Earnings call transcript: Aethlon Medical’s stock surges 23% post Q1 2025 call

Aethlon Medical Inc. (AEMD) saw its stock price climb by 23.57% in aftermarket trading following its first-quarter 2025 earnings call. According to InvestingPro data, this surge comes despite the stock’s significant 77% decline year-to-date and current RSI indicating oversold territory. The company’s strategic focus on oncology and promising clinical trials, coupled with streamlined operations, appears to have bolstered investor confidence despite the absence of specific earnings and revenue forecasts.

Key Takeaways

• Aethlon Medical’s stock surged 23.57% in aftermarket trading.
• The company reduced annual operating expenses by 26%.
• Clinical trials for the Hemopurifier are underway in Australia and India.
• Collaboration with UCSF on long COVID research is ongoing.
• Aethlon is actively seeking partnerships and grant opportunities.

Company Performance

Aethlon Medical’s performance in the first quarter of 2025 highlights its focus on streamlining operations and advancing its core oncology research. The company reported a 26% reduction in annual operating expenses, reflecting its commitment to efficiency. InvestingPro analysis reveals the company’s current market capitalization stands at $4.76 million, with a concerning cash burn rate that investors should monitor. This strategic realignment included terminating three senior executives to concentrate resources on oncology research and clinical trials.

Financial Highlights

• Cash balance as of March 31, 2025: $5.5 million
• Annual operating expenses: $9.3 million (26% reduction from prior year)
• Raised $2.3 million through a warrant inducement offer
• Recognized $324,000 in employee retention tax credits
• Noncash charge: $4.6 million related to warrant inducement

Market Reaction

Aethlon Medical’s stock experienced a notable increase of 23.57% in aftermarket trading, closing at $1.57. This movement is significant given the stock’s 52-week low of $1.40 and high of $8.44. InvestingPro analysis indicates the stock is currently trading below its Fair Value, with a beta of 1.88 suggesting higher volatility than the broader market. The positive market reaction appears to be driven by the company’s strategic focus on oncology and promising trial developments. For deeper insights into AEMD’s valuation and 15+ additional ProTips, consider accessing the comprehensive Pro Research Report.

Outlook & Guidance

Aethlon Medical expects preliminary data from its first patient cohort in three months and plans to complete a 9-18 patient study within 9-12 months. The company is also exploring potential expansions to additional hospitals in Australia and India. Aethlon remains focused on securing partnerships or government grants to support its research initiatives.

Executive Commentary

CEO Jim Frakes expressed optimism about the company’s progress, stating, "I’ve never seen this much forward progress in the clinic and in the lab since I joined the company." He emphasized the company’s focus on oncology, saying, "Our focus remains almost entirely on oncology." Frakes also highlighted the need for continued fundraising efforts, noting, "We will need to keep raising money until we can take government grants or partner with a larger company."

Risks and Challenges

• Continued need for external funding and partnerships to sustain operations.
• Potential delays in clinical trials or regulatory approvals.
• Market competition in the oncology and immunotherapy sectors.
• Economic uncertainties that could affect funding opportunities.
• The challenge of demonstrating clinical efficacy and safety in trials.

Aethlon Medical’s strategic focus and operational efficiencies have positioned the company for potential growth, as evidenced by the positive market reaction. However, the company must navigate funding challenges and competitive pressures to maintain its momentum in the oncology space.

Full transcript - Aethlon Medical Inc (AEMD) Q4 2025:

Conference Operator: Good afternoon, and welcome to the Aethlon Medical Fourth Quarter Fiscal twenty twenty five Earnings and Corporate Update Conference Call. All participants will be in listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today’s presentation, there will be an opportunity to ask questions. To ask a question, you may press Please note this event is being recorded.

I would now like to turn the conference over to Jim Frakes, Chief Executive Officer and Chief Financial Officer. Please go ahead.

