AETHLON MEDICAL Q4 FY26 earnings call AEMD

Enrollment and treatment of Cohort 2 are complete: 3 participants received two 4-hour Hemopurifier treatments over a one-week period. An independent Data Safety Monitoring Board identified no safety concerns and recommended advancing to the third and final cohort with no protocol modifications. Screening is active at all 3 investigative sites for Cohort 3, where 3–6 participants receive 3 Hemopurifier sessions over one week; the first Cohort 3 participant has been enrolled and treated with no device deficiencies or immediate complications and is in safety follow-up. The overall study is a 9–18 patient safety/feasibility trial in solid-tumor patients whose disease is stable or progressing on anti-PD-1 therapy (Keytruda or Opdivo), designed to determine an appropriate dosing interval. Serial EV and T-cell measurements from Cohort 2 have been read out by the University of Sydney central lab, with formal statistics deferred to trial completion.

Management is building a 'pipeline within a single device' with EV removal as the primary mechanism of action. Following a preprint on removal of platelet-derived EVs from a single healthy plasma sample, reviewers asked for more samples and a relevant disease sample; the company purchased additional healthy plasma plus large-volume rheumatoid arthritis samples, now running in-house focused on platelet-derived EVs. Separately, chronic kidney disease plasma samples are being tested for binding to the device resin, motivated by recent publications linking CKD-patient EVs to congestive heart failure. Both programs are being run cost-effectively with the goal of turning results into peer-reviewed publications and medical-meeting abstracts.

Aethlon continued evaluating Hemopurifier compatibility with a simplified blood pump system from Sabre Medical. Initial testing assessed flow rates and transfer of dyed fluid to the Hemopurifier; those assessments were completed successfully. Future studies under consideration would use blood or plasma and removal of surrogate EV markers via the blood pump system. Freeing the Hemopurifier from a dialysis machine and large double-lumen catheter could expand the number of physicians and settings able to deliver treatment, enabling a less invasive vascular catheter and treatment in the patient's therapeutic home.

The company is monitoring a Bundibugyo-species Ebola outbreak in the DRC and Uganda. It has previously published in-vitro removal data for Marburg and Zaire Ebola from cell-culture fluid and plasma using a miniature Hemopurifier, and during the 2014 Zaire outbreak a single 6.5-hour treatment of a critically ill patient with multi-organ failure was associated with a 2-log viral-load reduction and clinical recovery. An FDA compassionate-use protocol approved in December 2014 (a supplement to the open IDE for life-threatening viral infections) allows treatment of up to 20 subjects at up to 10 U.S. institutions, and recent FDA interactions confirmed it remains open. Aethlon has shared this with the WHO R&D Blueprint expert panel and NETEC, which works with the 13 U.S. regional special-pathogen treatment centers.

Cash and equivalents were ~$5M at March 31, 2026, supplemented by ~$1.85M of net ATM proceeds raised after fiscal year-end. Consolidated operating expenses fell 21.9% YoY to ~$7.3M from $9.3M, driven by a $1.1M payroll reduction, $0.5M lower G&A and $0.4M lower professional fees; the operating loss fell in step to ~$7.3M from $9.3M. Other income was ~$142K (interest on cash) versus prior-year other expense of ~$4M, which had included ~$4.7M of noncash financing-related charges. Net loss attributable to common stockholders was $7.2M versus $13.4M a year earlier. The FY26 Form 10-K will be filed following the call.