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Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>GICS reclassification. Our update report dated August 18, 2025, assumed coverage of Ainos under the WTR Technology research platform.</li><li>While remaining dedicated to advancing its core therapeutic program VELDONA, the report discusses Ainos’ prioritized strategic focus on the development of and commercialization pathway for its proprietary digital AI-powered olfaction platform, Al Nose.</li><li>Effective October 1, 2025, Ainos has been reclassified under the Global Industry Classification Standard (GICS®), developed and administered by S&amp;P Dow Jones Indices and MSCI, from the biotechnology sector to Technology Hardware, Storage &amp; Peripherals (Code 45202030). </li></ul>

GICS reclassification. Our update report dated August 18, 2025, assumed coverage of Ainos under the WTR Technology research platform.While remaining dedicated to advancing its core therapeutic program VELDONA, the report discusses Ainos’ prioritized strategic focus on the development of and commercialization pathway for its proprietary digital AI-powered olfaction platform, Al Nose.Effective October 1, 2025, Ainos has been reclassified under the Global Industry Classification Standard (GICS®), developed and administered by S&amp;P Dow Jones Indices and MSCI, from the biotechnology sector to Technology Hardware, Storage &amp; Peripherals (Code 45202030). 

Ainos, Inc: Announces GICS Reclassification; Secures Seven New Patents; Expands Portfolio to 123

<ul><li>Ainos adds Topco to its list of industrial partners. Ainos has forged a distribution agreement with Taiwan’s Topco Scientific Co., recognized as a leading global semiconductor solutions provider.</li><li>This is the fifth industrial partnership that Ainos has established in 2025, building on the ecosystem established by the ASE, ugo, Kenmec, and Solomon partnerships, with the scaling runway spanning semiconductor manufacturing, automation, smart manufacturing, and robotics.</li><li>Topco brings scale to AI Nose in the chip industry. </li></ul>

Ainos adds Topco to its list of industrial partners. Ainos has forged a distribution agreement with Taiwan’s Topco Scientific Co., recognized as a leading global semiconductor solutions provider.This is the fifth industrial partnership that Ainos has established in 2025, building on the ecosystem established by the ASE, ugo, Kenmec, and Solomon partnerships, with the scaling runway spanning semiconductor manufacturing, automation, smart manufacturing, and robotics.Topco brings scale to AI Nose in the chip industry. 

Ainos, Inc: Continuing to Build Up Momentum Toward Large-Scale AI Nose Commercialization in 2026

<ul><li>The pivot from biotech to AI technology company. While still committed to advancing its VELDONA drug platform to commercialization, Ainos’ growth strategy is now primarily being driven by its AI Nose SmellTech platform.</li><li>The pivot began in 2021 when Ainos acquired this AI Nose technology for initial deployment in healthcare settings.</li><li>However, with other significant opportunities beckoning, it has since been positioned as a platform technology with a substantial runway beyond healthcare. </li></ul>

The pivot from biotech to AI technology company. While still committed to advancing its VELDONA drug platform to commercialization, Ainos’ growth strategy is now primarily being driven by its AI Nose SmellTech platform.The pivot began in 2021 when Ainos acquired this AI Nose technology for initial deployment in healthcare settings.However, with other significant opportunities beckoning, it has since been positioned as a platform technology with a substantial runway beyond healthcare. 

Ainos, Inc: AI Nose Gears Up for Large-Scale Commercialization in 2026

<ul><li>Ainos can now be considered a technology company.</li><li>This report discusses Ainos’ prioritized strategic focus on the development of and commercialization pathway for its proprietary digital AI-powered SmellTech platform, Al Nose.</li><li>But while remaining dedicated to advancing its core therapeutic program VELDONA, 2025 marks a strategic inflection point in Ainos’ transition from its biotech roots to becoming principally a foundational AI technology innovator, with the stage set for accelerating momentum toward large-scale commercialization in 2026 of its AI Nose platform, which is expected to drive the company’s revenue growth for years to come. </li></ul>

Ainos can now be considered a technology company.This report discusses Ainos’ prioritized strategic focus on the development of and commercialization pathway for its proprietary digital AI-powered SmellTech platform, Al Nose.But while remaining dedicated to advancing its core therapeutic program VELDONA, 2025 marks a strategic inflection point in Ainos’ transition from its biotech roots to becoming principally a foundational AI technology innovator, with the stage set for accelerating momentum toward large-scale commercialization in 2026 of its AI Nose platform, which is expected to drive the company’s revenue growth for years to come. 

