AIM ImmunoTech Inc (NYSE:AIM) said it ended the third quarter of 2022 with cash and cash equivalents of $36.7 million, down from $48.3 million at the end of December 2021, but expected to fund operations through to the end of 2023.
The Ocala, Florida-based company said research and development expenses for the three months ended September 30, 2022, were $1.4 million, compared to $2 million for the same period in 2021. General and administrative expenses were $5.2 million for 3Q 2022, compared to $1.8 million for the same period in 2021.
The company also said its net loss from operations for 3Q 2022 was $6.4 million, or $0.13 per share, compared to $3.8 million, or $0.08 per share, for the three months ended September 31, 2021.
READ: AIM ImmunoTech shows positive results using Ampligen in treating triple negative breast cancer
AIM CEO Thomas K Equels said that over the course of 2022 and throughout this past quarter, the company remained focused on successfully executing its clinical development programs.
“I am incredibly pleased with the progress we’ve made and am excited for what remains ahead of us. Not only have we delivered on our commitments by initiating studies, but we have also commenced enrollment and are on track to reach targeted milestones that lay on the horizon,” Equels said in a statement.
“As we enter the final stretch for 2022, I believe we are well-positioned to reach the value-driving catalysts across our pipeline. We have been, and will continue to be, committed to generating near- and long-term value for all stakeholders,” he said.
AIM recently presented positive data from research led by Roswell Park Comprehensive Cancer Center medical oncologist, Dr Shipra Gandhi, evaluating Ampligen (rintatolimod) as a component of a CKM regimen for the treatment of early-stage triple negative breast cancer at the Society for Immunotherapy of Cancer’s 37th annual meeting.
Also during 3Q, the company said it received Orphan Drug Designation for Ampligen (rintatolimod) for the treatment of Ebola virus disease, and also FDA clearance of its IND application to evaluate Ampligen in a Phase 2 clinical study for the treatment of post-COVID conditions. AIM also said the Phase 2 study of Ampligen for the treatment of pancreatic cancer has started. Ampligen is being developed for globally important cancers, viral diseases and disorders of the immune system.
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