Aethlon Medical reports fiscal 2026 results and enters third cohort

Aethlon Medical, Inc. (Nasdaq: AEMD) reported financial results for its fiscal year ended March 31, 2026, in a press release dated June 10, 2026. The company reported a net loss attributable to its common stockholders of $7.2 million for the year, compared with $13.4 million for the fiscal year ended March 31, 2025. The release also said the company had entered the third and final dosing cohort of its Australian oncology study of the Hemopurifier.

James Frakes, Chief Executive Officer and Chief Financial Officer, said: "Fiscal 2026 was a year of meaningful execution for Aethlon as we advanced our Australian oncology study through the first two cohorts and recently initiated Cohort 3."

The Australian oncology study

Enrollment and treatment of participants in Cohort 2 have been completed. An independent Data Safety Monitoring Board reviewed the data, identified no safety concerns based on its review of available data, and recommended advancing to the third and final cohort. Screening is underway at the three investigative sites, where 3-6 participants will be treated with 3 Hemopurifier sessions during a 1-week period.

The first participant in Cohort 3 was treated at Royal North Shore Hospital in Australia. The participant received three Hemopurifier treatments without any device deficiencies or immediate complications and is now in the follow-up period.

The release describes a nine-to-18 patient study designed to evaluate safety and feasibility and to determine the appropriate dosing in participants with solid tumors whose disease is stable or progressing on a treatment that includes the anti-PD-1 agents Keytruda or Opdivo. The company's annual report says the primary endpoint is safety.

What the company does

According to its annual report, Aethlon is a medical therapeutic company focused on developing the Hemopurifier, a clinical-stage investigational immunotherapeutic device. The device uses a proprietary lectin-based technology to bind and remove enveloped viruses and extracellular vesicles, or EVs, from biological fluids.

The U.S. Food and Drug Administration has granted the Hemopurifier Breakthrough Device designation for two independent indications: advanced or metastatic cancer unresponsive to or intolerant of standard-of-care therapy, and life-threatening viruses not addressed with approved therapies. The annual report says the device has been evaluated in 173 treatment sessions in 44 patients with either viral infections or cancer.

The oncology trial is conducted at three clinical sites in Australia. The company also received formal approval for a similar trial in India but elected not to proceed with it in order to conserve resources.

Financial position

As of March 31, 2026, the company had approximately $5.0 million in cash and cash equivalents. Subsequent to fiscal year-end, it raised approximately $1.85 million in net proceeds through its at-the-market program. Consolidated operating expenses declined 21.9% year-over-year to approximately $7.3 million, from $9.3 million for the prior fiscal year.

The release attributes the decrease mainly to a $1.1 million reduction in payroll and related expenses. The XBRL financial data for the annual report shows research and development expense of $1.9 million for fiscal 2026, compared with $2.2 million for fiscal 2025, and cash from operations of negative $7.0 million, compared with negative $7.6 million.

What comes next

The company said screening is underway for the final cohort and that completing it moves the study toward data from all planned dosing regimens. The release also reports patents issued in the United States and Europe covering potential applications of the Hemopurifier for coagulopathy during acute COVID-19 infection and for symptoms of Long COVID.

What the results do not show

The release reports no efficacy data. The one participant described in Cohort 3 had no device deficiencies or immediate complications and is still in follow-up. The Data Safety Monitoring Board found no safety concerns based on its review of available data, which is not a test of whether the device works. The study is small and its primary endpoint is safety, so it cannot establish benefit. The lower net loss reflects spending cuts, and the company used $7.0 million in operations against $5.0 million in cash at year end. After the year closed it raised approximately $1.85 million in net proceeds through its at-the-market program, which means selling stock to fund operations.

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