Aethlon Medical Announces Fiscal Q3 2026 Financial Results and Corporate Update

Rhea-AI Summary

Aethlon Medical (Nasdaq: AEMD) reported fiscal Q3 results for the period ended December 31, 2025, while advancing clinical and R&D programs. Key facts: cash balance ~$7.0 million, Q3 operating loss of $2.06 million, and nine-month operating expenses down 26.9%. Cohort 2 enrollment in the Australian oncology trial is underway, EV Long COVID preclinical data published on bioRxiv, and an MTA with Stavro is evaluating Hemopurifier compatibility with a simplified blood treatment system.

Positive

• Operating expenses down 26.9% for nine months ended Dec 31, 2025
• Cohort 2 enrollment active in Australian oncology trial evaluating Hemopurifier
• Preclinical Long COVID EV data published on bioRxiv and submitted for peer review
• Material Transfer Agreement with Stavro to evaluate simplified treatment compatibility

Negative

• Q3 operating expenses increased 13.6% year-over-year for the quarter
• Operating loss for Q3 increased to $2.06 million

News Market Reaction

-5.26%

1 alert

-5.26% News Effect

-14.7% Trough Tracked

-$118K Valuation Impact

$2M Market Cap

0.1x Rel. Volume

On the day this news was published, AEMD declined 5.26%, reflecting a notable negative market reaction. Argus tracked a trough of -14.7% from its starting point during tracking. This price movement removed approximately $118K from the company's valuation, bringing the market cap to $2M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Cash balance: $7.0M Q3 operating expenses: $2.06M Q3 operating loss: $2.06M +5 more

8 metrics

Cash balance $7.0M As of December 31, 2025

Q3 operating expenses $2.06M Three months ended December 31, 2025; up from $1.81M prior-year

Q3 operating loss $2.06M Three months ended December 31, 2025; vs $1.81M prior-year

Q3 other income $44,000 Three months ended December 31, 2025; vs $60,000 prior-year

9M operating expenses $5.36M Nine months ended December 31, 2025; vs $7.34M prior-year

9M expense reduction $1.98M Decrease in operating expenses year-over-year for nine months ended December 31, 2025

Expense decline rate 26.9% Operating expenses decline over nine months ended December 31, 2025 vs prior year

Oncology trial size 9–18 patients Australian Hemopurifier solid tumor study design

Market Reality Check

Price: $1.96 Vol: Volume 45,664 is below th...

normal vol

$1.96 Last Close

Volume Volume 45,664 is below the 20-day average of 58,041, suggesting muted pre-news positioning. normal

Technical Shares at $2.09 are trading well below the 200-day MA of $11.28 and near the 52-week low of $2.06.

Peers on Argus

AEMD is down about 5% while several peers like BJDX (-4.23%), NUWE (-12.99%), BB...

1 Up

AEMD is down about 5% while several peers like BJDX (-4.23%), NUWE (-12.99%), BBLG (-4.04%), and AMIX (-7.07%) also declined, but VTAK rose, and momentum data flags this as stock-specific rather than a clean sector move.

Previous Earnings Reports

5 past events · Latest: Nov 12 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 12	Q2 2025 earnings	Positive	-3.2%	Reported Q2 2025 results with lower operating expenses and ongoing trial progress.
Aug 13	Q1 2025 earnings	Positive	-4.9%	Q1 2025 results showing reduced expenses, cash of <b>$3.8M</b>, and strong preclinical EV removal data.
Jun 26	Q4 2025 earnings	Positive	-35.6%	Q4 FY2025 results with cash of <b>$5.5M</b>, 26% expense reduction, and ongoing cancer trial activity.
Feb 12	Q3 2024 earnings	Positive	-5.5%	Q3 FY2024 results highlighting first cancer-trial patient treated and 50% expense reduction.
Nov 13	Q2 2024 earnings	Positive	-1.9%	Q2 FY2024 results with early trial enrollment, cost-cutting, and a <b>$6.9M</b> cash balance.

Pattern Detected

Across the last five earnings-related releases, AEMD’s shares fell after each report despite recurring themes of cost reductions, adequate cash balances, and clinical progress.

