Company: AEMD
Filing Date: 2025-08-29
Form Type: S-1/A
Source: 0001683168-25-006537
Chunk: 51

Company: AETHLON MEDICAL INC
Filing Date: 2025-08-29
Form: S-1/A
Chunk 51
---
 be deemed to beneficially own the securities of the Issuer held by the Master Fund. Mr. Boyd, as the managing member of Armistice Capital, may be deemed to beneficially own the securities of the Issuer held by the Master Fund. The Master Fund specifically disclaims beneficial ownership of the securities of the Issuer directly held by it by virtue of its inability to vote or dispose of such securities as a result of its Investment Management Agreement with Armistice Capital. |
| (2) | Percentage is based                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
 on 2,598,711 shares of common stock outstanding as of August 21, 2025, assuming the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
 resale of all of the shares of common stock covered by this prospectus and giving effect to the 4.99% beneficial ownership blockers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
 in the Warrants.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| (3) | Assumes the sale of 1,550,000 shares of common stock underlying the Inducement Warrants.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

| 29 |

<div align='center'>DILUTION</div>

If you purchase our securities
in the Company Offering, you may experience dilution to the extent of the difference between the combined public offering price per share
and accompanying warrant in the Company Offering and our as adjusted net tangible book value per share immediately after the Company
Offering, assuming no value is attributed to the warrants, and such warrants are accounted for and classified as equity. Net tangible
book value per share is equal to the amount of our total tangible assets, less total liabilities, divided by the number of outstanding
shares of our common stock. As of June 30, 2025, our net tangible book value was approximately $3,423,100, or approximately $1.32
per share.

After giving effect to
the assumed sale by us of 4,566,210 shares of our common stock (assuming no pre-funded warrants in lieu of common stock are issued)
and warrants to purchase up to 4,566,210 shares of our common stock in this offering at an assumed combined public offering price of
$ 2.19 per share and accompanying warrant (the last reported sale price of our common stock on The Nasdaq Capital Market on August 21,
2025), assuming no exercise of the warrants or the placement agent’s warrant and after deducting the placement agent fees and estimated
offering expenses