Company: AEMD
Filing Date: 2025-08-20
Form Type: S-1
Source: 0001683168-25-006352
Chunk: 51

Company: AETHLON MEDICAL INC
Filing Date: 2025-08-20
Form: S-1
Chunk 51
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,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 $[__], or approximately $[__] per share.

After giving effect to the assumed
sale by us of shares of our common stock
(assuming no pre-funded warrants in lieu of common stock are issued) and warrants to purchase up to
shares of our common stock in this offering at an assumed combined public offering price of $ per
share and accompanying warrant (the last reported sale price of our common stock on The Nasdaq Capital Market on ,
2025), assuming no exercise of the warrants or the placement agent’s warrant and after deducting the placement agent fees and estimated
offering expenses payable by us, our as adjusted net tangible book value as of June 30, 2025 would have been approximately $ million,
or approximately $ per share. This represents an immediate increase
in net tangible book value of $ per share to existing stockholders
and an immediate dilution of $ per share to new investors purchasing
shares of our common stock and accompanying warrants in this offering, attributing none of the assumed combined public offering price
to the warrants offered hereby. The following table illustrates this per share dilution:

| Assumed combined public offering price per share and accompanying warrant 
 Net tangible book value per share as of June 30, 2025                     |     |     | [__] |     |   |
|:--------------------------------------------------------------------------|:----|:----|:-----|:----|:--|
| Increase in net tangible book value per share after this offering         |     |     |      |     |   |
| As adjusted net tangible book value per share after this offering         |     |     |      |     |   |
| Dilution per share to new investors                                       |     |