Company: AEMD
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001683168-25-006049
Chunk: 20

Company: AETHLON MEDICAL INC
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 1
Chunk 20
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 testing, design iterations, and personnel expenses associated with research activities. These expenses may appear across different
financial statement line items—such as general and administrative expense, professional fees, or payroll—but are monitored
internally by the CODM as a single category.

  ²
  General and administrative expenses encompass overhead, clinical trial-related administrative and planning expenses, and certain manufacturing-related
costs such as raw materials. These costs are not broken down further for internal reporting purposes and are reviewed as a whole.

  ³
  Cash used in operating activities is the key internal performance metric tracked by the CODM to evaluate development progress, cash needs,
and investment strategy in the absence of commercial revenue.

The Company does not allocate assets to operating segments, nor does the
CODM evaluate performance using a segment profit or loss measure. There were no changes in the internal reports provided to or reviewed
by the CODM during the periods presented.

Entity-Wide Information

·The Company did not recognize revenue during the three months ended June
30, 2025.

·All long-lived assets are located in the United States.

·A significant portion of clinical trial activity is conducted through the
Company’s wholly owned subsidiary in Australia.

12. SUBSEQUENT EVENTS

Management has evaluated events subsequent to June
30, 2025 through the date that the accompanying consolidated financial statements were filed with the SEC for transactions and other events
which may require adjustment of and/or disclosure in such financial statements.

 17 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion of our financial condition
and results of operations should be read in conjunction with, and is qualified in its entirety by, the condensed consolidated financial
statements and notes thereto included in Item 1 in this Quarterly Report on Form 10-Q. Some of the information contained in this discussion
and analysis or set forth elsewhere in this Quarterly Report, including information with respect to our plans and strategy for our business,
includes forward-looking statements that involve risks and uncertainties. For a complete discussion of forward-looking statements, see
the section above entitled “Cautionary Notice Regarding Forward Looking Statements.”

Overview

Aethlon Medical, Inc., or Aethlon, the Company, we
or us, is a medical therapeutic company focused on developing the Hemopurifier® (HP), a clinical-stage immunotherapeutic device intended
for applications in cancer, life-threatening viral infections, and organ transplantation and other areas