Cover
Cover - shares | 9 Months Ended | |
Dec. 31, 2021 | Feb. 11, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 001-37487 | |
Entity Registrant Name | AETHLON MEDICAL, INC. | |
Entity Central Index Key | 0000882291 | |
Entity Tax Identification Number | 13-3632859 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 11555 SORRENTO VALLEY ROAD | |
Entity Address, Address Line Two | SUITE 203 | |
Entity Address, City or Town | SAN DIEGO | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92121 | |
City Area Code | 619 | |
Local Phone Number | 941-0360 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | AEMD | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 15,408,231 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Current assets | ||
Cash | $ 20,394,536 | $ 9,861,575 |
Accounts receivable | 131,966 | 149,082 |
Prepaid expenses and other current assets | 683,722 | 341,081 |
Total current assets | 21,210,224 | 10,351,738 |
Property and equipment, net | 254,024 | 160,976 |
Right-of-use lease asset | 328,869 | 40,363 |
Patents, net | 2,338 | 56,954 |
Restricted cash | 87,506 | 46,726 |
Deposits | 33,305 | 12,159 |
Total assets | 21,916,266 | 10,668,916 |
Current liabilities | ||
Accounts payable | 234,118 | 337,678 |
Due to related parties | 130,375 | 118,520 |
Deferred revenue | 229,698 | 114,849 |
Lease liability, current portion | 53,545 | 42,543 |
Other current liabilities | 421,956 | 761,636 |
Total current liabilities | 1,069,692 | 1,375,226 |
Lease liability, less current portion | 287,221 | |
Total liabilities | 1,356,913 | 1,375,226 |
Stockholders’ Equity | ||
Common stock, par value $0.001 per share; 30,000,000 shares authorized; 15,408,231 and 12,150,597 shares issued and outstanding as of December 31, 2021 and March 31, 2021, respectively | 15,410 | 12,152 |
Additional paid-in capital | 147,229,134 | 129,331,542 |
Accumulated deficit | (126,544,103) | (119,913,090) |
Total Aethlon Medical, Inc. stockholders’ equity before noncontrolling interests | 20,700,441 | 9,430,604 |
Noncontrolling interests | (141,088) | (136,914) |
Total stockholders’ equity | 20,559,353 | 9,293,690 |
Total liabilities and stockholders’ equity | $ 21,916,266 | $ 10,668,916 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2021 | Mar. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock shares authorized | 30,000,000 | 30,000,000 |
Common stock issued | 15,408,231 | 12,150,597 |
Common stock outstanding | 15,408,231 | 12,150,597 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUES | ||||
Government contract revenue | $ 17,117 | $ 624,871 | $ 281,049 | $ 624,871 |
OPERATING EXPENSES | ||||
Professional fees | 433,404 | 624,979 | 1,666,333 | 1,845,659 |
Payroll and related expenses | 999,500 | 1,523,650 | 2,821,850 | 2,520,805 |
General and administrative | 1,112,159 | 920,632 | 2,428,053 | 1,885,332 |
Total operating expenses | 2,545,063 | 3,069,261 | 6,916,236 | 6,251,796 |
OPERATING LOSS | (2,527,946) | (2,444,390) | (6,635,187) | (5,626,925) |
NET LOSS | (2,527,946) | (2,444,390) | (6,635,187) | (5,626,925) |
LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (2,214) | (1,498) | (4,174) | (3,186) |
NET LOSS ATTRIBUTABLE TO AETHLON MEDICAL, INC. | $ (2,525,732) | $ (2,442,892) | $ (6,631,013) | $ (5,623,739) |
BASIC AND DILUTED LOSS PER COMMON SHARE | $ (0.16) | $ (0.20) | $ (0.46) | $ (0.50) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – BASIC AND DILUTED | 15,397,418 | 12,093,361 | 14,543,787 | 11,265,725 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Mar. 31, 2020 | $ 9,368 | $ 121,426,563 | $ (112,026,381) | $ (132,124) | $ 9,277,426 |
Balance at beginning, shares at Mar. 31, 2020 | 9,366,873 | ||||
Issuances of common stock for cash under at the market program | $ 2,686 | 7,258,183 | 7,260,869 | ||
Issuances of common stock for cash under at the market program, shares | 2,685,600 | ||||
Issuance of common shares upon vesting of restricted stock units | $ 18 | (24,269) | (24,251) | ||
Issuance of common shares upon vesting of restricted stock units, shares | 17,920 | ||||
Stock-based compensation expense | 84,207 | 84,207 | |||
Net loss | (1,410,283) | (863) | (1,411,146) | ||
Ending balance, value at Jun. 30, 2020 | $ 12,072 | 128,744,684 | (113,436,664) | (132,987) | 15,187,105 |
Balance at ending, shares at Jun. 30, 2020 | 12,070,393 | ||||
Issuance of common shares upon vesting of restricted stock units | $ 17 | (16,145) | (16,128) | ||
Issuance of common shares upon vesting of restricted stock units, shares | 17,920 | ||||
Stock-based compensation expense | 167,042 | 167,042 | |||
Net loss | (1,770,564) | (825) | (1,771,389) | ||
Ending balance, value at Sep. 30, 2020 | $ 12,089 | 128,895,581 | (115,207,228) | (133,812) | 13,566,630 |
Balance at ending, shares at Sep. 30, 2020 | 12,088,313 | ||||
Issuance of common shares upon vesting of restricted stock units and net stock option exercise | $ 36 | (66,048) | (66,012) | ||
Issuance of common shares upon vesting of restricted stock units and net stock option exercise, shares | 35,211 | ||||
Stock-based compensation expense | 377,958 | 377,958 | |||
Net loss | (2,442,892) | (1,498) | (2,444,390) | ||
Ending balance, value at Dec. 31, 2020 | $ 12,125 | 129,207,491 | (117,650,120) | (135,310) | 11,434,186 |
Balance at ending, shares at Dec. 31, 2020 | 12,123,524 | ||||
Beginning balance, value at Mar. 31, 2021 | $ 12,152 | 129,331,542 | (119,913,090) | (136,914) | 9,293,690 |
Balance at beginning, shares at Mar. 31, 2021 | 12,150,597 | ||||
Issuances of common stock for cash under at the market program | $ 626 | 4,947,159 | 4,947,785 | ||
Issuances of common stock for cash under at the market program, shares | 626,000 | ||||
Issuances of common stock for cash in registered direct financing | $ 1,381 | 11,657,663 | 11,659,044 | ||
Issuances of common stock for cash in registered direct financing, shares | 1,380,555 | ||||
Issuances of common stock for cash under warrant exercises | $ 531 | 820,407 | 820,938 | ||
Issuances of common stock for cash under warrant exercises, shares | 531,167 | ||||
Issuances of common stock for cash under stock option exercises | $ 11 | 28,314 | 28,325 | ||
Issuances of common stock for cash under stock option exercises, shares | 11,562 | ||||
Issuances of common stock under cashless warrant exercises | $ 676 | (676) | |||
Issuances of common stock under cashless warrant exercises, shares | 675,554 | ||||
Issuance of common shares upon vesting of restricted stock units | $ 11 | (35,797) | (35,786) | ||
Issuance of common shares upon vesting of restricted stock units, shares | 10,932 | ||||
Stock-based compensation expense | 120,154 | 120,154 | |||
Net loss | (2,097,303) | (1,135) | (2,098,438) | ||
Ending balance, value at Jun. 30, 2021 | $ 15,388 | 146,868,766 | (122,010,393) | (138,049) | 24,735,712 |
Balance at ending, shares at Jun. 30, 2021 | 15,386,367 | ||||
Beginning balance, value at Mar. 31, 2021 | $ 12,152 | 129,331,542 | (119,913,090) | (136,914) | 9,293,690 |
Balance at beginning, shares at Mar. 31, 2021 | 12,150,597 | ||||
Ending balance, value at Dec. 31, 2021 | $ 15,410 | 147,229,134 | (126,544,103) | (141,088) | 20,559,353 |
Balance at ending, shares at Dec. 31, 2021 | 15,408,231 | ||||
Beginning balance, value at Jun. 30, 2021 | $ 15,388 | 146,868,766 | (122,010,393) | (138,049) | 24,735,712 |
Balance at beginning, shares at Jun. 30, 2021 | 15,386,367 | ||||
