Aethlon Medical Announces Fiscal First Quarter Financial Results and Provides Corporate Update
Conference Call to be Held Today at 4:30 p.m. ET
Company Updates
Aethlon Medical is continuing the research and clinical development of its Hemopurifier®, a therapeutic blood filtration system that can bind and remove harmful exosomes and life-threatening viruses from blood. Aethlon also recently announced that it is investigating the use of the Hemopurifier in the organ transplant setting, initially focusing on the potential removal of harmful viruses and exosomes from recovered kidneys. These qualities of the Hemopurifier have potential applications in oncology, where cancer associated exosomes may promote immune suppression and metastasis, and in life-threatening infectious diseases and the organ transplant field.
The company's ongoing COVID-19 trial in
In the oncology indication, Aethlon Medical continues to work with its contract research organization, North American Science Associates, LLC (NAMSA), to initiate a clinical study in
The company recently announced that it has begun investigating the use of the Hemopurifier in the organ transplant setting. The objective is to confirm that the Hemopurifier, in translational studies, when incorporated into a machine perfusion organ preservation circuit, can remove harmful viruses and exosomes from recovered kidneys. In July, the company signed a research collaboration agreement with 34 Lives, PBC, to investigate the use of our proprietary Hemopurifier and 34 Lives' organ evaluation and preservation system, with the goal of increasing the supply of useable donated kidneys for human transplant. The company has previously demonstrated the removal of multiple viruses and exosomes from buffer solutions, in vitro, utilizing a scaled-down version of our Hemopurifier. This process may potentially reduce complications following transplantation of the recovered organ, which can include viral infection, delayed graft function and rejection. The company believes that this new approach could be additive to existing technologies that currently are in place to meaningfully increase the number of viable kidneys for transplant.
Financial Results for the First Quarter Ended June 30, 2023
As of June 30, 2023, Aethlon Medical had a cash balance of approximately
During the first quarter ended June 30, 2023, the company raised net proceeds of approximately
Consolidated operating expenses for the three months ended June 30, 2023 were approximately
The
The
The
As a result of the above factors, the company's net loss increased to approximately
The condensed consolidated balance sheet for June 30, 2023, and the condensed consolidated statements of operations for the three month periods ended June 30, 2023 and 2022 follow at the end of this release.
Conference Call
Aethlon Medical will hold a conference call today, Thursday, August 10, 2023, at 4:30 p.m. ET to review its financial results for its first quarter ended June 30, 2023 and recent corporate developments. Interested parties can register for the conference by navigating to https://dpregister.com/sreg/10181673/fa26a9fc02. Please note that registered participants will receive their dial-in number upon registration.
Interested parties without internet access or who are unable to pre-register, may dial in as follows:
Participant Dial In (Toll Free): 1-844-836-8741
Participant International Dial In: 1-412-317-5442
All callers should ask for the Aethlon Medical, Inc. conference call.
A replay of the call will be available approximately one hour after the end of the call through September 10, 2023. The replay can be accessed via Aethlon Medical's website or by dialing 1-877-344-7529 (domestic) or 1-412-317-0088 (international) or
About Aethlon and the Hemopurifier®
Aethlon Medical is a medical therapeutic company focused on developing the Hemopurifier, a clinical stage immunotherapeutic device which is designed to combat cancer and life-threatening viral infections. In human studies, the Hemopurifier has demonstrated the removal of life-threatening viruses and harmful exosomes from blood utilizing its proprietary lectin-based technology. This action has potential applications in cancer, where exosomes may promote immune suppression and metastasis, and in life-threatening infectious diseases. The Hemopurifier is a
Additional information can be found at www.AethlonMedical.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties. Statements containing words such as "may," "believe," "anticipate," "expect," "intend," "plan," "project," "will," "projections," "estimate," "potentially" or similar expressions constitute forward-looking statements. Such forward-looking statements are subject to significant risks and uncertainties and actual results may differ materially from the results anticipated in the forward-looking statements. These forward-looking statements are based upon Aethlon's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Factors that may contribute to such differences include, without limitation, the Company's ability to successfully complete development of the Hemopurifier and to successfully demonstrate the utility of the Hemopurifier in cancer and infectious diseases and in the transplant setting, the Company's ability to manage and successfully complete its clinical trials, the Company's ability to raise additional capital, and other potential risks. The foregoing list of risks and uncertainties is illustrative, but is not exhaustive. Additional factors that could cause results to differ materially from those anticipated in forward-looking statements can be found under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended March 31, 2023, and in the Company's other filings with the Securities and Exchange Commission, including its quarterly Reports on Form 10-Q. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except as may be required by law, the Company does not intend, nor does it undertake any duty, to update this information to reflect future events or circumstances.
