Aethlon Medical

R&D appears targeted toward a single platform with measured spend, but the capital structure shows persistent reliance on dilutive financings and warrants. Shareholders approved increases in authorized shares, and the company executed two reverse stock splits in 2025 to maintain Nasdaq compliance.

Stock‑based compensation is modest, but the repeated equity issuance and warrant packages reflect a funding model that prioritizes survival over per‑share value compounding.