Issuance of common shares upon vesting of restricted stock units | $ 11 | (28,145) | (28,134) | ||
Issuance of common shares upon vesting of restricted stock units, shares | 10,932 | ||||
Stock-based compensation expense | 201,062 | 201,062 | |||
Net loss | (2,007,978) | (825) | (2,008,803) | ||
Ending balance, value at Sep. 30, 2021 | $ 15,399 | 147,041,683 | (124,018,371) | (138,874) | 22,899,837 |
Balance at ending, shares at Sep. 30, 2021 | 15,397,299 | ||||
Issuance of common shares upon vesting of restricted stock units | $ 11 | (13,568) | (13,557) | ||
Stock-based compensation expense | 201,019 | 201,019 | |||
Net loss | (2,525,732) | (2,214) | (2,527,946) | ||
Ending balance, value at Dec. 31, 2021 | $ 15,410 | $ 147,229,134 | $ (126,544,103) | $ (141,088) | $ 20,559,353 |
Balance at ending, shares at Dec. 31, 2021 | 15,408,231 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows used in operating activities: | ||
Net loss | $ (6,635,187) | $ (5,626,925) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 98,363 | 28,775 |
Stock based compensation | 522,234 | 629,207 |
Accretion of right-of-use lease asset | 9,717 | (1,723) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (342,641) | 153,775 |
Accounts receivable | 17,116 | 91,880 |
Deposits | (21,146) | |
Accounts payable and other current liabilities | (443,239) | 278,663 |
Deferred revenue | 114,849 | (100,000) |
Due to related parties | 11,855 | 20,039 |
Net cash used in operating activities | (6,668,079) | (4,526,309) |
Cash flows used in investing activities: | ||
Purchases of property and equipment | (136,795) | (54,630) |
Net cash used in investing activities | (136,795) | (54,630) |
Cash flows provided by financing activities: | ||
Proceeds from the issuance of common stock, net | 17,456,092 | 7,260,869 |
Tax withholding payments or tax equivalent payments for net share settlement of restricted stock units and net stock option expense | (77,477) | (106,391) |
Net cash provided by financing activities | 17,378,615 | 7,154,478 |
Net increase in cash and restricted cash | 10,573,741 | 2,573,539 |
Cash and restricted cash at beginning of period | 9,908,301 | 9,604,780 |
Cash and restricted cash at end of period | 20,482,042 | 12,178,319 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Issuance of common stock under cashless warrant exercises | 676 | 0 |
Par value of shares issued for vested restricted stock units and net stock option exercise | 33 | 71 |
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets: | ||
Cash and cash equivalents | 20,394,536 | 12,131,593 |
Restricted cash | 87,506 | 46,726 |
Cash and restricted cash | $ 20,482,042 | $ 12,178,319 |
NATURE OF BUSINESS AND BASIS OF
NATURE OF BUSINESS AND BASIS OF PRESENTATION ORGANIZATION | 9 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
NATURE OF BUSINESS AND BASIS OF PRESENTATION ORGANIZATION | 1. NATURE OF BUSINESS AND BASIS OF PRESENTATION ORGANIZATION Aethlon Medical, Inc. and its subsidiary (collectively, “Aethlon”, the “Company”, “we” or “us”), is a medical technology company focused on developing products to diagnose and treat life and organ threatening diseases. The Aethlon Hemopurifier is a clinical-stage immunotherapeutic device designed to combat cancer and life-threatening viral infections. In cancer, the Hemopurifier is designed to deplete 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 U.S. Food and Drug Administration, or FDA, has designated the Hemopurifier as a “Breakthrough Device” for two independent indications: · the treatment of individuals with advanced or metastatic cancer who are either unresponsive to or intolerant of standard of care therapy, and with cancer types in which exosomes have been shown to participate in the development or severity of the disease; and · the treatment of life-threatening viruses that are not addressed with approved therapies. We believe the Hemopurifier can be a substantial advance in the treatment of patients with advanced and metastatic cancer through the clearance of exosomes that promote the growth and spread of tumors through multiple mechanisms. We are currently conducting a clinical trial in patients with advanced and metastatic head and neck cancer. We are initially focused on the treatment of solid tumors, including head and neck cancer, gastrointestinal cancers and other cancers. As we advance our clinical trials, we are in close contact with our clinical sites to navigate and assess the impact of the COVID-19 global pandemic on our clinical trials and current timelines. On October 4, 2019, the FDA approved our Investigational Device Exemption, or IDE, application to initiate an Early Feasibility Study, or EFS, of the Hemopurifier in patients with head and neck cancer in combination with standard of care pembrolizumab (Keytruda). The primary endpoint for the EFS, which is designed to enroll 10 to 12 subjects at a single center, is safety, with secondary endpoints including measures of exosome clearance and characterization, as well as response and survival rates. This study, which is being conducted at the UPMC Hillman Cancer Center in Pittsburgh, PA, has treated two patients and is in the process of recruiting additional patients. We are considering adding one or more additional sites to this trial to accelerate patient recruitment and we are also considering starting additional trials in other forms of cancer. We also believe the Hemopurifier can be part of the broad-spectrum treatment of life-threatening highly glycosylated, or carbohydrate coated, viruses that are not addressed with an already approved treatment. In small-scale or early feasibility human studies, the Hemopurifier has been used in the past to treat individuals infected with human immunodeficiency virus, or HIV, hepatitis-C, and Ebola. Additionally, in vitro, On June 17, 2020, the FDA approved a supplement to our open IDE for the Hemopurifier in viral disease to allow for the testing of the Hemopurifier in patients with SARS-CoV-2/COVID-19 in a New Feasibility Study. That study is designed to enroll up to 40 subjects at up to 20 centers in the U.S. Subjects will have established laboratory diagnosis of COVID-19, be admitted to an intensive care unit, or ICU, and will have acute lung injury and/or severe or life-threatening disease, among other criteria. Endpoints for this study, in addition to safety, will include reduction in circulating virus as well as clinical outcomes (NCT # 04595903). Under Single Patient Emergency Use regulations, the Company has also treated two patients with COVID-19 with the Hemopurifier. In September 2021, we entered into an agreement with PPD, Inc., or PPD, a leading global contract research organization, or CRO, to oversee our U.S. clinical studies investigating the Hemopurifier for critically ill COVID-19 patients. We now have three hospitals, Hoag Newport Beach, Hoag Irvine, and Loma Linda Medical Center, fully activated for patient enrollment and they are actively screening patients for the trial. Together with PPD, we are currently advancing site readiness for LSU Shreveport, Valley Baptist Medical Center in Texas, University of California Davis, University of Miami Medical Center, and Thomas Jefferson Medical Center. We are in discussions to bring on board other key U.S. medical centers. We also obtained ethics review board approval and entered into a clinical trial agreement with Medanta Medicity Hospital, a multi-specialty hospital in Delhi NCR, India, for a COVID-19 