Highlights 

  • Q2 2025 operating expenses fell 48% to USD 1.5 Mn. 
  • Recruitment underway for Cohort 2 of Australian oncology trial. 
  • Cash balance was approximately USD 5.8 Mn as of September 30, 2025. 

Aethlon Medical, Inc. (NASDAQ:AEMD) announced its financial results for the fiscal second quarter ended September 30, 2025. Consolidatedoperating expensestotaled USD 1.5 Mn, down 48% from USD 2.9 Mn in Q2 2024. The decrease was primarily due to lower payroll, general and administrative, and professional expenses. 

Payroll and related costs declined by USD 778,000 due to reduced headcounts, lower bonus accruals, and absence of prior-year severance charges. General and administrative expenses fell by USD 437,000, partially supported by a USD 218,000 R&D tax incentive, along with reduced clinical trial costs, supplies, and insurance. Professional fees decreased by USD 177,000, mainly from lower investor relations and contract labor, partially offset by higher legal, tax, audit, and financial service expenses. 

The company reported an operating loss of USD 1.5 Mn for Q2 2025, compared with USD 2.8 Mn in the prior quarter. Other income amounted to USD 22,730, primarily interest earned on cash balances, down from USD 95,146 in Q2 2024. Cash on hand was approximately USD 5.8 Mn as of September 30, 2025. 

Clinical and Research Updates 

Aethlon has initiated recruitment for Cohort 2 of its Australian oncology trial under an amended protocol permitting combination therapy with Pembrolizumab (Keytruda®) or Nivolumab (Opdivo®). The trial is designed to assess safety, feasibility, and dose-finding for patients with solid tumors who are unresponsive to PD-1 therapy, while evaluating whether Hemopurifier® treatments reduce extracellular vesicle levels and improve immune responses. 

Data from Cohort 1 showed reductions in large EVs and platelet-derived EVs in two of three participants, and decreased EVs carrying PD-L1 in all participants. Analysis of microRNAs revealed reductions in seven out of ten microRNAs in two participants after a single 4-hour Hemopurifier treatment. Increases were observed in total T cell counts, CD4 and CD8 subsets, and tumor-specific T cells (CD137+).  

The company is also collaborating with UCSF on Long COVID research, analyzing EV cargo, and preparing a manuscript for a peer-reviewed publication. Additionally, evaluation of Hemopurifier compatibility with a simplified blood treatment system using a single small-lumen catheter and blood pump has been initiated. 

Management Commentary 

"We remain focused on executing our clinical and research strategy while maintaining operational discipline," said James Frakes, CEO and CFO of Aethlon Medical. "Our ongoing trial progress, research collaborations, and technology initiatives continue to support our long-term goal of developing therapeutic solutions for cancer and life-threatening infectious diseases." 

About Aethlon Medical, Inc. 

Aethlon Medical, Inc. (NASDAQ:AEMD) is a clinical-stage medical device company advancing the Hemopurifier®, an investigational device designed to remove enveloped viruses and tumor-derived EVs from circulation, supporting ongoing research in oncology and infectious diseases.