AIM ImmunoTech

Capital allocation has relied on serial equity offerings, rights offerings, warrant inducements and short‑term notes, resulting in major dilution and shareholder overhang.

Shares outstanding rose from about 3.1 million at year‑end 2025 to 29.0 million by June 30, 2026, and management recorded extensive warrant activity, including inducements and new classes. Use of proceeds is focused on R&D and overhead, appropriate for a clinical company, but funding costs and structures are shareholder‑unfriendly.

No evidence of disciplined repurchases or durable, low‑cost capital.