What are the investment strengths of Aethlon Medical Inc (AEMD)?

Extreme P/B of 0.02x means any positive clinical/commercial news could drive 10-50x rerating from distressed levels Clean balance sheet (0.09 debt/equity, 4.8M working capital) provides negotiating flexibility for partnerships or M&A

What are the investment risks for Aethlon Medical Inc (AEMD)?

Zero revenue with 7M annual burn and 110K market cap - structurally uninvestable for institutions, limiting capital access ROE of -191% and ROIC of -172% TTM - destroying capital rapidly with no visibility to profitability

Aethlon Medical Inc

AEMD

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Aethlon Medical Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-31

Snapshot

Zero revenue TTM with -7.1M operating loss - pure cash burn pre-commercial biotech at ~19 months runway (5.9M cash / ~7M annual burn)[Total Revenue TTM]
Trading at 0.02x book value (110K market cap vs 5.7M equity) - extreme discount implies market expects equity wipeout or delisting[P/B Ratio]
Raised 3.7M via stock issuance TTM - dilution-funded survival with only 40K shares outstanding signals prior reverse splits[Issuance of Capital Stock]

Watch Triggers

Cash and Equivalents: Falls below 3M — Would signal <12 months runway, forcing emergency dilution or strategic sale
Total Revenue TTM: Any revenue recognition >0 — First commercial revenue would fundamentally change thesis from cash-burn to operating company
Issuance of Capital Stock: New raise >5M announced — Would extend runway but at severe dilution given micro-cap status

Bull Case

Extreme P/B of 0.02x means any positive clinical/commercial news could drive 10-50x rerating from distressed levels

P/B RatioTangible Book Value

Clean balance sheet (0.09 debt/equity, 4.8M working capital) provides negotiating flexibility for partnerships or M&A

Debt to EquityWorking Capital

Bear Case

Zero revenue with 7M annual burn and 110K market cap - structurally uninvestable for institutions, limiting capital access

Total Revenue TTMMarket Cap TTM

ROE of -191% and ROIC of -172% TTM - destroying capital rapidly with no visibility to profitability

ROE TTMROIC TTM

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

25%

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Forward Thesis

Binary outcome: either successful capital raise/partnership or equity near-zero within 24 months

1-3yhigh

Cash runway under 2 years at current burn
Zero revenue requires external funding
Micro-cap status limits financing options

5.9M cash vs 7.1M annual cash burn TTMMarket cap 110K vs 5.7M book value3.7M raised TTM via dilution

Valuation Context

Caveats

Public Strategies Rankings

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AEMD Fundamentals

Manufacturing → Miscellaneous Manufacturing

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$88,645		—
Enterprise Value	$-5.27M		—
P/E Ratio	0.01		—
Total Revenue - TTM	$0		—
Earnings Per Share (diluted) - TTM	$209.20		—
Operating Margin - TTM	0%	0.0%	—
Net Margin - TTM	0%	0.0%	—
Free Cash Flow - TTM	$-7.06M		—
Return on Common Equity - TTM	-1.9	-53.4%	—
Beta 5Y (Monthly)	unknown		—