Recent Company History

Over the past five earnings updates since Nov 2024, Aethlon has repeatedly reported cost-cutting, stable or improving cash balances, and steady progress of the Hemopurifier oncology trial and Long COVID research. Yet, each of these events saw a negative 24-hour price reaction, including moves of -35.57% on Q4 FY2025 results and mid-single-digit declines on other quarters. Today’s fiscal Q3 2026 report continues the focus on operating discipline and clinical advancement, fitting this established pattern of fundamentally constructive updates paired with weak immediate price response.

Historical Comparison

-10.2% avg move · In the last five earnings-related releases, AEMD’s average 24-hour move was -10.21%, with shares dow...

earnings

-10.2%

Average Historical Move earnings

In the last five earnings-related releases, AEMD’s average 24-hour move was -10.21%, with shares down after every report. Today’s earnings update, featuring continued cost controls and trial progress, fits that pattern of post-earnings weakness rather than marking a clear outlier.

Earnings updates have consistently emphasized tighter operating expenses, evolving Hemopurifier oncology trial milestones from first-patient dosing to multi-cohort enrollment, and expanding Long COVID and EV-focused preclinical work, reflecting a steady operational progression despite repeated post-earnings share-price declines.

Market Pulse Summary

The stock moved -5.3% in the session following this news. A negative reaction despite operational pr...

Analysis

The stock moved -5.3% in the session following this news. A negative reaction despite operational progress fits the historical pattern in which all five prior earnings updates produced declines averaging -10.21%. The quarter showed higher Q3 operating expenses of $2.06M and an operating loss of $2.06M, partly offset by a nine‑month expense reduction of 26.9% and cash of $7.0M. Recent SEC filings detailing PIPE financing, warrant overhang, and a proxy to increase authorized shares add further supply and financing considerations to any post‑earnings weakness.

Key Terms

extracellular vesicle (EV), anti-PD-1, material transfer agreement (MTA), microRNAs, +4 more

8 terms

extracellular vesicle (EV) medical

"preclinical extracellular vesicle (EV) research platform, including Long COVID data"

Tiny, membrane-bound packages that cells naturally release to carry proteins, genetic material and signals to other cells; think of them as biological mail parcels sent between cells. Investors care because these vesicles can be used as disease markers for diagnostics, as vehicles to deliver drugs more precisely, or as the basis of new therapies, so advances or approvals can affect the commercial prospects of biotech companies.

anti-PD-1 medical

"includes the anti-PD-1 agents, Keytrudaae or Opdivoae."

Anti-PD-1 is a type of drug that blocks a protein called PD-1 on immune cells, effectively releasing the immune system’s “brakes” so it can better recognize and attack cancer cells. For investors, these drugs matter because they can produce durable responses in multiple cancers, drive large sales if approved, and influence valuations through trial results, regulatory decisions, partnerships and competition in the oncology market.

material transfer agreement (MTA) regulatory

"Under a Material Transfer Agreement (MTA), Stavro is evaluating the compatibility"

A material transfer agreement is a legal contract that governs the loan or exchange of physical materials—such as cell lines, chemical compounds, prototypes or research samples—between organizations, spelling out permitted uses, who keeps any resulting discoveries, confidentiality and liability. For investors it matters because these terms can speed or block research, shape who owns future products or patents, and influence partnerships and commercialization timelines; think of it like lending a tool but agreeing in advance who can modify it, keep improvements, or be held responsible if it breaks.

microRNAs medical

"reduces microRNAs associated with immune dysregulation."

microRNAs are tiny pieces of genetic material that act like dimmer switches for genes, turning down the production of specific proteins inside cells. Investors pay attention because microRNAs can be used as diagnostic markers or drug targets—meaning discoveries can create new tests, treatments, or business opportunities, and progress or setbacks in that research can materially affect a company’s clinical prospects and valuation.

systemic sclerosis medical

"such as Lupus, Rheumatoid arthritis, Systemic Sclerosis, Multiple Sclerosis"

Systemic sclerosis is a chronic autoimmune disease where the body's repair system overreacts, causing hardening and tightening of skin and internal organs much like scar tissue spreading beyond a wound. It matters to investors because it creates a clear medical need for new treatments, influences the size and urgency of clinical trials, and affects regulatory scrutiny, pricing power, and long-term healthcare costs tied to any therapy or diagnostic that proves effective.

multiple sclerosis medical

"Systemic Sclerosis, Multiple Sclerosis, Cardiovascular Diseases, Sepsis and ALS."