Jim Frakes, CEO and CFO, Aethlon Medical: Thank you, operator, and good afternoon, everyone. Welcome to Aethlon Medical’s fiscal fourth quarter twenty twenty five earnings conference call. My

Anthony Vendetti, Analyst, Maxim Group: name

Jim Frakes, CEO and CFO, Aethlon Medical: is Jim Frakes, and I am the Chief Executive Officer and Chief Financial Officer of Aethlon Medical. Now I have some bad news and some good news to report on this call. The bad news is since doctor Steven LaRosa, our chief medical officer, is out on a family vacation, you’ll have to listen to my soliloquy throughout this call. But the good news is that we made more progress advancing in the clinic with our product this period than in any quarter since I’ve been with Aethlon. At 04:15PM eastern time today, Aethlon Medical released financial results for its fiscal fourth quarter ended 03/31/2025.

If you have not seen or received Aethlon Medical’s earnings release, please visit the Investors page at www.aethlonmedical.com to view it. Following this introduction and the reading of the company’s forward looking statement disclaimer, I will provide an overview of our strategy and recent developments. I will then make some brief remarks on Aethlon’s financials. We will then open up the call for the Q and A session. Before we start the business portion of the call, please note that this news release that the news release today and this call contain forward looking statements within the meaning of the Securities Act of 1933 as amended and the Securities Exchange Act of 1934 as amended.

The company cautions you that any statement that is not a statement of historical fact is a forward looking statement. These statements are based on expectations and assumptions as of the date of this conference call. 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. 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 ks for the fiscal year ended 03/31/2025, the company’s most recent quarterly report on Form 10 Q, and in the company’s other filings with the Securities and Exchange Commission. Except this 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.

With that, we will now cover the business portion update of this call. Let me start by highlighting some key developments from fiscal year end 2025 through today. We treated the first three patients in our oncology trial using the Hemopurifier at clinical sites in Australia. We received regulatory approval in India to initiate a similar oncology study. We expanded our trial protocol to align with evolving standard of care in immunotherapy.

Our preclinical data demonstrate ninety eight point five percent removal of platelet derived extracellular vesicles or EVs in simulated Hemopurifier treatments. We’re collaborating with University of California, San Francisco or UCSF on long COVID research with findings to be presented at the upcoming Keystone Symposium. And importantly, we significantly reduced our operating expenses through streamlined operations. Now let me go into more detail on a few of these items, starting with the progress in our cancer trial in Australia. We completed Hemopurifier treatments in the first three participants enrolled in our safety feasibility and dose finding study of patients with solid tumors and responses to anti PD-one agents.

Participant number one was treated at Royal Adelaide Hospital in January 2025, while participants two and three received treatment at Royal North Shore Hospital in Sydney in June 2025. Each participant received a single four hour Hemopurifier treatment without device deficiencies or immediate complications and have now completed the prespecified seven day safety follow-up. This milestone triggers the first meeting of an independent data safety monitoring board or DSMD, which will review safety data and determine whether we can advance to the next treatment cohort. If we get the go ahead, the next group of patients will receive two Hemopurifier treatments over the course of a one week period. We expect to receive preliminary data from the first cohort in about three months.

This will include insights into how the Hemopurifier affected EV levels and antitumor T cell activity. I, like all of you, am anxious to learn what the effects of our products are on EV removal and anti tumor T cell activity from these cancer patients that were treated with our Hemopurifier. We also amended the trial protocol to allow enrollment of patients receiving combination therapies with either pembrolizumab, better known as KEYTRUDA, or nivolumab marketed as OPDIVO. That change reflects current treatment practices and should help us reach a broader patient pool. Put it in perspective, only about thirty percent of patients respond to these therapies long term.

Rumor derived EVs are thought to play a role in resistance to these treatments. The Hemopurifier is designed to bind and remove these EVs from the bloodstream, potentially improving the therapeutic response rates to anti PD-one antibody. In our preclinical studies, we’ve already seen the Hemopurifier reduce the number of the EB levels in plasma samples in cancer patients. But just to reiterate, the primary endpoint of this study is safety. We’re monitoring for any adverse events and clinically significant changes in lab tests following the Hemopurifier treatment.

