Detailed financial statements for Aethlon Medical, Inc. (AEMD): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Aethlon Medical, Inc. operates as a medical technology enterprise, dedicated to innovating solutions for the diagnosis and treatment of life-threatening and organ-jeopardizing diseases within the United States. Central to its pipeline is the Aethlon Hemopurifier, a clinical-stage immunotherapeutic device. This device is engineered to clear the human circulatory system of detrimental tumor-derived exosomes and perilous viruses.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.43, AEMD has negative trailing earnings (P/E not meaningful) and an ROE of -123.09%. Market capitalisation stands at $1M.
Balance sheet quality for AEMD: current ratio of 3.8, net cash position of $4.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $392073 | $149625 | $229625 | $650187 | $659104 | $294165 | $574245 | 0 | 0 | 0 |
| Cost of Revenue | 0 | $2.63B | $3.08B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | -$3.09B | -$2.49B | -$2.85B | $650187 | $659104 | $294165 | $574245 | 0 | 0 | 0 |
| Research & Development | $673000 | $586000 | $896000 | $927000 | $2.1M | $2.3M | $2.7M | $2.5M | $2.2M | $1.9M |
| Selling, General & Admin | $6.5M | $5.0M | $6.2M | $6.6M | $8.6M | $10.7M | $12.5M | $12.6M | $9.3M | $7.3M |
| Operating Expenses | $6.5M | $5.0M | $6.2M | $6.6M | $8.6M | $10.7M | $12.5M | $12.6M | $9.3M | $7.3M |
| Operating Income | -$6.1M | -$4.8M | -$6.0M | -$5.9M | -$7.9M | -$10.4M | -$11.9M | -$12.6M | -$9.3M | -$7.3M |
| EBITDA | -$7.0M | -$5.3M | -$6.0M | -$5.9M | -$7.9M | -$10.3M | -$11.8M | -$11.8M | -$13.0M | -$6.8M |
| Interest Expense | $304330 | $361597 | $220487 | $54232 | $1580 | 0 | 0 | 0 | $10109 | $14372 |
| Pre-tax Income | -$7.3M | -$5.7M | -$6.2M | -$6.4M | -$7.9M | -$10.4M | -$12.0M | -$12.2M | -$13.4M | -$7.2M |
| Income Tax | 0 | 0 | -$24785 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$7.3M | -$5.7M | -$6.2M | -$6.4M | -$7.9M | -$10.4M | -$12.0M | -$12.2M | -$13.4M | -$7.2M |
| EPS | $0.00 | $0.00 | $0.00 | $0.00 | $-521.81 | $-564.68 | $-468.60 | $-388.67 | $-85.77 | $-10.61 |
| EPS (Diluted) | $0.00 | $0.00 | $0.00 | $0.00 | $-521.81 | $-564.68 | $-468.60 | $-388.67 | $-85.77 | $-10.61 |
| Shares Outstanding (Diluted) | 0 | 0 | 0 | 0 | $15114 | $18446 | $25672 | $31410 | $156085 | $673945 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.6M | $7.0M | $3.8M | $9.6M | $9.9M | $17.1M | $14.5M | $5.4M | $5.5M | $5.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | $74813 | 0 | $206729 | $149082 | $127965 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.6M | $7.2M | $4.0M | $10.0M | $10.4M | $18.2M | $15.1M | $6.2M | $5.9M | $5.6M |
| Property, Plant & Equipment | $29223 | $27552 | $6021 | $276910 | $201339 | $1.1M | $2.3M | $1.9M | $1.3M | $664642 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $84996 | $75832 | $66668 | $57504 | $56954 | $2200 | $1650 | $1100 | $550 | 0 |
| Total Assets | $1.7M | $7.4M | $4.1M | $10.4M | $10.7M | $19.4M | $17.5M | $8.2M | $7.4M | $6.3M |
| Accounts Payable | $484423 | $124450 | $131931 | $285036 | $337678 | $499962 | $432890 | $777862 | $534524 | $384550 |
| Short-term Debt | 0 | 0 | $962301 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $611756 | $477957 | $1.8M | $1.1M | $1.4M | $1.8M | $1.5M | $1.8M | $1.9M | $1.4M |
| Long-term Debt | $519200 | $841153 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $1.1M | $1.3M | $1.8M | $1.1M | $1.4M | $2.4M | $2.4M | $2.5M | $2.2M | $1.4M |
| Retained Earnings | -$93.8M | -$99.5M | -$105.7M | -$112.0M | -$119.9M | -$130.3M | -$142.4M | -$154.6M | -$168.0M | -$175.1M |
| Total Equity | $676379 | $6.1M | $2.4M | $9.4M | $9.4M | $17.1M | $15.1M | $5.8M | $5.1M | $4.9M |