Ainos, Inc: A Foundational AI-Driven Technology Innovator Set to Ramp Up Its Revenue Base

<ul><li>Ainos’ VELDONA gets Taiwan FDA greenlight for OLE study for primary Sjogren’s.</li><li>Ainos has announced that its investigational low-dose oral interferon-alpha drug candidate, VELDONA®, has received formal approval from Taiwan’s Food and Drug Administration (TFDA) to initiate an open-label extension (OLE) clinical study for primary Sjögren’s syndrome (pSS), a rare condition with an unmet need estimated to have a global prevalence of up to 3.1 million people.</li><li>pSS is a chronic autoimmune condition where the body’s immune system mistakenly attacks its own moisture-producing glands, primarily the tear and saliva glands, leading to dryness in the eyes and mouth. It can also affect other parts of the body, including the lungs, kidneys, and nerves.</li></ul>

Ainos’ VELDONA gets Taiwan FDA greenlight for OLE study for primary Sjogren’s.Ainos has announced that its investigational low-dose oral interferon-alpha drug candidate, VELDONA®, has received formal approval from Taiwan’s Food and Drug Administration (TFDA) to initiate an open-label extension (OLE) clinical study for primary Sjögren’s syndrome (pSS), a rare condition with an unmet need estimated to have a global prevalence of up to 3.1 million people.pSS is a chronic autoimmune condition where the body’s immune system mistakenly attacks its own moisture-producing glands, primarily the tear and saliva glands, leading to dryness in the eyes and mouth. It can also affect other parts of the body, including the lungs, kidneys, and nerves.

Ainos, Inc. - Advancing VELDONA's Value Even as Ainos Transitions into an AI Technology Company

United States

Ainos, Inc. (NASDAQ:AIMD) is a dual-platform AI and biotech company pioneering smelltech and immune therapeutics. Its smelltech platform, powered by AI Nose and smell language model (SLM), digitize scent into Smell ID, a machine-readable data format, powering intelligent sensing across robotics, smart factories, and healthcare. The company also develops VELDONA®, a low-dose oral interferon targeting rare, autoimmune, and infectious diseases. Active clinical programs include HIV-related oral warts, primary Sjögren’s syndrome, and feline chronic gingivostomatitis (FCGS). Ainos, a fusion of "AI" and "Nose," is redefining machine perception for the sensory age.

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Ainos (AIMD US)

Ainos, Inc: Announces GICS Reclassification; Secures Seven New Patents; Expands Portfolio to 123

GICS reclassification. Our update report dated August 18, 2025, assumed coverage of Ainos under the WTR Technology research platform.

Water Tower Research

Ainos, Inc: Continuing to Build Up Momentum Toward Large-Scale AI Nose Commercialization in 2026

Ainos adds Topco to its list of industrial partners. Ainos has forged a distribution agreement with Taiwan’s Topco Scientific Co., recognized as a...

Water Tower Research

Ainos, Inc: AI Nose Gears Up for Large-Scale Commercialization in 2026

While still committed to advancing its VELDONA drug platform to commercialization, Ainos’ growth strategy is now primarily being driven by its AI...

Water Tower Research

Ainos, Inc: A Foundational AI-Driven Technology Innovator Set to Ramp Up Its Revenue Base

This report discusses Ainos’ prioritized strategic focus on the development of and commercialization pathway for its proprietary digital AI-powered...

Water Tower Research

Ainos, Inc. - Advancing VELDONA's Value Even as Ainos Transitions into an AI Technology Company

Ainos has announced that its investigational low-dose oral interferon-alpha drug candidate, VELDONA®, has received formal approval from Taiwan’s...

Water Tower Research

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