costs

Total lease costs

Classification of lease costs

Research & development

General and administrative

Total lease costs

Company’s leases have remaining lease terms between 6 and 29 months.

As of June 30, 2025, the weighted-average remaining term was

At December 31, 2024, the weighted-average remaining term was 41 months.

The Company’s weighted average incremental

borrowing rate for its leases was 10 % at June 30, 2025 and December 31, 2024.

minimum payments as of June 30, 2025, are as follows:

Schedule of Operating Lease Future Payments

Year Ending December 31, (in thousands)

Less imputed interest

Research, Consulting and Supply Agreements

Company has entered into research, consulting and supply agreements with third party service providers to perform research and development

activities on therapeutics, including clinical trials.

The identification of research and development costs involves reviewing open contracts

and purchase orders, communicating with applicable company and third-party personnel to identify services that have been performed, and

corroborating the level of service performed and the associated cost incurred for the service when the Company has not yet been invoiced

or otherwise notified of actual expenses.

The Company expenses these research and development costs when incurred.

the three months ended June 30, 2025, research and development expenses were comprised of:

clinical studies ($ 733,000 ), manufacturing

and engineering ($ 144,000 ), quality control ($ 232,000 ) and regulatory ($ 64,000 ).

the three months ended June 30, 2024, research and development expenses were comprised of:

clinical studies ($ 350,000 ), manufacturing

and engineering ($ 330,000 ), quality control ($ 284,000 ) and regulatory ($ 180,000 ).

the six months ended June 30, 2025, research and development expenses were comprised of:

clinical studies ($ 1,327,000 ), manufacturing

and engineering ($ 324,000 ), quality control ($ 462,000 ) and regulatory ($ 140,000 ).

the six months ended June 30, 2024, research and development expenses were comprised of:

clinical studies ($ 1,298,000 ), manufacturing

and engineering ($ 576,000 ), quality control ($ 834,000 ) and regulatory ($ 389,000 ).

following summarizes the most substantial of our contracts relating to research, consulting, and supply costs for AIM as they related

to research and development costs for the three and six months ended June 30, 2025.

Clinical Research LLC

is the principal administrator of several of AIM’s largest clinical studies.

AIM has multiple contracts with Amarex Clinical Research

LLC (“Amarex”).

During the six months ended June 30, 2025 and 2024, the Company incurred approximately $ 205,000 and $ 607,000 ,

respectively, related to these ongoing agreements:

Cancer - In April 2022, AIM executed a work order with Amarex pursuant to which Amarex is

managing a Phase 2 clinical trial in locally advanced pancreatic cancer patients designated

Per the work order, AIM anticipates that Amarex’s management of the study

will cost approximately $ 8,400,000 .

This estimate includes pass-through costs of approximately

$ 1,000,000 and excludes certain third-party and investigator costs and escalations necessary

for study completion.

AIM anticipates that the study will take approximately 4.6 years to

the three months ended June 30, 2025, the Company incurred approximately $ 94,000 related to

this agreement.

the three months ended June 30, 2024, the Company incurred approximately $ 66,500 related

to this agreement.

the six months ended June 30, 2025, the Company incurred approximately $ 192,000 related to this

the six months ended June 30, 2024, the Company incurred approximately $ 153,700 related to

this agreement.

Conditions - In September 2022, AIM executed a work order with Amarex, pursuant to which

Amarex is managing a Phase 2 trial in patients with Post-COVID Conditions.

AIM is sponsoring

AIM anticipates that the study will cost approximately $ 6,400,000 , which includes

pass through costs of approximately $ 125,000 , investigator costs estimated at about $ 4,400,000 ,

and excludes certain other third-party costs and escalations.

During 2023, the original work

order increased to approximately $ 6,600,000 for the addition of patient reported outcome

(PRO) electronic questionnaires (devices/tablets for patients to complete);

services associated

with the ePRO system and additional safety monitoring services as well as changes to study

documentation (such as protocol amendments) which resulted in additional IND submissions

This study was completed in 2023, although certain activities are still ongoing.

the three months ended June 30, 2025, the Company did not incur any expenses related

to this agreement.

the three months ended June 30, 2024, the Company incurred approximately $ 59,000 related

to this agreement.

the six months ended June 30, 2025, the Company incurred approximately $ 8,100 related to this

the six months ended June 30, 2024, the Company incurred approximately $ 352,000 related to

this agreement.

HollisterStier

HollisterStier (“Jubilant”) is AIM’s authorized CMO for Ampligen for the approval in Argentina.

In 2017, the Company

entered into an agreement with Jubilant pursuant to which Jubilant will manufacture batches of Ampligen® for the Company.

2017 engagement of Jubilant, two lots of Ampligen consisting of more than 16,000 units were manufactured and released in the year 2018.

The first lot was designated for human use in the United States in the cost recovery CFS program and for expanded oncology clinical trials.

The second lot has been designated for these programs in addition to commercial distribution in Argentina for the treatment of CFS.

manufactured additional two lots of Ampligen in December 2019 and January 2020.

In December 2023, Jubilant manufactured an additional

lot of Ampligen.

the three months ended June 30, 2025, the Company did not incur any expense related to this agreement.

the three months ended June 30, 2024, the Company incurred approximately $ 1,000 related to

this agreement.

the six months ended June 30, 2025, the Company did no t incur any expense related to this

the six months ended June 30, 2024, the Company incurred approximately $ 1,000 related to

this agreement.