A chronic neurological disease in which the immune system damages the protective coating (like insulation on electrical wires) around nerves, disrupting signals between the brain and body and causing symptoms such as numbness, weakness, vision problems, fatigue and mobility issues. It matters to investors because the unpredictability and long-term nature of the condition drive ongoing demand for treatments, influence the value of companies developing therapies, affect healthcare costs and shape regulatory and reimbursement decisions.

breakthrough device designation regulatory

"The Hemopurifier holds a U.S. Food and Drug Breakthrough Device Designation for:"

A breakthrough device designation is a regulatory program that gives promising medical devices for serious or life‑threatening conditions priority support and faster review from a health authority (e.g., the U.S. FDA). Think of it as a “fast lane” or VIP pass through development and review: it can shorten time to market, lower regulatory uncertainty, and boost a company’s commercial prospects — but it is not an approval by itself.

extracorporeally medical

"It is used extracorporeally with a blood pump and combines plasma separation"

Extracorporeally describes medical treatments or procedures carried out outside a patient’s body, where blood or other biological material is routed through machines or containers for cleaning, repair, or support. For investors, the term flags technologies and services that require specialized devices, clinical settings and regulatory approval — like moving a repair job from inside a house to a workshop — which often implies capital-intensive equipment, recurring service revenue and clear reimbursement pathways.

AI-generated analysis. Not financial advice.

Clinical and research programs continue to advance, supported by year-to-date cost efficiencies

Conference Call Today at 4:30 p.m. ET

SAN DIEGO, Feb. 12, 2026 /PRNewswire/ -- Aethlon Medical, Inc. (the Company or Aethlon) (Nasdaq: AEMD), a medical therapeutic company focused on developing products to treat cancer and life-threatening infectious diseases, today reported financial results for its fiscal third quarter ended December 31, 2025, and provided an update on recent developments. 

Key Highlights

• Maintained Nasdaq Listing: Continued compliance with Nasdaq listing requirements, with all prior compliance matters remaining resolved.
•  Clinical Progress: Cohort 2 of the Australian oncology trial is actively progressing, reflecting continued clinical execution.
• Scientific Advancement: Continued advancement of the Company's preclinical extracellular vesicle (EV) research platform, including Long COVID data published on bioRxiv and submitted for peer review, supporting the Hemopurifier's potential as a multi-indication therapeutic approach and a "pipeline within a single device".
• Technology Development: Continued evaluation of Hemopurifier® (HP) compatibility with a simplified blood treatment system to support broader potential clinical application over time.
• Operational Efficiency: Maintained disciplined cost controls, resulting in lower year-to-date operating expenses compared to prior year.

Clinical and Corporate Update

Clinical Progress in Cancer Trial

Enrollment and treatment of participants in Cohort 2 of the Australian oncology trial is actively underway, building on Cohort 1, which demonstrated favorable directional improvements in extracellular vesicle and immune cell numbers, as well as safety and tolerability. This nine-to-18 patient study is designed to evaluate the safety and feasibility of the Hemopurifier treatments and determine the appropriate dosing in participants with solid tumors whose disease is stable or progressing while on a treatment that includes the anti-PD-1 agents, Keytruda® or Opdivo®.

Technology Development:

Under a Material Transfer Agreement (MTA), Stavro is evaluating the compatibility of the Hemopurifier with their SLAMB system, a simplified blood treatment platform. We believe this research may support future Hemopurifier use in oncology units and infusion centers without requiring a large dialysis catheter, dialysis machines, or supervising nephrologist.

Scientific Advancement:

The Aethlon R&D team continues to build on our pre-clinical Long COVID research, which demonstrated that the GNA affinity resin binds EVs from Long COVID patient samples and reduces microRNAs associated with immune dysregulation. These findings were published on bioRxiv and have been submitted for consideration in a peer-reviewed journal. We are also exploring other cargo in these EVs, that may be removed by the Hemopurifier.

