Aethlon Medical (AEMD) AI Stock Analysis

• Market Cap: $2.34M
• Dividend Yield: N/A
• Average Volume (3M): 688.41K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.17
• Revenue Growth: N/A
• EPS Growth: 76.53%
• Country: US
• Employees: 14
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -3.74
• Shares Outstanding: 973,213
• 10 Day Avg. Volume: 703,784
• 30 Day Avg. Volume: 688,413
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.87
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -0.58
• Enterprise Value/Market Cap: -1.53
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: 9.15
• Enterprise Value/Ebitda: 0.33
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: $2.50 ▲(5.04% Upside)

The score is held down primarily by very weak financial performance (minimal/zero recent revenue, large losses, and heavy cash burn). Earnings-call execution on cost reductions and early clinical progress provide some offset, but limited cash and dilution/financing risk (warrants) remain notable. Technicals are mixed with short-term improvement but a still-bearish longer-term trend, and valuation is not supportive due to ongoing losses and no dividend.

Positive Factors

Clinical Progress / Safety

Early clinical safety data from Cohort 1 reduces clinical and regulatory risk over the coming months. Demonstrated tolerance of the 4-hour Hemopurifier treatment supports further cohort expansion and de-risks development pathways, improving prospects for future trials, partnerships, and eventual commercial adoption.

Operating Cost Discipline

A sustained ~48% reduction in operating expenses reflects management’s ability to materially lower cash burn and reallocate scarce resources. If maintained, this structural cost discipline can extend runway, reduce near-term financing frequency, and increase the odds of reaching additional clinical milestones without immediate dilutive capital raises.

Proprietary Technology & Scientific Collaboration

The Hemopurifier’s demonstrated ability to bind disease-related extracellular vesicles, coupled with a UCSF collaboration and planned manuscript, strengthens the company’s scientific credibility. This durable technical differentiation can expand addressable indications (oncology, Long COVID) and underpin longer-term partnerships or licensing opportunities.

Negative Factors

Weak Cash Generation

Trailing cash flow is sharply negative and operating cash flow does not cover losses, creating persistent dependence on external financing. With a reported cash balance near $5.8M, continued cash burn risks truncating development timelines and forces recurring capital raises that can dilute investors and slow program execution.

No Commercial Revenue / Persistent Losses

The company has little-to-no recurring commercial revenue while producing sizable operating and net losses. This structural lack of revenue undermines margin sustainability and makes profitable scaling contingent on successful clinical outcomes or new partnerships, leaving long-term viability tied to uncertain trial results.

Dilution & Financing Dependence

Removing exercise restrictions on pre-funded warrants accelerates potential equity conversion and highlights reliance on financings to fund operations. This structural capital‑raising pathway increases dilution risk for existing shareholders and may pressure governance dynamics and investor returns if repeated before revenue or clinical value is realized.

Aethlon Medical Business Overview & Revenue Model

Company Description

Aethlon Medical, Inc., a medical technology company, focuses on developing products to diagnose and treat life and organ threatening diseases in the United States. The company develops Aethlon Hemopurifier, a clinical-stage immunotherapeutic device that removes tumor-derived exosomes and life-threatening viruses from the human circulatory system, including removal of COVID-19 virus, associated variants, and related exosomes. Aethlon Medical, Inc. has a collaboration with the University of Pittsburgh Medical Center Hillman Cancer Center for studies related to head and neck cancer. The company was founded in 1999 and is based in San Diego, California.

How the Company Makes Money

Aethlon Medical makes money through the development and commercialization of its Hemopurifier product, targeting both therapeutic and diagnostic markets. Revenue is primarily generated from grants, research and development contracts, and potential sales or licensing of its proprietary technology. As a company focused on early-stage biotechnology, Aethlon also relies on government funding and partnerships with research institutions to support its development efforts. Key factors contributing to its earnings include the expansion of its product applications, regulatory approvals, and strategic collaborations that enhance its market reach and product development pipeline.

Aethlon Medical Financial Statement Overview

Summary

Overall fundamentals are very weak: TTM revenue is effectively zero with large operating and net losses, and cash flow shows sustained, heavy burn. The balance sheet is a relative bright spot with modest leverage and positive equity, but ongoing losses and funding needs remain a central risk.

Income Statement

Profitability is very weak. In TTM (Trailing-Twelve-Months), revenue is effectively zero while the company is generating large operating losses (EBIT of about -$7.1M and net loss of about -$11.3M). The multi-year pattern shows persistent net losses with no clear path to break-even, and revenue has been volatile and recently absent, which limits visibility into operating leverage and margin recovery.

