AIM ImmunoTech amends at-the-market sales agreement with Maxim Group

On April 10, 2026, AIM ImmunoTech Inc. (NYSE American: AIM) entered into Amendment No. 1 to its Equity Distribution Agreement dated April 1, 2025, with Maxim Group LLC. Under the agreement, Maxim acts as the company's exclusive sales agent for the issuance and sale of common stock in an at-the-market public offering. The 8-K describes the offering as covering up to $3,000,000 of shares. The amendment removes the limitation on the amount of shares to be sold under the sales agreement.

How the offering will be registered

The shares will be sold and issued under the company's shelf registration statement on Form S-3, File No. 333-286319, which the Securities and Exchange Commission previously declared effective, together with a related prospectus, as supplemented. The company filed a supplement to the prospectus supplement at the same time, to increase the number of shares that may be offered and sold in the offering.

Exhibit 5.1 to the 8-K is an opinion of Thompson Hine LLP, and Exhibit 23.1 is that firm's consent. The 8-K does not name separate counsel for Maxim Group LLC. It also does not state any commission or fee payable to Maxim under the amended agreement.

The amendment was signed for the company by Thomas K. Equels, its Chief Executive Officer.

Background on the company

AIM is an immuno-pharma company headquartered in Ocala, Florida, focused on therapeutics for multiple types of cancers, viral diseases and immune-deficiency disorders. Its annual report says the company's flagship product, Ampligen (rintatolimod), is a double-stranded RNA molecule being developed for globally important cancers, viral diseases and disorders of the immune system. Ampligen has not been approved by the FDA or marketed in the United States, but it is approved for commercial sale in the Argentine Republic for the treatment of severe Chronic Fatigue Syndrome.

The company's other product is Alferon N Injection, an interferon alfa. The company says it has made the business decision to focus its efforts on developing Ampligen for late-stage pancreatic cancer. Its Phase 2 DURIPANC study, which combines Ampligen with AstraZeneca's Imfinzi (durvalumab), is investigator-initiated and single-center, with up to 25 subjects expected in the Phase 2 portion. Eighteen patients have been enrolled.

The company also describes intellectual property for the program. The annual report says it has broad combination therapy patents in the United States, Japan and Europe, as well as market exclusivity from orphan drug designations in the United States and the European Union.

The annual report says the company announced in March 2026 an agreement with the PPD clinical research business of Thermo Fisher Scientific to design its anticipated Phase 3 clinical trial in late-stage pancreatic cancer.

Financial position

The XBRL figures from the 10-K show revenue of $88,000 for the fiscal year ended December 31, 2025, down from $170,000 for 2024. Research and development expense was $3.9 million in 2025 and $6.2 million in 2024. The net loss was $14.0 million in 2025 and $17.3 million in 2024. Cash used in operations was $11.0 million in 2025 and $14.9 million in 2024. At year-end 2024, cash and cash equivalents were $1.7 million and short-term investments were $2.3 million.

The risks ahead

The amendment removes the limit on shares that can be sold, so existing holders can face more dilution, and the 8-K gives no timetable or fee for the sales. The company is still funding losses: the 10-K shows a net loss of $14.0 million and cash used in operations of $11.0 million for 2025, against revenue of $88,000. Ampligen is not approved by the FDA, the lead study is single-center, and a Phase 3 trial is still to be designed with Thermo Fisher's PPD business. The annual report says Erasmus MC expects detailed study data later this year.

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