Aethlon Medical Inc

Aethlon Medical maintains a debt-free capital structure with a debt-to-equity ratio of 0.0 and a current ratio of 3.85, indicating strong short-term liquidity coverage. The company holds $5.03 million in cash and equivalents against total liabilities of $1.45 million, providing a buffer against its ongoing cash burn. However, the firm generated negative operating cash flow of $7.00 million and negative free cash flow of $7.00 million for the fiscal year ended March 2026, reflecting its pre-revenue, development-stage status. The market capitalization stands at approximately $0.40 million, trading at a price-to-book ratio of 0.08, which suggests the market values the equity below its tangible book value.

Profitability metrics are deeply negative, with a return on equity of -1.46 and a return on assets of -1.13, driven by an operating loss of $7.29 million and a net loss of $7.15 million on zero revenue. The company has not yet achieved commercial scale, resulting in no positive earnings to compare against industry medians for profitability. The negative earnings per share and lack of revenue preclude standard valuation multiples like P/E from being meaningful, while the EV/EBITDA ratio of 0.66 is distorted by the negative EBITDA and low market cap.

Revenue concentration is non-existent as the company reported $0.0 in revenue for the fiscal year 2026. The business model relies on future commercialization of the Hemopurifier, with current activities focused on clinical trials, including an ongoing oncology trial in Australia. There is no disclosed geographic or segment revenue mix to analyze for concentration risk, as the company is in the pre-commercial phase.

The growth trajectory is characterized by sustained losses and increasing share count due to equity financing. The company has raised capital through public offerings and warrant exercises, including a September 2025 public offering and December 2025 warrant inducements, to fund operations. The share count has expanded significantly, with basic shares outstanding at 1.57 million, though diluted shares are reported at 0.67 million, likely due to the anti-dilutive nature of the warrants and options relative to the current stock price. The company has not demonstrated revenue growth, as it remains at zero revenue.

Risk factors are elevated, with a going-concern qualification noted in the financial statements for the fiscal year ended March 31, 2026, due to recurring losses and negative cash flows. Dilution risk is assessed as medium, driven by recent equity issuances, warrant exercises, and stock-based compensation expenses totaling $217,326 for the nine months ended December 2025. The company faces liquidity risk if it cannot secure additional funding to support its clinical trials and operational costs, although its current cash position provides some near-term runway.

Recent events include the filing of an 8-K with material items 3.03 and 5.03, indicating changes in financial statements or off-balance sheet arrangements, and the continuation of its oncology trial in Australia. Analyst estimates show a mean price target of $10.00, with a median of $10.00, high of $15.00, and low of $5.00, suggesting potential upside from the current price of $0.60, though the mean recommendation is neutral at 3.00. The company has also engaged in warrant modifications and inducements, which may impact future dilution.

Operating income -$5.4M.

• ▍Operating income -$5.4M

Operating income -$3.3M.

• ▍Operating income -$3.3M

Operating income -$1.8M.

• ▍Operating income -$1.8M

Operating income -$7.3M.

• ▍Operating income -$7.3M

Operating income -$9.3M.

• ▍Operating income -$9.3M

Operating income -$9.3M.

• ▍Operating income -$9.3M

Revenue $0.00; Operating income -$12.6M.

• ▍Revenue $0.00
• ▍Operating income -$12.6M

Operating income -$12.6M.

• ▍Operating income -$12.6M