AETHLON MEDICAL INC
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 12, 2025
AEMD$5.47+3.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-13.
0001683168-25-006049
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-12.
0001683168-25-008271
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 50 previous paragraphs and 59 current paragraphs.
33 unchanged; 11 reworded; 13 added; 6 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
The Company previously received formal approval from India’s Central Drugs Standard Control Organization (CDSCO) to initiate an oncology clinical trial at Medanta Medicity Hospital. Following subsequent discussions with the Company’s India-based contract research organization (CRO), it was determined that first patient treatment would likely not occur until early 2026. In light of this extended timeline and after evaluating the associated costs and strategic priorities, the Company elected not to proceed with the India study. This decision enables the Company to focus its resources on advancing its ongoing clinical trial in Australia, which remains more closely aligned with its objective of generating timely clinical data to support a potential Premarket Approval (PMA) trial.
Current report
In August 2025, we presented a poster at the Keystone Symposium on Long COVID and Other Post-Acute Infection Syndromes in Santa Fe, New Mexico. In collaboration with investigators at the University of California, San Francisco Medical Center Long COVID Clinic, we analyzed samples from participants with Long COVID and from recovered individuals as controls. Data presented at the symposium showed that both large and small EVs from Long COVID participants bound to the GNA lectin and to the Hemopurifier’s lectin affinity resin, supporting the potential utility of the device in this patient population. The full poster presentation is available on our website.
Current report
The decrease in General and Administrative expenses of approximately $437,000 for the three months ended September 30, 2025, was primarily driven by fluctuations across several categories. Supplies decreased by approximately $68,000, reflecting prior-year raw material purchases with no comparable purchases in the current period. Clinical trial expenses decreased by approximately $97,000 compared to the prior year period, primarily reflecting the recognition of a $218,000 R&D tax incentive for Australian R&D related to the trial, the timing of trial-related activities, which were higher in the prior period due to the initiation of new study sites and related startup costs and the closure of the India COVID 19 trial. Insurance expense decreased by approximately $35,000, primarily due to lower medical insurance costs associated with reduced headcount. Utilities and business-related taxes decreased by approximately $10,000 and $9,000, respectively, mainly due to timing and usage patterns. Additional variances of approximately $6,614 in computer software and $23,000 across various other categories contributed to the overall change. These variances largely reflect timing differences and routine operational adjustments during the period.
Current report
The approximate $177,000 decrease in professional fees for the three months ended September 30, 2025, was primarily driven by a $265,000 reduction in investor relations expenses, reflecting the prior year engagement of an investor relations firm and our annual meeting, with no comparable activities in the current period and an approximate $12,000 decrease in contract labor. This decrease was partially offset by approximately $79,000 in legal fees related to additional patent filings and maintenance and $20,000 in tax, audit, and financial services.
Current report
Other Income, Net
Current report
SIX MONTHS ENDED SEPTEMBER 30, 2025 COMPARED TO THE SIX MONTHS ENDED SEPTEMBER 30, 2024
Current report
Operating Expenses
Current report
Consolidated operating expenses for the six months ended September 30, 2025 were approximately $3,302,000, compared to approximately $5,522,000 for the six months ended September 30, 2025. This decrease of approximately $2,220,000, or 40%, in the 2025 period was due to decreases in payroll and related expenses of approximately $1,452,000, general and administrative expenses of $453,000 and professional fees of $315,000.
Current report
The $1,452,000 decrease in payroll and related expenses was primarily due to an $826,000 charge in the prior period related to severance agreements and workforce reductions, a $516,000 decrease from lower headcount and related compensation, and a $108,000 reduction in stock-based compensation associated with the reduced headcount.
Current report
General and administrative expenses decreased approximately $453,000 for the six months ended September 30, 2025, primarily due to the recognition of a $218,000 R&D tax incentive for Australian R&D related to the trial, lower insurance costs of $66,000 from reduced headcount, and a $71,000 decrease in supplies. Additional decreases of $14,000 in utilities, $8,000 in business-related taxes, $13,000 in computer software, and $28,000 across various other categories contributed to the overall change. These decreases were partially offset by an approximate $33,000 rent charge for a lost deposit.
Current report
Professional fees decreased approximately $315,000, primarily due to lower investor relations of approximately $222,000, reduced general and SEC legal fees of approximately $119,000, and a combined $72,000 decrease in scientific consulting, contract labor, and audit and accounting services, partially offset by $94,000 in patent legal fees related to new filings, maintenance, and associated costs.
Current report
Net Loss
Current report
As a result of the changes in expenses noted above, our comprehensive loss decreased from $5,375,443 in the six months ended September 30, 2024, to $3,258,202 in the six months ended September 30, 2025.