| Total Debt | $519200 | $841153 | $962301 | $141097 | $42543 | $729410 | $1.2M | $940316 | $649751 | $336718 |
| Net Debt | -$1.0M | -$6.1M | -$2.9M | -$9.5M | -$9.8M | -$16.3M | -$13.3M | -$4.5M | -$4.9M | -$4.7M |
| Working Capital | $985496 | $6.8M | $2.2M | $9.0M | $9.0M | $16.3M | $13.6M | $4.4M | $4.1M | $4.1M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$7.3M | -$5.7M | -$6.2M | -$6.4M | -$7.9M | -$10.4M | -$12.0M | -$12.2M | -$13.4M | -$7.2M |
| Depreciation & Amortization | $32413 | $35658 | $30695 | $26366 | $39939 | $123685 | $240892 | $359057 | $339559 | $323653 |
| Stock-based Compensation | $2.2M | $1.3M | $1.3M | $843998 | $779421 | $750621 | $1.1M | $1.2M | $415234 | $278547 |
| Change in Working Capital | $457626 | -$293657 | $435877 | -$115003 | $309690 | -$251110 | $65339 | $478659 | $93694 | -$743149 |
| Operating Cash Flow | -$3.5M | -$3.9M | -$4.3M | -$5.2M | -$6.8M | -$9.8M | -$10.5M | -$10.1M | -$7.6M | -$7.0M |
| Capital Expenditure | -$16433 | -$24823 | 0 | -$151665 | -$59881 | -$349193 | -$943109 | -$250867 | $2 | -$3704 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$378518 | -$278633 | -$193866 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$3.5M | -$3.9M | -$4.3M | -$5.3M | -$6.8M | -$10.1M | -$11.4M | -$10.4M | -$7.6M | -$7.0M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -61.8% | +53.5% | +183.2% | +1.4% | -55.4% | +95.2% | -100.0% | |||
| Net Income Growth (YoY) | +21.9% | -9.1% | -2.9% | -23.7% | -32.1% | -15.5% | -1.5% | -9.7% | +46.6% | |
| EPS Growth (YoY) | -8.2% | +17.0% | +17.1% | +77.9% | +87.6% | |||||
| Shares Change (YoY) | +22.0% | +39.2% | +22.4% | +396.9% | +331.8% | |||||
| FCF Growth (YoY) | -11.7% | -9.1% | -24.6% | -27.6% | -48.2% | -13.2% | +9.3% | +26.3% | +8.4% | |
| Gross Margin | -787423.3% | -1661027.2% | -1242674.4% | 100.0% | 100.0% | 100.0% | 100.0% | |||
| Operating Margin | -1555.3% | -3228.7% | -2612.5% | -912.0% | -1197.3% | -3542.5% | -2072.0% | |||
| EBITDA Margin | -1777.7% | -3544.2% | -2599.0% | -908.0% | -1191.2% | -3500.5% | -2052.9% | |||
| Net Margin | -1855.8% | -3796.2% | -2697.9% | -980.3% | -1196.6% | -3540.9% | -2094.9% | |||
| FCF Margin | -898.4% | -2630.2% | -1869.8% | -822.7% | -1035.5% | -3439.0% | -1993.6% | |||
| Effective Tax Rate | -0.0% | -0.0% | 0.4% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-451.56 | $-548.43 | $-445.94 | $-330.49 | $-48.98 | $-10.39 | ||||
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||
| Shares Outstanding (Basic) | 0 | 0 | 0 | 0 | $15000 | $18000 | $25000 | $31000 | $156000 | $673000 |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -123.09% |
| Return on Invested Capital | -127.19% |
| Return on Assets | -111.26% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.07 |
| Current Ratio | 5.42 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -34.28 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 0.00 | 0.00 | 0.00 | 0.00 | -15.56 | -10.34 | -3.27 | -1.78 | -1.67 | -1.03 |
| P/B | 0.00 | 0.00 | 0.00 | 0.00 | 12.92 | 6.14 | 2.54 | 3.72 | 4.36 | 1.51 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 184.80 | 357.35 | 66.61 | 0.00 | 0.00 | 0.00 |
| Gross Margin | -787423.3% | -1661027.2% | -1242674.4% | 100.0% | 100.0% | 100.0% | 100.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | -1555.3% | -3228.7% | -2612.5% | -912.0% | -1197.3% | -3542.5% | -2072.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | -1855.8% | -3796.2% | -2697.9% | -980.3% | -1196.6% | -3540.9% | -2094.9% | 0.0% | 0.0% | 0.0% |
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Explore sector: Healthcare · Medical - Devices
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