Cover
Cover - shares | 3 Months Ended | |
Jun. 30, 2022 | Aug. 08, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
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 | 22,899,999 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Jun. 30, 2022 | Mar. 31, 2022 |
Current assets | ||
Cash | $ 14,921,775 | $ 17,072,419 |
Accounts receivable | 114,849 | 127,965 |
Prepaid expenses and other current assets | 857,287 | 956,623 |
Total current assets | 15,893,911 | 18,157,007 |
Property and equipment, net | 451,894 | 441,238 |
Right-of-use lease asset | 663,539 | 696,698 |
Patents, net | 2,063 | 2,200 |
Restricted cash | 87,506 | 87,506 |
Deposits | 33,305 | 33,305 |
Total assets | 17,132,218 | 19,417,954 |
Current liabilities | ||
Accounts payable | 439,745 | 499,962 |
Due to related parties | 162,045 | 155,742 |
Deferred revenue | 459,396 | 344,547 |
Lease liability, current portion | 136,730 | 126,905 |
Other current liabilities | 446,783 | 696,893 |
Total current liabilities | 1,644,699 | 1,824,049 |
Lease liability, less current portion | 567,321 | 602,505 |
Total liabilities | 2,212,020 | 2,426,554 |
Stockholders’ Equity | ||
Common stock, par value $0.001 per share; 30,000,000 shares authorized; 15,993,723 and 15,419,163 shares issued and outstanding as of June 30, 2022 and March 31, 2022, respectively | 15,996 | 15,421 |
Additional paid-in capital | 148,281,172 | 147,446,868 |
Accumulated deficit | (133,234,849) | (130,329,181) |
Total Aethlon Medical, Inc. stockholders’ equity before noncontrolling interests | 15,062,319 | 17,133,108 |
Noncontrolling interests | (142,121) | (141,708) |
Total stockholders’ equity | 14,920,198 | 16,991,400 |
Total liabilities and stockholders’ equity | $ 17,132,218 | $ 19,417,954 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2022 | 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 | 15,993,723 | 15,419,163 |
Common stock outstanding | 15,993,723 | 15,419,163 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
REVENUES | ||
Total revenues | $ 0 | $ 131,966 |
OPERATING EXPENSES | ||
Professional fees | 844,028 | 583,469 |
Payroll and related expenses | 1,029,686 | 1,016,742 |
General and administrative | 1,032,367 | 630,193 |
Total operating expenses | 2,906,081 | 2,230,404 |
OPERATING LOSS | (2,906,081) | (2,098,438) |
NET LOSS | (2,906,081) | (2,098,438) |
LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (413) | (1,135) |
NET LOSS ATTRIBUTABLE TO AETHLON MEDICAL | $ (2,905,668) | $ (2,097,303) |
BASIC LOSS PER SHARE | $ (0.19) | $ (0.16) |
DILUTED LOSS PER SHARE | $ (0.19) | $ (0.16) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – BASIC | 15,486,621 | 12,828,816 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – DILUTED | 15,486,621 | 12,828,816 |
Govt Contract And Grant Revenue [Member] | ||
REVENUES | ||
Total revenues | $ 0 | $ 131,966 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
BALANCE - MARCH 31, 2021 at Mar. 31, 2021 | $ 12,152 | $ 129,331,542 | $ (119,913,090) | $ (136,914) | $ 9,293,690 |
Beginning balance, 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) | ||
BALANCE - JUNE 30, 2021 at Jun. 30, 2021 | $ 15,388 | 146,868,766 | (122,010,393) | (138,049) | 24,735,712 |
Ending balance, shares at Jun. 30, 2021 | 15,386,367 | ||||
BALANCE - MARCH 31, 2021 at Mar. 31, 2022 | $ 15,421 | 147,446,868 | (130,329,181) | (141,708) | 16,991,400 |
Beginning balance, shares at Mar. 31, 2022 | 15,419,163 | ||||
Issuances of common stock for cash under at the market program | $ 575 | 618,867 | 619,442 | ||
Issuances of common stock for cash under at the market program, shares | 574,560 | ||||
Stock-based compensation expense | 215,437 | 215,437 | |||
Net loss | (2,905,668) | (413) | (2,906,081) | ||
BALANCE - JUNE 30, 2021 at Jun. 30, 2022 | $ 15,996 | $ 148,281,172 | $ (133,234,849) | $ (142,121) | $ 14,920,198 |
Ending balance, shares at Jun. 30, 2022 | 15,993,723 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows used in operating activities: | ||
Net loss | $ (2,906,081) | $ (2,098,438) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 30,650 | 11,666 |
Stock based compensation | 215,437 | 120,154 |
Accretion of right-of-use lease asset | 7,800 | (1,067) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 99,336 | 96,960 |
Accounts receivable | 13,116 | 17,116 |
Accounts payable and other current liabilities | (310,327) | (219,277) |
