Monitor for additional ATM sales and cash runway updates. The Cohort 3 enrollment progress is a positive clinical catalyst, but the $5M cash position and ongoing operating losses suggest another capital raise is likely within 6-9 months. No analyst coverage or revenue guidance exists — the stock trades on clinical milestones and financing risk.
Price Chart
Executive Summary
Aethlon Medical reported fiscal year 2026 results with a net loss of $7.2M, improved from a $13.4M loss in FY2025, driven by a 21.9% reduction in operating expenses to $7.3M. The company advanced its Australian oncology study into Cohort 3 and raised ~$1.85M post-fiscal year-end via its ATM program, but cash burn continues with only $5.0M in cash at year-end. The recent 424B5 ATM filing (June 4) signals ongoing capital needs, and the $5M market cap makes this a high-risk pre-revenue story stock.
Key Financial Metrics
Key Facts
- Net loss improved to $7.2M in FY2026 from $13.4M in FY2025, primarily due to a $4.7M non-cash financing charge in the prior year
- Operating expenses declined 21.9% YoY to $7.3M from $9.3M
- Cash and cash equivalents at March 31, 2026: $5.0M, down from $5.5M at March 31, 2025
- Raised ~$1.85M in net proceeds post-fiscal-year-end through ATM program (424B5 filed June 4, 2026)
- Australian oncology study advanced into Cohort 3; first participant treated
- No revenue reported; company is pre-revenue clinical-stage
- EPS for FY2026: -$10.61 vs -$85.77 in FY2025 (improvement driven by lower net loss and higher share count)
- Weighted average shares outstanding increased to 673,945 from 156,085 YoY due to ATM issuances
Financial Impact
Net loss improved by $6.2M YoY; cash burn rate ~$7.3M/year; $5.0M cash runway limited without additional financing
Risk Factors
- Cash runway limited to ~8 months at current burn rate without additional financing
- Pre-revenue clinical-stage company with no approved products
- Significant dilution from ATM program (shares outstanding increased 6x YoY)
- Clinical trial enrollment and data readout risks
- Nasdaq compliance risk given sub-$5M market cap
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001683168-26-004707 |
| Document: aethlon_8k.htm | 0001683168-26-004707 |
| Document: 0001683168-26-004707-index-headers.html | 0001683168-26-004707 |
| Document: 0001683168-26-004707-index.html | 0001683168-26-004707 |
| Document: 0001683168-26-004707.txt | 0001683168-26-004707 |
| 8-K Data (Synthetic) | 0001683168-26-004707 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 12d ago | SC 13G | $5.05 $5.07 | ▲ +0.40% | ▼ −0.06% | $5.15 (+1.98%) |
Oct 1, 2026 24d ago | 8-K | $6.45 $6.05 | ▲ +6.20% | ▲ +7.36% | $5.15 (+20.16%) |
Sep 17, 2026 5w ago | 425 | $6.78 $6.77 | ▼ −0.15% | ▼ −0.75% | $5.15 (−24.04%) |
Sep 17, 2026 5w ago | 8-K | $6.78 $6.77 | ▼ −0.15% | ▼ −0.75% | $5.15 (−24.04%) |
Sep 15, 2026 5w ago | 8-K | $1.47 $6.31 | ▲ +329.25% | ▲ +328.43% | $5.15 (+250.34%) |
Sep 4, 2026 7w ago | DEFA14A | $1.81 $1.47 | ▲ +18.78% | ▲ +17.67% | $5.15 (−184.53%) |
Aug 31, 2026 8w ago | 8-K | $2.06 $1.81 | ▼ −12.14% | ▼ −11.99% | $5.15 (+150.00%) |
Aug 13, 2026 10w ago | Press Release | $2.83 $2.73 | ▼ −3.53% | ▼ −2.17% | $5.15 (+81.98%) |
Jul 31, 2026 12w ago | 8-K | $0.6628 $0.6300 | ▲ +4.95% | ▲ +8.46% | $5.15 (−677.01%) |
Jul 7, 2026 15w ago | EFFECT | $0.7297 $0.6850 | ▲ +6.13% | ▲ +6.68% | $5.15 (−605.77%) |
US Market Status
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