The study is designed to include between nine to 18 participants, and the patients will receive between one and three Hemopurifier treatments depending on the cohort. We are also conducting exploratory analysis to understand how the number of Hemopurifier treatments impact EV levels and whether lowering EVs might help improve the body’s own natural ability to attack tumor cells. Those insights may help us shape the design of future clinical trials, including a potential premarket approval study. Turning to activities in India. On June 19, we received formal approval from India’s Central Drugs Standard Control Organization or CDSCO, India’s regulatory authority to begin a similar oncology study at Madasa Metasidhi Hospital.

That approval followed a successful meeting with a subject expert committee and prior ethics committee clearance. The trial will begin following a site initiation visit conducted by our India based CRO, Qualtran. I’d also like to share a quick update from our research lab. On May 12, we published results of a preclinical ex vivo study in BioRxiv, and we have submitted a manuscript to a peer reviewed journal for publication. In that study, we showed that the Hemopurifier using our proprietary GNA affinity resin removed 98.5% of platelet derived extracellular vesicles or PDEVs from human plasma during a time point equivalent to a four hour Hemopurifier treatment.

Excessive levels of PDEVs have been implicated in many serious conditions beyond cancer, including lupus, systematic sclerosis, multiple sclerosis, Alzheimer’s disease, sepsis and both acute and long COVID. These results reinforce the rationale behind our current oncology work and point to possible additional therapeutic applications in the future. Next, I’d like to make a few remarks about our scientific collaboration in long COVID research. Our collaboration with the UCSF long COVID clinic has been accepted for a poster presentation at the Keystone Symposium on Long COVID this August, specifically August. The study analyzed blood samples from patients with long COVID and compared them to recovered individuals to evaluate the binding of larger and smaller EVs to our lectin affinity resin.

These findings add to our growing body of evidence and support future exploration further exploration of the Hemopurifier in addressing the significant and still unmet medical need impacting an estimated forty four to forty eight million people in The US with an estimated economic burden in the billions in those with symptoms lasting for at least a year. Finally, I want to highlight the work we did this past year to streamline our operations and significantly reduce our operating costs. This wasn’t just about tightening the belt. It was about focusing our resources where we have the greatest clinical and regulatory impact. So in summary, I’ve worked at Athlon Medical for a long time, and I’ve never seen this much forward progress in the clinic and in the lab since I joined the company.

Yeah. I’m I’m very pleased with the progress. Now let’s touch briefly on the financial. As of 03/31/2025, we had a cash balance of approximately $5,500,000. Our operating operating expenses for the year came in at approximately $9,300,000.

This was a reduction of approximately $3,300,000 or 26% compared to the prior year. This decrease was largely due to lower payroll and related expenses as well as reductions in professional fees and general and administrative expenses. We did record a noncash charge that impacted the income statement. Most notably, we recognized a $4,600,000 noncash charge related to a warrant inducement office offer that we made in March 2025. We raised approximately $2,300,000 in cash through this warrant inducement offer.

This involves temporarily lowering the exercise price of existing warrants and the issuance of new warrants. Because it was a noncash charge, it did not impact the net worth on our balance sheet. For those that want to take a deeper dive into the numbers, please refer to the earnings release that we just issued or the full 10 ks annual report that we will issue following this call. Also, we recognized approximately $324,000 in other income related to the employee retention tax credit under the CARES Act and an additional $36,000 in related interest income from the IRS. The remaining expected credit was recorded as a receivable within current assets on our balance sheet.

No such amounts were recorded in the prior fiscal year. We included these earnings results and related commentary in our press release issued this afternoon. The release also included the balance sheet for 03/31/2025, and the statements of operations for the fiscal years ended March 2024. As I mentioned earlier, we will file our annual report on Form 10 ks following this call. Our next earnings call for the fiscal first quarter ending 06/30/2025, will coincide with the filing of our quarterly report on Form 10 Q in August 2025.

