Ainos Inc (NASDAQ: AIMD) is a clinical-stage biotech and medical technology company developing a low-dose oral interferon alpha drug candidate and an AI-based volatile organic compound detection platform. Revenue is minimal and product-sale based: the company reported $124,157 in total revenues for the year ended December 31, 2025, up from $20,729 for the year ended December 31, 2024. The 2025 revenue mix consisted of $123,360 from AI Nose-related programs and $797 from pet supplements. Ainos has no approved products and no recurring commercial revenue base. Its drug candidate, VELDONA, is a low-dose oral interferon alpha formulation targeting rare, autoimmune, and infectious disease indications, backed by 68 completed human clinical studies as of the filing date. Its AI Nose platform targets volatile organic compound detection in healthcare point-of-care and industrial settings including semiconductor manufacturing and smart manufacturing. The company funds operations through equity issuances, including an at-the-market facility that raised approximately $2,008,721 in net proceeds from shares sold through December 31, 2025, and convertible notes.

Revenue model

Product sales, generating $124,157 in revenue for the year ended December 31, 2025. Revenue sources included AI Nose-related programs ($123,360) and pet supplements ($797). COVID-19 antigen rapid test kit sales were discontinued in Q1 2024. The company has no approved pharmaceutical products and no subscription or royalty revenue disclosed in the filing.

Products and services

VELDONA: low-dose oral interferon alpha formulation targeting rare, autoimmune, and infectious disease indications, with 68 completed human clinical studies and 28 preclinical and animal studies as of the filing date. AI Nose: an AI-based scent digitization platform using volatile organic compound detection with parts-per-billion sensitivity, targeting healthcare point-of-care monitoring and industrial applications including semiconductor manufacturing, robotics, and smart manufacturing. Pet supplements: a discontinued or de-emphasized product line generating $797 in revenue in FY2025.

Customers and end markets

Healthcare point-of-care settings (ventilator-associated pneumonia monitoring, women's vaginal health, sexually transmitted infection screening) and industrial environments (semiconductor manufacturing, robotics, smart manufacturing) for AI Nose. Rare disease, autoimmune, and infectious disease patient populations for VELDONA. No customer concentration data disclosed in the filing excerpts.

Value-chain role

Pre-commercial developer. Ainos conducts internal research, development, and early-stage commercialization. It has limited marketing and sales capabilities and intends to use third-party distributors and potential collaboration partners to commercialize products if and when approved or adopted.

Geographic exposure

No geographic revenue breakdown disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-03-30

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