Deferred revenue | 114,849 | 0 |
Due to related parties | 6,303 | 1,058 |
Net cash used in operating activities | (2,728,917) | (2,071,828) |
Cash flows used in investing activities: | ||
Purchases of property and equipment | (41,169) | (38,374) |
Net cash used in investing activities | (41,169) | (38,374) |
Cash flows provided by financing activities: | ||
Proceeds from the issuance of common stock, net | 619,442 | 17,456,092 |
Tax withholding payments or tax equivalent payments for net share settlement of restricted stock units and net stock option expense | 0 | (35,786) |
Net cash provided by financing activities | 619,442 | 17,420,306 |
Net (decrease) increase in cash and restricted cash | (2,150,644) | 15,310,104 |
Cash and restricted cash at beginning of period | 17,159,925 | 9,908,301 |
Cash and restricted cash | 15,009,281 | 25,218,405 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Issuance of common stock under cashless warrant exercises | 0 | 676 |
Par value of shares issued for vested restricted stock units and net stock option exercise | 0 | 11 |
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets: | ||
Cash and cash equivalents | 14,921,775 | 25,171,679 |
Restricted cash | $ 87,506 | $ 46,726 |
NATURE OF BUSINESS AND BASIS OF
NATURE OF BUSINESS AND BASIS OF PRESENTATION ORGANIZATION | 3 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
NATURE OF BUSINESS AND BASIS OF PRESENTATION ORGANIZATION | 1. NATURE OF BUSINESS AND BASIS OF PRESENTATION ORGANIZATION Aethlon Medical, Inc. (“Aethlon”, the “Company”, “we” or “us”) is a medical therapeutic company focused on developing products to diagnose and treat cancer and life threatening infectious 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 also in the process of designing other clinical trials in oncology. 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 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. One patient has completed participation in the Indian COVID-19 study. 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 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 June 30, 2022, 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, 2022. 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, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on June 28, 2022. 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 three months ended June 30, 2022, and the condensed consolidated statement of cash flows for the three months ended June 30, 2022. 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, 2022 has been derived from the audited consolidated balance sheet at March 31, 2022, contained in the above referenced 10-K. The results of operations for the three months ended June 30, 2022 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 June 30, 2022 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 | 3 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 and 2021, an aggregate of 2,227,286 1,654,464 |
RESEARCH AND DEVELOPMENT EXPENS
RESEARCH AND DEVELOPMENT EXPENSES | 3 Months Ended |
Jun. 30, 2022 | |
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 month periods ended June 30, 2022 and 2021, 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 June 30, June 30, 2022 2021 Three months ended $ 858,347 $ 587,687 |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Jun. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | 4. RECENT ACCOUNTING PRONOUNCEMENTS None. |
EQUITY TRANSACTIONS IN THE THRE
EQUITY TRANSACTIONS IN THE THREE MONTHS ENDED JUNE 30, 2022 | 3 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
EQUITY TRANSACTIONS IN THE THREE MONTHS ENDED JUNE 30, 2022 | 5. EQUITY TRANSACTIONS IN THE THREE MONTHS ENDED JUNE 30, 2022 2022 At The Market Offering Agreement with H.C. Wainwright & Co., LLC On March 24, 2022, we entered into an At The Market Offering Agreement, or the 2022 ATM Agreement, with H.C. Wainwright & Co., LLC, or Wainwright, which established an at-the-market equity program pursuant to which we may offer and sell shares of our common stock from time to time as set forth in the 2022 ATM Agreement. The offering was registered under the Securities Act pursuant to our shelf registration statement on S-3 (Registration Statement No. 333-259909), as previously filed with the SEC and declared effective on October 21, 2021. We filed a prospectus