Aethlon Medical Announces Second Quarter Fiscal Year 2019 Results

SAN DIEGO, Nov. 6, 2018 /PRNewswire/ -- Aethlon Medical, Inc. (Nasdaq: AEMD), a therapeutic technology company focused on unmet needs in global health, today announced results for its fiscal second quarter ended September 30, 2018.

Second Quarter Financial Results

The Company's net loss was approximately $1.4 million, or $(0.08) per share for the three months ended September 30, 2018 compared to a net loss of approximately $1.3 million, or $(0.14) per share for the three months ended September 30, 2017.

At September 30, 2018, the Company had a cash balance of approximately $5.1 million.

Consolidated operating expenses for the three months ended September 30, 2018 were approximately $1.35 million in comparison with $1.24 million for the comparable period a year ago. This increase of approximately $110,000, was due to increases in payroll and related expenses of $54,000, in general and administrative expenses of $37,000 and in professional fees of $20,000.

The $54,000 increase in payroll and related expenses was primarily due to a $53,000 increase in stock-based compensation.

The $37,000 increase in general and administrative expenses was primarily due to approximately $79,000 of clinical trial expenses associated with the exosome trial at University of California Irvine, which was partially offset by reductions in a number of additional expenses.

The $20,000 increase in our professional fees was due to a $50,000 increase in our Board fees due to the recent expansion of our Board, a $12,000 increase in ESI's legal fees related to patent work, a $7,000 increase in scientific consulting fees, and a $7,000 increase in our marketing and investor relations fees. Those increases were partially offset by a $43,000 decrease in our legal fees and a $13,000 decrease in our accounting fees.

The Company had other expense of approximately $55,000 in the three months ended September 30, 2018 compared to other expense of approximately $72,000 in for three months ended September 30, 2017.

The unaudited condensed consolidated balance sheet for September 30, 2018 and the unaudited condensed consolidated statements of operations for the three and six months ended September 30, 2018 and 2017 follow at the end of this release.

Conference Call

Aethlon will hold a conference call for investors today, Tuesday, November 6, 2018 at 1:30 p.m. PT (4:30 p.m. ET).

To listen to the call by phone, interested parties within the U.S. should call 1-844-836-8741 and international callers should call 1-412-317-5442. All callers should ask for the Aethlon Medical Inc., conference call.

A replay of the call will be available approximately one hour after the end of the call through November 13, 2018. The replay can be accessed via Aethlon Medical's website or by dialing 1-877-344-7529 (domestic) or 1-412-317-0088 (international) or Canada Toll Free at 1-855-669-9658. The replay conference ID number is 10126044.

About Aethlon Medical, Inc.

Aethlon Medical is focused on addressing unmet needs in global health.  The Aethlon Hemopurifier┬« is a clinical-stage immunotherapeutic device designed to combat cancer and life-threatening viral infections. In cancer, the Hemopurifier┬« depletes the presence of circulating tumor-derived exosomes that promote immune suppression, seed the spread of metastasis and inhibit the benefit of leading cancer therapies. The Hemopurifier┬« is also an FDA designated "Breakthrough Device" related to the treatment of life-threatening viruses that are not addressed with approved therapies. Additionally, Aethlon owns 80% of Exosome Sciences, Inc., which is focused on the discovery of exosomal biomarkers to diagnose and monitor cancer and neurological disease progression. Additional information can be found online at www.AethlonMedical.com and www.ExosomeSciences.com.  You can also connect with us on Twitter, LinkedIn and Facebook.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties. Statements containing words such as "may," "believe," "anticipate," "expect," "intend," "plan," "project," "will," "projections," "estimate," or similar expressions constitute forward-looking statements. Such forward-looking statements are subject to significant risks and uncertainties and actual results may differ materially from the results anticipated in the forward-looking statements. Factors that may contribute to such differences include, without limitation, the Company's ability to maintain its listing on the Nasdaq Capital Market, or any other national securities exchange, that the Company or its subsidiary will not be able to commercialize its products, that the FDA will not approve the initiation or continuation of the Company's clinical programs or provide market clearance of the Company's products, the Company's ability to raise capital when needed, the Company's ability to complete the development of its planned products, the Company's ability to manufacture its products either internally or through outside companies, the impact of government regulations, patent protection on the Company's proprietary technology, product liability exposure, uncertainty of market acceptance, competition, technological change, and other risk factors. The foregoing list of risks and uncertainties is illustrative, but is not exhaustive. Additional factors that could cause results to differ materially from those anticipated in forward-looking statements can be found under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended March 31, 2018, and in the Company's other filings with the Securities and Exchange Commission. Except as may be required by law, the Company does not intend, nor does it undertake any duty, to update this information to reflect future events or circumstances.

