AEMD

MKT CAP:$2M

Aethlon Medical, Inc.

Market Cap

$2M

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$2.41-$0.41 (-14.54%)

Apr 21, 2026

Company Details

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 immunotherapeuti...

CEO

James Frakes

IPO Date

Mar 4, 1999

Website

www.aethlonmedical.com

Key Metrics TTM

Revenue

$0

— YoY

Net Income

-$12M

EPS (Diluted)

-$66.24

Free Cash Flow

-$8M

Revenue / Share

$0.00

Gross Margin

—

Operating Margin

—

Net Margin

—

FCF Margin

—

P/S

—

P/E

—

Earnings Reports

Q2 2026

Nov 12, 2025

$0EPS -$3.74

FY 2025

Jun 26, 2025

$0EPS -$85.80

Q4 2025

Jun 26, 2025

$0EPS -$40.10

Q3 2025

Feb 12, 2025

$0EPS -$8.60

Q2 2025

Nov 13, 2024

$0EPS -$13.80

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$132.0K	$132.0K	-$2M
Q3 22	$17.1K	$17.1K	-$3M
Q4 22	$13.1K	$13.1K	-$4M
Q1 23	$0	$0	-$3M
Q2 23	$0	$0	-$4M
Q3 23	$0	$0	-$3M
Q4 23	$574.2K	$574.2K	-$2M
Q1 24	$0	$0	-$3M
Q2 24	$0	$0	-$3M
Q3 24	$0	$0	-$4M
Q4 24	$0	$0	-$2M
Q1 25	$0	$0	-$3M
Q2 25	$0	$0	-$3M
Q3 25	$0	$0	-$2M
Q4 25	$0	-$83.9K	-$2M
Q2 26	$0	-$152.9K	-$2M

Valuation

Quarter	P/S	P/E
Q2 22	1.8x	—
Q3 22	5.4x	—
Q4 22	5.8x	—
Q1 23	10.5x	—
Q2 23	56.2x	—
Q3 23	129.4x	—
Q4 23	3.0x	—
Q1 24	3.0x	—
Q2 24	3.0x	—
Q3 24	3.0x	—
Q4 24	—	—
Q1 25	—	—
Q2 25	—	—
Q3 25	—	—
Q4 25	—	—
Q2 26	—	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	-$2M	-$2M
Q3 22	-$3M	-$3M
Q4 22	-$3M	-$3M
Q1 23	-$3M	-$3M
Q2 23	-$3M	-$4M
Q3 23	-$2M	-$2M
Q4 23	-$3M	-$3M
Q1 24	-$2M	-$3M
Q2 24	-$3M	-$3M
Q3 24	-$2M	-$2M
Q4 24	-$3M	-$3M
Q1 25	-$2M	-$2M
Q2 25	-$2M	-$2M
Q3 25	-$2M	-$2M
Q4 25	-$2M	-$2M
Q2 26	-$2M	-$2M

Capital Expenditures

Quarter	CapEx
Q2 22	$40.5K
Q3 22	$57.9K
Q4 22	$212.4K
Q1 23	$41.2K
Q2 23	$739.2K
Q3 23	$151.5K
Q4 23	$11.3K
Q1 24	$230.4K
Q2 24	$6.8K
Q3 24	$8.8K
Q4 24	$4.9K
Q1 25	$0
Q2 25	$0
Q3 25	$2.2K
Q4 25	$2.2K
Q2 26	$3

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	—	+20.9%
Q3 22	-97.3%	-17.1%
Q4 22	-61.7%	+65.3%
Q1 23	-100.0%	+30.3%
Q2 23	-100.0%	+71.2%
Q3 23	-100.0%	+12.0%
Q4 23	+4278.2%	-19.7%
Q1 24	—	+17.3%
Q2 24	—	-13.4%
Q3 24	—	+25.2%
Q4 24	-100.0%	-18.6%
Q1 25	—	-23.1%
Q2 25	—	-8.6%
Q3 25	—	-49.1%
Q4 25	—	-19.4%
Q2 26	—	-42.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$201.1K	152.4%
Q3 22	$201.0K	1174.4%
Q4 22	$228.4K	1741.3%
Q1 23	$215.4K	—
Q2 23	$313.5K	—
Q3 23	$262.6K	—
Q4 23	$260.3K	45.3%
Q1 24	$250.1K	—
Q2 24	$257.2K	—
Q3 24	$573.0K	—
Q4 24	$139.1K	—
Q1 25	$139.3K	—
Q2 25	$113.5K	—
Q3 25	$90.0K	—
Q4 25	$72.4K	—
Q2 26	$0	—

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 22	$478.2K	$1M	$805.6K	—
Q3 22	$354.6K	$2M	$999.5K	—
Q4 22	$937.1K	$2M	$2M	—
Q1 23	$858.3K	$2M	$1M	—
Q2 23	$852.5K	$3M	$1M	—
Q3 23	$558.2K	$2M	$1M	—
Q4 23	$615.6K	$2M	$1M	—
Q1 24	$678.9K	$2M	$1M	—
Q2 24	$628.4K	$2M	$1M	—
Q3 24	$593.4K	$2M	$1M	—
Q4 24	$644.9K	$1M	$2M	—
Q1 25	$414.7K	$1M	$1M	—
Q2 25	$261.5K	$1M	$1M	—
Q3 25	$240.2K	$1M	$726.5K	—
Q4 25	$1M	—	—	$591.7K
Q2 26	$294.3K	—	—	$1M

Revenue Segments

Quarter	Aethlon
Q4 22	$13.1K

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$17M	$0	$17M
Q1 23	$15M	$0	$15M
Q2 23	$20M	$0	$20M
Q3 23	$17M	$0	$17M
Q4 23	$15M	$0	$15M
Q1 24	$13M	$0	$13M
Q2 24	$10M	$0	$10M
Q3 24	$8M	$0	$8M
Q4 24	$5M	$0	$5M
Q1 25	$9M	$0	$9M
Q2 25	$7M	$0	$7M
Q3 25	$5M	$0	$5M
Q4 25	$6M	$0	$6M
Q1 26	$4M	$0	$4M
Q2 26	$6M	$0	$6M
Q3 26	$7M	$0	$7M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	154K	+20.0%	+27.5%
Q3 22	154K	+0.1%	+27.4%
Q4 22	154K	0.0%	+5.7%
Q1 23	155K	+0.6%	+20.7%
Q2 23	208K	+34.0%	+34.8%
Q3 23	230K	+10.6%	+49.0%
Q4 23	229K	-0.1%	+48.9%
Q1 24	243K	+6.0%	+56.9%
Q2 24	248K	+2.2%	+19.7%
Q3 24	252K	+1.3%	+9.7%
Q4 24	263K	+4.5%	+14.7%
Q1 25	204K	-22.6%	-16.2%
Q2 25	204K	0.0%	-18.0%
Q3 25	204K	0.0%	-19.1%
Q4 25	156K	-23.4%	-40.6%
Q2 26	398K	+154.7%	+95.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$13.2K	10
Q3 22	$1.7K	10
Q4 22	$937	14
Q1 23	$0	14
Q2 23	$0	14
Q3 23	$0	14
Q4 23	$38.3K	15
Q1 24	$0	15
Q2 24	$0	15
Q3 24	$0	15
Q4 24	$0	14
Q1 25	$0	14
Q2 25	$0	14
Q3 25	$0	14
Q4 25	$0	9
Q2 26	$0	9

Revenue / Employee