supplement, dated March 24, 2022, with the SEC that provides for the sale of shares of our common stock having an aggregate offering price of up to $15,000,000, or the 2022 ATM Shares. Under the 2022 ATM Agreement, Wainwright may sell the 2022 ATM Shares by any method permitted by law and deemed to be an “at the market offering” as defined in Rule 415 promulgated under the Securities Act, including sales made directly on the Nasdaq Capital Market, or on any other existing trading market for the 2022 ATM Shares. In addition, under the 2022 ATM Agreement, Wainwright may sell the 2022 ATM Shares in privately negotiated transactions with our consent and in block transactions. Under certain circumstances, we may instruct Wainwright not to sell the 2022 ATM Shares if the sales cannot be effected at or above the price designated by us from time to time. We are not obligated to make any sales of the 2022 ATM Shares under the 2022 ATM Agreement. The offering of the 2022 ATM Shares pursuant to the 2022 ATM Agreement will terminate upon the termination of the 2022 ATM Agreement by Wainwright or us, as permitted therein. The 2022 ATM Agreement contains customary representations, warranties and agreements by us, and customary indemnification and contribution rights and obligations of the parties. We agreed to pay Wainwright a placement fee of up to 3.0% of the aggregate gross proceeds from each sale of the 2022 ATM Shares. We also agreed to reimburse Wainwright for certain specified expenses in connection with entering into the 2022 ATM Agreement. In June 2022, we raised net proceeds of $ 619,442 15,985 3,988 574,560 1.08 Restricted Stock Unit Grants The Compensation Committee of the Board of Directors of the Company approved, effective as of April 1, 2022, pursuant to the terms of the Company’s Amended and Restated Non-Employee Directors Compensation Policy, or the Directors Compensation Policy, the grant of the annual Restricted Stock Unit awards, or RSUs, to each of the two non-employee directors of the Company then serving on the Board of Directors of the Company, or Board, and the grant of an RSU for the then newly appointed director, with each such grant subject to stockholder approval of an increase of 1,800,000 50,000 75,000 1.46 34,247 51,370 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 6. RELATED PARTY TRANSACTIONS During the three months ended June 30, 2022, we accrued unpaid fees of $ 57,000 Due to related parties June 30, March 31, Accrued Board fees $ 57,000 $ 55,750 Accrued vacation to all employees 105,045 99,992 Total due to related parties $ 162,045 $ 155,742 |
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES | 3 Months Ended |
Jun. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
OTHER CURRENT LIABILITIES | 7. OTHER CURRENT LIABILITIES Other current liabilities were comprised of the following items: Other Current Liabilities June 30, March 31, 2022 2022 Accrued professional fees $ 446,783 $ 696,893 Total other current liabilities $ 446,783 $ 696,893 |
STOCK COMPENSATION
STOCK COMPENSATION | 3 Months Ended |
Jun. 30, 2022 | |
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 month periods ended June 30, 2022 and 2021: Share-based compensation expense relating to RSUs Three Months Ended Three Months Ended Vesting of stock options and restricted stock units $ 215,437 $ 120,154 Total stock-based compensation expense $ 215,437 $ 120,154 Weighted average number of common shares outstanding – basic and diluted 15,486,621 12,828,816 Basic and diluted loss per common share attributable to stock-based compensation expense $ (0.01 ) $ (0.01 ) All of the stock-based compensation expense recorded during the three months ended June 30, 2022 and 2021, an aggregate of $ 215,437 120,154 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 three months ended June 30, 2022 was insignificant. Stock Option Activity We did not issue any stock options during the three months ended June 30, 2022. During the three months ended June 30, 2021, we issued a stock option grant to our Chief Executive Officer, or CEO, for the purchase of 266,888 5.17 Stock options outstanding that have vested as of June 30, 2022 and stock options that are expected to vest subsequent to June 30, 2022 are as follows: Options outstanding that have vested and are expected to vest Number of Weighted Weighted Vested 379,041 $ 2.97 8.28 