Balance Sheet

The balance sheet is a relative bright spot: leverage is modest (TTM debt-to-equity ~0.17) and equity remains positive (~$5.7M) against total assets of ~$7.3M. However, returns are deeply negative (TTM return on equity is negative), reflecting ongoing losses that can pressure the equity base over time if cash burn continues.

Cash Flow

Cash generation is very weak with sustained cash burn. TTM (Trailing-Twelve-Months) operating cash flow and free cash flow are both sharply negative, and operating cash flow does not cover reported earnings (coverage is negative). While some prior annual periods show fluctuations in free cash flow growth, the overall profile is consistent with a cash-consuming business that likely depends on external funding.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	574.25K	294.17K	659.10K
Gross Profit	-391.72K	0.00	0.00	574.25K	294.17K	659.10K
EBITDA	-10.83M	-13.04M	-12.28M	-11.66M	-10.30M	-7.85M
Net Income	-11.26M	-13.39M	-12.21M	-12.03M	-10.42M	-7.89M
Balance Sheet
Total Assets	7.32M	7.36M	8.25M	17.51M	19.42M	10.67M
Cash, Cash Equivalents and Short-Term Investments	5.85M	5.50M	5.44M	14.53M	17.07M	9.86M
Total Debt	496.77K	649.75K	940.32K	1.21M	729.41K	42.54K
Total Liabilities	1.58M	2.24M	2.48M	2.44M	2.43M	1.38M
Stockholders Equity	5.75M	5.12M	5.77M	15.06M	17.13M	9.43M
Cash Flow
Free Cash Flow	-1.72B	-7.65M	-10.38M	-11.45M	-10.12M	-6.82M
Operating Cash Flow	-1.72B	-7.65M	-10.13M	-10.51M	-9.77M	-6.76M
Investing Cash Flow	0.00	0.00	-250.87K	-943.11K	-349.19K	-59.88K
Financing Cash Flow	736.11K	7.73M	1.29M	8.91M	17.37M	7.13M

Aethlon Medical Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.38
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AEMD, the sentiment is Negative. The current price of 2.38 is below the 20-day moving average (MA) of 2.68, below the 50-day MA of 3.10, and below the 200-day MA of 12.09, indicating a bearish trend. The MACD of -0.16 indicates Positive momentum. The RSI at 37.78 is Neutral, neither overbought nor oversold. The STOCH value of 2.41 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AEMD.

Aethlon Medical Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BJDX	46 Neutral	$2.39M	-0.02	-126.20%	―	―	97.70%
AEMD	45 Neutral	$2.34M	-0.04	-191.39%	―	―	76.53%
TIVC	45 Neutral	$2.78M	-0.11	-178.18%	―	-49.63%	82.22%
VTAK	42 Neutral	$3.14M	-0.04	-173.74%	―	82.96%	82.04%
AMIX	40 Underperform	$2.80M	-0.08	-352.39%	―	―	63.87%

Aethlon Medical Corporate Events

Aethlon Medical Amends Warrants to Allow Immediate Exercise

On January 22, 2026, Aethlon Medical, Inc. and an institutional investor amended a December 5, 2025 Securities Purchase Agreement to remove a requirement that the company obtain shareholder approval under Nasdaq Rule 5635 before pre-funded warrants could be exercised, making those warrants immediately exercisable while leaving all other terms of the agreement unchanged. On the same date, the parties also amended a December 8, 2025 pre-funded common stock purchase warrant on identical terms, a move that accelerates the potential conversion of these instruments into common stock and could impact Aethlon Medical’s capital structure and existing shareholders’ dilution profile.

The most recent analyst rating on (AEMD) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Aethlon Medical stock, see the AEMD Stock Forecast page.

Aethlon Medical Reports Q2 Financial Results and Progress

On November 12, 2025, Aethlon Medical announced its financial results for the fiscal second quarter ending September 30, 2025, reporting a significant reduction in operating expenses by 48% compared to the previous year. The company highlighted its ongoing clinical progress, including recruitment for the second cohort of its Australian oncology trial and collaboration with UCSF on Long COVID research. Aethlon’s Nasdaq compliance issues have been resolved, maintaining its listing, and the company continues to advance its Hemopurifier technology with new evaluations for simplified blood treatment systems.

The most recent analyst rating on (AEMD) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Aethlon Medical stock, see the AEMD Stock Forecast page.

Aethlon Medical Regains Nasdaq Compliance After Stock Surge

On November 5, 2025, Aethlon Medical, Inc. announced it had regained compliance with the Nasdaq’s minimum bid price requirement, following a period of non-compliance due to its stock price falling below $1.00. This development marks a positive shift for the company, as maintaining its Nasdaq listing is crucial for its market presence and investor confidence.

The most recent analyst rating on (AEMD) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Aethlon Medical stock, see the AEMD Stock Forecast page.