Company: AEMD
Filing Date: 2025-09-05
Form Type: 424B4
Source: 0001683168-25-006701
Chunk: 45

Company: AETHLON MEDICAL INC
Filing Date: 2025-09-05
Form: 424B4
Chunk 45
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     |              | 7.11% |

| (1) | Armistice Capital,                                                                                                                      
 LLC (“Armistice Capital”) is the investment manager of Armistice Capital Master Fund Ltd. (the “Master Fund”),                          
 the direct holder of the Shares, and pursuant to an Investment Management Agreement, Armistice Capital exercises voting and investment  
 power over the securities of the Issuer held by the Master Fund and thus may 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 5,000,000 shares of our common stock (including the pre-funded warrants in lieu of common stock) and warrants to purchase
up to 5,000,000 shares of our common stock in this