AETHLON MEDICAL INC
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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.
Dec 31, 2025 · Filed Feb 12, 2026
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 2025-09-30; filed 2025-11-12.
0001683168-25-008271
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-12-31; filed 2026-02-12.
0001683168-26-000964
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 59 previous paragraphs and 60 current paragraphs.
31 unchanged; 17 reworded; 11 added; 11 removed; 0 previous and 1 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 (11)
Current report
Following the DSMB review of the first cohort and their recommendation to proceed onto the second cohort, we began enrollment in the second Cohort 2. In this phase, participants receive two Hemopurifier treatments over a one-week period at the study's three active clinical sites in Australia. To date, we have treated two participants in Cohort 2 and are continuing to recruit additional participants
Current report
We previously planned a similar clinical trial in India and received formal approval from the Indian regulatory agency, the Central Drugs Standard Control Organization (CDSCO), on July 7, 2025. After reviewing extended timelines for site activation and trial execution, we decided to cancel the Indian trial to conserve resources and focus on the Australian oncology trial.
Current report
In November 2025 we also made publicly available a separate pre-clinical preprint entitled “Increased mannosylation of extracellular vesicles in Long COVID plasma provides a potential therapeutic target for Galanthus nivalis agglutinin (GNA) affinity resin,” which describes exploratory ex vivo laboratory research conducted in collaboration with the University of California, San Francisco Long COVID Clinic. This study examined EV characteristics in plasma samples from individuals with Long COVID. The findings have not been peer reviewed and are based on laboratory analysis rather than clinical studies.
Current report
Payroll and related expenses increased by approximately $367,000, primarily due to bonus expense and related payroll taxes, partially offset by a decrease in stock-based compensation expense associated with options that became fully amortized. Other changes in payroll costs were not material.
Current report
General and administrative expenses decreased by approximately $75,000, primarily due to lower clinical trial expenses of approximately $57,000, reflecting the timing of trial-related activities and the impact of the previously disclosed decision to cancel the planned trial in India. Expenses also decreased by approximately $66,000 in supplies due to the timing of production-related activities and $12,000 in software subscription costs, largely due to a reduced number of software licenses. These decreases were partially offset by increases in regulatory and listing-related fees of approximately $37,000, insurance of approximately $15,000, largely related to medical coverage, and $7,000 of other expenses.
Current report
Other income, primarily interest income, totaled $43,871 for the three months ended December 31, 2025 and $59,964 for the three months ended December 31, 2024 and is presented net of interest expense.
Current report
NINE MONTHS ENDED DECEMBER 31, 2025 COMPARED TO THE NINE MONTHS ENDED DECEMBER 31, 2024
Current report
General and administrative expenses decreased by approximately $527,000 for the nine months ended December 31, 2025, primarily reflecting lower clinical trial expenses of approximately $348,000, which includes the recognition of a $218,000 Australian R&D tax incentive and the impact of the previously disclosed decision to cancel the planned India trial. Expenses also benefited from decreases of approximately $137,000 related to the timing of production activities, $50,000 in insurance primarily due to medical and D&O coverage, $25,000 in software subscriptions, $17,000 in utilities, and $12,000 in depreciation, along with approximately $16,000 across other miscellaneous categories. These decreases were partially offset by higher rent of approximately $41,000 associated with a lost deposit on a previously rented mobile cleanroom and $38,000 in regulatory and listing-related fees.
Current report
Professional fees decreased by approximately $361,000, primarily reflecting a $268,000 reduction in investor relations expenses. Additional decreases included approximately $35,000 in contract labor for regulatory consulting, $34,000 in scientific consulting from completed projects, and $26,000 in accounting fees, partially offset by minor increases in other professional services.
Current report
As a result of the expense reductions described above, our net loss improved by approximately $1,865,993 decreasing from approximately $7,133,000 for the nine months ended December 31, 2024, to $5,267,203 for the nine months ended December 31, 2025.
