Aethlon Medical (AEMD) Q3 2026 earnings summary

Executive summary

• Advanced clinical and research programs, including ongoing enrollment in the Australian oncology trial, completion of two treatments in cohort two, and progress in preclinical Long COVID research.

• Maintained compliance with Nasdaq listing requirements, including two reverse stock splits to ensure continued listing.

• Focused on operational efficiency and cost control, resulting in significant year-to-date reductions in operating expenses.

• Expanded the extracellular vesicle (EV) research platform and collaborations to support Hemopurifier's multi-indication potential.

• Cancelled planned India trial to conserve resources and focus on Australian trial.

Financial highlights

• Cash and cash equivalents as of December 31, 2025, were $7.0 million, up from $5.5 million at March 31, 2025.

• Operating expenses for Q3 FY2026 were $2.06 million, up 13.6% year-over-year, mainly due to higher payroll; nine-month operating expenses declined 26.9% year-over-year to $5.36 million.

• Net loss for Q3 FY2026 was $2.02 million, and $5.27 million for the nine-month period, both improved from the prior year.

• Raised $6.7 million in net proceeds from financing activities during the nine months, including a $3.3 million PIPE offering and warrant exercises.

• Working capital as of December 31, 2025, was $5.9 million, up from $4.1 million at March 31, 2025.

Outlook and guidance

• Focused on advancing the Hemopurifier platform, with plans to present cohort two safety data to the DSMB in late March and rapid enrollment into cohort three pending approval.

• Existing cash is not expected to fund operations for at least twelve months from the financial statement issuance date, raising substantial doubt about the ability to continue as a going concern.

• Actively evaluating strategic and financing options, including equity offerings, to extend cash runway.

• Continued emphasis on cost-effective R&D and operational efficiency as clinical activities expand.