EVs, including platelet-derived EVs, have been implicated in a range of diseases beyond cancer, such as Lupus, Rheumatoid arthritis, Systemic Sclerosis, Multiple Sclerosis, Cardiovascular Diseases, Sepsis and ALS. Aethlon previously published preclinical data demonstrating removal of platelet derived EVs from healthy plasma by the Hemopurifier and plan to extend this work by investigating the removal of platelet-derived EVs and microRNAs by the Hemopurifier in plasma from patients with select indications. We believe this work reflects the potential of the Hemopurifier as "a pipeline within a single device."

Operational Achievements

Operating expenses declined 26.9% during the nine months ended December 31, 2025, reflecting the Company's ongoing efforts to optimize costs while advancing its clinical and research programs.

"We remain committed to advancing our clinical programs and research initiatives with operational discipline," said James Frakes, CEO and CFO of Aethlon Medical. "Recent progress in our trials, research collaborations, and technology development continues to move us closer to delivering therapeutic solutions for cancer and life-threatening infectious diseases."

Financial Results for the Fiscal Third Quarter Ended December 31, 2025

As of December 31, 2025, Aethlon had a cash balance of approximately $7.0 million.

Consolidated operating expenses for the three months ended December 31, 2025 were approximately $2.06 million, up $250,000, or 13.6%, from $1.81 million in the same period in 2024. The increase was primarily driven by higher payroll and related costs, which rose by approximately $367,000, partially offset by $75,000 decrease in general and administrative expenses, primarily due to lower clinical trial costs, and an approximate $45,000 decrease in professional fees primarily due to reduced investor relations expenses.

As a result, the operating loss for the quarter increased to $2.06 million compared to $1.81 million in the prior year period.

Other income, primarily interest income earned on cash balances, totaled $44,000 for the three months ended December 31, 2025, compared to $60,000 in the prior-year period.

Financial Results for the Nine Months Ended December 31, 2025

Consolidated operating expenses for the nine months ended December 31, 2025 were approximately $5.36 million compared to approximately $7.34 million for the same period in 2024. This decrease of approximately $1.98 million, or 26.9%, in the 2025 period was due to decreases in payroll and related expenses of approximately $1.09 million, general and administrative expenses of $527,000 and professional fees of $361,000.

The consolidated balance sheets for December 31, 2025 and March 31, 2025, along with the consolidated statements of operations for the three and nine months ended December 31, 2025 and 2024, are included at the end of this release.

Conference Call

Management will host a conference call today, Thursday, February 12, 2026, at 4:30 p.m. ET to review the Company's financial results and recent corporate developments. Following management's formal remarks, there will be a question and answer session.

Interested parties can register for the conference call by navigating to https://dpregister.com/sreg/10206585/1034a255186. Please note that registered participants will receive their dial-in number upon registration.

Interested parties without internet access or unable to pre-register may dial in by calling:

PARTICIPANT DIAL IN (TOLL FREE): 1-844-836-8741
PARTICIPANT INTERNATIONAL DIAL IN: 1-412-317-5442

All callers should ask for the Aethlon Medical, Inc. conference call.

A replay of the call will be available approximately one hour after the end of the call through March 12, 2026. The replay can be accessed via Aethlon Medical's website or by dialing 1-855-669-9658 (USA or Canada) or 1-412-317-0088 (international) or Canada toll free at 1-855-669-9658. The replay conference ID number is 3024961.

About the Hemopurifier®

The Aethlon Hemopurifier is an investigational medical device designed to remove enveloped viruses and tumor-derived extracellular vesicles (EVs) from circulation. It is used extracorporeally with a blood pump and combines plasma separation, size exclusion, and affinity binding using a plant lectin resin that targets mannose-rich surfaces found on EVs and viruses. EVs released by solid tumors are believed to play a role in metastasis and the resistance to immunotherapies and chemotherapy. Removal of enveloped viruses and extracellular vesicles has been demonstrated in both vitro studies and human subjects.