And now I’d be happy to answer any questions that you may have. Operator, please open the call for questions.

Conference Operator: We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then 2. At this time, we will pause momentarily to assemble our roster.

Our first question is from Marla Marin with Zacks. Please go ahead.

Marla Marin, Analyst, Zacks: Thank you. So there’s a lot a lot going on. Given that the company is involved now in conducting ongoing clinical study in Australia, upcoming, you know, in India, the long COVID initiative. Is it still right to think that the focus areas remain oncology, number one, followed by infectious disease or slash long COVID and then potentially organ transplantation.

Jim Frakes, CEO and CFO, Aethlon Medical: Hi, Marla. This is Jim. Our focus remains almost entirely on oncology. The the upcoming trial in India is virtually parallel to the Australian trial. So if if we already have Hemopurifier stationed at the hospital, the PI is an expert using the Hemopurifier.

So that remains our primary focus. We took advantage of the relationship with UC San Francisco’s long COVID unit to obtain some some precious free samples that we analyzed once we were set up for the oncology trial. So that that’s a cost effective area that’s potentially very valuable, but it’s early. We’re gonna present at that conference in August. And if there’s a possible grant situation, you know, we’ll pursue that.

But our our our main focus remains oncology.

Marla Marin, Analyst, Zacks: Okay. And when you say it’s it’s cost efficient, so there wasn’t there wasn’t significant if if, you know, if any capital outlay in order to to conduct the collaboration. And there is some, you know, potential for incoming nondilutive funds. Is that the right way to think about that?

Jim Frakes, CEO and CFO, Aethlon Medical: If we if we can land such a non dilutive grant or or contract with the government. Yeah. We’re we’re it’s still very early, Marla. You know, we’re providing some early data, you know, that’s interesting. Mhmm.

But we would have a lot of work to do. So I don’t wanna overplay that. You know, we we we were our history using viruses. If if there’s another situation where we can help, you know, we’ll be poised to do that. But I don’t want to understate how much we’re focused on my apology if it if it remains our primary.

Right. Okay.

Marla Marin, Analyst, Zacks: And then one follow-up on that, and then the one other last question. So with the first three patients having been treated in Australia, could you please remind us again of you know, you might have already said this in your prepared remarks. If you did, I apologize. But could you remind us what your the expected timeline is before you deliver some, you know, more robust data?

Jim Frakes, CEO and CFO, Aethlon Medical: Well, once the the you know, there’s an electronic data equivalent of the clipboard that used to be on patients that’s in the old days. Once that is finalized and the CI have signed off on it, they’ll be presented to the data safety and safety monitoring committee. There’s a tentative meeting set up in July. If they like everything, they’re gonna give us a green light to proceed to the next cohort, which will be two treatments per week. And at the same time, the blood samples that would be taken during the treatments and then afterwards have been sent by those hospitals to the our lab at University of Sydney, and they’ll measure the changes in EVs and T cells.

And I we expect to receive that data later on in the summer. And as I mentioned in my remarks, I I I can’t wait. I don’t know what they’ll be. Hopefully, good. But but, you know, we’ve been waiting to see that kind of information for a long time.

Marla Marin, Analyst, Zacks: Right. Got it.

Jim Frakes, CEO and CFO, Aethlon Medical: Okay. Right. Our shareholders.

Marla Marin, Analyst, Zacks: Right. And then finally, my last question is you talked about in the press release about some, you know, nonrecurring costs that were incurred in connection with the former former executive. So should we be thinking that the nonrecurring expenses are, for the time being, are are finished? We won’t be seeing additional one off cost?