Expected to vest 1,271,507 $ 2.13 9.09 Total 1,650,548 A summary of stock option activity during the three months ended June 30, 2022 is presented below: Schedule of stock option activity Amount Range of Weighted Stock options outstanding at March 31, 2022 1,665,948 $ 1.28 - 142.50 $ 2.31 Exercised – $ – $ – Granted – $ – $ – Cancelled/Expired (15,400 ) $ 1.41 $ 1.41 Stock options outstanding at June 30, 2022 1,650,548 $ 1.28 - 142.50 $ 2.32 Stock options exercisable at June 30, 2022 379,041 $ 1.28 - 142.50 $ 2.97 On June 30, 2022, our outstanding stock options had no intrinsic value since the closing share price on that date of $ 1.12 At June 30, 2022, there was approximately $ 2,488,000 3.02 |
WARRANTS
WARRANTS | 3 Months Ended |
Jun. 30, 2022 | |
Warrants | |
WARRANTS | 9. WARRANTS During the three months ended June 30, 2022 and 2021, we did not issue any warrants. A summary of warrant activity during the three months ended June 30, 2022 is presented below: Schedule of Warrant Activity Amount Range of Weighted Warrants outstanding at March 31, 2022 576,738 $ 1.50 – 59.25 $ 11.21 Exercised – $ – $ – Cancelled/Expired – $ – $ – Warrants outstanding at June 30, 2022 576,738 $ 1.50 – 59.25 $ 11.21 Warrants exercisable at June 30, 2022 576,738 $ 1.50 – 59.25 $ 11.21 |
GOVERNMENT CONTRACTS AND RELATE
GOVERNMENT CONTRACTS AND RELATED REVENUE RECOGNITION | 3 Months Ended |
Jun. 30, 2022 | |
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 did not record government contract revenue on the Phase 2 Melanoma Cancer Contract in the three months ended June 30, 2022. We recorded $ 114,849 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 17,117 |
SEGMENTS
SEGMENTS | 3 Months Ended |
Jun. 30, 2022 | |
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, consisting of patent maintenance costs. Aethlon’s revenue is generated primarily from government contracts to date and ESI does not have any revenues or activities other than patent maintenance. 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 Three Months Ended June 30, 2022 2021 Revenues: Aethlon $ – $ 131,966 ESI – – Total Revenues $ – $ 131,966 Operating Losses: Aethlon $ (2,904,014 ) $ (2,092,763 ) ESI (2,067 ) (5,675 ) Total Operating Loss $ (2,906,081 ) $ (2,098,438 ) Net Losses: Aethlon $ (2,904,014 ) $ (2,092,763 ) ESI (2,067 ) (5,675 ) Net Loss Before Non-Controlling Interests $ (2,096,081 ) $ (2,098,438 ) Depreciation and Amortization: Aethlon $ 30,650 $ 11,666 ESI – – Total Depreciation and Amortization $ 30,650 $ 11,666 Capital Expenditures: Aethlon $ 41,169 $ 38,374 ESI – – Capital Expenditures $ 41,169 $ 38,374 June 30, 2022 June 30, 2021 Cash: Aethlon $ 14,921,578 $ 25,171,482 ESI 197 197 Total Cash $ 14,921,775 $ 25,171,679 Total Assets: Aethlon $ 17,132,021 $ 25,866,814 ESI 197 197 Total Assets $ 17,132,218 $ 25,867,011 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2022 | |
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. 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, California 92123 expired. 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 then 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 located at 11555 Sorrento Valley Road, Suite 203, San Diego, California 92121 and 11585 Sorrento Valley Road, Suite 109, San Diego, California 92121, respectively. 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. On October 1, 2021, we recorded a $ 343,633 63 4.25 6,121 During the three months ended March 31, 2022, we recorded a $ 400,797 4.25 7,456 As of our June 30, 2022 consolidated balance sheet, we have a right-of-use lease asset of $ 663,539 In addition, the new lease agreement for 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, or 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 third calendar 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 78,865 Overall, our rent expense, which is included in general and administrative expenses, approximated $ 139,574 48,000 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 | 3 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 13. SUBSEQUENT EVENTS Management has evaluated events subsequent to June 30, 2022 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. Sales Under 2022 ATM Agreement Subsequent to June 30, 2022, we raised net proceeds of $8,307,769, net of $213,625 in commissions to Wainwright and $23,164 in other offering expense, through the sale of 6,906,276 shares of our common stock at an average price of $1.20 per share under the 2022 ATM Agreement. |
