Aethlon Medical Inc (AEMD) SEC Filing 10-Q Quarterly Report for the period ending Friday, June 30, 2023

SEC Filings

AEMD Quarterly Reports

Aethlon Medical Inc

CIK: 882291 Ticker: AEMD

Exhibit 99.1




Aethlon Medical Announces Fiscal First Quarter Financial Results and Provides Corporate Update


Conference Call to be Held Today at 4:30 p.m. ET


SAN DIEGO, August 10, 2023 -- Aethlon Medical, Inc. (Nasdaq: AEMD), a medical therapeutic company focused on developing products to treat cancer and life threatening infectious diseases, today reported financial results for its fiscal first quarter ended June 30, 2023 and provided an update on recent developments.


Company Updates


Aethlon Medical is continuing the research and clinical development of its Hemopurifier®, a therapeutic blood filtration system that can bind and remove harmful exosomes and life-threatening viruses from blood. Aethlon also recently announced that it is investigating the use of the Hemopurifier in the organ transplant setting, initially focusing on the potential removal of harmful viruses and exosomes from recovered kidneys. These qualities of the Hemopurifier have potential applications in oncology, where cancer associated exosomes may promote immune suppression and metastasis, and in life-threatening infectious diseases and the organ transplant field.


The company’s ongoing COVID-19 trial in India, for patients in the intensive care unit (ICU) at Medanta Medicity Hospital, remains open for enrollment, with one patient treated to date. In May 2023, a second clinical site, Maulana Azad Medical College (MAMC), received Ethics Board Approval to participate in the trial and site activation activities are currently underway. Patients with COVID-19 infections that require hospitalization continue to occur in India, and the addition of MAMC as a second, high quality clinical site, may improve the enrollment of patients who go on to require ICU care for severe infection.


In the oncology indication, Aethlon Medical continues to work with its contract research organization, North American Science Associates, LLC (NAMSA), to initiate a clinical study in Australia; specifically, a safety, feasibility and dose finding trial in solid tumors failing treatment with anti-PD-1 antibodies. Aethlon Medical believes that the data generated from this trial will help inform the design of future oncology efficacy trials of the company’s Hemopurifier. Ongoing activities include site identification and qualification, finalization of necessary documents for Ethics Board submission, case report form development and selection of a Data Safety Monitoring Board.


The company recently announced that it has begun investigating the use of the Hemopurifier in the organ transplant setting. The objective is to confirm that the Hemopurifier, in translational studies, when incorporated into a machine perfusion organ preservation circuit, can remove harmful viruses and exosomes from recovered kidneys. In July, the company signed a research collaboration agreement with 34 Lives, PBC, to investigate the use of our proprietary Hemopurifier and 34 Lives' organ evaluation and preservation system, with the goal of increasing the supply of useable donated kidneys for human transplant. The company has previously demonstrated the removal of multiple viruses and exosomes from buffer solutions, in vitro, utilizing a scaled-down version of our Hemopurifier. This process may potentially reduce complications following transplantation of the recovered organ, which can include viral infection, delayed graft function and rejection. The company believes that this new approach could be additive to existing technologies that currently are in place to meaningfully increase the number of viable kidneys for transplant.







Financial Results for the First Quarter Ended June 30, 2023


As of June 30, 2023, Aethlon Medical had a cash balance of approximately $12.9 million.


During the first quarter ended June 30, 2023, the company raised net proceeds of approximately $1.1 million under the company’s at-the-market agreement with H. C. Wainwright & Co.


Consolidated operating expenses for the three months ended June 30, 2023 were approximately $3.4 million, compared to $2.9 million for the three months ended June 30, 2022. This increase of approximately $0.5 million, or 17.3%, in the 2023 period was due to increases in general and administrative expenses of approximately $276,000, professional fees of $133,000 and in payroll and related expenses of approximately $91,000.


The $276,000 increase in general and administrative expenses was primarily due to a combination of factors. Those factors included a $344,000 increase in purchase of raw materials for production of the company’s Hemopurifier, $133,000 increase related to the Australian subsidiary’s activities, a $105,000 increase in depreciation and equipment maintenance associated with leasehold improvements and new equipment for manufacturing and lab facilities, and an increase of $14,000 in insurance expense. These increases were partially offset by a $160,000 decrease in clinical trial expenses, a $140,000 decrease in subcontract expense associated with government contracts and a net decrease of $29,000 in expenses related to our previously rented mobile cleanroom.