Jim Frakes, CEO and CFO, Aethlon Medical: So we we we terminated three senior executives over, like, a year, and the former CEO ended the the the there was a one year payout for each of those. It has ended in November of twenty twenty four. The second one ended will will end on Monday, June 30, and the third will end in September. And I’m I’m not anticipating I’m not expecting anything more. This is probably me or our chief science officer.

We’re the only ones left with contracts like that, and I I certainly hope that’s not the case and don’t expect it will be the case. So so, yeah, long winded answer to your question. I’m I’m not expecting more of that.

Marla Marin, Analyst, Zacks: Okay. Great. Thank you.

Jim Frakes, CEO and CFO, Aethlon Medical: Thank you.

Conference Operator: The next question is from Shwai Impakula Ramakanth with H. C. Wainwright. Please go ahead.

Shwai Impakula Ramakanth, Analyst, H.C. Wainwright: Thank you. Good afternoon, Jim and. Thanks for doing this call. Sure. In in in term first first of all, congratulations on getting, you know, the the the third patient to the trial.

So based on what I heard so far, it it looks like as soon as you get the okay from the DSMB review, you potentially could be starting the the the second cohort, you know, sometime in August or something like that. So and does does the, you know, the the amended protocol comes in the effect for the second cohort, is it? So should we expect the the enrollment, you know, the next three patients the enrollment of the next three patients go much faster than the six plus months that took another for the first three? How should we think about that? And then is there after that cohort, is there another DSMB look for safety before you start the third cohort there?

I think it’s three humid two humid purifiers per week.

Jim Frakes, CEO and CFO, Aethlon Medical: So the the the first cohort that we believe we finished is one treatment per week. Just one one treatment only in one week. The second cohort will be two treatments in one week, and the third cohort will be three treatments in one week, Monday, Wednesday, Friday, or Tuesday, Thursday, Saturday. Mhmm. The DSMB will need to meet between each.

So so the one next month about going to cohort number two. And then, again, they’ll need to meet before going to cohort number three to answer that question. Okay. In terms of recruitment, we now have three hospitals recruiting. The hospital that took the longest to get running because it’s it’s larger and more bureaucratic is Genesis Healthcare in Sydney.

And the population is just so much bigger in Sydney than Adelaide or Gold Coast. I think it’s over 3,000,000 people versus 1.2 or three in Adelaide. So so many more potential patients, and we see weekly updates on recruiting, and there’s ongoing recruiting. So we’re we have a running start. We’re not just waiting until the DSMB we’re not gonna treat anybody until they approve it, but we’re we’re trying to line up patients to quickly move into that.

So there’s reason to think it should move much faster than the first cohort.

Shwai Impakula Ramakanth, Analyst, H.C. Wainwright: Okay. And is there any potential for a third hospital to be joining in Australia, or is it just these two hospitals are going to run the entire program?

Jim Frakes, CEO and CFO, Aethlon Medical: Well, we we have a third hospital in Gold Coast, which is North Of Sydney, but they have not treated any patients yet. They could. I mean, they’re they’re they’re still recruiting. I I think it’s a smaller hospital in a smaller population area.

Shwai Impakula Ramakanth, Analyst, H.C. Wainwright: Okay.

Jim Frakes, CEO and CFO, Aethlon Medical: And we’re looking at potential other hospitals. But, again, we potentially only need six more patients, best case, pre in each of it, for many two cohorts. So we have a running start. We’re moving their screening. So I there’s reason to think it should go faster.

Shwai Impakula Ramakanth, Analyst, H.C. Wainwright: Okay. And then switching geographies and going into India, so this is my understanding is it’s just one hospital, Medanta. So what what is the protocol there? Is the protocol there with the monotherapy or combination therapy? Or because now that you know you have some safety in the in the first cohort, So could you just go straight into combination therapies there?

Or what how is the protocol approved there?

Jim Frakes, CEO and CFO, Aethlon Medical: That’s a good question. Right now, it’s the original protocol as a monotherapy, and it was just approved. So that’s something to think about. But, yeah, the population that hospital is in Delhi. You know, I I don’t know what the population is, but many millions of people.

