Aethlon Medical Inc (AEMD) Q3 2025 Earnings Report

- Profitability: net loss of $1.755 million; EPS -$0.13 for QQ3 2025. YoY and QoQ improvements in operating income and net income are implied by the earnings metrics provided, with YoY operating income up ~49.1% and YoY net income up ~49.4% (per the earnings metrics section, noting negative base effects).
- Cash flow and liquidity: net cash used in operating activities of $2.010 million; free cash flow of $-2.012 million; cash at end of period approximately $4.912 million; operating cash flow was negative at $-2.011 million for the quarter.
- Balance sheet health: total assets $6.526 million; total liabilities $2.191 million; total stockholders’ equity $4.334 million; cash and cash equivalents ~$4.825 million; net debt around $(4.101) million (i.e., net cash position when including debt).
- Leverage and efficiency: current ratio 2.77; debt-to-equity 0.167; price-to-book ~0.0028; equity base significantly depressed by accumulated deficit, but tangible liquidity supports near-term operations.
- Working programs: no revenue recognition yet; ongoing Australian oncology trial with three enrolled patients; third site expected to initiate enrollment in Sydney in February 2025, with India trials under consideration/approval process. Management emphasizes cost discipline and strategic trial focus as the path to longer-term value.