Company: AEMD
Filing Date: 2025-08-29
Form Type: S-1/A
Source: 0001683168-25-006537
Chunk: 38

Company: AETHLON MEDICAL INC
Filing Date: 2025-08-29
Form: S-1/A
Chunk 38
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 Capital Market under the symbol “AEMD.”                                                                                                                                                                                               |
| Risk Factors        | An investment in our securities involves a high degree of risk. See the section entitled “Risk Factors” of this prospectus and the similarly titled sections in the documents incorporated by reference into this prospectus.                                                  |
| Lock-up             | We along with and our officers, and directors have agreed with the placement agent, to not offer for sale, issue, sell, pledge or otherwise dispose of any common stock or securities convertible into common stock for a period of 60 days after the date of this prospectus. |

The number of shares of
our common stock to be outstanding after this offering is based on 2,598,711 shares of common
stock outstanding as of August 21, 2025 and excludes as of such date:

| · | 6,546 shares of common                                                                                                                
 stock issuable upon the exercise of outstanding stock options under our equity incentive plan at a weighted-average exercise price    
 of $130.52 per share;                                                                                                                 |
| · | 53,574 shares of common                                                                                                               
 stock issuable pursuant to outstanding restricted stock units;                                                                        |
| · | 319,518 shares of common                                                                                                              
 stock reserved for future issuance under our equity incentive plan; and                                                               |
| · | 2,129,187 shares of                                                                                                                   
 common stock reserved for issuance upon the exercise of outstanding warrants at a weighted-average exercise price of $3.44 per share. |

| 20 |

<div align='center'>RISK FACTORS</div>

Investing in our securities involves a high degree of risk. You should consider carefully the risks described below, together with all of the other information included or incorporated by reference in this prospectus, including the risks and uncertainties discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended March 31, 2025, which has been filed with the SEC and is incorporated by reference in this prospectus, as well as any updates thereto contained in subsequent filings with the SEC or any free writing prospectus, before deciding whether to purchase our securities in this offering. All of these risk factors are incorporated herein in their entirety. The risks described below and incorporated by reference are material risks currently known, expected or reasonably foreseeable by us. However, the risks described below are not the only ones that we face. Additional risks not presently known to us or that we currently deem immaterial may also affect our business, operating results, prospects or