Aethlon Medical (NASDAQ:AEMD) said it advanced its Hemopurifier clinical and research programs during the fiscal year ended March 31, 2026, while reducing operating expenses and maintaining what management described as disciplined cost control.
Chief Executive Officer and Chief Financial Officer James B. Frakes told investors that the company continued to execute on its strategy of advancing the Hemopurifier platform, including progress in oncology, preclinical research in additional disease areas and intellectual property development. He said the company is working to establish the Hemopurifier as a platform technology with potential applications across “multiple serious and life-threatening conditions.”
Oncology Trial Advances to Final Cohort
LaRosa said screening is underway at all three investigative sites for the final cohort, which will treat three to six participants with three Hemopurifier sessions during a one-week period. The first participant in cohort 3 has already been enrolled and received three treatments “without any device deficiencies or immediate complications,” he said, and is now in the safety follow-up period.
The trial is designed to enroll nine to 18 patients and evaluate the safety and feasibility of Hemopurifier treatments, as well as determine an appropriate dosing interval. Participants have solid tumors with disease that is stable or progressing while on therapies that include anti-PD-1 agents Keytruda or Opdivo.
LaRosa said serial extracellular vesicle, or EV, and T cell measurements from cohort 2 have been measured by the central lab at the University of Sydney. Formal statistical analyses comparing the effects of the three Hemopurifier dosing regimens will be performed by the company’s contract research organization after the trial is completed.
During the question-and-answer session, LaRosa emphasized that the study’s primary endpoint is safety. Secondary endpoints include surrogate markers such as EV removal and effects on T cells, including anti-tumor T cells. He said previously reported qualitative observations from the first cohort showed EVs and T cells moving “in the right direction,” including reductions in EVs carrying PD-L1, which he said have been implicated as a cause of resistance to anti-PD-1 therapy.
Preclinical Research Targets Additional Disease Areas
Aethlon is also expanding preclinical research on EV removal into rheumatoid arthritis and chronic kidney disease. LaRosa said platelet-derived EVs and their cargo have been noted to play a pathogenic role in rheumatoid arthritis, while EVs in chronic kidney disease patients have been shown in publications to contribute to congestive heart failure in that population.
In response to a question from Zacks Small Cap Research Senior Analyst M. Marin, LaRosa said the company first tested a large healthy plasma sample for removal of platelet-derived EVs. It later purchased additional healthy plasma samples and large-volume rheumatoid arthritis samples, with the work being conducted in-house and focused on platelet-derived EVs and microRNA.
LaRosa said Aethlon previously published a preprint on removal of platelet-derived EVs from a single healthy plasma specimen, but feedback indicated that more samples and a relevant disease sample were needed. He said the current work is intended to support a peer-reviewed publication. For chronic kidney disease, the company is testing small plasma samples for binding to the resin in its device and may use the data for a medical meeting abstract and peer-reviewed publication.
Blood Pump Compatibility and Ebola Preparedness
LaRosa also discussed Aethlon’s evaluation of the Hemopurifier’s compatibility with a simplified blood pump system developed by Stavro Medical. He said initial assessments of flow rates and transfer of dyed fluid to the Hemopurifier were completed successfully. Future studies under consideration include use of blood or plasma and removal of surrogate markers for EVs using the pump system.
LaRosa said freeing the Hemopurifier from reliance on a dialysis machine, dialysis unit and large double-lumen dialysis catheter could broaden the number of physicians and locations able to perform the treatment. For patients, he said, it could mean a less invasive catheter and the ability to receive treatment in their “therapeutic home.”
The company is also monitoring the evolving outbreak of the Bundibugyo species of Ebola in the Democratic Republic of the Congo and Uganda. LaRosa said Aethlon has previously published in vitro removal data on Marburg and Zaire species of Ebola using a miniature version of the Hemopurifier. He also referenced a 2014 case in which a single six-and-a-half-hour Hemopurifier treatment of a critically ill Ebola patient with multi-organ failure was associated with a two-log reduction in viral load and clinical recovery.
LaRosa said the FDA approved a compassionate use protocol in December 2014 as a supplement to the company’s open investigational device exemption for life-threatening viral infections for which there is no treatment. Recent FDA interactions confirmed that the Ebola-specific protocol remains open for enrollment, allowing treatment of up to 20 patients at as many as 10 U.S. institutions. Frakes clarified during the Q&A that the protocol is specific to Ebola.
Operating Expenses Fall as Net Loss Narrows
Frakes said Aethlon had approximately $5 million in cash and cash equivalents as of March 31, 2026. After fiscal year-end, the company raised approximately $1.85 million in net proceeds through its at-the-market program.
For fiscal 2026, consolidated operating expenses declined 21.9% to approximately $7.3 million from $9.3 million in fiscal 2025. Frakes said the decrease primarily reflected a $1.1 million reduction in payroll and related expenses, a $500,000 reduction in general and administrative expenses and a $400,000 reduction in professional fees.
Operating loss also decreased to approximately $7.3 million from $9.3 million in the prior year. Other income was approximately $142,000, primarily from interest income on cash balances, compared with other expense of approximately $4 million in the prior year. Frakes said the prior-year figure included approximately $4.7 million of non-cash financing-related charges.
Net loss attributable to common stockholders was $7.2 million for fiscal 2026, compared with a net loss of $13.4 million for fiscal 2025.
Frakes said the company expects its next earnings call, covering the fiscal first quarter ending June 30, 2026, to coincide with the filing of its quarterly report on Form 10-Q in August 2026. In closing, he said Aethlon remains focused on advancing the Hemopurifier platform through “disciplined clinical execution and careful capital management.”
About Aethlon Medical (NASDAQ:AEMD)
Aethlon Medical, Inc (NASDAQ: AEMD) is a clinical‐stage biotechnology company focused on developing novel immunotherapeutic medical devices to address life‐threatening diseases. The company’s lead product candidate, the Hemopurifier®, is an extracorporeal affinity device designed to remove circulating viruses and immunosuppressive exosomes from the bloodstream. By targeting glycosylated pathogens and exosomes, Aethlon aims to restore immune function and improve patient outcomes in oncology and infectious disease settings.
The Hemopurifier platform leverages proprietary lectin affinity technology to selectively bind and eliminate harmful particles without depleting healthy blood components.
