Aethlon Medical (AEMD) Financials

Aethlon Medical’s financial statements continue to show a pre-revenue development-stage company with substantial operating losses and cash burn. The most recent quarter, Q4 fiscal 2026, ended March 31, 2026, with a net loss of $1.88 million, compared with losses of $2.02 million in Q3, $1.49 million in Q2 and $1.76 million in Q1. The improvement from Q3 was modest and did not indicate profitability, as the company reported no revenue.

Revenue has remained at $0 in each reported fiscal 2025 and 2026 quarter in the supplied data. Without sales, Aethlon Medical has relied on cash on hand, equity financing and other financing activities to fund research, development and corporate expenses.

• Quarterly net losses improved sequentially in Q4 2026. The $1.88 million loss was lower than the $2.02 million loss in Q3 and the $2.81 million loss reported in Q2 fiscal 2025.
• Operating expenses declined year over year in the latest quarter. Selling, general and administrative expense was $1.30 million in Q4 2026, down from $1.38 million in Q4 2025 and $1.51 million in Q4 2024.
• Cash from equity financing provided liquidity during fiscal 2026. The company reported $3.74 million of common-equity issuance in Q2 and $4.01 million in Q3, helping cash and equivalents rise from $3.77 million at June 30, 2025, to $6.96 million at December 31, 2025.
• The balance sheet remained equity-funded. At December 31, 2025, Aethlon Medical had $6.71 million of total equity versus $1.34 million of liabilities, limiting the degree of balance-sheet leverage.
• Capital expenditures were limited. Purchases of property and equipment were only $2,051 in Q4 2026 and $1,653 in Q3, suggesting that near-term cash requirements are driven primarily by operations rather than heavy capital spending.
• Interest and other income provided a small offset to operating losses. Q4 2026 included $47,831 of net other income, but this was immaterial compared with the $1.93 million operating loss.
• Cash levels have been volatile because financing activity drives liquidity. Cash increased by $2.09 million in Q2 and $1.10 million in Q3 fiscal 2026, but fell by $1.93 million in Q4.
• Aethlon Medical has not yet generated revenue. The continued absence of sales means the company has no demonstrated operating revenue base to absorb research, development and administrative costs.
• Operating cash flow remained substantially negative. Cash used in operating activities was $1.75 million in Q4 2026, following outflows of $1.87 million in Q3, $1.66 million in Q2 and $1.71 million in Q1.
• External financing and shareholder dilution remain major risks. Repeated equity issuances have been necessary to fund the business, while common-stock balances increased materially between June and December 2025. Continued losses could require additional capital raises and further dilute existing shareholders.

The cash-flow trend is the central issue for investors. Based on the Q4 2026 operating cash burn of approximately $1.75 million, the $6.96 million cash balance reported at December 31, 2025, represented roughly four quarters of operating cash coverage before considering financing, working-capital changes or other uses. However, the company’s financing-dependent model and the $1.93 million decline in cash during Q4 make that runway uncertain.

Overall, Aethlon Medical’s statements show some improvement in quarterly expenses and losses, but the broader trend remains financially challenging: no reported revenue, recurring multimillion-dollar losses, persistent operating cash outflows and reliance on equity financing. Investors should focus on evidence of commercial revenue, changes in cash burn and the terms and frequency of future capital raises.