So and and it’s a very high end private hospital. So I I I think their clientele, you know, should be able to afford these expensive drugs. Let let me we don’t pay for them, but it it it’s it’s it’s it’s not a small public hospital out in the countryside. It’s it’s a big hospital Yeah. In a big city.

Shwai Impakula Ramakanth, Analyst, H.C. Wainwright: I’m aware of it.

Jim Frakes, CEO and CFO, Aethlon Medical: And the But but The the the the doctor is that’s in charge of the renal treatment side of the equation is very familiar with our technology. She’s done many, many Hemopurifier treatments, albeit in hep c patients, not oncology patients. So they are comfortable with the device and the the therapy.

Shwai Impakula Ramakanth, Analyst, H.C. Wainwright: Okay. It but it’s going to be the same. Right? So it’ll be three patients per Yep. Same.

Exactly the same. Correct. Okay. Okay. Alright.

And then the the the same thing includes there too. Like, there’s a DSMB look after every cohort similar to what you’re doing in Australia. Is that or Yeah. That’s not true? Okay.

Jim Frakes, CEO and CFO, Aethlon Medical: I believe that’s true.

Shwai Impakula Ramakanth, Analyst, H.C. Wainwright: Okay. Okay. So now that at least you know you have both the both the geographies opened up, What what are you thinking in terms of timing for this whole entire, you know, nine or, you know, 18 patients that you want to test for for this study to get done?

Jim Frakes, CEO and CFO, Aethlon Medical: Well, if we assume one patient a month for the remaining six in Australia, that would take us out here calendar year end. There would be data collection after that, writing up a report. So, you know, another quarter or two. But in terms of Australia, I think we’re looking at about nine to twelve months to be completely done, including writing the report. In India, we’ll have to see how fast it goes.

I I know we’re we’re just getting going there.

Shwai Impakula Ramakanth, Analyst, H.C. Wainwright: Okay. Okay. So so we we should we should have a decent picture, you know, in a year from now, at least from the from

Jim Frakes, CEO and CFO, Aethlon Medical: the offshore wind? I would think so. I would think so.

Shwai Impakula Ramakanth, Analyst, H.C. Wainwright: Okay. Alright. And then so with with with your current cash and with with your current run run rate I mean, the the expense run rate, so what what what is the total run rate you could you could expect from this?

Jim Frakes, CEO and CFO, Aethlon Medical: Well, like all small life science companies that doesn’t have revenues, we will need to keep raising money until we can take government grants or partner with a larger company. So but, eventually, we will need to do more equity financing. This is why your firm and other investment, I think, but make a good business in the life science sector.

Shwai Impakula Ramakanth, Analyst, H.C. Wainwright: So so in in in terms of, you know, getting a partner to the table, what what sort of data do you think will will help you get there?

Jim Frakes, CEO and CFO, Aethlon Medical: Well, hopefully, the the data from this safety study will be sufficient to partner, but only time will tell.

Shwai Impakula Ramakanth, Analyst, H.C. Wainwright: Okay.

Jim Frakes, CEO and CFO, Aethlon Medical: But I don’t think we have enough you mean, we don’t have any yet, really. So and it’s all our hypothesis with a lot of safety data.

Shwai Impakula Ramakanth, Analyst, H.C. Wainwright: Okay. Alright. Thanks. Thank you. Thanks for taking on the call.

Jim Frakes, CEO and CFO, Aethlon Medical: Thanks for your question.

Conference Operator: The next question is from Anthony Vendetti with Maxim Group. Please go ahead.

Anthony Vendetti, Analyst, Maxim Group: Thank you. Hey, Jim. Thanks. Most of my questions have been answered. But maybe just following up because it’s very recent that you received, I guess, June 19, the approval in India.

Obviously, a large population there. I know you said about one a month in Australia. Do you think once that gets up and running, the opportunity to do more than one per month there exists? Or you’d like, look, these are specialized patients shouldn’t expect more than one per month?

