Aethlon Medical (AEMD) AI Stock Analysis

• Market Cap: $2.91M
• 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): -2.45
• Shares Outstanding: 1,315,110
• 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: -1.67
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: 8.87
• Enterprise Value/Ebitda: 0.44
• 1Y Price Target: $2.05
• Price Target Upside: -8.48% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 2
• EPS Forecast (FY): -10.11
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: $2.00 ▼(-10.71% Downside)
• Action: Reiterated Date: 03/17/26
• Date: Action: Reiterated 03/17/26

The score is primarily constrained by very weak financial performance (persistent losses and cash burn) and a still-negative longer-term technical trend (below key moving averages, negative MACD). Earnings-call updates provide some offset via encouraging early clinical safety signals and cost discipline year-to-date, but limited cash runway and dilution-related corporate actions keep overall risk elevated.

Positive Factors

Clinical safety progress

Clear safety signals in the Australian oncology trial reduce clinical and regulatory execution risk, supporting continued enrollment and DSMB progression. Durable safety data increase the probability of later-stage trials, partnership interest, and broader clinical adoption if efficacy signals follow.

Platform multi‑indication potential

A platform capable of removing disease-associated EVs/particles across indications increases long-term addressable market and strategic optionality. Multiple preclinical publications and planned disease‑plasma studies create durable R&D assets that can drive partnerships, licensing, and diversified commercial pathways.

Potential simplified delivery (SLAMB)

If Hemopurifier compatibility with a simplified catheter/pump is achieved, it materially reduces operational complexity and broadens deployment beyond dialysis units. This structural change could lower treatment costs, expand sites of care, and improve commercial viability in oncology and infusion centers over the medium term.

Negative Factors

Weak cash generation

Persistently negative operating and free cash flows indicate the company relies on external financing to sustain development. Limited internal cash generation constrains strategic flexibility, increases dilution risk, and may force funding-driven timeline shifts that affect R&D cadence and partner negotiations over the next several quarters.

No meaningful commercial revenue

The lack of recurring product revenue and ongoing operating losses mean the business is pre‑commercial and dependent on clinical progress and financings. This structural revenue gap prolongs the path to self-sustaining operations and makes sustained investment and commercialization contingent on successful trials and regulatory outcomes.

Expanded share authorization (dilution risk)

A major rise in authorized shares and recent warrant amendments materially increase the company's capacity to issue equity. This structural change improves fundraising flexibility but raises persistent dilution risk for existing holders and can affect incentives, making future financing less costly to execute but more dilutive over time.

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 has historically generated limited recurring commercial revenue because its core product candidates (including the Hemopurifier) are generally in development and clinical evaluation rather than broadly marketed for routine clinical use. As a result, the company’s ability to generate revenue has primarily depended on (1) financing activities such as issuing equity and other capital-raising transactions to fund operations, and (2) where applicable, payments tied to collaborations, grants, or contracted research arrangements related to development and clinical studies. Specific, current breakdowns of product sales, service revenue, licensing/royalty income, or material partnership-driven revenues are null.

Aethlon Medical Financial Statement Overview

Summary

Fundamentals are very weak: minimal/zero recent revenue, consistently large operating and net losses, and persistent negative operating/free cash flow indicating ongoing cash burn. The balance sheet shows modest leverage in annual data, but sharply negative ROE and inconsistencies between TTM vs. annual figures add risk and reduce confidence in trend assessment.

Income Statement

The business shows very weak operating performance. In the annual periods, revenue is either minimal or falls to zero in the most recent year, while operating losses remain consistently large (EBIT and EBITDA deeply negative each year). Profitability is structurally challenged, with net losses persisting across the full history and no clear path to positive margins in the provided data. The only strength is that losses have not shown a steady, accelerating trend every year, but overall earnings power is extremely poor.

Balance Sheet

Leverage appears modest in the annual reports, with debt-to-equity staying relatively low, which reduces near-term balance sheet risk. However, returns on equity are sharply negative due to recurring losses, indicating the equity base is not generating value. The TTM (Trailing-Twelve-Months) balance sheet also looks inconsistent versus the annual figures (much larger debt and equity levels), which raises data comparability concerns and makes balance sheet trend assessment less reliable from the provided figures.

Cash Flow

Cash generation is very weak: operating cash flow and free cash flow are consistently negative across all periods, indicating ongoing cash burn to fund operations. Free cash flow roughly tracks net loss (little evidence of cash earnings quality improvement), and the TTM (Trailing-Twelve-Months) cash burn is extremely large versus the annual history, suggesting either a step-change in spending/cash use or a reporting comparability issue. A positive is that free cash flow growth is shown as improving in the latest annual period, but absolute cash flow remains meaningfully negative.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	0.00	0.00	0.00	574.25K	294.17K	659.10K
Gross Profit	-547.23K	0.00	0.00	574.25K	294.17K	659.10K
EBITDA	-11.01M	-13.04M	-12.28M	-11.66M	-10.30M	-7.85M
Net Income	-11.52M	-13.39M	-12.21M	-12.03M	-10.42M	-7.89M
Balance Sheet
Total Assets	8.06M	7.36M	8.25M	17.51M	19.42M	10.67M
Cash, Cash Equivalents and Short-Term Investments	6.96M	5.50M	5.44M	14.53M	17.07M	9.86M
Total Debt	417.52K	649.75K	940.32K	1.21M	729.41K	42.54K
Total Liabilities	1.34M	2.24M	2.48M	2.44M	2.43M	1.38M
Stockholders Equity	6.71M	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	-1.65M	0.00	-250.87K	-943.11K	-349.19K	-59.88K
Financing Cash Flow	3.73M	7.73M	1.29M	8.91M	17.37M	7.13M