clinical trial at that location. We have completed all site initiation activities at Medanta Medicity Hospital and this site is now open for enrollment and is actively screening patients. We are also the majority owner of Exosome Sciences, Inc., or ESI, a company formed to focus on the discovery of exosomal biomarkers to diagnose and monitor life-threatening diseases. We consolidate ESI’s activities in our consolidated financial statements. Successful outcomes of human trials will also be required by the regulatory agencies of certain foreign countries where we plan to sell the Hemopurifier. Some of our patents may expire before FDA approval or approval in a foreign country, if any, is obtained. However, we believe that certain patent applications and/or other patents issued more recently will help protect the proprietary nature of the Hemopurifier treatment technology. In addition to the foregoing, we are monitoring closely the impact of the COVID-19 global pandemic on our business and have taken steps designed to protect the health and safety of our employees while continuing our operations. Given the level of uncertainty regarding the duration and impact of the COVID-19 pandemic on capital markets and the U.S. economy, we are unable to assess the impact of the worldwide spread of SARS-CoV-2 and the resulting COVID-19 pandemic on our timelines and future access to capital. We are continuing to monitor the spread of COVID-19 and its potential impact on our operations. The full extent to which the COVID-19 pandemic will impact our business, results of operations, financial condition, clinical trials, and preclinical research will depend on future developments that are highly uncertain, including actions taken to contain or treat COVID-19 and their effectiveness, as well as the economic impact on national and international markets. Our executive offices are located at 11555 Sorrento Valley Road, Suite 203, San Diego, California 92121. Our telephone number is (619) 941-0360. Our website address is www.aethlonmedical.com. Our common stock is listed on the Nasdaq Capital Market under the symbol “AEMD.” SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES During the three months ended December 31, 2021, there were no changes to our significant accounting policies as described in our Annual Report on Form 10-K for the fiscal year ended March 31, 2021. Basis of Presentation and Use of Estimates The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 8 of the Securities and Exchange Commission, or SEC Regulation S-X. Accordingly, they should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended March 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the SEC on June 24, 2021. The accompanying unaudited condensed consolidated financial statements include the accounts of Aethlon Medical, Inc. and its majority-owned subsidiary. All significant inter-company transactions and balances have been eliminated in consolidation. The unaudited condensed consolidated financial statements contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the condensed consolidated financial statements as of and for the nine months ended December 31, 2021, and the condensed consolidated statement of cash flows for the nine months ended December 31, 2021. Estimates were made relating to useful lives of fixed assets, impairment of assets, share-based compensation expense and accruals for clinical trial and research and development expenses. Actual results could differ materially from those estimates. The accompanying condensed consolidated balance sheet at March 31, 2021 has been derived from the audited consolidated balance sheet at March 31, 2021, contained in the above referenced 10-K. The results of operations for the nine months ended December 31, 2021 are not necessarily indicative of the results to be expected for the full year or any future interim periods. Reclassifications Certain prior year balances within the unaudited condensed consolidated financial statements have been reclassified to conform to the current year presentation. LIQUIDITY AND GOING CONCERN Management expects existing cash as of December 31, 2021 to be sufficient to fund the Company’s operations for at least twelve months from the issuance date of these condensed consolidated financial statements. Restricted Cash To comply with the terms of our laboratory and office lease and our new lease for our manufacturing space, see Note 12, we caused our bank to issue two standby letters of credit, or the L/Cs, in the aggregate amount of $ 87,506 |
LOSS PER COMMON SHARE
LOSS PER COMMON SHARE | 9 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
LOSS PER COMMON SHARE | 2. LOSS PER COMMON SHARE Basic loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period of computation. Diluted loss per share is computed similar to basic loss per share, except that the denominator is increased to include the number of additional dilutive common shares that would have been outstanding if potential common shares had been issued, if such additional common shares were dilutive. Since we had net losses for all periods presented, basic and diluted loss per share are the same, and additional potential common shares have been excluded, as their effect would be antidilutive. As of December 31, 2021 and 2020, an aggregate of 1,587,759 2,626,485 |
RESEARCH AND DEVELOPMENT EXPENS
RESEARCH AND DEVELOPMENT EXPENSES | 9 Months Ended |
Dec. 31, 2021 | |
Research and Development [Abstract] | |
RESEARCH AND DEVELOPMENT EXPENSES | 3. RESEARCH AND DEVELOPMENT EXPENSES Our research and development costs are expensed as incurred. We incurred research and development expenses during the three and nine month periods ended December 31, 2021 and 2020, which are included in various operating expense line items in the accompanying condensed consolidated statements of operations. Our research and development expenses in those periods were as follows: Research and Development expenses December 31, December 31, 2021 2020 Three months ended $ 354,571 $ 461,176 Nine months ended $ 1,403,891 $ 1,367,333 |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Dec. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | 4. RECENT ACCOUNTING PRONOUNCEMENTS None. |
EQUITY TRANSACTIONS IN THE NINE
EQUITY TRANSACTIONS IN THE NINE MONTHS ENDED DECEMBER 31, 2021 | 9 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