The Hemopurifier holds a U.S. Food and Drug Breakthrough Device Designation for:

The treatment of individuals with advanced or metastatic cancer unresponsive to or intolerant of standard-of-care therapy; and the treatment of life-threatening viruses not addressed with approved therapies.

About Aethlon Medical, Inc.

Aethlon Medical, Inc. (Nasdaq: AEMD) is a clinical-stage medical device company headquartered in San Diego, California. Aethlon is advancing the Hemopurifier, to address unmet needs in oncology and infectious disease, using a novel platform designed to selectively remove circulation pathogenic targets from biologic fluids.

For more information, visit www.AethlonMedical.com and follow the Company on LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties. Statements containing words such as "may," "believe," "anticipate," "expect," "intend," "plan," "project," "will," "projections," "estimate," "potentially" or similar expressions constitute forward-looking statements. Forward-looking statements in this release include, among others, statements regarding: the investigational status and potential safety, feasibility, or utility of the Hemopurifier®; the Company's ability to initiate, enroll, conduct, and complete its clinical trials, including in Australia s; the timing, scope, design, and potential outcomes or interpretation of such studies; the Company's ability to manufacture the Hemopurifier in sufficient quantities for clinical and potential future commercial use; the availability and adequacy of capital to support ongoing operations; and the Company's ability to advance or expand its research programs in oncology, infectious diseases, and other conditions associated with extracellular vesicles. Such forward-looking statements are subject to significant risks and uncertainties, and actual results may differ materially from the results anticipated in the forward-looking statements. These forward-looking statements are based upon Aethlon's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Factors that may contribute to such differences include, without limitation, the fact that the cash on hand may not be sufficient to support operations for the next 12 months without additional financing, the Company's ability to raise additional capital on terms favorable to the Company, or at all; the Company's ability to successfully complete development of the Hemopurifier; the Company's ability to successfully demonstrate the utility and safety of the Hemopurifier in cancer and infectious diseases and in the transplant setting; the Company's ability to achieve and realize the anticipated benefits from operational and financial milestones; the Company's ability to maintain its Nasdaq listing, the Company's ability to obtain approval from the Ethics Committee of its third location in Australia, including on the timeline expected by the Company; the Company's ability to enroll additional patients in its oncology clinical trial in Australia, including on the timeline expected by the Company; the Company's ability to manage and successfully complete its clinical trials; the Company's ability to successfully manufacture the Hemopurifier in sufficient quantities for its clinical trials; unforeseen changes in regulatory requirements; the Company's collaborative research with UCSF Long Covid Clinic; and the Company's ability to further research potential applications of the Hemopurifier in other EV-associated diseases and other potential risks. The foregoing list of risks and uncertainties is illustrative but is not exhaustive. Additional factors that could cause results to differ materially from those anticipated in forward-looking statements can be found under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended March 31, 2025, and in the Company's other filings with the Securities and Exchange Commission, including its Quarterly Reports on Form 10-Q. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except as may be required by law, the Company does not intend, nor does it undertake any duty, to update this information to reflect future events or circumstances. Because the Hemopurifier® is an investigational device, its safety and effectiveness have not been established, and no conclusions should be drawn regarding clinical benefit. The observations contained in this release are from an early feasibility study and should not be interpreted as evidence of clinical benefit or safety beyond the study parameters.

Company Contact:
Jim Frakes
Chief Executive Officer and Chief Financial Officer
Aethlon Medical, Inc.
Jfrakes@aethlonmedical.com

Investor Contact:
Susan Noonan
S.A. Noonan Communications, LLC
susan@sanoonan.com 

