Ainos
Nasdaq: AIMD
A dual-engine technology platform.
Digital olfaction (machine-based scent detection and analysis) and low-dose interferon therapeutics.
- Company
- Ainos, Inc.
- Sector
- Technology
- First report
Why Ainos stands out
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It gives machines a sense of smell.
AI Nose turns the chemistry in the air into data a machine can read.
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The sense inside other makers’ machines.
AI Nose is designed to be built into other makers’ equipment and robots.
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A billion records, over 120 patents.
Its dataset holds more than a billion real-world chemical records, backed by more than 120 patent assets worldwide, on the company’s count.
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A second engine, funded by a partner.
VELDONA, its low-dose interferon, is licensed to a partner for two diseases, and the partner funds that clinical work. Ainos keeps the platform and its patents.
From the company’s reports and our research.
Two engines: AI Nose and VELDONA
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Research on Ainos
- Third quarter 2026
- Ask this report
Eight questions to start
- In three sentences: what did Ainos sign with BioPhoenix, and what does Ainos keep?
- How is the money structured? Explain the initial fee, the further licences and the share of sublicensing revenue.
- When is the USD 600,000 initial fee due, and what has to happen first?
- Who is BioPhoenix, and why does the report see it as a credible partner?
- How does this agreement change what Ainos has to pay for itself?
- Which next events does the report say to watch, and what would each one show?
- How has VELDONA's place in Ainos's own documents changed from 2022 to 2026?
- What does the report name as Ainos's first priority, and how does this agreement support it?
- Ask this report
Eight questions to start
- In three sentences: what did Ainos announce on 14 September, and how does the report read this pair of facts?
- How did the AI Nose dataset grow from 613 million records on 21 July, and how did VASRO's 11 September estimate compare?
- What does the USD 2.1 million ASE backlog cover, and where does the report say the USD 350,000 prepayment sits?
- When could the first countable figures on the front-end orders appear, and where does the report expect to see them?
- Which two semiconductor customers does the report describe, one back-end and one front-end, and what does it say about each relationship?
- How does Ainos describe its Chemical Intelligence strategy, and what does the report name as the first sign of the flywheel turning?
- How did the front-end work move from the 9 March validation programme to commercial orders, and what did the 3 August filing say in between?
- After the first front-end orders, which signs does the report say to look for, and what would each one show?
- Ask this report
Eight questions to start
- In three sentences: what did Ainos announce on 13 August and 9 September, and what does the report say both releases measure?
- How fast did the AI Nose dataset grow between 21 July and 13 August, and when did the report expect it to pass 1 billion?
- How many patent assets does Ainos report worldwide, and what does the Japan Patent Office register show for the three new Japanese patents?
- Where has the USD 350,000 ASEH prepayment sat since December, and when could it next appear as revenue?
- Which machines are the three Japanese patents written for, and how does the report describe Ainos's role alongside the companies that build them?
- What order of events does the report describe, from data and patents to a licence or subscription, and where does Ainos stand in it?
- How has Ainos's own description of itself changed during 2026, and what now leads the paragraph at the foot of its releases?
- From patent registration to the ASEH backlog, which events does the report say to look for, and what would each one show?
- Ask this report
Eight questions to start
- In three sentences: what did Ainos report for the first half of 2026, and what does the report find behind the headline numbers?
- Of the USD 6.68m of operating expenses, how much was share-based compensation, depreciation and amortisation, and how much went out as cash?
- How does the report describe the way Ainos funds itself, from the ASE Test loan extension to the convertible notes and the at-the-market shelf?
- When does Ainos expect revenue from AI Nose to show, and what backlog and prepayment does the report say sit behind it?
- Which roles does the ASE group hold around Ainos, and how does the report describe that relationship?
- Where has Ainos moved its focus, and what does the report say AI Nose has collected in semiconductor plants since December 2025?
- How does the first half of 2026 compare with the first half of 2025 on revenue, operating expenses, net loss and operating cash flow?
- Which items does the report list to look for from here, from the ASEH backlog to the front-end fabs, and what would each one show?
- Second quarter 2026
- Ask this report
Eight questions to start
- In three sentences: what will the National Taiwan University study test, and how does the report read this step for AI Nose?
- How does the report connect this research programme to revenue, and what does it still treat as the marker to watch?
- What do the report's tables show for Ainos's research and development spending and cash in the first quarter of 2026?
- When was the National Taiwan University study announced, when does it begin, and how long is it set to run?
- Who is Ainos's partner in the study, and why does the report see a national university's name as a stronger reference than a quiet pilot?
- How does the breath study fit Ainos's platform strategy, and what does each new setting add to the Smell Language Model?
- How has AI Nose's healthcare work developed, from early breath analysis to the emergency-room programme covered on 4 June and now this study?
- Once the study starts, what does the report want to see first, and what does it call the proof point that matters?
- Ask this report
Eight questions to start
- In three sentences: what did Ainos announce with National Taiwan University Hospital (NTUH), and what will AI Nose do in its emergency room?
- How much emergency-department data is the NTUH study designed to generate, and what data does it deliberately leave out?
- What do the appendix tables show for Ainos's spending in the first quarter of 2026, and how was that quarter funded?
- When was the NTUH programme announced, how long will the study run, and when are Ainos's Q2 2026 results expected?
- Who is NTUH, and why does the report see a named leading hospital as a stronger reference than any pilot?
- How does the report connect the emergency-room study to the Smell Language Model and to management's wider ambition for Smell AI?
- Which next steps does the report say to look for after the six-month study, and what would each one show?
- How has Ainos's hospital work moved on since the May update, from building infrastructure to the clinical heart of the hospital?
- Ask this report
Eight questions to start
- In three sentences: what did Q1 2026 show about AI Nose's operating footprint, and what does the report call the next chapter?
