Aethlon Medical (AEMD) Q1 2023 Earnings Highlights

  • Aethlon Medical recently announced its first quarter 2023 results. Those are the details.

Aethlon Medical recently announced its first quarter 2023 results. Below are the highlights.

Financial results for the first quarter ended June 30, 2022

– As of June 30, 2022, Aethlon Medical had a cash balance of approximately $14.9 million.

– Consolidated operating expenses for the quarter ended June 30, 2022 were approximately $2.91 million, compared to $2.23 million for the quarter ended June 30, 2021. This increase of approximately $680 $000, or 30%, during the 2022 period is explained by increases in general and administrative expenses of approximately $402,000, professional fees of approximately $261,000 and payroll and related costs of around $13,000.

– The increase of $402,000 in general and administrative expenses during the quarter of June 30, 2022 is mainly attributable to the combination of an increase of $161,000 in clinical trial expenses, an increase of $97,000 supplies, a $91,000 increase in rent costs and a $27,000 increase in insurance costs.

– The $261,000 increase in professional fees is mainly attributable to the combination of a $154,000 increase in contract labor expenses associated with product development and analytical services and an increase in $95,000 professional fees associated with regulatory strategy services

– The increase of $13,000 in payroll and related expenses is attributable to an increase in stock-based compensation expense of $95,000. Cash compensation expense decreased by $82,000 because the CEO received a bonus of $215,000 during the June 2021 period for reaching certain contractual milestones in his employment contract and no bonus was paid during the June 2022 period.

– Aethlon recorded no revenue related to government contracts with the NIH during the quarter ended June 30, 2022, compared to approximately $132,000 during the quarter ended June 30, 2021. As of June 30, 2022, the Company had approximately $459,000 of deferred revenue related to these contracts due to non-compliance with certain milestones of these contracts.

– Due to the changes in revenues and expenses noted above, Aethlon’s net loss before noncontrolling interests increased to approximately $2.9 million for the three months ended June 30, 2022, from approximately $2.1 million for the quarter ended June 30, 2021.

– During the three months ended June 30, 2022, the company raised approximately $619,000 in net proceeds from an ATM agreement with HC Wainwright & Co., following the sale of common stock. In July and August 2022 to date, the Company has raised approximately $8.3 million under an ATM deal through the sale of common stock.

– The unaudited condensed consolidated balance sheet as at June 30, 2022 and the unaudited condensed consolidated statements of income for the three months ended June 30, 2022 and 2021 follow at the end of this release.

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