The $133,000 increase in professional fees was due to an increase of $123,000 in investor relations expenses associated with facilitating investor awareness and assistance with more widespread dissemination of Company news, an increase of $37,000 associated with accounting and legal services for our Australian subsidiary and $86,000 of legal expenses associated with year-end filings and general corporate matters. Increases were offset by decreases in regulatory services of $85,000, recruiting expense of $28,000 and $6,000 in consulting services.


The $91,000 increase in payroll expense was due to $56,000 in salary expense related to an increase in headcount and a $35,000 increase in stock based compensation related to employee stock option grants.


As a result of the above factors, the company’s net loss increased to approximately $3.3 million in the three months ended June 30, 2023, from approximately $2.9 million in the three months ended June 30, 2022.


The condensed consolidated balance sheet for June 30, 2023, and the condensed consolidated statements of operations for the three month periods ended June 30, 2023 and 2022 follow at the end of this release.


Conference Call


Aethlon Medical will hold a conference call today, Thursday, August 10, 2023, at 4:30 p.m. ET to review its financial results for its first quarter ended June 30, 2023 and recent corporate developments. Interested parties can register for the conference by navigating to Please note that registered participants will receive their dial-in number upon registration.


Interested parties without internet access or who are unable to pre-register, may dial in as follows:


Participant Dial In (Toll Free): 1-844-836-8741
Participant International Dial In: 1-412-317-5442

All callers should ask for the Aethlon Medical, Inc. conference call.







A replay of the call will be available approximately one hour after the end of the call through September 10, 2023. The replay can be accessed via Aethlon Medical's website or by dialing 1-877-344-7529 (domestic) or 1-412-317-0088 (international) or Canada toll free at 1-855-669-9658. The replay conference ID number is 7051036.


About Aethlon and the Hemopurifier®


Aethlon Medical is a medical therapeutic company focused on developing the Hemopurifier, a clinical stage immunotherapeutic device which is designed to combat cancer and life-threatening viral infections. In human studies, the Hemopurifier has demonstrated the removal of life-threatening viruses and harmful exosomes from blood utilizing its proprietary lectin-based technology. This action has potential applications in cancer, where exosomes may promote immune suppression and metastasis, and in life-threatening infectious diseases. The Hemopurifier is a U.S. Food and Drug Administration (FDA) designated Breakthrough Device indicated for the treatment of individuals with advanced or metastatic cancer who are either unresponsive to or intolerant of standard of care therapy, and with cancer types in which exosomes have been shown to participate in the development or severity of the disease. The Hemopurifier also holds an FDA Breakthrough Device designation and an open Investigational Device Exemption (IDE) application related to the treatment of life-threatening viruses that are not addressed with approved therapies.


Additional information can be found at


Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties. Statements containing words such as "may," "believe," "anticipate," "expect," "intend," "plan," "project," "will," "projections," "estimate," "potentially" or similar expressions constitute forward-looking statements. Such forward-looking statements are subject to significant risks and uncertainties and actual results may differ materially from the results anticipated in the forward-looking statements. These forward-looking statements are based upon Aethlon's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Factors that may contribute to such differences include, without limitation, the Company's ability to successfully complete development of the Hemopurifier and to successfully demonstrate the utility of the Hemopurifier in cancer and infectious diseases and in the transplant setting, the Company’s ability to manage and successfully complete its clinical trials, the Company’s ability to raise additional capital, and other potential risks. The foregoing list of risks and uncertainties is illustrative, but is not exhaustive. Additional factors that could cause results to differ materially from those anticipated in forward-looking statements can be found under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended March 31, 2023, and in the Company's other filings with the Securities and Exchange Commission, including its quarterly Reports on Form 10-Q. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except as may be required by law, the Company does not intend, nor does it undertake any duty, to update this information to reflect future events or circumstances.


Company Contact:
Jim Frakes
Chief Financial Officer
Aethlon Medical, Inc.