Aethlon Medical Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 2.24
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AEMD, the sentiment is Neutral. The current price of 2.24 is above the 20-day moving average (MA) of 1.92, below the 50-day MA of 2.26, and below the 200-day MA of 7.76, indicating a neutral trend. The MACD of -0.06 indicates Negative momentum. The RSI at 58.94 is Neutral, neither overbought nor oversold. The STOCH value of 97.57 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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%
AEMD	45 Neutral	$2.91M	-0.28	-191.39%	―	―	76.53%
TIVC	45 Neutral	$2.35M	-0.37	-202.20%	―	-49.63%	82.22%
VTAK	42 Neutral	$2.19M	-3.70	-173.74%	―	82.96%	82.04%
BJDX	42 Neutral	$1.90M	-0.18	-145.52%	―	―	97.70%
AMIX	40 Underperform	$4.75M	-0.38	-228.82%	―	―	63.87%

Aethlon Medical Corporate Events

Aethlon Medical Completes Pre-Funded Warrant Exercises, Simplifying Equity

Aethlon Medical, Inc., a medical technology company, reported that it has 1,569,110 shares of common stock outstanding as of the close of business on March 16, 2026, following recent exercises of certain pre-funded warrants. The company confirmed that all previously outstanding pre-funded warrants have now been exercised, simplifying its capital structure and consolidating investor positions into common equity.

This development may streamline Aethlon Medical’s equity base by eliminating a class of derivative securities tied to its stock. It can also provide greater transparency for shareholders and potential investors regarding the company’s fully diluted share count and current ownership structure.

The most recent analyst rating on (AEMD) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Aethlon Medical stock, see the AEMD Stock Forecast page.

Aethlon Medical Shareholders Approve Share Expansion and Governance

On February 19, 2026, Aethlon Medical held its annual meeting virtually, with a quorum of approximately 57% of its 973,213 outstanding common shares represented. Shareholders elected five directors, ratified Haskell & White LLP as independent auditor for the fiscal year ending March 31, 2026, and approved amendments to the company’s 2020 equity plan.

Investors also approved a major increase in authorized common shares from 6 million to 100 million, significantly expanding Aethlon’s capacity to issue equity. In separate votes tied to Nasdaq Listing Rule 5635(d), shareholders authorized the issuance of up to roughly 2 million shares upon exercise of various warrants related to December 5, 2025 financing agreements, reinforcing the company’s flexibility to raise capital despite potential dilution concerns.

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 Posts Q3 Results, Highlights Hemopurifier Progress

On February 12, 2026, Aethlon Medical reported results for its fiscal third quarter ended December 31, 2025, highlighting operational discipline and ongoing clinical and research progress centered on its Hemopurifier device. The company reaffirmed continued compliance with Nasdaq listing requirements, underscoring stability in its market listing while it advances programs aimed at treating cancer and severe infectious diseases.

Clinically, Cohort 2 enrollment and treatment in an Australian oncology trial remained active, following Cohort 1 data that indicated favorable trends in extracellular vesicles and immune cell measures alongside acceptable safety and tolerability. Aethlon also advanced preclinical work on its extracellular vesicle research platform, including Long COVID data showing its GNA affinity resin can bind EVs and reduce microRNAs linked to immune dysregulation.

The company continued evaluating Hemopurifier compatibility with Stavro’s simplified SLAMB blood treatment system under a material transfer agreement, which could eventually broaden clinical use in oncology units and infusion centers without dialysis machines or nephrologist oversight. Additional preclinical plans include extending prior evidence of platelet-derived EV removal in healthy plasma to patient samples across diseases such as autoimmune disorders, cardiovascular disease, sepsis and ALS.

From an operational standpoint, Aethlon emphasized cost control, with operating expenses for the nine months ended December 31, 2025 declining 26.9% to about $5.36 million versus the prior-year period, even as clinical and R&D programs advanced. However, quarterly operating expenses rose 13.6% year over year to roughly $2.06 million, driven mainly by higher payroll, leading to an increased operating loss of $2.06 million for the quarter.

As of December 31, 2025, Aethlon held approximately $7.0 million in cash, providing a limited but tangible financial runway as it pursues its oncology and infectious disease strategy. Other income, largely from interest on cash balances, fell to $44,000 in the quarter, modestly offsetting operating losses but highlighting the company’s continued dependence on external capital and successful pipeline execution for long-term sustainability.

The most recent analyst rating on (AEMD) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Aethlon Medical stock, see the AEMD Stock Forecast page.

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.