- How does the report read the Q1 2026 revenue line, and what explains the lower operating costs and smaller net loss?
- How does the report describe the way Ainos funds its plans, including the NTD 90m ASE Test loan and the share issuance?
- When does the company expect its ongoing programmes to support revenue generation, and when are the Q2 2026 results expected?
- Which four trends from chipmakers' published CSR reports does the report link to AI Nose, and how does AI Nose fit them?
- Where do the ASE, Trusval, robotics and hospital programmes each stand on the path from deployment to qualification to commercial conversion?
- Which four signposts does the report set out for the rest of 2026, and what would each one show?
- How does the report's progress table compare where Ainos stood before Q1 2026 with where it stands now, area by area?
- Ask this report
Eight questions to start
- In three sentences: what partnership did Ainos announce with MacKay Memorial Hospital and Topco Scientific, and what does it add to AI Nose?
- What do the appendix tables show for FY2025 revenue, gross profit and operating expenses, and which filing are the FY2025 figures mapped from?
- What does the cash flow statement show about how Ainos funded its operations in 2025?
- When was the MacKay Memorial partnership announced, when did the first deployment start, and which four hospital areas does it cover?
- What do Topco Scientific and MacKay Memorial Hospital each bring to the programme, and what model does the report say this creates?
- What does the report mean by a step from standalone sensing devices toward platform-level, multi-domain adoption, and where does Smell ID fit?
- Which signal does the report call decisive for 2026, and what would it show across industrial and healthcare settings?
- How has the report's view of AI Nose developed from the initial report in January, through the earlier April update, to this one?
- Ask this report
Eight questions to start
- In three sentences: what do the FY2025 results and the 10-K add to the picture of Ainos's 2026 commercial setup?
- How did FY2025 revenue, gross profit and gross margin develop, and how much of the revenue came from AI Nose-related programmes?
- How does the report describe the way Ainos funded itself in 2025 and early 2026, including ATM proceeds and the ASE Test financing?
- When is the ASE rollout of around 1,400 systems targeted for completion, and what does the report say broader scale-up depends on?
- What does each named partner add to AI Nose: ASE, Mirle Automation, and the front-end systems integration partner?
- How does the report describe AI Nose's place in Ainos's near-term strategy, and where does VELDONA sit in the broader platform?
- Which progress markers does the report say the market can now follow, and what would each one show?
- How has Ainos's AI Nose work moved from building the ecosystem across 2025 to live deployment and validation in early 2026?
- First quarter 2026
- Ask this report
Eight questions to start
- In three sentences: what did Ainos report about its ASE rollout, and what does the report take from it?
- What customer deposit has Ainos received, and why does the report treat cash-in as an execution marker?
- When was the US$2.1m three-year ASE subscription order placed, and how many units does its initial footprint cover?
- When does Ainos aim to complete phase-one deployment, and why does the report call this a checkpoint?
- What role does the report give ASE for AI Nose, and how does it describe the up to 20,000 units figure?
- What does the update say about front-end fab validation testing, and what has to happen before it becomes commercial?
- For each phase of the ASE roadmap, what scale is disclosed and which status signal does the report say to watch?
- How has the ASE story moved since VASRO's initial coverage, and does this update change the thesis?
- Ask this report
Eight questions to start
- In three sentences: what did the VELDONA FCGS interim readout show on inflammation and safety, and how does VASRO read it?
- How is the FCGS study set up, including the planned and interim cat numbers, the two dose cohorts and the dental procedures?
- What share of cats improved on local oral inflammation, what does the 66.7% figure measure, and which statistical test is cited?
- How often and for how long were the cats dosed, and at which weeks does the company report results?
- What is FCGS, and what does the report say this real-world veterinary readout adds to the picture of VELDONA?
- How does this readout fit VASRO's two engines, two timelines view of Ainos, and where does the FCGS lane sit?
- What next step does Ainos state for the study, and what does the report say the full dataset should clarify?
- How did mean improvement in local oral inflammation change from Week 6, when dosing ended, to Week 14?
- Ask this report
Eight questions to start
- In three sentences: what did Ainos announce with Mirle Automation, and why does it matter for industrial inspection?
- What does the P&L show for Ainos's research and development spending in 2024 and in the first three quarters of 2025?
- According to the cash flow table, which sources funded Ainos in 2024 and in the first three quarters of 2025?
- When did Mirle finish developing its robot dog body, and when are field testing and initial shipments expected to start?
- What makes Mirle Automation a credible channel for AI Nose, according to the report, and which client sites shape its robotics agenda?
- What does the report say the Mirle partnership advances for Ainos, across go-to-market, data and use-case definition?
- What does the report say to watch as the Mirle integration moves forward, and what would show it is becoming repeatable?
- How does the Mirle partnership fit the 2026 setup from VASRO's previous report, and how does it extend the robotics lane?
- Ask this report
Eight questions to start
- In three sentences: what are Ainos's two engines, and why does the report give them different timelines?
- How does SmellTech-as-a-Service turn AI Nose deployments into recurring revenue, layer by layer?
- How did revenue develop from FY2024 to the first nine months of 2025, and what does the report say about the gross margin?
- When are the key VELDONA milestones expected, and how does the Asia-first bridging path shape the next decisions?
- Which partners does the report list in the AI Nose ecosystem, and what role does each one play?
- Where does the report say AI Nose should scale first in 2026, and why do those settings suit the data flywheel?
- Which execution signals does the report say to monitor as AI Nose moves from the 2025 pivot into 2026, and what would each show?
- How has AI Nose built its track record, from the 2024 Japan validation to the first industrial order in 3Q 2025?
Research, not investment advice. Every report carries its full disclosures. Research disclosures
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