Jim Frakes, CEO and CFO, Aethlon Medical: It’s very possible. The the we’ve observed the the actual HP treatments in both Adelaide and Sydney, and the the you know, they’re they’re they’re basically held they’ve done in the Dialysis Suites without dialysis cartridges. Our cartridge are attached to a blood blood pumping machine, but the nurses seem comfortable with it from what we’ve seen. So I I don’t think their ability to logistically treat the patients is is a constraint. It’s more of a patient recruitment.

And I I you know, if the if the oncologists begin to feel more comfortable, I would like to think more than one a month, it’s it’s possible. I I I can’t.

Shwai Impakula Ramakanth, Analyst, H.C. Wainwright: Yeah. No. No. I see. I mean,

Jim Frakes, CEO and CFO, Aethlon Medical: can’t problem with that. I mean, I’ll I’ll I’ll be happy if we can do one a month, but there’s no reason why it could couldn’t be more.

Anthony Vendetti, Analyst, Maxim Group: Yeah. Because I think, I mean, I think the pop just comparing the populations, think, is the 10 x the population in India versus Australia.

Jim Frakes, CEO and CFO, Aethlon Medical: So Oh, yeah. My

Anthony Vendetti, Analyst, Maxim Group: you know, more education pool is what I was thinking. And

Jim Frakes, CEO and CFO, Aethlon Medical: Right. Right.

Anthony Vendetti, Analyst, Maxim Group: Right. And then, you know, you mentioned, you know, one one of the ways, obviously, equity financing, but but grant grant money too. And I think Athlon has had grant before. I was wondering if you could just talk about the landscape grant approval these days with all the changes going on as the government, is getting grants approved, a, taking longer or, b, is there just less grant money available and and therefore more difficult to get grant grant money at this point?

Jim Frakes, CEO and CFO, Aethlon Medical: Well, we haven’t had any experience with the HHS on on the grant side of things since the regime changed. Right. I I still get emails, ticklers from people in that business. So so I know it is continuing. I mean, I basically ran our DARPA.

It was, like, a $6,000,000 five year contract. So I I’m and and we’ve had three or four smaller ones with HHS in the oncology area studying exosomes. They were small, 300,000 grant. So we are familiar with them. If we can find one that aligns with our goals, I’m a 100% for it.

But but if it doesn’t align with our goals, they’re not really all that profitable. And and I would think the with the current regime that have a overhead rate that could be charged might be lower than based on what’s happened with the university research. Overhead being cut. The the the not that that’s really profit, but it’s slimmer now than it was in those days. So we’ll we’ll we’ll look.

If we can find one that aligns, I I think would be fantastic.

Anthony Vendetti, Analyst, Maxim Group: Okay. And then just last question on the on the expense side. I I know you’ve you’ve cut expenses a couple of times here. It seems like you’re you’re you’re pretty much at I’m not gonna say it’s bare bones, but but my guess is is there’s not much more to cut. You you you you know, what you have in terms of a stat is sort of what’s necessary to to keep to continue to keep operating the company.

Jim Frakes, CEO and CFO, Aethlon Medical: Correct? I I think that’s good insight. That is where we are. In fact, as activity ramps up with these oncology trials, expenses in the g and a area might go up a bit. Right.

But that’s why I cut them back because I knew with success, you know, that would ramp up a bit.

Anthony Vendetti, Analyst, Maxim Group: Okay. Great. Thank you so much. Appreciate it.

Jim Frakes, CEO and CFO, Aethlon Medical: Thanks for your help. Nice

Conference Operator: This concludes our question and answer session. I would like to turn the conference back over to Jim Frakes for any closing remarks.

Jim Frakes, CEO and CFO, Aethlon Medical: I’d like to thank you all again for joining us today to discuss our fiscal fourth quarter results, and we look forward to keeping you up to date on future calls. Thank you again. Goodbye.

Conference Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.

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