Removed paragraphs (6)
Previous report
The Company received formal approval from the India’s regulatory agency, the Central Drugs Standard Control Organization (CDSCO), to initiate an oncology clinical trial in India on July 7, 2025. The Company had been working with its India CRO, Qualtran LLC, toward site initiation at Medanta Medicity Hospital. While the Company had initially anticipated a more expedited startup in India subsequent discussions with the CRO indicated longer-than-expected timelines. After evaluating the project duration and cost of conducting the study, the Company made a strategic decision to discontinue efforts in India and to concentrate its resources on the ongoing oncology trial in Australia, which remains the Company’s primary clinical development priority.
Previous report
The $138,050 decrease in professional fees for the three months ended June 30, 2025, was primarily driven by a $104,387 reduction in legal fees following the transition to a new legal firm, a $33,720 decline in scientific consulting costs due to the conclusion of a project, a $23,219 decrease in auditor fees, primarily reflecting lower audit-related costs compared to the prior period and an $18,118 reduction in contract labor following the completion of a regulatory project and transition to lower-cost quality management system consultants. These decreases were partially offset by a $41,835 increase in investor relations expenses related to the special meeting of stockholders.
Previous report
General and administrative expenses decreased by $16,616 for the three months ended June 30, 2025, primarily due to a $30,789 reduction in insurance costs. This decrease was partially offset by a $25,853 increase in clinical trial-related expenses, with the remaining variance attributable to a mix of smaller increases and decreases across multiple categories that netted to an overall decline.
Previous report
Other (Expense) Income, Net
Previous report
NET CASH USED IN INVESTING ACTIVITIES. We did not use cash for investing activities in the three months ended June 30, 2025 and June 30, 2024.
Previous report
There were no accounting estimates in the three-months ended June 30, 2025 with a high degree of uncertainty or amounts that are with a high likelihood to change from period to period that would materially impact the presentation of our financial statements for the three-months ended June 30, 2025.
Reworded paragraphs (11)
Previous wording
In addition to our ongoing clinical trials, we continue to explore potential new applications for the Hemopurifier through internal pre-clinical research. In the quarter ended June, 30 2025 results of our pre-clinical ex-vivo study entitled “Ex Vivo Removal of CD41 positive platelet microparticles from Plasma by a Medical Device containing a Galanthus nivalis agglutinin (GNA) affinity resin” were published in the pre-print vehicle bioRxiv. This manuscript has been submitted to a peer-reviewed publication for review. In the study we evaluated the Hemopurifier’s ability to remove disease-relevant extracellular vesicles (EVs), including those derived from platelets, which are implicated in cancer, autoimmune disease, and neurological disorders. The study demonstrated >98% removal of platelet-derived EVs from healthy human plasma in a simulated clinical session. We are also collaborating with academic researchers to investigate EV characteristics in patients with Long COVID. These exploratory programs are intended to inform potential future clinical indications and expand the utility of the Hemopurifier platform.
Current wording
In addition to our ongoing clinical trials, we continue to explore potential new applications for the Hemopurifier through internal pre-clinical research. In the quarter ended June 30, 2025 results of our pre-clinical ex-vivo study entitled “Ex Vivo Removal of CD41 positive platelet microparticles from Plasma by a Medical Device containing a Galanthus nivalis agglutinin (GNA) affinity resin” were published in the pre-print vehicle bioRxiv. In the study we evaluated the Hemopurifier’s ability to remove disease-relevant extracellular vesicles (EVs), including those derived from platelets, which are implicated in cancer, autoimmune disease, and neurological disorders. The study demonstrated >98% removal of platelet-derived EVs from healthy human plasma in a simulated clinical session.
Previous wording
Consolidated operating expenses for the three months ended June 30, 2025 were $1,792,390 compared to $2,620,858 for the three months ended June 30, 2024. This decrease of $828,468, or 31.6%, in the 2025 period was due to a decrease of $673,802 in payroll and related $138,050 in professional fees and $16,616 in general and administrative expenses.
Current wording
Consolidated operating expenses for the three months ended September 30, 2025 were approximately $1,510,000 compared to $2,902,000 for the three months ended September 30, 2024. This decrease of $1,392,000, or 48%, in the 2025 period was due to a decrease of approximately $778,000 in payroll and related, $437,000 in general and administrative expenses and $177,000 in professional fees.
Previous wording
The $673,802 decrease in payroll and related expenses for the three months ended June 30, 2025, was primarily due to the absence of a $320,604 severance accrual recorded in the prior year related to the separation of an executive. The remaining decrease reflects a $286,311 reduction in compensation costs associated with lower headcount, as well as a $66,886 decline in stock-based compensation related to the same reduction in workforce.
Current wording
Payroll and related expenses decreased by approximately $778,000, largely due to the absence of severance charges of about $507,000 recorded in the prior year related to an executive separation and a reduction in force. The remainder of the decrease reflected approximately $230,000 of lower compensation costs associated with reduced headcount and bonus accruals, as well as a $41,000 decline in stock-based compensation.
Previous wording
We recorded other income of $30,532 for the three months ended June 30, 2025 compared to other income of $49,418 for the three months ended June 30, 2024. Other income in both periods was primarily interest income.
