AEMD

Aethlon is a clinical-stage company with no commercial product and effectively no revenue — $0 in FY2024 and nothing reported for FY2025/2026 — living entirely on the promise of its Hemopurifier device. The financials describe a company being kept alive, not a business: FY2026 net loss of -$7.15M, operating loss of -$7.29M, operating cash flow of -$7.00M, and an accumulated deficit of -$175M. The one 'improvement' — net loss narrowing 46.6% YoY to -$7.15M — reflects spending cuts (R&D down 13.6%, India trial abandoned 'to conserve resources') far more than progress toward revenue, and ROE of -146% simply reflects burning a shrinking equity base.

The balance sheet is clean but thin, and that is the crux. Liabilities/equity is only 0.30x with just $1.45M of total liabilities, but cash is only $5.03M against a ~$7M annual operating burn — roughly eight to nine months of runway from the FY2026 (period 2026-03-31) balance date. With shares outstanding at just 2.37M and diluted EPS of -$10.61, the company has plainly already done a large reverse split, and at a $0.71 price the equity is worth under ~$2M. Any raise to bridge the funding gap would be enormously dilutive to a micro-float already sitting near lows — the classic penny-stock death spiral, and a live delisting risk.