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Aethlon Medical
(NASDAQ:AEMD)
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Rating:48Neutral
Price Target:
$6.50
▲(170.83% Upside)
Action:Reiterated
Date:09/18/26
The score is held down primarily by very weak financial performance (persistent losses, minimal/zero revenue, and heavy cash burn). Offsetting factors include improved near-term funding visibility and operational progress discussed on the earnings call, plus the announced merger and associated financing; technicals reflect a sharp recent run-up but with overbought risk, and valuation support is limited due to ongoing losses.
Positive Factors
Strategic merger and funding
The proposed merger could materially improve the combined company’s funding visibility and broaden its development platform through North Immunology’s NOR-101 program. The expected financing supports multi-year clinical execution, reducing near-term dependence on repeated capital raises if the transaction closes.
Negative Factors
Pre-revenue financial model
The company lacks a recurring commercial revenue base and remains far from breakeven, so ongoing research and clinical activity is funded mainly through external capital. Persistent cash losses limit financial flexibility and make future progress dependent on successful financing or commercialization.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic merger and funding
The proposed merger could materially improve the combined company’s funding visibility and broaden its development platform through North Immunology’s NOR-101 program. The expected financing supports multi-year clinical execution, reducing near-term dependence on repeated capital raises if the transaction closes.
Read all positive factors
Aethlon Medical (AEMD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.23M
Dividend YieldN/A
Average Volume (3M)5.39M
Price to Earnings (P/E)―
Beta (1Y)0.73
Revenue GrowthN/A
EPS Growth87.54%
CountryUS
Employees9
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-11.70
Shares Outstanding1,604,095
10 Day Avg. Volume9,715,189
30 Day Avg. Volume5,389,476
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)1.51
Price to Sales (P/S)0.00
P/FCF Ratio-1.05
Enterprise Value/Market Cap>-0.01
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$1.50Price Target Upside-37.50% Downside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)-6.49
Revenue Forecast (FY)N/A
Aethlon Medical Business Overview & Revenue Model
Company Description
Aethlon Medical, Inc. operates as a medical technology enterprise, dedicated to innovating solutions for the diagnosis and treatment of life-threatening and organ-jeopardizing diseases within the United States. Central to its pipeline is the Aethl...
How the Company Makes Money
Aethlon Medical has historically operated primarily as a development-stage company and has not had a broad, recurring commercial revenue base from product sales. null...
Aethlon Medical Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q1-2027)
| % Change Since: |
Next Earnings Date:Nov 18, 2026
Earnings Call Sentiment Neutral
The call balanced tangible near-term progress with clear caveats. Positives include advancement into the final clinical cohort, encouraging Cohort 2 biomarker signals, a peer-reviewed Long COVID preclinical publication, ongoing R&D expansion, an improved post-quarter cash position following a ~$4.0M financing, and an 11.9% reduction in operating expenses. Key negatives are that clinical observations are preliminary and based on very small sample sizes, statistical analyses are pending, dosing is logistically constrained, and larger trials will require additional capital or partnerships. Overall, the company shows disciplined resource management and meaningful early scientific signals but faces validation, scale and funding headwinds before efficacy or regulatory clarity can be established.Positive Updates
Advancement to Final Cohort of Australian Oncology Trial
Company is in the third and final cohort of the Australian oncology trial; first participant in Cohort 3 treated and completed 8-week follow-up without device-related serious adverse events or dose-limiting toxicity. Only two additional participants are required to complete the trial (subject to no future safety events). Goal to complete all Hemopurifier (HP) treatments and 8-week follow-up central lab measurements by end of calendar 2026 (or early 2027).
Negative Updates
Preliminary and Limited Clinical Data
All biomarker observations are preliminary, derived from a limited number of participants (cohorts with roughly three participants each), and should not be interpreted as evidence of safety, effectiveness or clinical benefit. Formal statistical analyses and dose-response evaluation will be performed only upon completion of the trial.
Read all updates
Q1-2027 Updates
Positive
Negative
Advancement to Final Cohort of Australian Oncology Trial
Company is in the third and final cohort of the Australian oncology trial; first participant in Cohort 3 treated and completed 8-week follow-up without device-related serious adverse events or dose-limiting toxicity. Only two additional participants are required to complete the trial (subject to no future safety events). Goal to complete all Hemopurifier (HP) treatments and 8-week follow-up central lab measurements by end of calendar 2026 (or early 2027).
