AIM ImmunoTech

Moat components and durability assessment: Intangible assets (35/100): AIM owns method‑of‑use and combination patents covering Ampligen with checkpoint inhibitors in the US, Japan and the Netherlands out to 2039, and long‑COVID IP in Europe/UK to 2041. Orphan designations exist in pancreatic cancer.

These protections are real but relatively narrow and depend on future clinical validation and enforceability of method claims. Weight 35%. Switching costs (10/100): With no approved product, there are no embedded workflows or switching frictions; future oncology adoption would be evidence driven. Weight 25%.

Network effects (0/100): No two‑sided platform or data network benefits. Weight 15%. Cost advantages (5/100): As a single‑asset clinical program, AIM lacks scale manufacturing or distribution benefits; CMO sourcing is standard. Weight 15%.

Efficient scale (10/100): Certain orphan oncology niches can display efficient‑scale traits, but this only materializes post‑approval and guideline adoption. Weight 10%. Weighted overall moat is weak given the absence of commercial entrenchment and the need for decisive Phase 3 data to underpin any durable advantage.