Current wording
We recorded other income of $22,730 for the three months ended September 30, 2025 compared to other income of $95,146 for the three months ended September 30, 2024. Other income in both periods was primarily interest income.
Previous wording
As a result of the changes in expenses noted above, our net loss decreased to $1,761,858 in the three months ended June 30, 2025 from $2,571,440 in the three months ended June 30, 2024.
Current wording
As a result of the changes in expenses noted above, our net loss decreased to $1,487,100 in the three months ended September 30, 2025 from $2,806,973 in the three months ended September 30, 2024.
Previous wording
Basic and diluted loss attributable to common stockholders was ($0.85) for the three months ended June 30, 2025, compared to ($2.76) for the three-month period ended June 30, 2024.
Current wording
Basic and diluted loss attributable to common stockholders was ($3.74) for the three months ended September 30, 2025, compared to ($16.11) for the three-month period ended September 30, 2024.
Previous wording
As of June 30, 2025, we had a cash balance of $3,765,154 and working capital of $2,423,421. This compares to a cash balance of $5,501,261 and working capital of $4,050,514 at March 31, 2025.
Current wording
As of September 30, 2025, we had a cash balance of $5,853,493 and working capital of $4,848,883. This compares to a cash balance of $5,501,261 and working capital of $4,050,514 at March 31, 2025.
Previous wording
NET CASH USED IN OPERATING ACTIVITIES. Net cash used in operating activities was approximately $1,715,000 for the three months ended June 30, 2025, compared to approximately $1,748,000 for the same period in 2024. The decrease was primarily driven by a lower net loss in the current period. However, this improvement was largely offset by unfavorable changes in working capital, including decreases of approximately $393,000 in amounts due to related parties and $461,268 in accounts payable and other current liabilities. These were partially offset by modest increases in non-cash charges and favorable changes in prepaid expenses and other current assets.
Current wording
NET CASH USED IN OPERATING ACTIVITIES. Net cash used in operating activities was approximately $3,374,000 for the six months ended September 30, 2025, compared to approximately $3,962,000 for the same period in 2024. The decrease was primarily driven by a lower net loss in the current period. However, this improvement was largely offset by changes in working capital, including decreases of approximately $796,000 in amounts due to related parties, $420,000 in accounts payable and other current liabilities, and $211,000 in prepaid expenses and other current assets, as well as $111,000 of lower non-cash charges compared with the prior year, for a total offset of approximately $1,538,000.
Previous wording
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES. Net cash provided by financing activities decreased by approximately $5.4 million for the three months ended June 30, 2025. In the current period, financing activity was limited to approximately $5,000 used for tax withholding related to the settlement of restricted stock units. By contrast, in the same period of the prior year, we raised approximately $5,379,000, net of placement agent fees and offering costs, through the sale and issuance of common stock and warrants in a public offering, as well as the exercise of 300,000 Class A warrants and 1,880,000 Class B warrants. This was partially offset by approximately $5,000 used for tax withholding on restricted stock unit settlements, resulting in net cash provided by financing activities of approximately $5,379,000 in the prior year.
Current wording
NET CASH PROVIDED BY FINANCING ACTIVITIES. Net cash provided by financing activities decreased by approximately $1,640,000 for the six months ended September 30, 2025. During the current period, we raised $3,744,000, net of placement agent fees and offering costs, partially offset by approximately $9,000 used for tax withholding on restricted stock unit settlements. In comparison, for the six months ended September 30, 2024, we raised approximately $5,384,000, net of placement agent fees and offering costs, from the sale and issuance of common stock and warrants in connection with a public offering, as well as the exercise of 3,750 Class A warrants and 36,000 Class B warrants. This amount was partially offset by approximately $9,000 for tax withholding on restricted stock unit settlements, resulting in net cash provided by financing activities of approximately $5,375,000.
Previous wording
We believe that the estimates and assumptions that are most important to the portrayal of our financial condition and results of operations, in that they require the most difficult, subjective or complex judgments, form the basis for the accounting policies deemed to be most critical to us.
Current wording
We believe that the estimates and assumptions most critical to the portrayal of our financial condition and results of operations—because they involve the most difficult, subjective, or complex judgments—form the basis of our most critical accounting policies. These critical estimates relate to long-lived assets, stock-based compensation, the valuation allowance for deferred tax assets, contingencies, and clinical trial accruals.
Previous wording
There have been no changes to our critical accounting policies and estimates as disclosed in our Form 10-K for the year ended March 31, 2025.
Current wording
There have been no changes to our critical accounting policies and estimates as disclosed in our Annual Report on Form 10-K for the year ended March 31, 2025.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
These exploratory programs, together with our academic collaborations, are intended to inform potential future clinical indications and expand the utility of the Hemopurifier platform.
Current report — wording carried from elsewhere
Basic and diluted loss attributable to common stockholders was ($10.65) for the six months ended September 30, 2025, compared to ($40.15) for the six-month period ended September 30, 2024.