Aethlon Medical (AEMD) AI Stock Analysis

• Market Cap: $2.64M
• Dividend Yield: N/A
• Average Volume (3M): 688.41K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.21
• 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: -1.90
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: 9.17
• Enterprise Value/Ebitda: 0.46
• 1Y Price Target: $2.05
• Price Target Upside: 3.54% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: $2.00 ▲(1.01% Upside)
• Action: Reiterated Date: 02/24/26
• Date: Action: Reiterated 02/24/26

The score is primarily weighed down by very weak financial performance (persistent losses, minimal revenue, and ongoing cash burn) and bearish technicals (below key moving averages with negative MACD). Earnings-call progress in clinical execution and cost control provides some support, but dilution-related corporate actions and the lack of meaningful valuation support keep the overall score low.

Positive Factors

Favorable clinical safety signals

Clear device safety in an initial human cohort materially reduces development risk versus early-stage peers. Durable safety data supports continued enrollment, smoother regulatory interactions, and makes partnerships or investigator adoption more feasible—strengthening the long-term viability of the Hemopurifier program.

Disciplined cost reduction

Sustained expense control that produced a 27% YTD reduction demonstrates management’s ability to extend runway and prioritize scarce capital. Over the next 2–6 months disciplined spending lowers dilution pressure and preserves funds for clinical milestones, improving survival odds for continued development.

Potential simplified delivery (SLAMB)

A validated pathway to use a single small-lumen catheter and simplified pump would reduce procedural complexity and expand addressable settings. Structurally, this could broaden adoption beyond dialysis centers, lower implementation barriers, and increase commercial scalability if regulatory and technical hurdles are cleared.

Negative Factors

Persistent negative cash flow

Consistent operating and free cash flow deficits indicate the business cannot self-fund development. Over months this forces recurring external financing, increases execution risk if markets tighten, and limits capacity to scale R&D or commercial pilots without dilutive capital or partnerships.

Limited near-term cash balance

A ~$7M cash position versus ongoing trial and R&D costs implies constrained runway. Practically, this pressures prioritization of programs, risks delaying cohorts or regulatory work, and increases the immediacy of fundraising decisions that can alter timelines and strategic optionality.

Elevated dilution risk from governance changes

A large authorized-share increase and amended warrants materially raise the company’s capacity to issue equity. Structurally, this amplifies dilution risk, can raise the company’s cost of capital, and weakens long-term per-share economics for existing holders absent commensurate progress or non-dilutive funding sources.

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

Fundamentals are highly pressured: revenue is minimal/near-zero in the most recent year, losses remain deeply negative, and operating/free cash flow are consistently negative (ongoing cash burn). The main offset is modest leverage in the annual balance sheet data, but negative ROE and large losses dominate.

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: Negative
• Last Price: 1.98
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 1.98 is below the 20-day moving average (MA) of 2.28, below the 50-day MA of 2.60, and below the 200-day MA of 10.26, indicating a bearish trend. The MACD of -0.22 indicates Negative momentum. The RSI at 34.78 is Neutral, neither overbought nor oversold. The STOCH value of 34.24 is Neutral, 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	$1.99M	-0.02	-126.20%	―	―	97.70%
TIVC	45 Neutral	$1.93M	-0.08	-178.18%	―	-49.63%	82.22%
AEMD	44 Neutral	$2.64M	-0.04	-191.39%	―	―	76.53%
VTAK	42 Neutral	$2.69M	-0.04	-173.74%	―	82.96%	82.04%
AMIX	40 Underperform	$4.26M	-0.09	-352.39%	―	―	63.87%

Aethlon Medical Corporate Events

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.