Aethlon Advances Trial, Eyes SLAMB Integration — Cash and Costs in Check

Date of Call: Feb 12, 2026

Business Commentary:

Clinical Trial Progress:

• Aethlon Medical has completed 2 Hemopurifier treatments in 2 participants in the second cohort of its Australian oncology trial, with a third patient expected to be treated by the end of February.
• The company is targeting late March for a Data Safety Monitoring Board meeting to review safety data and decide on advancing to the third cohort.
• The progress is attributed to the ongoing enrollment and treatment process, supported by external groups for participant screening and referral.

Financial Performance and Cost Management:

• Operating expenses for the quarter increased to $2.06 million, up 13.6% from the same period last year.
• However, operating expenses for the 9-month period decreased by 27% to $5.36 million.
• The company attributes the improvement to disciplined cost control, with lower payroll, general and administrative costs, and professional fees.

R&D and Platform Expansion:

• Aethlon is evaluating Hemopurifier compatibility with a simplified blood treatment system (SLAMB), which could expand clinical and commercial flexibility.
• The company is also expanding its research platform to include extracellular vesicle studies for various indications like lupus, rheumatoid arthritis, and cardiovascular diseases.
• These efforts are driven by the potential for the Hemopurifier to be a multi-indication therapeutic and to explore additional EV cargo removal possibilities.

Cash Position and Strategic Focus:

• As of December 31, 2025, Aethlon Medical reported a cash balance of approximately $7 million.
• The company is focused on advancing the Hemopurifier platform with disciplined clinical execution and capital management.
• The cash position supports ongoing R&D and cost management initiatives, allowing the company to continue its strategic focus on oncology and other potential therapeutic areas.

Sentiment Analysis:

Overall Tone: Positive

• "Ongoing progress has been made in our Australian oncology trial." "The progress is picking up on that front too." "We have a number of these folks lined up." "This is really exciting." "We remain focused on advancing the Hemopurifier platform."

Q&A:

• Question from Marla Marin (Zacks Investment Research, Inc.): You've moved on in the trial to Cohort 2. Is the participant involved for the same length of time, with two treatments instead of one?
  Response: Yes, the follow-up period is the same, but treatments are given on Monday and Friday to study EV kinetics and potential longer-lasting effects.

• Question from Marla Marin (Zacks Investment Research, Inc.): How does the SLAMB system compatibility research potentially open new doors for the Hemopurifier?
  Response: It would allow treatment in oncology units or infusion centers using a less invasive single-lumen catheter, removing reliance on dialysis units and nephrologists.

• Question from Marla Marin (Zacks Investment Research, Inc.): Is the company's R&D and operating cost approach consistent with its cost-effective strategy?
  Response: Yes, they are advancing work in-house, limiting outside labs, and focusing on the oncology trial while keeping costs down.

• Question from Jeremy Pearlman (Maxim Group LLC, Research Division): What is the time frame for the Data Safety Monitoring Board's response after the late March meeting?
  Response: A decision is typically received same day or next business day following the meeting.

• Question from Jeremy Pearlman (Maxim Group LLC, Research Division): How quickly could you enroll patients for the third cohort if the DSMB advances you?
  Response: There is an existing pool of pre-screened potential participants, allowing for rapid enrollment and initiation of the third cohort.

• Question from Jeremy Pearlman (Maxim Group LLC, Research Division): Why was a 5-day gap chosen between treatments in Cohort 2, and could extending it be more beneficial?
  Response: The design is informed by literature suggesting 2-3 treatments per week are needed to keep EV numbers down; the study will determine the optimal regimen.

• Question from Jeremy Pearlman (Maxim Group LLC, Research Division): Are there regulatory hurdles to integrating the Hemopurifier with the SLAMB system?
  Response: The SLAMB system is not yet FDA approved; both parties will need to complete submissions and likely conduct treatments with the combined system.

• Question from Swayampakula Ramakanth (H.C. Wainwright & Co, LLC, Research Division): Are the patients in Cohort 2 new, and is Cohort 3 still needed?
  Response: Cohort 2 patients are entirely new. Cohort 3 is likely needed to investigate if 3 treatments could be superior to 2, as suggested by prior data.

• Question from Swayampakula Ramakanth (H.C. Wainwright & Co, LLC, Research Division): Could the SLAMB system integration cause different EV capture due to flow dynamics, and will it speed up trials?
  Response: Experiments will check compatibility and EV capture, but it is not expected to accelerate the current or next trial.