AETHLON MEDICAL, INC. AND SUBSIDIARY
Condensed Consolidated Balance Sheets
ASSETS
			December 31, 2025		March 31, 2025
CURRENT ASSETS
	Cash and cash equivalents		$                       6,956,397		$                                5,501,261
	Prepaid expenses and other current assets		185,122		448,539
	TOTAL CURRENT ASSETS		7,141,519		5,949,800
	Property and equipment, net		434,179		676,220
	Operating lease right-of-use asset, net		382,583		601,846
	Patents, net		138		550
	Restricted cash		98,709		97,813
	Deposits		-		33,305
	TOTAL ASSETS		$                   8,057,128		$                           7,359,534
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
	Accounts payable		$                          469,452		$                                    534,524
	Due to related parties		237,846		579,565
	Operating lease liability, current portion		330,628		313,033
	Other current liabilities		219,211		472,164
	TOTAL CURRENT LIABILITIES		1,257,137		1,899,286
	Operating lease liability, less current portion		86,894		336,718
	TOTAL LIABILITIES		1,344,031		2,236,004
STOCKHOLDERS' EQUITY
	Common stock, par value $0.001 per share; 6,000,000 shares authorized as of December 31, 2025 and March 31, 2025; 973,213 shares issued and outstanding as of December 31, 2025 and 258,531 shares issued and 201,074 outstanding at March 31, 2025.
			973		259
	Additional paid-in capital		179,963,981		173,095,221
	Accumulated other comprehensive loss		(29,837)		(17,133)
	Accumulated deficit		(173,222,020)		(167,954,817)
	TOTAL STOCKHOLDERS' EQUITY		6,713,097		5,123,530
	TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$                   8,057,128		$                           7,359,534

 

AETHLON MEDICAL, INC. AND SUBSIDIARY
Consolidated Statements of Operations
For the three and nine month periods ended December 31, 2025 and 2024
		Three Months		Three Months		Nine Months		Nine Months
		Ended 12/31/25		Ended 12/31/24		Ended 12/31/25		Ended 12/31/24
OPERATING EXPENSES
Professional fees		$        333,042		$          377,877		$    1,202,870		$    1,563,995
Payroll and related expenses		987,424		620,487		2,163,036		3,248,187
General and administrative		741,650		816,383		1,998,429		2,525,220
Total operating expenses		2,062,116		1,814,747		5,364,335		7,337,402
OPERATING LOSS		(2,062,116)		(1,814,747)		(5,364,335)		(7,337,402)
INTEREST INCOME, NET		43,871		59,964		97,132		204,206
NET LOSS		(2,018,245)		(1,754,783)		(5,267,203)		(7,133,196)
OTHER COMPREHENSIVE LOSS		(3,460)		(13,057)		(12,704)		(10,085)
COMPREHENSIVE LOSS		$(2,021,705)		$(1,767,840)		$(5,279,907)		$(7,143,281)
Basic and diluted loss per share attributable to
common stockholders		$          (2.45)		$          (10.05)		$        (11.01)		$        (48.35)
Weighted average number of common shares outstanding - basic and diluted		823,126		174,529		478,310		147,520

 

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SOURCE Aethlon Medical, Inc.

FAQ

What did Aethlon Medical (AEMD) report for cash on hand as of December 31, 2025?

Aethlon reported approximately $7.0 million in cash as of December 31, 2025. According to the company, this balance supports near-term operations while clinical and research programs proceed.

What drove the change in Aethlon's operating expenses for Q3 2026 (fiscal Q3 ended Dec 31, 2025)?

Q3 operating expenses increased by 13.6% year-over-year, mainly from higher payroll and related costs. According to the company, payroll rose about $367,000, partially offset by lower clinical and professional expenses.

What clinical progress did Aethlon (AEMD) announce on February 12, 2026 regarding the oncology trial?

Enrollment and treatment in Cohort 2 of the Australian oncology trial are actively underway. According to the company, the nine-to-18 patient study follows Cohort 1 and evaluates safety, feasibility, and dosing with anti-PD-1 therapies.

What is the significance of Aethlon's Long COVID preclinical data published on bioRxiv?

The preclinical study shows the Hemopurifier's affinity resin binds EVs and reduces microRNAs linked to immune dysregulation. According to the company, the work supports Hemopurifier potential as a multi-indication approach and was submitted for peer review.

What does the Material Transfer Agreement with Stavro mean for Aethlon's Hemopurifier development?

Under the MTA, Stavro is evaluating Hemopurifier compatibility with its SLAMB simplified blood treatment system. According to the company, this could support future use in oncology units and infusion centers without dialysis machines.