Company: AEMD
Filing Date: 2025-07-25
Form Type: DRS
Source: 0001683168-25-005397
Chunk: 52

Company: AETHLON MEDICAL INC
Filing Date: 2025-07-25
Form: DRS
Chunk 52
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 and accompanying warrant remains the same, after deducting the placement agent
fees and estimated offering expenses payable by us. The information discussed above is illustrative only and will adjust based on the
actual public offering price, the actual number of shares of common stock and accompanying warrants sold in this offering and other terms
of this offering determined at pricing.

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The discussion and table above
assume (i) no exercise of the placement agent’s warrant or the warrants issued in this offering and (ii) no sale of pre-funded
warrants in this offering.

We may choose to raise additional
capital due to market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating
plans. To the extent that additional capital is raised through the sale of equity or convertible debt securities, the issuance of these
securities could result in further dilution to our stockholders.

The table and discussion above are based on [__]
shares of our common stock outstanding as of March 31, 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 $22.34 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 $20.09 per share.     |

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<div align='center'>DESCRIPTION OF CAPITAL STOCK</div>

The following description
of our capital stock is intended as a summary only and therefore is not a complete description of our capital stock. This description
is based upon, and is qualified in its entirety by reference to, our articles of incorporation, our bylaws and applicable provisions of
Nevada corporate law. You should read our articles of incorporation and bylaws, which have been publicly filed with the SEC, for the provisions
that are important to you.

Authorized Capital Stock

Our authorized capital consists
of 60,000,000 shares of common stock, par value $0.001 per share. As of July [__], 2025, there were [__] shares
of common stock issued and outstanding.

Common Stock

The holders of our common
stock are entitled