Aethlon Medical (AEMD) Q3 2026 earnings summary

Executive summary

• Progress continued in the Australian oncology trial for the Hemopurifier, with completion of two treatments in cohort two and ongoing enrollment, supported by enhanced recruitment efforts.

• Advanced preclinical research in Long COVID and other indications, with recent data published and submitted for peer review.

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

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

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

Financial highlights

• Cash balance as of December 31, 2025, was $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, reflecting cost management initiatives.

• Net loss for Q3 FY2026 was $2.02 million, and $5.27 million for the nine-month period.

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

Outlook and guidance

• The Data Safety Monitoring Board will review cohort two safety data in late March and may recommend advancing to cohort three or adding more patients.

• 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.

• Focus remains on completing the Australian trial before considering expansion to other geographies.

• Clinical trial expenses and rent are expected to increase as activities expand.