Aethlon Medical Reports Q3 2026 Results, Advances Hemopurifier Oncology Trial

Aethlon Medical reported financial results for its fiscal third quarter ended December 31, 2025, with an operating loss of $2.06 million, up from $1.81 million in the prior year period. As of December 31, 2025, the company had a cash balance of approximately $7 million. Other income, primarily interest income on cash balances, was $44,000, slightly lower than the $60,000 recorded in the same quarter last year.

The company's consolidated operating expenses for the three months ended December 31, 2025 were approximately $2.06 million, up $250,000 or 13.6% compared to the same period last year. However, for the nine-month period, operating expenses decreased to $5.36 million, down $1.98 million or 27% from $7.34 million last year. This reflects lower payroll, general and administrative costs, and professional fees.

Enrollment and treatment of participants in Cohort 2 of the Australian oncology trial is actively underway. Two Hemopurifier treatments have been completed in two participants in the second cohort, with a third patient enrolled and scheduled for treatment by the end of February. This nine-to-18 patient study is designed to evaluate the safety and feasibility of the Hemopurifier treatments and determine the appropriate dosing in participants with solid tumors whose disease is stable or progressing while on a treatment that includes the anti-PD-1 agents, Keytruda or Opdivo.

Once the three patients have completed treatment in Cohort 2, safety data will be presented to an independent Data Safety Monitoring Board. The company is targeting late March for this meeting. The transition to the third and final cohort, involving three treatments per week, is contingent on the board's recommendation and is tentatively planned for April 2026.

Progress in the Australian oncology trial is driven by a new patient recruitment strategy utilizing online advertising and phone pre-screening to build a participant pool. Cohort 1 demonstrated favorable directional improvements in extracellular vesicle and immune cell numbers, as well as safety and tolerability.

Under a Material Transfer Agreement, Stavro is evaluating the compatibility of the Hemopurifier with their SLAMB system, a simplified blood treatment platform. The company believes this research may support future Hemopurifier use in oncology units and infusion centers without requiring a large dialysis catheter, dialysis machines, or supervising nephrologist. The transition would involve moving to a much smaller single-lumen catheter, representing a significant change in terms of the invasiveness of the catheter.

The company's preclinical Long COVID research demonstrated that the GNA affinity resin binds extracellular vesicles from Long COVID patient samples and reduces microRNAs associated with immune dysregulation. These findings were published on bioRxiv and have been submitted for consideration in a peer-reviewed journal. The scientific rationale for the current oncology study was validated through peer-reviewed publication in BMJ Open, supporting the mechanism of extracellular vesicle removal to improve natural immune response.

The Hemopurifier is being positioned as a "pipeline within a single device" by exploring its ability to remove extracellular vesicles across oncology, Long COVID, and autoimmune indications. The company is intentionally limiting the use of outside labs for Long COVID and extracellular vesicle research to maintain strict cost control while advancing preclinical data.

The company maintained compliance with Nasdaq listing requirements, with all prior compliance matters remaining resolved.