NATURE OF BUSINESS AND BASIS _2
NATURE OF BUSINESS AND BASIS OF PRESENTATION ORGANIZATION (Policies) | 3 Months Ended |
Jun. 30, 2022 | |
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, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on June 28, 2022. 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 three months ended June 30, 2022, and the condensed consolidated statement of cash flows for the three months ended June 30, 2022. 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, 2022 has been derived from the audited consolidated balance sheet at March 31, 2022, contained in the above referenced 10-K. The results of operations for the three months ended June 30, 2022 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 June 30, 2022 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) | 3 Months Ended |
Jun. 30, 2022 | |
Research and Development [Abstract] | |
Research and Development expenses | Research and Development expenses June 30, June 30, 2022 2021 Three months ended $ 858,347 $ 587,687 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Due to related parties | Due to related parties June 30, March 31, Accrued Board fees $ 57,000 $ 55,750 Accrued vacation to all employees 105,045 99,992 Total due to related parties $ 162,045 $ 155,742 |
OTHER CURRENT LIABILITIES (Tabl
OTHER CURRENT LIABILITIES (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | Other Current Liabilities June 30, March 31, 2022 2022 Accrued professional fees $ 446,783 $ 696,893 Total other current liabilities $ 446,783 $ 696,893 |
STOCK COMPENSATION (Tables)
STOCK COMPENSATION (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Share-based compensation expense relating to RSUs | Share-based compensation expense relating to RSUs Three Months Ended Three Months Ended Vesting of stock options and restricted stock units $ 215,437 $ 120,154 Total stock-based compensation expense $ 215,437 $ 120,154 Weighted average number of common shares outstanding – basic and diluted 15,486,621 12,828,816 Basic and diluted loss per common share attributable to stock-based compensation expense $ (0.01 ) $ (0.01 ) |
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 379,041 $ 2.97 8.28 Expected to vest 1,271,507 $ 2.13 9.09 Total 1,650,548 |
Schedule of stock option activity | Schedule of stock option activity Amount Range of Weighted Stock options outstanding at March 31, 2022 1,665,948 $ 1.28 - 142.50 $ 2.31 Exercised – $ – $ – Granted – $ – $ – Cancelled/Expired (15,400 ) $ 1.41 $ 1.41 Stock options outstanding at June 30, 2022 1,650,548 $ 1.28 - 142.50 $ 2.32 Stock options exercisable at June 30, 2022 379,041 $ 1.28 - 142.50 $ 2.97 |
WARRANTS (Tables)
WARRANTS (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Warrants | |
Schedule of Warrant Activity | Schedule of Warrant Activity Amount Range of Weighted Warrants outstanding at March 31, 2022 576,738 $ 1.50 – 59.25 $ 11.21 Exercised – $ – $ – Cancelled/Expired – $ – $ – Warrants outstanding at June 30, 2022 576,738 $ 1.50 – 59.25 $ 11.21 Warrants exercisable at June 30, 2022 576,738 $ 1.50 – 59.25 $ 11.21 |
SEGMENTS (Tables)
SEGMENTS (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of segment activity | Schedule of segment activity Three Months Ended June 30, 2022 2021 Revenues: Aethlon $ – $ 131,966 ESI – – Total Revenues $ – $ 131,966 Operating Losses: Aethlon $ (2,904,014 ) $ (2,092,763 ) ESI (2,067 ) (5,675 ) Total Operating Loss $ (2,906,081 ) $ (2,098,438 ) Net Losses: Aethlon $ (2,904,014 ) $ (2,092,763 ) ESI (2,067 ) (5,675 ) Net Loss Before Non-Controlling Interests $ (2,096,081 ) $ (2,098,438 ) Depreciation and Amortization: Aethlon $ 30,650 $ 11,666 ESI – – Total Depreciation and Amortization $ 30,650 $ 11,666 Capital Expenditures: Aethlon $ 41,169 $ 38,374 ESI – – Capital Expenditures $ 41,169 $ 38,374 June 30, 2022 June 30, 2021 Cash: Aethlon $ 14,921,578 $ 25,171,482 ESI 197 197 Total Cash $ 14,921,775 $ 25,171,679 Total Assets: Aethlon $ 17,132,021 $ 25,866,814 ESI 197 197 Total Assets $ 17,132,218 $ 25,867,011 |
NATURE OF BUSINESS AND BASIS _3
NATURE OF BUSINESS AND BASIS OF PRESENTATION ORGANIZATION (Details Narrative) | Jun. 30, 2022 USD ($) |
Restricted Cash [Member] | |
Security deposit | $ 87,506 |
