Skip to content
    AEMD
    Earnings call· Jun 2026(Q1 FY27)

    AETHLON MEDICAL Q1 FY27 earnings call AEMD

    Aug 13, 2026 Source

    Executive summary

    Aethlon Medical Q1 FY27 — Oncology Trial Advances, Cash Position Strengthened

    Aethlon Medical continues to advance its investigational Hemopurifier platform, with the Australian oncology trial entering its final cohort and showing encouraging preliminary biomarker data. The company also expanded preclinical research into Long COVID and other diseases, while strengthening its financial position to support ongoing activities. The focus remains on clinical development, platform expansion, and disciplined resource management as it navigates regulatory pathways for its technology.

    Highlights

    4

    • Final cohort of Australian oncology trial enrolled, with completion targeted by end of 2026 or early 2027.

    • Preliminary biomarker observations from Cohort 2 showed more consistent and longer-lasting positive directional changes in extracellular vesicles and lymphocyte subsets compared to Cohort 1.

    • Cash and cash equivalents of $4.9 million at June 30, 2026, supplemented by $4 million gross proceeds from a public offering, providing over 12 months of funding.

    • Consolidated operating expenses decreased 11.9% to $1.6 million compared to the prior year quarter.

    Concerns

    2

    • The Hemopurifier remains an investigational device, and biomarker observations are preliminary, based on a limited number of participants, and not yet evidence of safety or effectiveness.

    • Advancing R&D into clinical trials for new indications (e.g., Long COVID) would require additional capital or partnerships.

    Guidance & targets

    2
    CategoryTargetConfidence
    Australian oncology trial completion
    by the end of this year, 2026
    high materiality
    High
    Cash runway
    at least the next 12 months
    high materiality
    High

    Operational metrics

    3
    Cash and cash equivalents
    $4.9
    Q1 FY27
    Gross proceeds from public offering
    $4
    subsequent to Q1 FY27

    Strengthened balance sheet subsequent to quarter end.

    Consolidated operating expenses
    $1.6decreased 11.9% YoY
    Q1 FY27

    Operating loss declined accordingly.

    Industry KPIs

    2
    MetricValueDetails
    FCF conversion leverage guidanceSufficient for at least the next 12 months
    Pivotal trial clinical evidence milestonesPreliminary biomarker observations from Cohort 2

    Risks & headwinds

    3
    Investigational nature of HemopurifierCurrent

    Biomarker observations are preliminary and based on a limited number of participants; should not be interpreted as evidence of safety or effectiveness or clinical benefit.

    Mitigation: Ongoing clinical trials, data analysis, and regulatory discussions.

    Need for additional capital or partnerships for clinical development in new indicationsFuture

    To really move forward, eventually, we would need to either bring in more capital to finance a clinical trial in one of these... or partner up with somebody, get a government grant or 2.

    Mitigation: Continuing cost-effective preclinical research, seeking grants, exploring partnerships, potential FDA expansion of breakthrough device designation.

    Patient tolerability and logistical constraints for treatment frequencyOngoing

    Anything more than 4 hours of treatment 3 times a week... will not be tolerable to patients. It ends up being a complete day.

    Mitigation: Focusing on a 3-treatment-per-week strategy for efficacy trials if Cohort 3 data is positive.

    What to watch in Q2 FY27

    4

    Australian oncology trial Cohort 3 completion

    by end of 2026 or early 2027
    CurrentFirst participant treated, 2 more needed
    TargetAll treatments and 8-week follow-up completed

    Why it matters

    Completion of the trial is a critical step towards data analysis and subsequent regulatory discussions for the Hemopurifier platform.

    Our goal remains to complete all HP treatments and the 8-week follow-up central lab measurement period by the end of this year, 2026.

    Q&A highlights

    1

    Marla asked for clarification on the observed differences between Cohort 1 (single treatment) and Cohort 2 (two treatments) in the Australian oncology trial, specifically regarding the duration and consistency of biomarker changes, and whether Cohort 3 (three treatments) would show further improvement. She also inquired about the feasibility of more frequent treatments and the company's strategy for expanding R&D into other indications cost-effectively.

    Dr. LaRosa confirmed that Cohort 2 showed more consistent biomarker changes across participants and longer-lasting positive directional changes (up to 8 weeks) compared to Cohort 1 (2-3 weeks). He noted that Cohort 3 data is too early to comment on but expressed encouragement. He clarified that more than three treatments per week are not considered feasible due to patient tolerability and logistical challenges. Jim Frakes added that expanding R&D into clinical trials for new indications would require additional capital, partnerships, or government grants, but preclinical work continues cost-effectively. He also mentioned the possibility of FDA expanding breakthrough device designation for emergency use in Long COVID.

    “If you look purely at the raw data. Typically, in Cohort 1, we were seeing changes in 2 out of 3 participants, where in Cohort 2, we tended to see it more consistent across the 3 participants. And then if you look at the positive directional change in those parameters, where in Cohort 1, you can see those changes go out, say, 2, 3 weeks. We're seeing more times in Cohort 2 where we're seeing the positive directional change go out as far as the 8-week time period.”

    asked by Marla Marin · answered by Steven Larosa

    2 min read5 chapters

    Detailed Narrative

    01

    Australian Oncology Trial Progress

    Aethlon Medical is in the final cohort of its Australian oncology trial, with the first participant having completed treatment and 2-month follow-up without device-related serious adverse events. The company needs to treat only two more participants to complete the trial, aiming for completion of treatments and follow-up by the end of 2026. This will be followed by data analysis and regulatory discussions.

    02

    Encouraging Biomarker Observations

    Preliminary biomarker data from Cohort 2 of the oncology trial showed decreases in total extracellular vesicle counts, including tumor-derived EVs and microRNAs linked to cancer progression, and increases in lymphocyte subsets. These changes appeared more consistent and persisted longer in Cohort 2 (two treatments) compared to Cohort 1 (single treatment), suggesting a potential dose-response. Formal statistical analyses will be performed after trial completion.

    03

    Long COVID Research Expansion

    The company published preclinical data in the International Journal of Molecular Sciences demonstrating the Hemopurifier's ability to bind small and large extracellular vesicles in Long COVID patient plasma, along with a decrease in associated microRNAs. This suggests EV removal as a potential therapeutic strategy, and the company plans discussions with academic institutions and regulatory agencies to explore clinical development.

    04

    Broader R&D Initiatives

    Beyond oncology and Long COVID, Aethlon's lab is actively exploring the Hemopurifier's potential to remove extracellular vesicles implicated in other diseases, such as lupus and heart disease in patients with chronic kidney disease. These efforts aim to expand the platform's applications through cost-effective preclinical research.

    05

    Financial Discipline and Capital Management

    The company reported $4.9 million in cash and cash equivalents at June 30, 2026, and subsequently raised an additional $4 million in gross proceeds through a public offering. This capital is expected to fund operations for at least the next 12 months. Operating expenses decreased by 11.9% to $1.6 million in Q1 FY27, reflecting disciplined cost control, primarily driven by lower professional fees and reduced G&A and preclinical research costs.

    AI-generated summary of the company’s earnings call. Not investment advice.