AEMD Dividend History

No dividends

AEMD Stock Splits

5 stock splits

10/20/2510:1 split

06/09/258:1 split

10/05/2310:1 split

10/15/1915:1 split

04/14/1550:1 split

AEMD SEC Filings

Filing Date	Report Date	Report Type	Filing Link
11/12/25	09/30/25	10-Q	0001683168-25-008271
08/13/25	06/30/25	10-Q	0001683168-25-006049
06/26/25	03/31/25	10-K	0001683168-25-004780
02/12/25	12/31/24	10-Q	0001683168-25-000960
11/13/24	09/30/24	10-Q	0001683168-24-007984
08/14/24	06/30/24	10-Q	0001683168-24-005708
06/27/24	03/31/24	10-K	0001683168-24-004530
02/14/24	12/31/23	10-Q	0001683168-24-000993
11/14/23	09/30/23	10-Q	0001683168-23-008142
08/10/23	06/30/23	10-Q	0001683168-23-005524
06/28/23	03/31/23	10-K	0001683168-23-004487
02/13/23	12/31/22	10-Q	0001683168-23-000822
11/14/22	09/30/22	10-Q	0001683168-22-007744
08/09/22	06/30/22	10-Q	0001683168-22-005474
06/28/22	03/31/22	10-K	0001683168-22-004641
02/14/22	12/31/21	10-Q	0001683168-22-001002
11/09/21	09/30/21	10-Q	0001683168-21-005369
08/09/21	06/30/21	10-Q	0001683168-21-003363
06/24/21	03/31/21	10-K	0001683168-21-002707
02/10/21	12/31/20	10-Q	0001683168-21-000475
10/28/20	09/30/20	10-Q	0001683168-20-003583
08/11/20	06/30/20	10-Q	0001683168-20-002625
06/25/20	03/31/20	10-K	0001683168-20-002070
02/10/20	12/31/19	10-Q	0001683168-20-000440
11/01/19	09/30/19	10-Q	0001683168-19-003421
08/14/19	06/30/19	10-Q	0001683168-19-002638
07/01/19	03/31/19	10-K	0001683168-19-002070
02/11/19	12/31/18	10-Q	0001683168-19-000327
11/06/18	09/30/18	10-Q	0001683168-18-003253
08/08/18	06/30/18	10-Q	0001683168-18-002214
06/08/18	03/31/18	10-K	0001683168-18-001643
02/01/18	12/31/17	10-Q	0001683168-18-000270
11/02/17	09/30/17	10-Q	0001683168-17-002820
08/10/17	06/30/17	10-Q	0001683168-17-002035
06/28/17	03/31/17	10-K	0001683168-17-001671
02/10/17	12/31/16	10-Q	0001683168-17-000292
11/10/16	09/30/16	10-Q	0001683168-16-000543
08/11/16	06/30/16	10-Q	0001019687-16-007166
06/29/16	03/31/16	10-K	0001019687-16-006800
02/04/16	12/31/15	10-Q	0001019687-16-005035
11/16/15	09/30/15	10-Q	0001019687-15-004160
08/13/15	06/30/15	10-Q	0001019687-15-003101
06/26/15	03/31/15	10-K	0001019687-15-002535
02/10/15	12/31/14	10-Q	0001019687-15-000519
11/10/14	09/30/14	10-Q	0001019687-14-004132
08/14/14	06/30/14	10-Q	0001019687-14-003149
07/15/14	03/31/14	10-K	0001019687-14-002728
02/11/14	12/31/13	10-Q	0001019687-14-000451
11/14/13	09/30/13	10-Q	0001019687-13-004323
08/13/13	06/30/13	10-Q	0001019687-13-003054
07/15/13	03/31/13	10-K	0001019687-13-002649
02/12/13	12/31/12	10-Q	0001019687-13-000435
11/13/12	09/30/12	10-Q	0001019687-12-003986
08/13/12	06/30/12	10-Q	0001019687-12-002747
06/29/12	03/31/12	10-K	0001019687-12-002296
02/16/12	12/31/11	10-Q	0001019687-12-000580
11/18/11	09/30/11	10-Q	0001019687-11-003647
08/22/11	06/30/11	10-Q	0001019687-11-002753
07/14/11	03/31/11	10-K	0001019687-11-002256
02/17/11	12/31/10	10-Q	0001019687-11-000588
11/15/10	09/30/10	10-Q	0001019687-10-004116
08/16/10	06/30/10	10-Q	0001019687-10-003056
07/02/10	03/31/10	10-K	0001019687-10-002509
02/16/10	12/31/09	10-Q	0001019687-10-000629
11/16/09	09/30/09	10-Q	0001019687-09-004139
08/14/09	06/30/09	10-Q	0001019687-09-002908
07/02/09	03/30/09	10-K	0001019687-09-002393
02/17/09	12/31/08	10-Q	0001019687-09-000537
11/19/08	09/30/08	NT 10-Q	0001019687-08-005011
08/14/08	06/30/08	10-Q	0001019687-08-003593
03/31/08	03/30/08	Unknown	--
12/31/07	12/31/07	NT 10-Q	0001019687-08-000595
09/30/07	09/30/07	10QSB	0001019687-07-003926
06/30/07	06/30/07	10QSB	0001019687-07-002454
03/31/07	03/30/07	Unknown	--
12/31/06	12/31/06	10QSB	0001019687-07-000427
09/30/06	09/30/06	10QSB	0001019687-06-002685
06/30/06	06/30/06	10QSB	0001019687-06-001877
03/31/06	03/30/06	Unknown	--
12/31/05	12/31/05	10QSB	0001019687-06-000354
09/30/05	09/30/05	10QSB	0001019687-05-003075
06/30/05	06/30/05	10QSB	0001019687-05-002243
03/31/05	03/30/05	Unknown	--
12/31/04	12/31/04	10QSB	0001019687-05-000381
09/30/04	09/30/04	10QSB	0001019687-04-002509
06/30/04	06/30/04	10QSB	0001019687-04-001814
03/31/04	03/30/04	Unknown	--
12/31/03	12/31/03	10QSB	0001019687-04-000337
09/30/03	09/30/03	NT 10-Q	0001019687-03-002333
06/30/03	06/30/03	NT 10-Q	0001019687-03-001719
03/31/03	03/30/03	Unknown	--
12/31/02	12/31/02	NT 10-Q	0001019687-03-000242
09/30/02	09/30/02	NT 10-Q	0001019687-02-002228
06/30/02	06/30/02	NT 10-Q	0000912057-02-032297
03/31/02	03/30/02	Unknown	--
12/31/01	12/31/01	10QSB	0000912057-02-006211
09/30/01	09/30/01	10QSB	0000912057-01-539058
06/30/01	06/30/01	10QSB	0000912057-01-528593
03/31/01	03/30/01	Unknown	--
12/31/00	12/31/00	NT 10-Q	0000912057-01-005053
09/30/00	09/30/00	10QSB	0000912057-00-049806
06/30/00	06/30/00	10QSB	0000912057-00-037109
03/31/00	03/30/00	Unknown	--