• Question from Swayampakula Ramakanth (H.C. Wainwright & Co, LLC, Research Division): Is there a possibility of restarting a clinical trial in India?
  Response: No, the focus is on completing the Australian trial first; an emergency use situation in India is possible but not a safety trial.

Contradiction Point 1

Follow-up Period for EV and T Cell Data in Cohort 2

Inconsistent statements about the duration of follow-up data collection for Cohort 2.

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2026Q3: The follow-up period is the same. - Steven Larosa(CMO)

In the Australian oncology trial, does Cohort 2 receive Hemopurifier twice instead of once (as in Cohort 1) with the same observation period? - Xun Lee (H.C. Wainwright, for RK)

20251113-2026 Q2: No, the EV and T cell data collection for Cohort 2 will also go out to a maximum of 8 weeks post-treatment, just like Cohort 1. - Steven Larosa(CMO)

Contradiction Point 2

Regulatory Status and Development Path for the SLAMB System

Conflicting information about the regulatory approval status of the SLAMB system.

What are your key takeaways from the company's latest earnings report? - Swayampakula Ramakanth (H.C. Wainwright & Co, LLC)

2026Q3: The SLAMB system is not yet FDA-approved. The company working on it (Stavro) is preparing its submission. - Steven Larosa(CMO)

Will integrating with the SLAMB system face regulatory hurdles, and would compatibility with an already-approved device be sufficient or require additional safety tests? - Marla Marin (Zacks)

20251113-2026 Q2: The SLAMB system would replace the large, invasive double-lumen dialysis catheter with a smaller, single-lumen catheter... This would remove the current reliance on nephrologists and dialysis infrastructure. - Steven Larosa(CMO)

Contradiction Point 3

Timeline and Decision-Making for Advancing Clinical Trial Cohorts

The expected speed of DSMB response and trial progression appears inconsistent.

What are your thoughts on the earnings report? - Jeremy Pearlman (Maxim Group LLC)

2026Q3: Historically, the DSMB has provided a decision (via a signed document) within a couple of hours after their closed session, either on the same day or the next business day. - Steven Larosa(Chief Medical Officer)

After treating the third patient by end of February and presenting safety data in late March, how quickly will the DSMB decide to advance to Cohort 3 or expand Cohort 2? - Jeremy Pearlman (Maxim Group LLC)

2026Q2: Approval to move to Cohort 2 was roughly 4 months ago. Why has recruitment taken so long... - Steven Larosa(Chief Medical Officer) [Implied delay in decision-making and enrollment, contrasting with the rapid DSMB decision speed stated in Q3]

Contradiction Point 4

Timeline for Sharing Clinical Data/Observations

Contradiction on when key trial observations will be available.

What are your thoughts on the earnings report? - Marla Marin (Zacks Investment Research, Inc.)

2026Q3: The company is making progress, particularly in the oncology trial, where two out of three likely patients in Cohort 2 have been treated. - James Frakes(CEO/CFO/CAO/Secretary/Director)

Are all activities, including preclinical research such as Long COVID studies, consistent with the company's cost-effective approach? - Swayampakula Ramakanth (H.C. Wainwright & Co, LLC)

2026Q1: Observations from the first cohort are expected in September. However, the trial is designed to determine the optimal dose... The jury on dosing won't be out until all three cohorts are completed. - Steven P. LaRosa(CMO)

Contradiction Point 5

Strategic Focus and Decision on India Trial

Contradiction on whether a parallel India trial was a strategic distraction or had a specific purpose.

What is your response to Swayampakula Ramakanth from H.C. Wainwright & Co, LLC? - Swayampakula Ramakanth (H.C. Wainwright & Co, LLC)

2026Q3: The focus is entirely on completing and executing the current trial in Australia. Initiating a new safety feasibility trial in India would be a distraction and is not planned. - James Frakes(CEO/CFO/CAO/Secretary/Director) & Steven Larosa(CMO)

Is a clinical trial in India still possible to accelerate progress, or is the focus exclusively on Australia? - Marla Marin (Zacks Investment Research, Inc.)

2026Q1: The decision to not proceed with the India trial was strategic (and cost-saving). What does this imply for future cash needs and timing? - James B. Frakes(CEO & CFO)