EQUITY TRANSACTIONS IN THE NINE MONTHS ENDED DECEMBER 31, 2021 | 5. EQUITY TRANSACTIONS IN THE NINE MONTHS ENDED DECEMBER 31, 2021 Common Stock Sales Agreement with H.C. Wainwright & Co., LLC On March 22, 2021, we entered into an At the Market Offering Agreement, or the Offering Agreement, with H.C. Wainwright & Co., LLC, or Wainwright, as sales agent, pursuant to which we could offer and sell shares of our common stock, from time to time as set forth in the Offering Agreement. The offering was registered under the , pursuant to our shelf registration statement on Form pursuant to which we could offer and sell shares of common stock having an aggregate offering price of up to $5,080,000 from time to time. Subject to the terms and conditions set forth in the Offering Agreement, Wainwright agreed to use its commercially reasonable efforts consistent with its normal trading and sales practices to sell the shares under the Offering Agreement from time to time, based upon our instructions. We provided Wainwright with customary indemnification rights under the Offering Agreement, and Wainwright was entitled to a commission at a fixed rate equal to three percent of the gross proceeds per share sold. In addition, we agreed to reimburse Wainwright for certain specified expenses in connection with entering into the Offering Agreement. The Offering Agreement provided that it would terminate upon the written termination by either party as permitted thereunder. Sales of the shares, under the Offering Agreement are made in transactions that are deemed to be “at the market offerings” as defined in Rule 415 under the Securities Act, including sales made by means of ordinary brokers’ transactions, including on the Nasdaq Capital Market, at market prices or as otherwise agreed with Wainwright. The Offering Agreement provided that we have no obligation under the Offering Agreement to sell any of the shares, and, at any time, we could suspend offers under the Offering Agreement or terminate the agreement. In the nine months ended December 31, 2021, we raised aggregate net proceeds under the Offering Agreement described above of $ 4,947,785 126,922 2,154 626,000 7.90 Registered Direct Financing In the nine months ended December 31, 2021, we sold an aggregate of 1,380,555 9.00 11,659,044 Warrant Exercises In the nine months ended December 31, 2021, pursuant to the exercise of outstanding warrants to purchase 531,167 820,938 Also in the nine months ended December 31, 2021, pursuant to the exercise of 874,664 675,554 199,110 Stock Option Exercises In the nine months ended December 31, 2021, former employees paid us an aggregate of $ 28,325 11,562 Restricted Stock Unit Grants In 2012, as amended through October 30, 2020, our Board of Directors established the Non-Employee Directors Compensation Program, to provide for cash and equity compensation for persons serving as non-employee directors of the Company. Under this program, each new director receives either stock options or a grant of restricted stock units, or RSUs, as well as an annual grant of RSUs at the beginning of each fiscal year. The RSUs are subject to vesting and represent the right to be issued on a future date shares of our common stock upon vesting. On April 1, 2021, pursuant to the terms of the Company’s 2012 Non-Employee Directors Compensation Program, as amended, or the Directors Plan, the Compensation Committee of the Board granted RSUs under the Company’s 2020 Equity Incentive Plan, or the 2020 Plan, to each non-employee director of the Company. The Director’s Plan provides for a grant of $50,000 worth of RSUs at the beginning of each fiscal year, priced at the average for the closing prices for the five days preceding and including the date of grant, or $2.06 per share as of April 1, 2021. Each eligible director was granted an RSU in the amount of 24,295 In June 2021, 18,221 7,289 35,786 In September 2021, 18,221 7,289 28,134 In December 2021, 18,221 7,289 13,557 RSUs outstanding that have vested as of, and are expected to vest subsequent to, December 31, 2021 are as follows: Schedule of RSU activity Number of RSUs Vested – Expected to vest 18,221 Total 18,221 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 6. RELATED PARTY TRANSACTIONS During the three months ended December 31, 2021, we accrued unpaid fees of $ 52,000 200,041 Due to related parties December 31, March 31, Accrued Board fees $ 52,000 $ 52,000 Accrued vacation to all employees 78,375 66,520 Total due to related parties $ 130,375 $ 118,520 |
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES | 9 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
OTHER CURRENT LIABILITIES | 7. OTHER CURRENT LIABILITIES Other current liabilities were comprised of the following items: Other Current Liabilities December 31, March 31, 2021 2021 Accrued separation expenses for former executive (see Note 12) $ – $ 284,270 Accrued professional fees 421,956 477,366 Total other current liabilities $ 421,956 $ 761,636 |
STOCK COMPENSATION
STOCK COMPENSATION | 9 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
STOCK COMPENSATION | 8. STOCK COMPENSATION The following tables summarize share-based compensation expenses relating to RSUs and stock options and the effect on basic and diluted loss per common share during the three and nine month periods ended December 31, 2021 and 2020: Share-based compensation expense relating to RSUs Three Months Three Months Nine Months Nine Months Vesting of stock options and restricted stock units $ 201,019 $ 377,958 $ 522,234 $ 629,207 Total stock-based compensation expense $ 201,019 $ 377,958 $ 522,234 $ 629,207 Weighted average number of common shares outstanding – basic and diluted 15,397,418 12,093,361 14,543,787 11,265,725 Basic and diluted loss per common share attributable to stock-based compensation expense $ (0.01 ) $ (0.03 ) $ (0.04 ) $ (0.06 ) All of the stock-based compensation expense recorded during the nine months ended December 31, 2021 and 2020, an aggregate of $ 522,234 629,207 We review share-based compensation on a quarterly basis for changes to the estimate of expected award forfeitures based on actual forfeiture experience. The cumulative effect of adjusting the forfeiture rate for all expense amortization is recognized in the period the forfeiture estimate is changed. The effect of forfeiture adjustments for the nine months ended December 31, 2021 was insignificant. Stock Option Activity During the nine months ended December 31, 2021, we issued a stock option grant to our Chief Executive Officer, or CEO, for the purchase of 266,888 5.17 From February 2020 through May 2020, our compensation committee granted 521,476 Under the 2020 Plan, up to 1,842,556 Stock options outstanding that have vested as of December 31, 2021 and stock options that are expected to vest subsequent to December 31, 2021 are as follows: Options outstanding that have vested and are expected to vest Number of Weighted Weighted Vested 166,717 $ 2.92 8.43 Expected to vest 824,931 $ 2.93 8.97 Total 991,648 A summary of stock option activity during the nine months ended December 31, 2021 is presented below: Schedule of stock option activity Amount Range of Weighted Stock options outstanding at March 31, 2021 844,089 $ 1.28 - 142.50 $ 3.07 Exercised (11,562 ) $ 2.45 $ 2.45 Granted 266,888 $ 5.17 $ 5.17 Cancelled/Expired (107,767 ) $ 2.45 – 142.50 $ 9.66 Stock options outstanding at December 31, 2021 991,648 $ 1.28 - 142.50 $ 2.93 Stock options exercisable at December 31, 2021 166,717 $ 1.28 - 142.50 $ 2.92 On December 31, 2021, our outstanding stock options had no intrinsic value since the closing share price on that date of $ 1.86 At December 31, 2021, there was approximately $ 3,320,000 4.1 |
WARRANTS
WARRANTS | 9 Months Ended |
Dec. 31, 2021 | |
Warrants | |
WARRANTS | 9. WARRANTS During the nine months ended December 31, 2021 and 2020, we did not issue any warrants. A summary of warrant activity during the nine months ended December 31, 2021 is presented below: Schedule of Warrant Activity Amount Range of Weighted Warrants outstanding at March 31, 2021 1,991,973 $ 1.50 – 99.00 $ 5.23 Exercised (1,206,721 ) $ 1.50 – 2.50 $ 2.21 Cancelled/Expired (207,362 ) $ 2.50 – 99.00 $ 5.78 Warrants outstanding at December 31, 2021 577,890 $ 1.50 – 65.63 $ 11.32 Warrants exercisable at December 31, 2021 577,890 $ 1.50 – 65.63 $ 11.32 |
GOVERNMENT CONTRACTS AND RELATE
GOVERNMENT CONTRACTS AND RELATED REVENUE RECOGNITION | 9 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