Read all positive updates
Company Guidance
The company provided specific operational and clinical guidance: for the fiscal Q1 ended June 30, 2026 it reported approximately $4.9M in cash (and subsequently raised ~ $4M in gross proceeds), believes cash is sufficient to fund operations for at least the next 12 months, and cut consolidated operating expenses 11.9% to about $1.6M (from $1.8M a year earlier); clinically, Aethlon is in the final (third) cohort of its Australian oncology trial (needs 2 more participants to complete treatment if no device-related SAEs or dose‑limiting toxicities occur), Cohort 3’s first patient received three 4‑hour Hemopurifier treatments over one week and is 8 weeks into follow‑up with no device‑related SAEs/DTLs, Cohort 2 (three participants) received two 4‑hour treatments and Cohort 1 received one 4‑hour treatment, central lab measurements of EVs, microRNAs and lymphocyte subsets for Cohort 2 are complete and showed decreases in total and tumor‑derived EVs, reductions in microRNAs linked to cancer progression, and increases in lymphocyte subsets with directional biomarker changes that persisted to 8 weeks (vs ~2–3 weeks in Cohort 1); next steps are data analysis, a clinical study report, preregistration discussions with regulators, and a goal to complete all Hemopurifier treatments and the 8‑week follow‑up period by end of calendar 2026 (or early 2027).Aethlon Medical Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
28
Negative
Cash Flow
10
Very Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 574.25K | 294.17K |
| Gross Profit | -388.01K | 0.00 | 0.00 | 0.00 | 574.25K | 294.17K |
| EBITDA | -6.52M | -6.81M | -13.04M | -11.85M | -11.79M | -10.30M |
| Net Income | -6.94M | -7.15M | -13.39M | -12.21M | -12.03M | -10.42M |
Balance Sheet | ||||||
| Total Assets | 6.24M | 6.33M | 7.36M | 8.25M | 17.51M | 19.42M |
| Cash, Cash Equivalents and Short-Term Investments | 4.93M | 5.03M | 5.50M | 5.44M | 14.53M | 17.07M |
| Total Debt | 367.61K | 336.72K | 649.75K | 940.32K | 1.21M | 729.41K |
| Total Liabilities | 1.04M | 1.45M | 2.24M | 2.48M | 2.44M | 2.43M |
| Stockholders Equity | 5.20M | 4.89M | 5.12M | 5.77M | 15.06M | 17.13M |
Cash Flow | ||||||
| Free Cash Flow | -1.91B | -7.00M | -7.65M | -10.38M | -11.45M | -10.12M |
| Operating Cash Flow | -1.90B | -7.00M | -7.65M | -10.13M | -10.51M | -9.77M |
| Investing Cash Flow | -9.15M | -3.70K | 0.00 | -250.87K | -943.11K | -349.19K |
| Financing Cash Flow | 1.82B | 6.52M | 7.73M | 1.29M | 8.91M | 17.37M |
Aethlon Medical Technical Analysis
Positive
2.40
Price Trends
3.33
Positive
5.64
Positive
8.66
Negative
Market Momentum
1.09
Negative
73.10
Negative
42.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AEMD, the sentiment is Positive. The current price of 2.4 is below the 20-day moving average (MA) of 4.09, below the 50-day MA of 3.33, and below the 200-day MA of 8.66, indicating a neutral trend. The MACD of 1.09 indicates Negative momentum. The RSI at 73.10 is Negative, neither overbought nor oversold. The STOCH value of 42.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AEMD.
Aethlon Medical Risk Analysis
Aethlon Medical disclosed 73 risk factors in its most recent earnings report. Aethlon Medical reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Aethlon Medical Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $12.56B | 77.83 | 11.09% | ― | 17.55% | 7.09% | |
52 Neutral | $56.89M | -0.73 | -62.25% | ― | -1.26% | 79.82% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $497.77M | -65.75 | -10.31% | ― | 15.09% | 65.57% | |
48 Neutral | $10.23M | -0.56 | -123.09% | ― | ― | 87.54% | |
45 Neutral | $12.60M | -0.68 | -445.14% | ― | 8.64% | -61.01% | |
43 Neutral | $2.72M | >-0.01 | -605.75% | ― | 8.36% | 88.88% |
* Healthcare Sector Average
AEMD
Aethlon Medical
6.52
-29.93
-82.11%
CERS
Cerus
2.38
0.86
56.58%
NUWE
Nuwellis
0.72
-111.63
-99.36%
CTSO
Cytosorbents
3.90
-14.76
-79.10%
PEN
Penumbra
318.34
68.71
27.52%
OM
Outset Medical
3.00
-11.02
-78.60%
Aethlon Medical Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Aethlon Medical Announces Merger with North Immunology
Positive
Sep 17, 2026
Aethlon Medical, Inc., headquartered in San Diego, is a medical therapeutic company developing the Hemopurifier, a clinical-stage immunotherapeutic device aimed at removing cancer-promoting exosomes and life-threatening viruses from the bloodstrea...
Business Operations and StrategyExecutive/Board Changes
Aethlon Medical Updates Executive Severance Terms After Change
Neutral
Sep 15, 2026
On September 11, 2026, Aethlon Medical, Inc. amended the employment agreements of Chief Executive Officer and Chief Financial Officer James B. Frakes and Chief Medical Officer Steven P. LaRosa, M.D., to modify how severance and health care continu...
Business Operations and Strategy
Aethlon Medical Completes Warrant Exercises, Clarifying Capitalization
Positive
Aug 31, 2026
Aethlon Medical, Inc. reported that, following recent exercises of certain pre-funded warrants, it had 1,604,095 shares of common stock outstanding as of the close of business on August 28, 2026. With all previously outstanding pre-funded warrants...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Aethlon Medical Advances Hemopurifier Trials and Bolsters Liquidity
Positive
Aug 13, 2026
On August 13, 2026, Aethlon Medical reported results for its fiscal first quarter ended June 30, 2026, highlighting progress in its Hemopurifier program, including dosing the first participant in the third and final cohort of its Phase 1 oncology ...
Business Operations and StrategyRegulatory Filings and ComplianceStock Split
Aethlon Medical Announces Reverse Stock Split Implementation
Neutral
Jul 31, 2026
On July 30, 2026, Aethlon Medical, Inc. filed a Certificate of Change in Nevada to authorize a 1‑for‑5 reverse stock split of its common stock, aimed at supporting its broader capital‑markets and operating plan, including dilutio...
Business Operations and StrategyPrivate Placements and Financing
Aethlon Medical Announces July 2026 Financing Offering
Positive
Jul 8, 2026
On July 6, 2026, Aethlon Medical priced a follow-on registered public offering under Nasdaq at-the-market rules, selling common stock or pre-funded warrants together with common warrants at a combined price of about $0.71 per unit. The offering, w...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.