LOSS PER COMMON SHARE (Details
LOSS PER COMMON SHARE (Details Narrative) - shares | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||
Antidilutive shares | 2,227,286 | 1,654,464 |
RESEARCH AND DEVELOPMENT EXPE_3
RESEARCH AND DEVELOPMENT EXPENSES (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Research and Development [Abstract] | ||
Research and development expense | $ 858,347 | $ 587,687 |
EQUITY TRANSACTIONS IN THE TH_2
EQUITY TRANSACTIONS IN THE THREE MONTHS ENDED JUNE 30, 2022 (Details Narrative) | 3 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | |
Restricted Stock [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Number of stock options granted | $ 50,000 |
Share price | $ / shares | $ 1.46 |
Restricted Stock [Member] | Director [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Number of shares grant | shares | 51,370 |
Share-Based Payment Arrangement, Nonemployee [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Number of stock options granted | $ 75,000 |
Plan 2022 [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Number of shares authorized | shares | 1,800,000 |
Plan 2020 [Member] | Restricted Stock [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Number of shares grant | shares | 34,247 |
Offering Agreement [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Proceeds from issuance of equity | $ 619,442 |
Stock issued new, shares issued | shares | 574,560 |
Stock sale - average price per share | $ / shares | $ 1.08 |
Offering Agreement [Member] | Hc Wainwright [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Payment of commissions | $ 15,985 |
Offering Agreement [Member] | Other Offering Expense [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Payment of stock issuance costs | $ 3,988 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | Jun. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Related Party Transaction [Line Items] | |||
Due to related parties | $ 162,045 | $ 155,742 | $ 155,742 |
Accrued Board Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Due to related parties | 57,000 | 55,750 | |
Accrued Vacation [Member] | |||
Related Party Transaction [Line Items] | |||
Due to related parties | $ 105,045 | $ 99,992 |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details Narrative) | Jun. 30, 2022 USD ($) |
Related Party Transactions [Abstract] | |
Accrued director fees | $ 57,000 |
OTHER CURRENT LIABILITIES (Deta
OTHER CURRENT LIABILITIES (Details) - USD ($) | Jun. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Other Liabilities Disclosure [Abstract] | |||
Accrued professional fees | $ 446,783 | $ 696,893 | |
Total other current liabilities | $ 446,783 | $ 696,893 | $ 696,893 |
STOCK COMPENSATION (Details - S
STOCK COMPENSATION (Details - Stock compensation) - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Interim Period, Costs Not Allocable [Line Items] | ||
Total stock-based compensation expense | $ 215,437 | $ 120,154 |
Weighted average number of common shares outstanding- basic and diluted | 15,486,621 | 12,828,816 |
Basic and diluted loss per common share attributable to stock-based compensation expense | $ (0.01) | $ (0.01) |
Vesting Options [Member] | ||
Interim Period, Costs Not Allocable [Line Items] | ||
Total stock-based compensation expense | $ 215,437 | $ 120,154 |
STOCK COMPENSATION (Details - O
STOCK COMPENSATION (Details - Options vested and expected to vest) - Equity Option [Member] | 3 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Options vested | 379,041 |
Weighted average exercise price options vested | $ / shares | $ 2.97 |
Weighted average remaining contractual term options vested | 8 years 3 months 10 days |
Options expected to vest | 1,271,507 |
Weighted average exercise price options expected to vest | $ / shares | $ 2.13 |
Weighted average remaining contractual term options expected to vest | 9 years 1 month 2 days |
Total options outstanding | 1,650,548 |
STOCK COMPENSATION (Details -_2
STOCK COMPENSATION (Details - Option activity) - Options Held [Member] | 3 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Stock options Outstanding, beginning balance | shares | 1,665,948 |
Range of exercise prices, Option beginning | 1.28 - 142.50 |
Outstanding, Weighted Average Exercise Price, beginning price | $ / shares | $ 2.31 |
Stock options exercised | shares | 0 |