GOVERNMENT CONTRACTS AND RELATED REVENUE RECOGNITION | 10. GOVERNMENT CONTRACTS AND RELATED REVENUE RECOGNITION We entered into the following contract with the National Cancer Institute, or NCI, part of the National Institutes of Health, or NIH, over the past two years: Phase 2 Melanoma Cancer Contract On September 12, 2019, the NCI awarded to us an SBIR Phase II Award Contract, for NIH/NCI Topic 359, entitled “A Device Prototype for Isolation of Melanoma Exosomes for Diagnostics and Treatment Monitoring”, or the Award Contract. The Award Contract amount is $ 1,860,561 The work to be performed pursuant to this Award Contract is focused on melanoma exosomes. This work follows from our completion of a Phase I contract for the Topic 359 solicitation that ran from September 2017 through June 2018, as described below. Following on the Phase I work, the deliverables in the Phase II program involve the design and testing of a pre-commercial prototype of a more advanced version of the exosome isolation platform. We recorded $ 229,698 During the period ended December 31, 2020, we completed all of the milestones relevant to that time period. As a result, we recorded $ 436,427 117,849 318,578 Subaward with University of Pittsburgh In December 2020, we entered into a cost reimbursable subaward arrangement with the University of Pittsburgh in connection with an NIH contract entitled “Depleting Exosomes to Improve Responses to Immune Therapy in HNNCC.” Our share of the award is $ 256,750 51,351 |
SEGMENTS
SEGMENTS | 9 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENTS | 11. SEGMENTS We operate our businesses principally through two reportable segments: Aethlon, which represents our therapeutic business activities, and ESI, which represents our diagnostic subsidiary. Our reportable segments have been determined based on the nature of the potential products being developed. We record discrete financial information for ESI and our chief operating decision maker reviews ESI’s operating results in order to make decisions about resources to be allocated to the ESI segment and to assess its performance. Aethlon’s revenue is generated primarily from government contracts to date and ESI does not have any revenues. We have not included any allocation of corporate overhead to the ESI segment. The following tables set forth certain information regarding our segments: Schedule of segment activity Nine Months Ended December 31, 2021 2020 Revenues: Aethlon $ 281,049 $ 624,871 ESI – – Total Revenues $ 281,049 $ 624,871 Operating Losses: Aethlon $ (6,614,318 ) $ (5,610,994 ) ESI (20,869 ) (15,931 ) Total Operating Loss $ (6,635,187 ) $ (5,626,925 ) Net Losses: Aethlon $ (6,614,318 ) $ (5,610,994 ) ESI (20,869 ) (15,931 ) Net Loss Before Non-Controlling Interests $ (6,635,187 ) $ (5,626,925 ) Depreciation and Amortization: Aethlon $ 98,363 $ 28,775 ESI – – Total Depreciation and Amortization $ 98,363 $ 28,775 Capital Expenditures: Aethlon $ 136,795 $ 54,630 ESI – – Capital Expenditures $ 136,795 $ 54,630 December 31, 2021 December 31, 2020 Cash: Aethlon $ 20,394,339 $ 12,131,396 ESI 197 197 Total Cash $ 20,394,536 $ 12,131,593 Total Assets: Aethlon $ 21,916,069 $ 12,669,552 ESI 197 197 Total Assets $ 21,916,266 $ 12,669,749 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 12. COMMITMENTS AND CONTINGENCIES CONTRACTUAL OBLIGATIONS AND COMMITMENTS On September 29, 2021, we entered into an agreement with PPD, Inc., a leading global contract research organization, for PPD to oversee our clinical studies investigating the Hemopurifier (the PPD Agreement). Pursuant to the PPD Agreement, PPD agreed to manage our ongoing study of the Hemopurifier for patients who are critically ill with COVID-19 (NCT04595903), with the option for the parties to agree to include additional studies under the PPD Agreement. The agreement has a five year term, but may be extended by mutual agreement. The PPD Agreement also may be terminated by Aethlon without cause upon 30 days’ prior written notice and may be terminated by either party following notice for breach or insolvency of the other party. SEPARATION AGREEMENT On October 30, 2020, we entered into a Separation Agreement with Timothy Rodell, M.D., our former Chief Executive Officer, or the Separation Agreement. Under the Separation Agreement, we agreed to pay Dr. Rodell a total cash amount of $ 444,729 LEASE COMMITMENTS Previous Office and Lab Leases In September 2021, our lease of approximately 2,600 square feet of our previous executive office space at 9635 Granite Ridge Drive, Suite 100, San Diego , Through December 31, 2021, we rented approximately 1,700 square feet of laboratory space at 11585 Sorrento Valley Road, Suite 109, San Diego, California 92121, at the rate of $6,148 per month on a one-year lease that originally was to expire on November 30, 2020. In December 2020, we entered into a short-term lease extension running from December 1, 2020 through the completion date of our construction of our new laboratory space which is adjacent to our current laboratory. New Office and Lab Leases In December 2020, we entered into an agreement to lease approximately 2,823 square feet of office space and 1,807 square feet of laboratory space. The agreement carries a term of 63 months and we took possession of the office space effective October 1, 2021. We took possession of the lab space effective January 1, 2022 (see Note 13). On October 1, 2021, we recorded a $ 343,633 63 4.25 6,121 328,869 During the three months ended March 31, 2022, we will record a $ 400,797 4.25 7,456 In addition, the new lease agreement of the new office and lab required us to post a standby letter of credit in favor of the landlord in the amount of $ 46,726 Manufacturing Space Lease In October 2021, we entered into another lease for an initial period of 58 months for (i) approximately 22,260 square feet of space located at 11588 Sorrento Valley Road, San Diego, California 92121 (the “Building”), and (ii) 2,655 square feet of space located in the Building and commonly known as Suite 18 to house our manufacturing operations. That manufacturing space is located at 11588 Sorrento Valley Road, San Diego, California 92121 and it is near our new lab and office locations. We anticipate that the landlord will complete construction on this new space in the second or third quarter of 2022 and we will take occupancy at that time. The initial base rent for the manufacturing space will be $12,080 per month. Based on the assumptions that we used to calculate the right-of-use lease asset for the new office and lab spaces, we estimate that we will record a right- of- use lease asset of $614,240 and associated lease liability for the manufacturing space lease when we take possession of that space. The lease for the manufacturing space also required us to post a standby letter of credit in favor of the landlord in the amount of $ 40,780 Mobile Clean Room In addition, we rent a mobile clean room on a short term, month-to-month basis, where we will house our manufacturing operations until our permanent manufacturing space is completed. The mobile clean room is located on leased land near our office and lab and we pay $ 2,000 119,000 Overall, our rent expense, which is included in general and administrative expenses, approximated $ 288,000 144,000 LEGAL MATTERS From time to time, claims are made against us in the ordinary course of business, which could result in litigation. Claims and associated litigation are subject to inherent uncertainties and unfavorable outcomes could occur, such as monetary damages, fines, penalties or injunctions prohibiting us from selling one or more products or engaging in other activities. The occurrence of an unfavorable outcome in any specific period could have a material adverse effect on our results of operations for that period or future periods. We are not presently a party to any pending or threatened legal proceedings. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 13. SUBSEQUENT EVENTS Management has evaluated events subsequent to December 31, 2021 through the date that the accompanying condensed consolidated financial statements were filed with the SEC for transactions and other events which may require adjustment of and/or disclosure in such financial statements. Lab Lease In December 2020, we entered into an agreement to lease approximately 2,823 square feet of office space and 1,807 square feet of laboratory space. The agreement carries a term of 63 months and we took possession of the office space effective October 1, 2021. We took possession of the lab space effective January 1, 2022 (see Note 12). During the three months ending March 31, 2022, we will record a $400,797 right-of-use lease asset and associated lease liability related to the lab space component of the lease based on the present value of lease payments over the expected lease term of 60 months, discounted using our estimated incremental borrowing rate of 4.25%. The initial monthly base rent under the lab component of the lease is $7,456. 2021 Target Bonus Awards On February 10, 2022, the Compensation Committee of the Board (the “Committee”) approved cash bonus awards to the Company’s executive officers in accordance with the terms of their respective employment agreements with the Company after review of Company and individual performance for 2021 and review of data from the Company’s independent compensation consultant. The Committee approved cash bonuses for the Company’s Chief Executive Officer, Chief Medical Officer, Chief Operating Officer and Chief Financial Officer in the amount of $215,000, $160,000, $136,000 and $110,000, respectively. The awards were based on a percentage of their respective 2021 annual base salaries. 2022 Annual Base Salaries and Target Bonus Levels On February 10, 2022, after review of data provided by the Company’s independent compensation consultant, the Committee approved annual base salaries for its executive officers for 2022, as follows, Chief Executive Officer $460,000, Chief Medical Officer, $400,000, Chief Operating Officer $340,000, and Chief Financial Officer $325,000, effective January 1, 2022. The Committee also approved target bonus levels for its executive officers for 2022 as follows, Chief Executive Officer, 50% bonus target, Chief Medical Officer, Chief Operating Officer and Chief Financial Officer each at 40% bonus target for 2022. The Committee targeted the 50 th Stock Option Grants On February 10, 2022, after review of data provided by the Company’s independent compensation consultant, the Committee awarded stock option grants to each of its executive officers. Each executive officer was granted an option to purchase shares of the Company’s common stock under the Company’s 2020 Equity Incentive Plan (the “Plan”), at an exercise price equal to the fair market value on the date of grant, or $[1.41] per share. The Committee awarded the grants as follows: the Chief Executive Officer was granted an option to purchase 192,600 shares of common stock, and the Chief Medical Officer, Chief Operating Officer and Chief Financial Officer each were granted an option to purchase 100,200 shares of common stock. The options are subject to vesting over four years at the rate of 25% at the end of the first year following the grant date, then monthly vesting over the following 36 months, subject to Continuous Service with the Company, as defined in the Plan. Non-Employee Director Compensation Policy On February 10, 2022, at the recommendation of the Company’s independent compensation consultant, the Committee approved an amendment to the Company’s Non-Employee Director Compensation Policy to increase the annual Board service retainer from $35,000 to $40,000, effective as of January 1, 2022. |
NATURE OF BUSINESS AND BASIS _2
NATURE OF BUSINESS AND BASIS OF PRESENTATION ORGANIZATION (Policies) | 9 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 8 of the Securities and Exchange Commission, or SEC Regulation S-X. Accordingly, they should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended March 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the SEC on June 24, 2021. The accompanying unaudited condensed consolidated financial statements include the accounts of Aethlon Medical, Inc. and its majority-owned subsidiary. All significant inter-company transactions and balances have been eliminated in consolidation. The unaudited condensed consolidated financial statements contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the condensed consolidated financial statements as of and for the nine months ended December 31, 2021, and the condensed consolidated statement of cash flows for the nine months ended December 31, 2021. Estimates were made relating to useful lives of fixed assets, impairment of assets, share-based compensation expense and accruals for clinical trial and research and development expenses. Actual results could differ materially from those estimates. The accompanying condensed consolidated balance sheet at March 31, 2021 has been derived from the audited consolidated balance sheet at March 31, 2021, contained in the above referenced 10-K. The results of operations for the nine months ended December 31, 2021 are not necessarily indicative of the results to be expected for the full year or any future interim periods. |
Reclassifications | Reclassifications Certain prior year balances within the unaudited condensed consolidated financial statements have been reclassified to conform to the current year presentation. |
LIQUIDITY AND GOING CONCERN | LIQUIDITY AND GOING CONCERN Management expects existing cash as of December 31, 2021 to be sufficient to fund the Company’s operations for at least twelve months from the issuance date of these condensed consolidated financial statements. |
Restricted Cash | Restricted Cash To comply with the terms of our laboratory and office lease and our new lease for our manufacturing space, see Note 12, we caused our bank to issue two standby letters of credit, or the L/Cs, in the aggregate amount of $ 87,506 |
RESEARCH AND DEVELOPMENT EXPE_2
RESEARCH AND DEVELOPMENT EXPENSES (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Research and Development [Abstract] | |
Research and Development expenses | Research and Development expenses December 31, December 31, 2021 2020 Three months ended $ 354,571 $ 461,176 Nine months ended $ 1,403,891 $ 1,367,333 |
EQUITY TRANSACTIONS IN THE NI_2
EQUITY TRANSACTIONS IN THE NINE MONTHS ENDED DECEMBER 31, 2021 (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of RSU activity | Schedule of RSU activity Number of RSUs Vested – Expected to vest 18,221 Total 18,221 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Due to related parties | Due to related parties December 31, March 31, Accrued Board fees $ 52,000 $ 52,000 Accrued vacation to all employees 78,375 66,520 Total due to related parties $ 130,375 $ 118,520 |