Current report
NET CASH PROVIDED BY FINANCING ACTIVITIES. During the nine months ended December 31, 2025, we raised approximately $6,728,000, net of placement agent fees and offering costs, primarily through a single transaction combining a PIPE financing with a warrant inducement as well as a separate registered offering, partially offset by approximately $10,000 used for tax withholding on restricted stock unit settlements. This represents an increase of approximately $1,350,000 compared to $5,368,000 provided by financing activities for the same period in the prior year.
Removed paragraphs (11)
Previous report
Enrollment for Cohort 2 is now open. In this phase, participants will receive two Hemopurifier treatments over a one-week period at the study's three active clinical sites in Australia. This trial, which aims to enroll approximately 9 to 18 patients, is designed to evaluate the safety and feasibility of administering the Hemopurifier at varying dosing intervals in patients with solid tumors who have stable or progressive disease, while receiving treatment that includes Pembrolizumab (Keytruda®) or Nivolumab (Opdivo®).
Previous 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.
Previous 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.
Previous report
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 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.
Previous report
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 report
SIX MONTHS ENDED SEPTEMBER 30, 2025 COMPARED TO THE SIX MONTHS ENDED SEPTEMBER 30, 2024
Previous 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.
Previous 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.
Previous 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.
Previous report
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.
Reworded paragraphs (17)
Previous wording
Aethlon Medical, Inc., or Aethlon, the Company, we or us, is a medical therapeutic company focused on developing the Hemopurifier® (HP), a clinical-stage immunotherapeutic device intended for applications in cancer, life-threatening viral infections, and organ transplantation and other areas of significant unmet needs. In human studies (167 sessions with 41 patients), the Hemopurifier was used safely and demonstrated the potential to remove enveloped viruses. In pre-clinical studies, the Hemopurifier has exhibited the capacity to remove harmful extracellular vesicles (EVs) and enveloped viruses from biological fluids, utilizing its proprietary lectin-based mechanism. These extracellular vesicles have been implicated in disease processes such as immune suppression and metastasis in cancer as well as in the progression of severe life-threatening infectious diseases. The U.S. Food and Drug Administration (“FDA”) has designated the Hemopurifier as a “Breakthrough Device” for two independent indications:
Current wording
Aethlon Medical, Inc., or Aethlon, the Company, we or us, is a medical therapeutic company focused on developing the Hemopurifier® (HP), a clinical-stage immunotherapeutic device intended for applications in cancer, life-threatening viral infections, and organ transplantation and other areas of significant unmet needs. In human studies (168 sessions with 42 patients), the Hemopurifier was used safely and demonstrated the potential to remove enveloped viruses. In pre-clinical studies, the Hemopurifier has exhibited the capacity to remove harmful extracellular vesicles (EVs) and enveloped viruses from biological fluids, utilizing its proprietary lectin-based mechanism. These extracellular vesicles have been implicated in disease processes such as immune suppression and metastasis in cancer as well as in the progression of severe life-threatening infectious diseases. The U.S. Food and Drug Administration (“FDA”) has designated the Hemopurifier as a “Breakthrough Device” for two independent indications:
Previous wording
Three clinical sites in Australia—Royal Adelaide Hospital in Adelaide, Pindara Private Hospital in the Gold Coast, and GenesisCare North Shore Hospital in Sydney—are currently open for enrollment in our phase 1 oncology trial. As of November 3, 2025, we have treated three participants in the first of three planned treatment cohorts. The Data Safety Monitoring Board (DSMB), comprising independent medical experts in nephrology and oncology, has reviewed the data from the initial cohort. Each of the three participants received a single 4-hour Hemopurifier treatment. Based on their evaluation, the DSMB found no safety concerns and confirmed that the Hemopurifier continues to demonstrate a favorable safety and tolerability profile. To date, no serious adverse events (SAEs) or Dose-Limiting Toxicities (DLTs) related to the Hemopurifier have been reported.
