Company: AEMD
Filing Date: 2025-07-25
Form Type: DRS
Source: 0001683168-25-005397
Chunk: 37

Company: AETHLON MEDICAL INC
Filing Date: 2025-07-25
Form: DRS
Chunk 37
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 pledge or otherwise dispose of any common stock or securities convertible into common   
 stock for a period of 90 days after the date of this prospectus.                                                                             |

The number of shares of our
common stock to be outstanding after this offering is based on [__] shares of common stock outstanding as of July [__], 2025 and excludes
as of such date:

| · | [__] shares of common stock issuable upon the                                                                                  
 exercise of outstanding stock options under our equity incentive plan at a weighted-average exercise price of $[__] per share; |
| · | [__] shares of common stock issuable pursuant                                                                                  
 to outstanding restricted stock units;                                                                                         |
| · | [__] shares of common stock reserved for future                                                                                
 issuance under our equity incentive plan; and                                                                                  |
| · | [__] shares of common stock reserved for issuance                                                                              
 upon the exercise of outstanding warrants at a weighted-average exercise price of $[__] per share.                             |

| 18 |

<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 financial condition. If any of these risks actually materialize, our business, prospects, financial condition, and results of operations could be seriously harmed. This could cause the trading price of our common stock and the value of the warrants to decline, resulting in a loss of all or part of your investment.

Risks Relating to Our Financial Position and Need for Additional Capital

We have incurred significant losses and expect to continue to incur losses for the foreseeable future.

We have never been profitable.
We did not generate any revenue during