Aethlon Medical (AEMD) trims costs but warns cash may not last 12 months
Rhea-AI Filing Summary
Aethlon Medical reported fiscal Q3 2026 results showing continued operating losses but significant cost discipline. For the quarter ended December 31, 2025, operating expenses were about $2.06 million, up from $1.81 million a year earlier, leading to an operating loss of $2.06 million and a net loss of $2.02 million.
Over the nine months ended December 31, 2025, operating expenses fell 26.9% to about $5.36 million from $7.34 million, driven by lower payroll, general and administrative, and professional fees. Cash and cash equivalents were about $7.0 million as of December 31, 2025, with total assets of $8.06 million.
The company highlighted continued compliance with Nasdaq listing requirements, progress in its Australian oncology trial Cohort 2, advancement of its Long COVID and extracellular vesicle research, and ongoing evaluation of Hemopurifier compatibility with simplified blood treatment systems. Management noted that cash on hand may not be sufficient to support operations for the next 12 months without additional financing.
Positive
- None.
Negative
- Financing and sustainability risk: The company states that cash on hand may not be sufficient to support operations for the next 12 months without additional financing, while reporting ongoing net losses of approximately $2.02 million for the quarter and $5.27 million for the nine months ended December 31, 2025.
Insights
Cost cuts are meaningful, but sustained losses and financing needs add risk.
Aethlon Medical continues to post sizeable losses while aggressively reducing expenses. Nine‑month operating costs fell from
Despite that, the business remains loss‑making, with a Q3 net loss of
Pipeline progress, including the Australian oncology trial and Long COVID EV research, underpins the strategic story, but actual impact depends on future clinical data and regulatory outcomes. Subsequent company reports will clarify whether additional funding is secured and how spending trends evolve relative to these development milestones.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
The information provided below in “Item 7.01 - Regulation FD Disclosure” of this Current Report on Form 8-K (this “Current Report”) is incorporated by reference into this Item 2.02.
Item 7.01 Regulation FD Disclosure.
On February 12, 2026, Aethlon Medical, Inc. (the “Company”) issued a press release regarding its financial results for the quarter ended December 31, 2025. A copy of that press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.
The information set forth under Item 7.01 of this Current Report, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section. The information in Item 7.01 of this Current Report, including Exhibit 99.1, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing, except as expressly set forth by specific reference in such a filing. This Current Report will not be deemed an admission as to the materiality of any information in this Current Report that is required to be disclosed solely by Regulation FD.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Press Release, dated February 12, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL Document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: February 12, 2026 | Aethlon Medical, Inc. | |
| By: | /s/ James B. Frakes | |
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James B. Frakes Chief Executive Officer and Chief Financial Officer | |
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Exhibit 99.1
Aethlon Medical Announces Fiscal Q3 2026 Financial Results and Corporate Update
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, February 12, 2026 -- 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.
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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.
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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.
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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
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AETHLON MEDICAL, INC. AND SUBSIDIARY
Condensed Consolidated Balance Sheets
| December 31, 2025 | March 31, 2025 | |||||||
| ASSETS | ||||||||
| 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 | ||||
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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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FAQ
How did Aethlon Medical (AEMD) perform financially in fiscal Q3 2026?
What cost trends did Aethlon Medical (AEMD) report for the nine months ended December 31, 2025?
What is Aethlon Medical’s (AEMD) cash position and balance sheet as of December 31, 2025?
What pipeline and clinical updates did Aethlon Medical (AEMD) provide with these results?
Does Aethlon Medical (AEMD) foresee a need for additional financing?
Is Aethlon Medical (AEMD) currently in compliance with Nasdaq listing requirements?
Filing Exhibits & Attachments
4 documentsPress Releases