Company Contact:

Jim Frakes, CFO
jfrakes@aethlonmedical.com
858-459-7800 extension 3300

 

AETHLON MEDICAL, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheet

           

ASSETS

     

September 30, 2018

 

March 31, 2018

           

CURRENT ASSETS

       
 

Cash

 

$5,078,605

 

$6,974,070

 

Accounts receivable

 

-

 

74,813

 

Prepaid expenses

 

89,343

 

181,367

           

TOTAL CURRENT ASSETS

 

5,167,948

 

7,230,250

           
 

Property and equipment, net

 

16,094

 

27,552

 

Patents, net

 

71,250

 

75,832

 

Deposits

 

17,131

 

18,270

           

TOTAL NONCURRENT ASSETS

 

104,475

 

121,654

           
 

TOTAL ASSETS

 

$5,272,423

 

$7,351,904

           
           

LIABILITIES AND STOCKHOLDERS' EQUITY

           

CURRENT LIABILITIES

       
 

Accounts payable 

 

91,879

 

124,450

 

Due to related parties

 

98,866

 

90,366

 

Convertible notes payable, net

 

901,727

 

-

 

Other current liabilities

 

168,356

 

263,141

           

TOTAL CURRENT LIABILITIES

 

1,260,828

 

477,957

           

NONCURRENT LIABILITIES

       
 

Convertible notes payable, net

 

-

 

841,153

TOTAL NONCURRENT LIABILITIES

 

-

 

841,153

           

TOTAL LIABILITIES

 

1,260,828

 

1,319,110

           

COMMITMENTS AND CONTINGENCIES

       
           

EQUITY

       
           
           
 

Common stock, par value of $0.001, 30,000,000 shares authorized; 17,834,560 and 17,739,511 issued and outstanding

 

17,835

 

17,740

 

Additional-paid in capital

 

106,107,157

 

105,574,014

 

Accumulated deficit

 

(101,997,287)

 

(99,457,714)

           

TOTAL STOCKHOLDERS' EQUITY BEFORE NONCONTROLLING INTERESTS

4,127,705

 

6,134,040

           

Noncontrolling interests

 

(116,110)

 

(101,246)

           

TOTAL STOCKHOLDERS' EQUITY

 

4,011,595

 

6,032,794

           
 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$5,272,423

 

$7,351,904

 

 

 

AETHLON MEDICAL, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

For the three month periods ended June 30, 2018 and 2017

               
                 
                 
   

Three Months

 

Three Months

 

Six Months

 

Six Months

   

Ended 9/30/18

 

Ended 9/30/17

 

Ended 9/30/18

 

Ended 9/30/17

                 

Government contract revenue

 

$-

 

$-

 

$149,625

 

$-

                 

OPERATING COSTS AND EXPENSES

               

  Professional fees

 

403,044

 

383,178

 

852,479

 

726,201

  Payroll and related

 

672,279

 

618,081

 

1,274,844

 

1,248,308

  General and administrative

 

271,631

 

234,914

 

466,528

 

421,913

   

1,346,954

 

1,236,173

 

2,593,851

 

2,396,422

                 

OPERATING LOSS

 

(1,346,954)

 

(1,236,173)

 

(2,444,226)

 

(2,396,422)

                 

OTHER (INCOME) EXPENSE

               

Loss on debt extinguishment

 

-

 

-

 

-

 

376,909

Loss on share for warrant exchanges

 

-

 

10,425

 

-

 

130,214

Interest and other debt expenses

 

55,106

 

61,979

 

110,210

 

250,583

   

55,106

 

72,404

 

110,210

 

757,706

                 

NET LOSS 

 

$(1,402,060)

 

$(1,308,577)

 

$(2,554,436)

 

$(3,154,128)

                 

Loss attributable to noncontrolling interests

 

(8,715)

 

(4,671)

 

(14,864)

 

(8,439)

                 

NET LOSS ATTRIBUTABLE TO AETHLON MEDICAL, INC.

$(1,393,345)

 

$(1,303,906)

 

$(2,539,572)

 

$(3,145,689)

                 

Basic and diluted net loss available to common stockholders per share

 

$          (0.08)

 

$            (0.14)

 

$          (0.14)

 

$          (0.35)

                 

Weighted average number of common shares outstanding

 

17,789,236

 

9,032,157

 

17,771,918

 

8,939,624

 

 

Cision View original content:http://www.prnewswire.com/news-releases/aethlon-medical-announces-second-quarter-fiscal-year-2019-results-300744236.html

SOURCE Aethlon Medical, Inc.

   
Company Codes: NASDAQ-SMALL:AEMD  

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