Current wording
In 2025, we completed the first of three planned cohorts, comprising three participants. Each of the three participants received a single 4-hour Hemopurifier treatment. The Data Safety Monitoring Board (DSMB), comprising independent medical experts in nephrology and oncology, reviewed the data from the initial cohort. Based on their evaluation, the DSMB found no safety concerns and confirmed that the Hemopurifier continues to demonstrate a favorable safety and tolerability profile. To date, no serious adverse events (SAEs) or Dose-Limiting Toxicities (DLTs) related to the Hemopurifier have been reported.
Previous wording
The Hemopurifier is designed to address life-threatening viral infections, particularly those involving highly glycosylated viruses for which there are no approved therapies. It has previously been used under FDA and international regulatory frameworks to treat individuals infected with HIV, hepatitis C, Ebola, and SARS-CoV-2. While our COVID-19 clinical trials in the U.S. and India have been terminated due to low ICU enrollment, these programs provided real-world evidence of Hemopurifier use in critically ill patients. We maintain an open IDE for viral indications, preserving the ability to respond to future outbreaks or emerging pathogens.
Current wording
The Hemopurifier is designed to address life-threatening viral infections, particularly those involving highly glycosylated viruses for which there are no approved therapies. It has previously been used under FDA and international regulatory frameworks to treat individuals infected with HIV, hepatitis C, Ebola, and SARS-CoV-2. While our COVID-19 clinical trials in the U.S. and India were terminated due to low ICU enrollment, these programs provided real-world evidence of Hemopurifier use in critically ill patients. We maintain an open IDE for viral indications, preserving the ability to respond to future outbreaks or emerging pathogens.
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. 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.
Current wording
In addition to ongoing clinical trials, we continue to explore potential new applications for the Hemopurifier through internal pre-clinical research and academic collaborations. During the first fiscal quarter of 2026, 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 made publicly available as a pre-print on bioRxiv. The study valuated the Hemopurifier’s ability to bind and remove disease-relevant EVs, including those derived from platelets, which are implicated in cancer, autoimmune disease, and neurological disorders. The study demonstrated greater than 98% removal of platelet-derived EVs from healthy human plasma in a simulated clinical session.
Previous wording
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 wording
These exploratory programs, together with our academic collaborations, are intended to inform potential future clinical indications and research directions, evaluate the broader applicability of the Hemopurifier platform, and may not be indicative of clinical outcomes.
Previous wording
We have sufficient inventory of Hemopurifiers to support our ongoing oncology trial in Australia as well as any near-term expansion of that study or potential trial activity in India. While we have received FDA approval to begin manufacturing at our San Diego facility under our IDE supplement, we are still awaiting FDA approval of a separate supplement to qualify an additional supplier of a key Hemopurifier component. We continue to work with the FDA on this process.
Current wording
We have sufficient inventory of Hemopurifiers to support our ongoing oncology trial in Australia as well as any near-term trial expansions. While FDA approval to begin manufacturing at our San Diego facility under our IDE supplement, we are still awaiting approval of a separate supplement to qualify an additional key component supplier and continue to work with the FDA on this process.
Previous wording
In addition to the foregoing, we are monitoring closely the impact of inflation, recent bank failures and the war between Russia and Ukraine and the military conflicts in Israel and the surrounding areas, as well as related political and economic responses and counter-responses by various global factors on our business. Given the level of uncertainty regarding the duration and impact of these events on capital markets and the U.S. economy, we are unable to assess the impact on our timelines and future access to capital. The full extent to which inflation, recent bank failures and the ongoing military conflicts will impact our business, results of operations, financial condition, clinical trials and preclinical research will depend on future developments, as well as the economic impact on national and international markets that are highly uncertain.
Current wording
We continue to monitor the impact of inflation, recent bank failures and ongoing geopolitical conflicts including the war in Ukraine and the military actions in Israel and the surrounding areas, on our business. Given the level of uncertainty regarding the duration and impact of these events on capital markets and the U.S. economy, we are currently unable to assess their full impact on our timelines and access to capital.