Company Contact:
Jim Frakes
Chief Financial Officer
Aethlon Medical, Inc.
Jfrakes@aethlonmedical.com
Investor Contact:
Susan Noonan
S.A. Noonan Communications, LLC
susan@sanoonan.com
917-513-5303
AETHLON MEDICAL, INC. AND SUBSIDIARY | ||||||
Condensed Consolidated Balance Sheets | ||||||
ASSETS | ||||||
June 30, 2023 | March 31, 2023 | |||||
(unaudited) | ||||||
CURRENT ASSETS | ||||||
Cash | $ 12,897,734 | $ 14,532,943 | ||||
Prepaid expenses | 410,223 | 557,623 | ||||
TOTAL CURRENT ASSETS | 13,307,957 | 15,090,566 | ||||
Property and equipment, net | 1,284,200 | 1,144,004 | ||||
Right-of-use lease asset | 1,086,108 | 1,151,909 | ||||
Patents, net | 1,513 | 1,650 | ||||
Restricted cash | 87,506 | 87,506 | ||||
Deposits | 33,305 | 33,305 | ||||
TOTAL ASSETS | $ 15,800,589 | $ 17,508,940 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
CURRENT LIABILITIES | ||||||
Accounts payable | $ 844,536 | $ 432,890 | ||||
Due to related parties | 191,314 | 214,221 | ||||
Lease liability, current portion | 274,520 | 269,386 | ||||
Other current liabilities | 511,377 | 588,592 | ||||
TOTAL CURRENT LIABILITIES | 1,821,747 | 1,505,089 | ||||
Lease liability, less current portion | 869,945 | 939,642 | ||||
TOTAL LIABILITIES | 2,691,692 | 2,444,731 | ||||
COMMITMENTS AND CONTINGENCIES | ||||||
EQUITY | ||||||
Common stock, par value of | ||||||
authorized; 24,835,321 and 22,992,466 issued and outstanding | 24,837 | 22,994 | ||||
Additional-paid in capital | 158,731,929 | 157,405,911 | ||||
Accumulated other comprehensive loss | (7,135) | (6,141) | ||||
Accumulated deficit | (145,640,734) | (142,358,555) | ||||
TOTAL STOCKHOLDERS' EQUITY BEFORE NONCONTROLLING INTERESTS | 13,108,897 | 15,064,209 | ||||
Noncontrolling interests | - | - | ||||
TOTAL STOCKHOLDERS' EQUITY | 13,108,897 | 15,064,209 | ||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 15,800,589 | $ 17,508,940 | ||||
AETHLON MEDICAL, INC. AND SUBSIDIARIES | ||||
Condensed Consolidated Statements of Operations | ||||
For the three month periods ended June 30, 2023 and 2022 | ||||
Three Months | Three Months | |||
Ended 6/30/23 | Ended 6/30/22 | |||
OPERATING COSTS AND EXPENSES | ||||
Professional fees | $ 976,638 | $ 844,028 | ||
Payroll and related | 1,123,239 | 1,029,686 | ||
General and administrative | 1,308,283 | 1,032,367 | ||
Total Operating Expenses | 3,408,160 | 2,906,081 | ||
OPERATING LOSS | (3,408,160) | (2,906,081) | ||
OTHER INCOME | ||||
Interest income | 125,981 | - | ||
125,981 | - | |||
NET LOSS BEFORE NONCONTROLLING INTERESTS | ||||
Loss attributable to noncontrolling interests | - | (413) | ||
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | ||||
OTHER COMPREHENSIVE LOSS | (994) | - | ||
COMPREHENSIVE LOSS | $ (3,283,173) | $ (2,905,668) | ||
Basic and diluted net loss available to | ||||
common stockholders per share | $ (0.14) | $ (0.19) | ||
Weighted average number of common | ||||
shares outstanding | 24,314,759 | 15,486,621 | ||
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SOURCE Aethlon Medical, Inc.