Company: AEMD
Filing Date: 2025-09-05
Form Type: 424B4
Source: 0001683168-25-006701
Chunk: 33

Company: AETHLON MEDICAL INC
Filing Date: 2025-09-05
Form: 424B4
Chunk 33
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 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 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 the fiscal years ended March 31, 2025 and March 31, 2024. In prior fiscal years we did record
revenue from government contracts. We do not currently have any research grants or contracts. It is possible that we may not be able
to enter into future government contracts. Future profitability, if any, will require the successful commercialization of our Hemopurifier
technology or any other product that we develop or from additional government contract or grant income we may obtain. We may not be able
to successfully commercialize the Hemopurifier or any other products, and even if commercialization is successful, we may never be profitable.
While we currently have over