Exercised, Weighted Average Exercise Price | $ / shares | $ 0 |
Stock options granted | shares | 0 |
Granted, Weighted Average Exercise Price | $ / shares | $ 0 |
Stock options cancelled/forfeited | shares | (15,400) |
Range of exercise prices, Option cancelled/expired | 1.41 |
Cancelled/Forfeited, Weighted Average Exercise Price | $ / shares | $ 1.41 |
Stock options outstanding, ending balance | shares | 1,650,548 |
Range of exercise prices, Option ending | 1.28 - 142.50 |
Outstanding Weighted Average Exercise Price, ending price | $ / shares | $ 2.32 |
Stock options exercisable | shares | 379,041 |
Range of exercise prices, Option exercisable | 1.28 - 142.50 |
Exercisable, Weighted Average Exercise Price | $ / shares | $ 2.97 |
STOCK COMPENSATION (Details Nar
STOCK COMPENSATION (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock based compensation | $ 215,437 | $ 120,154 |
Unrecognized compensation costs | $ 2,488,000 | |
Unrecognized compensation cost amortization period | 3 years 7 days | |
Options Held [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Purchase price | $ 0 | |
Share price | $ 1.12 | |
Equity 2020 Plan [Member] | C E O [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Options granted | 266,888 | |
Purchase price | $ 5.17 |
WARRANTS (Details)
WARRANTS (Details) - Warrant [Member] | 3 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Warrants Outstanding, Beginning | shares | 576,738 |
Range of Exercise Price Outstanding, Beginning | 1.50 – 59.25 |
Weighted Average Exercise Price Outstanding, Beginning | $ / shares | $ 11.21 |
Number of Warrants Exercised | shares | 0 |
Weighted Average Exercise Price, Exercised | $ / shares | $ 0 |
Number of Warrants Cancelled/Expired | shares | 0 |
Weighted Average Exercise Price Cancelled/Expired | $ / shares | $ 0 |
Number of Warrants Outstanding, Ending | shares | 576,738 |
Range of Exercise Price Outstanding, Ending | 1.50 – 59.25 |
Weighted Average Exercise Price Outstanding, Ending | $ / shares | $ 11.21 |
Number of Warrants Exercisable, Ending | shares | 576,738 |
Range of Exercise Price Exercisable | 1.50 – 59.25 |
Weighted Average Exercise Price Exercisable | $ / shares | $ 11.21 |
GOVERNMENT CONTRACTS AND RELA_2
GOVERNMENT CONTRACTS AND RELATED REVENUE RECOGNITION (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Revenue | $ 0 | $ 131,966 |
Melanoma Cancer Contract Phase 2 [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Award Contract amount | 1,860,561 | |
Contract revenue | 114,849 | |
Subaward With University Of Pittsburgh [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Award Contract amount | $ 256,750 | |
Revenue | $ 17,117 |
SEGMENTS (Details)
SEGMENTS (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 0 | $ 131,966 | |
Operating Losses | (2,906,081) | (2,098,438) | |
Net Losses | (2,096,081) | (2,098,438) | |
Depreciation and Amortization | 30,650 | 11,666 | |
Capital Expenditures | 41,169 | 38,374 | |
Cash | 14,921,775 | 25,171,679 | $ 17,072,419 |
Total Assets | 17,132,218 | 25,867,011 | $ 19,417,954 |
Aethlon [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 131,966 | |
Operating Losses | (2,904,014) | (2,092,763) | |
Net Losses | (2,904,014) | (2,092,763) | |
Depreciation and Amortization | 30,650 | 11,666 | |
Capital Expenditures | 41,169 | 38,374 | |
Cash | 14,921,578 | 25,171,482 | |
Total Assets | 17,132,021 | 25,866,814 | |
ESI [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Operating Losses | (2,067) | (5,675) | |
Net Losses | (2,067) | (5,675) | |
Depreciation and Amortization | 0 | 0 | |
Capital Expenditures | 0 | 0 | |
Cash | 197 | 197 | |
Total Assets | $ 197 | $ 197 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 3 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Oct. 02, 2021 | Mar. 31, 2021 | |
Right of use lease asset | $ 663,539 | $ 696,698 | |||
Payment for rent per month | 2,000 | ||||
Rent expense | 139,574 | $ 48,000 | |||
Office Space [Member] | |||||
Right of use lease asset | $ 343,633 | ||||
Operating Lease, Liability | $ 343,633 | ||||
Lease term | 63 months | ||||
Borrowing rate | 4.25% | ||||
Payments for rent | 6,121 | ||||
Lab Space [Member] | |||||
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] | |||||
Line of credit | $ 46,726 | ||||
Manufacturing Space [Member] | |||||
Line of credit | 40,780 | ||||
Mobile Clean Room [Member] | |||||
Payments for rent | $ 78,865 |