Investor Contact:
Susan Noonan
S.A. Noonan Communications, LLC








Condensed Consolidated Balance Sheets


   June 30, 2023   March 31, 2023 
Cash  $12,897,734   $14,532,943 
Prepaid expenses   410,223    557,623 
TOTAL CURRENT ASSETS   13,307,957    15,090,566 
Property and equipment, net   1,284,200    1,144,004 
Right-of-use lease asset   1,086,108    1,151,909 
Patents, net   1,513    1,650 
Restricted cash   87,506    87,506 
Deposits   33,305    33,305 
TOTAL ASSETS  $15,800,589   $17,508,940 
Accounts payable  $844,536   $432,890 
Due to related parties   191,314    214,221 
Lease liability, current portion   274,520    269,386 
Other current liabilities   511,377    588,592 
TOTAL CURRENT LIABILITIES   1,821,747    1,505,089 
Lease liability, less current portion   869,945    939,642 
TOTAL LIABILITIES   2,691,692    2,444,731 
Common stock, par value of $0.001, 60,000,000 shares authorized; 24,835,321 and 22,992,466 issued and outstanding   24,837    22,994 
Additional-paid in capital   158,731,929    157,405,911 
Accumulated other comprehensive loss   (7,135)   (6,141)
Accumulated deficit   (145,640,734)   (142,358,555)
Noncontrolling interests        
TOTAL STOCKHOLDERS' EQUITY   13,108,897    15,064,209 








Condensed Consolidated Statements of Operations

For the three month periods ended June 30, 2023 and 2022


   Three Months   Three Months 
   Ended 6/30/23   Ended 6/30/22 
Professional fees  $976,638   $844,028 
Payroll and related   1,123,239    1,029,686 
General and administrative   1,308,283    1,032,367 
Total Operating Expenses   3,408,160    2,906,081 
OPERATING LOSS   (3,408,160)   (2,906,081)
OTHER INCOME          
Interest income   125,981     
Loss attributable to noncontrolling interests       (413)
COMPREHENSIVE LOSS  $(3,283,173)  $(2,905,668)
Basic and diluted net loss available to common stockholders per share  $(0.14)  $(0.19)
Weighted average number of common shares outstanding   24,314,759    15,486,621 






The following information was filed by Aethlon Medical Inc (AEMD) on Thursday, August 10, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Aethlon Medical Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Aethlon Medical Inc.


Assess how Aethlon Medical Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Aethlon Medical Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors


SEC Filing Tools


Learn More
Bullish Bearish Neutral
Filter Sentiment:
Filter Category:
Filter Subcategory:
Cash Flow
Inside Aethlon Medical Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
Commitments And Contingencies
Commitments And Contingencies (Details Narrative)
Equity Transactions In The Three Months Ended June 30, 2023
Equity Transactions In The Three Months Ended June 30, 2023 (Details Narrative)
Loss Per Common Share
Loss Per Common Share (Details Narrative)
Nature Of Business And Basis Of Presentation Organization
Nature Of Business And Basis Of Presentation Organization (Details Narrative)
Nature Of Business And Basis Of Presentation Organization (Policies)
Other Current Liabilities
Other Current Liabilities (Details)
Other Current Liabilities (Tables)
Recent Accounting Pronouncements
Related Party Transactions
Related Party Transactions (Details Narrative)
Related Party Transactions (Details)
Related Party Transactions (Tables)
Research And Development Expenses
Research And Development Expenses (Details)
Research And Development Expenses (Tables)
Stock Compensation
Stock Compensation (Details - Option Activity)
Stock Compensation (Details - Options Vested And Expected To Vest)
Stock Compensation (Details - Stock Compensation)
Stock Compensation (Details Narrative)
Stock Compensation (Tables)
Subsequent Events
Warrant (Details)
Warrants (Tables)

Material Contracts, Statements, Certifications & more

Aethlon Medical Inc provided additional information to their SEC Filing as exhibits

Ticker: AEMD
CIK: 882291
Form Type: 10-Q Quarterly Report
Accession Number: 0001683168-23-005524
Submitted to the SEC: Thu Aug 10 2023 5:15:30 PM EST
Accepted by the SEC: Thu Aug 10 2023
Period: Friday, June 30, 2023
Industry: Laboratory Analytical Instruments

External Resources:
Stock Quote
Social Media

Bookmark the Permalink: