Aethlon Medical, Inc. Q2 FY2026 earnings call

Clinical Update

• Ongoing progress in Australian oncology trial of Hemopurifier in solid tumor patients not responding to PD-1 immunotherapy. Completed Cohort 1 with 3 participants, no device deficiencies or immediate complications. Independent data safety monitoring board recommended advancing to Cohort 2 where participants receive two Hemopurifier treatments in a week. Implemented 3-pronged strategy to accelerate enrollment: virtual investigator meeting, working with CRO to add sites, engaging Trialfacts for advertising and prescreening.
• Exploratory analyses on Cohort 1: Decreases in large EVs, platelet-derived EVs, EVs carrying PD-L1, and microRNAs in some participants. Improvements in immunotherapy-related lab ratios and T cell subsets observed.### Preclinical R&D
• Presented data at Keystone Symposium on Long COVID, showing EVs from Long COVID patients bind to Hemopurifier's lectin. Focused on studying EV cargo from Long COVID samples, preparing manuscript for submission. Signed MTA to study compatibility of Hemopurifier with simplified system for future use in oncology units.### Financials
• Cash balance as of Sep 30, 2025: ~$5.8 million. Operating expenses for Q2 2026: ~$1.5 million, down 48% from Q2 2024. Decreases in payroll, general and administrative, and professional fees. Operating loss decreased to $1.5 million from $2.8 million in prior year.

• Risks associated with forward-looking statements as per SEC filings. Challenges in patient recruitment for the Australian oncology trial due to the novel nature of the treatment and explaining the trial to patients.

Q: How much will potential participants understand about positive responses in Cohort 1 for Cohort 2 recruitment?

A: During virtual investigator meeting, investigators were briefed on observations in Cohort 1, and discussions were held on how to describe the trial to patients.

Q: Any sense of subsequent performance of Cohort 1 participants?

A: Observations were based on labs up to 8 weeks, no subsequent EV or T cell data expected, and clinical follow-up not an endpoint.

Q: What to look for in Cohort 2 results?

A: Tolerance of two treatments, more profound EV decreases, increased T cell changes, and reproducibility of Cohort 1 findings.

Q: Thoughts on other indications and future publications?

A: Focused on resources, expect preprint on Long COVID data soon, with data submitted to peer-reviewed journal.

Q: Government funding considerations?

A: Interested in government contracts aligned with goals, but need to dovetail well with strategic priorities.

Q: Reasons for slow Cohort 2 recruitment?

A: Novelty of the treatment, explaining to cancer patients, and time points for sample collection.

Q: Time line for Cohort 2 completion?

A: Targeting one patient per month, accounting for summer slowdown in Australia, but using initiatives to ramp up enrollment.

Q: Interpretation of Cohort 1 data on EVs and T cells?

A: Directionally positive changes, but cautious with 3-patient sample size, expecting reproducibility in Cohort 2.

Q: EV levels post-treatment in Cohort 1?

A: Decreases during treatment, rebounded over weeks, expected as EVs are produced continuously.

Q: Follow-up duration for Cohort 2 EV and T cell data?

A: EV and T cell data only goes out to post-treatment week 8.