OTHER CURRENT LIABILITIES (Tabl
OTHER CURRENT LIABILITIES (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | Other Current Liabilities December 31, March 31, 2021 2021 Accrued separation expenses for former executive (see Note 12) $ – $ 284,270 Accrued professional fees 421,956 477,366 Total other current liabilities $ 421,956 $ 761,636 |
STOCK COMPENSATION (Tables)
STOCK COMPENSATION (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Share-based compensation expense relating to RSUs | Share-based compensation expense relating to RSUs Three Months Three Months Nine Months Nine Months Vesting of stock options and restricted stock units $ 201,019 $ 377,958 $ 522,234 $ 629,207 Total stock-based compensation expense $ 201,019 $ 377,958 $ 522,234 $ 629,207 Weighted average number of common shares outstanding – basic and diluted 15,397,418 12,093,361 14,543,787 11,265,725 Basic and diluted loss per common share attributable to stock-based compensation expense $ (0.01 ) $ (0.03 ) $ (0.04 ) $ (0.06 ) |
Options outstanding that have vested and are expected to vest | Options outstanding that have vested and are expected to vest Number of Weighted Weighted Vested 166,717 $ 2.92 8.43 Expected to vest 824,931 $ 2.93 8.97 Total 991,648 |
Schedule of stock option activity | Schedule of stock option activity Amount Range of Weighted Stock options outstanding at March 31, 2021 844,089 $ 1.28 - 142.50 $ 3.07 Exercised (11,562 ) $ 2.45 $ 2.45 Granted 266,888 $ 5.17 $ 5.17 Cancelled/Expired (107,767 ) $ 2.45 – 142.50 $ 9.66 Stock options outstanding at December 31, 2021 991,648 $ 1.28 - 142.50 $ 2.93 Stock options exercisable at December 31, 2021 166,717 $ 1.28 - 142.50 $ 2.92 |
WARRANTS (Tables)
WARRANTS (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Warrants | |
Schedule of Warrant Activity | Schedule of Warrant Activity Amount Range of Weighted Warrants outstanding at March 31, 2021 1,991,973 $ 1.50 – 99.00 $ 5.23 Exercised (1,206,721 ) $ 1.50 – 2.50 $ 2.21 Cancelled/Expired (207,362 ) $ 2.50 – 99.00 $ 5.78 Warrants outstanding at December 31, 2021 577,890 $ 1.50 – 65.63 $ 11.32 Warrants exercisable at December 31, 2021 577,890 $ 1.50 – 65.63 $ 11.32 |
SEGMENTS (Tables)
SEGMENTS (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of segment activity | Schedule of segment activity Nine Months Ended December 31, 2021 2020 Revenues: Aethlon $ 281,049 $ 624,871 ESI – – Total Revenues $ 281,049 $ 624,871 Operating Losses: Aethlon $ (6,614,318 ) $ (5,610,994 ) ESI (20,869 ) (15,931 ) Total Operating Loss $ (6,635,187 ) $ (5,626,925 ) Net Losses: Aethlon $ (6,614,318 ) $ (5,610,994 ) ESI (20,869 ) (15,931 ) Net Loss Before Non-Controlling Interests $ (6,635,187 ) $ (5,626,925 ) Depreciation and Amortization: Aethlon $ 98,363 $ 28,775 ESI – – Total Depreciation and Amortization $ 98,363 $ 28,775 Capital Expenditures: Aethlon $ 136,795 $ 54,630 ESI – – Capital Expenditures $ 136,795 $ 54,630 December 31, 2021 December 31, 2020 Cash: Aethlon $ 20,394,339 $ 12,131,396 ESI 197 197 Total Cash $ 20,394,536 $ 12,131,593 Total Assets: Aethlon $ 21,916,069 $ 12,669,552 ESI 197 197 Total Assets $ 21,916,266 $ 12,669,749 |
NATURE OF BUSINESS AND BASIS _3
NATURE OF BUSINESS AND BASIS OF PRESENTATION ORGANIZATION (Details Narrative) | Dec. 31, 2021USD ($) |
Restricted Cash [Member] | |
Security deposit | $ 87,506 |
LOSS PER COMMON SHARE (Details
LOSS PER COMMON SHARE (Details Narrative) - shares | 9 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Antidilutive shares | 1,587,759 | 2,626,485 |
RESEARCH AND DEVELOPMENT EXPE_3
RESEARCH AND DEVELOPMENT EXPENSES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Research and Development [Abstract] | ||||
Research and development expense | $ 354,571 | $ 461,176 | $ 1,403,891 | $ 1,367,333 |
EQUITY TRANSACTIONS (Details -
EQUITY TRANSACTIONS (Details - RSU's outstanding) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Dec. 31, 2021shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSU's vested | 0 |
RSU's expected to vest | 18,221 |
Total RSU's outstanding | 18,221 |
EQUITY TRANSACTIONS IN THE NI_3
EQUITY TRANSACTIONS IN THE NINE MONTHS ENDED DECEMBER 31, 2021 (Details Narrative) - USD ($) | Apr. 02, 2021 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Subsidiary, Sale of Stock [Line Items] | ||||||||
Warrants Cancelled | 199,110 | |||||||
Payments to satify tax withholding | $ 77,477 | $ 106,391 | ||||||
Equity Option [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Proceeds from options exercised | $ 28,325 | |||||||
Stock issued for exercise of options | 11,562 | |||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Conversion of Stock, Shares Converted | 18,221 | 18,221 | ||||||
Conversion of Stock, Shares Issued | 18,221 | |||||||
Restricted Stock Units (RSUs) [Member] | Non Employee Directors [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Stock cancelled in exchange for withholding tax, shares | 7,289 | 7,289 | 7,289 | |||||
Payments to satify tax withholding | $ 13,557 | $ 28,134 | $ 35,786 | |||||
Restricted Stock Units (RSUs) [Member] | Plan 2020 [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 24,295 | |||||||
Warrants [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Warrants exercised, common shares issued | 531,167 | |||||||
Proceeds from warrant exercises | $ 820,938 | |||||||
Warrants Cashless Basis [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Warrants exercised cashless basis | 874,664 | |||||||
Stock issued from exercise of warrants cashless basis | 675,554 | |||||||
Maxim Group L L C [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Share price | $ 9 | $ 9 | ||||||
Maxim Group L L C [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Proceeds from issuance of equity | $ 11,659,044 | |||||||
Stock issued new, shares issued | 1,380,555 | |||||||
Offering Agreement [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Proceeds from issuance of equity | $ 4,947,785 | |||||||
Stock issued new, shares issued | 626,000 | |||||||
Stock sale - average price per share | $ 7.90 | |||||||
Offering Agreement [Member] | Hc Wainwright [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Payment of commissions | $ 126,922 | |||||||
Offering Agreement [Member] | Other Offering Expense [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Payment of stock issuance costs | $ 2,154 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Related Party Transaction [Line Items] | ||
Due to related parties | $ 130,375 | $ 118,520 |
Accrued Board Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 52,000 | 52,000 |
Accrued Vacation [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | $ 78,375 | $ 66,520 |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details Narrative) | Dec. 31, 2021USD ($) |
Related Party Transactions [Abstract] | |
Accrued unpaid fees | $ 52,000 |
Income tax | $ 200,041 |
OTHER CURRENT LIABILITIES (Deta
OTHER CURRENT LIABILITIES (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Other Liabilities Disclosure [Abstract] | ||
Accrued separation expenses for former executive (see Note 12) | $ 284,270 | |
Accrued professional fees | 421,956 | 477,366 |
Total other current liabilities | $ 421,956 | $ 761,636 |
STOCK COMPENSATION (Details - S
STOCK COMPENSATION (Details - Stock compensation) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interim Period, Costs Not Allocable [Line Items] | ||||