Previous wording
We incorporated in Nevada on March 10, 1999. Our executive offices are located at 11555 Sorrento Valley Road, Suite 203, San Diego, California 92121. Our telephone number is (619) 941-0360. Our website address is www.aethlonmedical.com.
Current wording
The Company was incorporated in Nevada on March 10, 1999. Our executive offices are located at 11555 Sorrento Valley Road, Suite 203, San Diego, California 92121. Our telephone number is (619) 941-0360. Our website address is www.aethlonmedical.com.
Previous 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.
Current wording
Consolidated operating expenses for the three months ended December 31, 2025 were approximately $2,062,000 compared to $1,815,000 for the three months ended December 31, 2024. This increase of $247,000, or 13.6%, in the 2025 period was due to an increase of approximately $367,000 in payroll, which was partially offset by a $75,000 decrease in general and administrative expenses and $44,835 decrease in professional fees.
Previous wording
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 wording
The approximate $45,000 decrease in professional fees for the three months ended December 31, 2025, was primarily due to a $45,000 decrease in investor relations expenses, reflecting prior year engagement of an investor relations firm with no comparable activities in the current period, and a $18,000 decrease in accounting fees, partially offset by an approximately $19,000 increase in legal and related fees, primarily associated with Nasdaq compliance.
Previous 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.
Current wording
As a result of the changes in expenses noted above, our net loss increased to approximately $2,018,000 in the three months ended December 31, 2025 from approximately $1,755,000 in the three months ended December 31, 2024.
Previous 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.
Current wording
Basic and diluted loss attributable to common stockholders was ($2.45) for the three months ended December 31, 2025, compared to ($10.05) for the three-month period ended December 31, 2024.
Previous wording
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 wording
Consolidated operating expenses for the nine months ended December 31, 2025 were approximately $5,364,000 compared to approximately $7,337,000 for the nine months ended December 31, 2025. This decrease of approximately $1,973,000, or 26.9%, in the 2025 period was due to decreases in payroll and related expenses of approximately $1,085,000, general and administrative expenses of $527,000 and professional fees of $361,000.
Previous wording
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 wording
The $1,085,000 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 $432,000 decrease due to lower headcount, and a $125,000 reduction in stock-based compensation associated with reduced headcount and fully amortized options, partially offset by an approximately $300,000 increase in bonus expense.
Previous wording
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.
Current wording
Basic and diluted loss attributable to common stockholders was ($11.01) for the nine months ended December 31, 2025, compared to ($48.35) for the nine-month period ended December 31, 2024.
Previous 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.
Current wording
As of December 31, 2025, we had a cash balance of $6,956,397 and working capital of $5,884,382. 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 $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.
Current wording
NET CASH USED IN OPERATING ACTIVITIES. We used approximately $5,250,000 for the nine months ended December 31, 2025, compared to approximately $5,973,000 for the same period in 2024. The improvement of approximately $723,000 primarily reflects a lower net loss in the current period. This benefit was largely offset by changes in working capital, including decreases of approximately $577,000 in amounts due to related parties and $444,000 in accounts payable and other current liabilities, partially offset by a $7,000 decrease in prepaid expenses and other current assets. Additionally, approximately $129,000 of lower non-cash charges contributed to the offset, resulting in a total impact of approximately $1,143,000. Overall, the change in net cash used in operating activities reflects both the reduction in losses and the timing of working capital and non-cash items.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Three clinical sites in Australia—Royal Adelaide Hospital in Adelaide, Pindara Private Hospital in the Gold Coast, and GenesisCare North Shore Hospital in Sydney—are currently open for enrollment in our safety, feasibility and dose-finding oncology trial in patients with solid tumors not responding to treatment including either Keytruda® or Opdivo®. This trial aims to enroll 9-18 patients.