Monitor the closing of the offering and the actual amount raised. Given the best-efforts nature with no minimum, the company may raise far less than the maximum, exacerbating cash runway concerns. Watch for subsequent financing needs or potential Nasdaq delisting risk if market value falls below $5M under proposed rules.
Executive Summary
Aethlon Medical filed an S-1 for a best-efforts offering of up to 6,000,000 shares of common stock and warrants at $2.00 per unit, targeting up to $12M gross proceeds. The company is pre-revenue, has a going-concern qualification, and a market cap of ~$2M, making this a dilutive capital raise to fund ongoing clinical trials and operations.
Key Financial Metrics
Key Facts
- Best-efforts offering of up to 6,000,000 shares and warrants at $2.00 per unit, targeting up to $12M gross proceeds.
- Company is pre-revenue with no revenue in fiscal years ended March 31, 2026 and 2025.
- Going-concern qualification: substantial doubt about ability to continue operations for 12 months.
- Net tangible book value as of March 31, 2026 was ~$4.9M ($3.11 per share); after offering, as-adjusted net tangible book value would be ~$2.07 per share, representing immediate dilution to existing stockholders.
- Proceeds intended for general corporate purposes including R&D, clinical trials, and working capital.
Financial Impact
Up to $12M gross proceeds; net proceeds estimated at ~$10.8M after placement agent fees and expenses. No minimum offering amount, so actual proceeds may be substantially less.
Risk Factors
- Best-efforts offering with no minimum; may raise insufficient capital to fund operations.
- Pre-revenue with going-concern qualification; high risk of business failure.
- Immediate and substantial dilution to existing shareholders.
- Potential delisting from Nasdaq if market value of listed securities falls below $5M.
- Warrants and pre-funded warrants have no public market, limiting liquidity.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-1 Filing (Primary) | 0001683168-26-005003 |
| Document: aethlon_ex1023.htm | 0001683168-26-005003 |
| Document: aethlon_ex1028.htm | 0001683168-26-005003 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d ago | SC 13G | $5.05 $5.07 | ▲ +0.40% | ▼ −0.06% | $5.21 (+3.17%) |
Oct 1, 2026 25d ago | 8-K | $6.45 $6.05 | ▲ +6.20% | ▲ +7.36% | $5.21 (+19.22%) |
Sep 17, 2026 5w ago | 425 | $6.78 $6.77 | ▼ −0.15% | ▼ −0.75% | $5.21 (−23.16%) |
Sep 17, 2026 5w ago | 8-K | $6.78 $6.77 | ▼ −0.15% | ▼ −0.75% | $5.21 (−23.16%) |
Sep 15, 2026 6w ago | 8-K | $1.47 $6.31 | ▲ +329.25% | ▲ +328.43% | $5.21 (+254.42%) |
Sep 4, 2026 7w ago | DEFA14A | $1.81 $1.47 | ▲ +18.78% | ▲ +17.67% | $5.21 (−187.85%) |
Aug 31, 2026 8w ago | 8-K | $2.06 $1.81 | ▼ −12.14% | ▼ −11.99% | $5.21 (+152.91%) |
Aug 13, 2026 10w ago | Press Release | $2.83 $2.73 | ▼ −3.53% | ▼ −2.17% | $5.21 (+84.10%) |
Jul 31, 2026 12w ago | 8-K | $0.6628 $0.6300 | ▲ +4.95% | ▲ +8.46% | $5.21 (−686.06%) |
Jul 7, 2026 16w ago | EFFECT | $0.7297 $0.6850 | ▲ +6.13% | ▲ +6.68% | $5.21 (−613.99%) |
US Market Status
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