Total stock-based compensation expense | $ 201,019 | $ 377,958 | $ 522,234 | $ 629,207 |
Weighted average number of common shares outstanding- basic and diluted | 15,397,418 | 12,093,361 | 14,543,787 | 11,265,725 |
Basic and diluted loss per common share attributable to stock-based compensation expense | $ (0.16) | $ (0.20) | $ (0.46) | $ (0.50) |
Vesting Options [Member] | ||||
Interim Period, Costs Not Allocable [Line Items] | ||||
Total stock-based compensation expense | $ 201,019 | $ 377,958 | $ 522,234 | $ 629,207 |
Share Based Compensation [Member] | ||||
Interim Period, Costs Not Allocable [Line Items] | ||||
Basic and diluted loss per common share attributable to stock-based compensation expense | $ (0.01) | $ (0.03) | $ (0.04) | $ (0.06) |
STOCK COMPENSATION (Details - O
STOCK COMPENSATION (Details - Options vested and expected to vest) - Equity Option [Member] | 9 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options vested | 166,717 |
Weighted average exercise price options vested | $ / shares | $ 2.92 |
Weighted average remaining contractual term options vested | 8 years 5 months 4 days |
Options expected to vest | 824,931 |
Weighted average exercise price options expected to vest | $ / shares | $ 2.93 |
Weighted average remaining contractual term options expected to vest | 8 years 11 months 19 days |
Total options outstanding | 991,648 |
STOCK COMPENSATION (Details -_2
STOCK COMPENSATION (Details - Option activity) - Options Held [Member] - $ / shares | 9 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options outstanding, ending balance | 991,648 | 844,089 |
Range of exercise prices, Option beginning | 1.28 - 142.50 | |
Outstanding Weighted Average Exercise Price, ending price | $ 2.93 | $ 3.07 |
Stock options exercised | (11,562) | |
Range of exercise prices, Option Exercised | 2.45 | |
Exercised, Weighted Average Exercise Price | $ 2.45 | |
Stock options granted | 266,888 | |
Range of exercise prices, Option Granted | 5.17 | |
Granted, Weighted Average Exercise Price | $ 5.17 | |
Stock options cancelled/forfeited | (107,767) | |
Range of exercise prices, Option cancelled/expired | 2.45 – 142.50 | |
Cancelled/Forfeited, Weighted Average Exercise Price | $ 9.66 | |
Range of exercise prices, Option ending | 1.28 - 142.50 | |
Stock options exercisable | 166,717 | |
Range of exercise prices, Option exercisable | 1.28 - 142.50 | |
Exercisable, Weighted Average Exercise Price | $ 2.92 |
STOCK COMPENSATION (Details Nar
STOCK COMPENSATION (Details Narrative) - USD ($) | 3 Months Ended | 4 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | May 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation | $ 201,019 | $ 377,958 | $ 522,234 | $ 629,207 | |
Unrecognized compensation costs | $ 3,320,000 | $ 3,320,000 | |||
Unrecognized compensation cost amortization period | 4 years 1 month 6 days | ||||
Options Held [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share price | $ 5.17 | ||||
Share price | $ 1.86 | $ 1.86 | |||
Equity 2020 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options granted | 521,476 | ||||
Number of shares authorized | 1,842,556 | 1,842,556 | |||
Equity 2020 Plan [Member] | C E O [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options granted | 266,888 | ||||
Share price | $ 5.17 |
WARRANTS (Details)
WARRANTS (Details) - Warrant [Member] - $ / shares | 9 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Warrants Outstanding, Beginning | 1,991,973 | |
Range of Exercise Price Outstanding, Beginning | 1.50 – 99.00 | |
Weighted Average Exercise Price Outstanding, Ending | $ 11.32 | $ 5.23 |
Number of Warrants Exercised | (1,206,721) | |
Range of Exercise Price, Exercised | 1.50 – 2.50 | |
Weighted Average Exercise Price, Exercised | $ 2.21 | |
Number of Warrants Cancelled/Expired | (207,362) | |
Range of Exercise Price Cancelled/Expired | 2.50 – 99.00 | |
Weighted Average Exercise Price Cancelled/Expired | $ 5.78 | |
Number of Warrants Outstanding, Ending | 577,890 | |
Range of Exercise Price Outstanding, Ending | 1.50 – 65.63 | |
Number of Warrants Exercisable, Ending | 577,890 | |
Range of Exercise Price Exercisable | 1.50 – 65.63 | |
Weighted Average Exercise Price Exercisable | $ 11.32 |
GOVERNMENT CONTRACTS AND RELA_2
GOVERNMENT CONTRACTS AND RELATED REVENUE RECOGNITION (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Revenue recognized | $ 117,849 | |||
Deferred revenue | $ 318,578 | |||
Revenue | $ 17,117 | $ 624,871 | $ 281,049 | 624,871 |
Melanoma Cancer Contract Phase 2 [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Award Contract amount | 1,860,561 | |||
Contract revenue | 229,698 | $ 436,427 | ||
Subaward With University Of Pittsburgh [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Award Contract amount | 256,750 | |||
Revenue | $ 51,351 |
SEGMENTS (Details)
SEGMENTS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 17,117 | $ 624,871 | $ 281,049 | $ 624,871 | |
Operating Losses | (2,527,946) | (2,444,390) | (6,635,187) | (5,626,925) | |
Net Losses | (2,527,946) | (2,444,390) | (6,635,187) | (5,626,925) | |
Depreciation and Amortization | 98,363 | 28,775 | |||
Capital Expenditures | 136,795 | 54,630 | |||
Cash | 20,394,536 | 12,131,593 | 20,394,536 | 12,131,593 | $ 9,861,575 |
Total Assets | 21,916,266 | 12,669,749 | 21,916,266 | 12,669,749 | $ 10,668,916 |
Aethlon [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 281,049 | 624,871 | |||
Operating Losses | (6,614,318) | (5,610,994) | |||
Net Losses | (6,614,318) | (5,610,994) | |||
Depreciation and Amortization | 98,363 | 28,775 | |||
Capital Expenditures | 136,795 | 54,630 | |||
Cash | 20,394,339 | 12,131,396 | 20,394,339 | 12,131,396 | |
Total Assets | 21,916,069 | 12,669,552 | 21,916,069 | 12,669,552 | |
ESI [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | |||
Operating Losses | (20,869) | (15,931) | |||
Net Losses | (20,869) | (15,931) | |||
Depreciation and Amortization | 0 | 0 | |||
Capital Expenditures | 0 | 0 | |||
Cash | 197 | 197 | 197 | 197 | |
Total Assets | $ 197 | $ 197 | $ 197 | $ 197 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | |||
Dec. 31, 2021 | Mar. 31, 2022 | Oct. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 02, 2021 | Mar. 31, 2021 | |
Other Commitments [Line Items] | |||||||
Right-of-use lease asset | $ 328,869 | $ 328,869 | $ 40,363 | ||||
Payment for rent per month | 2,000 | ||||||
Rent expense | 288,000 | $ 144,000 | |||||
Office Space [Member] | |||||||
Other Commitments [Line Items] | |||||||
Right-of-use lease asset | 328,869 | 328,869 | $ 343,633 | ||||
Operating Lease, Liability | $ 343,633 | ||||||
Lease term | 63 months | ||||||
Borrowing rate | 4.25% | ||||||
Payments for rent | 6,121 | ||||||
Lab Space [Member] | Subsequent Event [Member] | |||||||
Other Commitments [Line Items] | |||||||
Right-of-use lease asset | $ 400,797 | ||||||
Operating Lease, Liability | $ 400,797 | ||||||
Borrowing rate | 4.25% | ||||||
Payments for rent | $ 7,456 | ||||||
New Office And Lab Space [Member] | |||||||
Other Commitments [Line Items] | |||||||
Line of credit | 46,726 | 46,726 | |||||
Manufacturing Space [Member] | |||||||
Other Commitments [Line Items] | |||||||
Line of credit | $ 40,780 | 40,780 | |||||
Mobile Clean Room [Member] | |||||||
Other Commitments [Line Items] | |||||||
Payments for rent | $ 119,000 | ||||||
Timothy Rodell [Member] | |||||||
Other Commitments [Line Items] | |||||||
Lease payment | $ 444,729 |