Pharma Solutions

2022, the Company entered into a Master Service Agreement and a Quality Agreement with Sterling Pharma Solutions (“Sterling”)

for the manufacture of the Company’s Poly I and Poly C12U polynucleotides and transfer of associated test methods at Sterling’s

Dudley, UK location to produce the polymer precursors to manufacture the drug Ampligen.

the three months ended June 30, 2025, the Company did no t incur any expense related to this

the three months ended June 30, 2024, the Company did no t incur any expense related to this

the six months ended June 30, 2025, the Company did no t incur any expense related to this

the six months ended June 30, 2024, the Company incurred approximately $ 129,000 related to

this agreement.

December 2022, the Company entered into a joint clinical study agreement with Erasmus University Medical Center Rotterdam to conduct

a Phase II study:

Combining anti-PD-L1 immune checkpoint inhibitor durvalumab with TLR-3 agonist rintatolimod in patients with metastatic

pancreatic ductal adenocarcinoma for therapy efficacy.

This is a study in collaboration with AstraZeneca.

AIM’s limited responsibilities

are limited to providing Ampligen.

Additionally, in April 2023 AIM agreed to provide to Erasmus MC an unrestricted grant of $ 200,000

for immune monitoring in pancreatic cancer patients.

the three months ended June 30, 2025, the Company did no t incur any expense related to this

the three months ended June 30, 2024, the Company incurred approximately $ 75,000 related

to this agreement.

the six months ended June 30, 2025, the Company did no t incur any expense related to this

the six months ended June 30, 2024, the Company incurred approximately $ 79,000 related to

this agreement.

Sales International

October 2023, the Company entered into a consulting agreement with Azenova, LLC whereas Azenova will provide business development services

for AIM’s Ampligen product for solid tumors for a 12 month term that is extendable upon the agreement of the parties.

for its services, Azenova will receive a fixed monthly retainer of $ 30,000 per month in addition to 360,000 stock options that vest monthly.

the three months ended June 30, 2025, the Company did no t incur any expense related to this

the three months ended June 30, 2024, the Company incurred approximately $ 90,000 related

to this agreement.

the six months ended June 30, 2025, the Company incurred approximately $ 15,000 related to

this agreement.

the six months ended June 30, 2024, the Company incurred approximately $ 180,000 related to

this agreement.

September 2023, the Company entered into an agreement with Alcami Corporation to perform an extractables study for a primary packaging

The agreement called for fixed costs of approximately $ 30,000 upon completion of the study and issue of the final report,

along with solvent costs, and pass through items to be billed on a per activity basis.

The final bill for the initial study was received

in December 2023.

the three months ended June 30, 2025, the Company incurred approximately $ 3,500 of lab services from Alcami.

the three months ended June 30, 2024, the Company incurred approximately $ 3,500 of lab services

the six months ended June 30, 2025, the Company incurred approximately $ 10,400 of lab services

the six months ended June 30, 2024, the Company incurred approximately $ 14,000 of lab services

and diluted net loss per share is computed using the weighted average number of shares of common stock outstanding during the period.

Equivalent common shares, consisting of stock options and warrants which amounted to 4,238,792

shares for the nine months ended September 30, 2025 and 2024,

respectively, are excluded from the calculation of diluted net loss per share since their effect is anti-dilutive.

Subsequent Events

Amended and Restated 2018 Equity Incentive Plan

July 1, 2025, the Company filed a Registration Statement registering additional shares of common stock under the Company’s Amended

and Restated 2018 Equity Incentive Plan.

The number of shares of the Company’s common stock available for grant and issuance under

the Plan is subject to an annual increase on July 1 of each calendar year, by an amount equal to two percent (2%) of the then outstanding

shares of the Company’s common stock.

On July 1, 2025, the number of shares of the Company’s common stock available for grant

and issuance under the 2018 Plan increased by 15,283 shares.

Offering on a Registration Statement on Form S-1

July 30, 2025, the Company closed a financing pursuant to a Registration Statement on Form S-1 (SEC File No.

333-284443) in which it

raised $ 8,000,000 in gross proceeds.

An aggregate of 2,000,000 shares of its common stock (or pre-funded warrants in lieu thereof), Class

E warrants to purchase up to 2,000,000 shares of common stock, and Class F warrants to purchase up to 2,000,000 shares of common stock,

at a combined public offering price of $ 4.00 per share (or $ 3.999 per pre-funded warrant).

The warrants have an exercise price of $ 4.00

per share, and are exercisable immediately upon issuance.

The Class E warrants will expire on the fifth anniversary of the original issuance

date, and the Class F warrants will expire on the eighteen-month anniversary of the original issuance date.

Maxim Group LLC acted as

sole placement agent in connection with this offering.

Repayment of Streeterville Bridge Note

On August 1, 2025, the Company repaid the Streeterville

Bridge Note early and took advantage of an early repayment discount.

The Note was paid in full for $ 285,000 .

Reduction in Outstanding Accounts Payable

On August 12, 2025,

the Company reduced its outstanding accounts payable to one of its vendors by successfully effecting a reduction, which will alleviate

negative working capital and increase Shareholders Equity.

On November 5, 2025, the

Company entered into agreements with Streeterville Capital to settle a portion of its outstanding loan obligation in the amount of $ 150,000

through the issuance of 74,626 shares of common stock, rather than cash payment.

On July 3, 2025, the Company’s

shelf registration statement on Form S-3 (File No.

333-286319) was declared effective by the SEC.

Subsequent to September 30, 2025, on

October 30, 2025, the Company filed a prospectus with the SEC to enable it to sell shares under this shelf registration statement.

Stockholders’ Equity;

(2) (b) Common Stock and Equity Finances;

Equity Distribution Agreement, above.

Additionally,

subsequent to September 30, 2025, the Company has sold 24,680 shares under the new EDA for a total gross proceeds of approximately $ 38,233 ,

which includes a 3.0 % fee to Maxim of approximately $ 1,147 .

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements