Aethlon Medical(US:AEMD)2024-06-27 21:13Financial Performance - For the fiscal year ended March 31, 2024, the company reported a net loss of $12,208,174, an increase from the net loss of $12,029,786 for the fiscal year ended March 31, 2023[292]. - Consolidated operating expenses for the fiscal year ended March 31, 2024 were $12,636,568, compared to $12,472,883 for the fiscal year ended March 31, 2023, reflecting an increase of $163,685[288]. - The company reported a significant increase in payroll and related expenses, primarily due to separation expenses for a former executive, totaling $861,994[289]. - In the fiscal year ended March 31, 2024, the company raised approximately $1,322,383 from the issuance of common stock, a significant decrease from $8,927,211 raised in the previous fiscal year[314]. - Net cash used in operating activities was approximately $10,130,000 in fiscal 2024, a slight decrease from $10,505,000 in fiscal 2023, primarily due to a positive change in working capital[311]. - The company expects to continue incurring increasing negative cash flows and net losses for the foreseeable future, necessitating further capital raises[305]. Cash and Working Capital - The company had a cash balance of $5,441,978 and working capital of $4,395,889 as of March 31, 2024, down from a cash balance of $14,532,943 and working capital of $13,585,478 at March 31, 2023[293]. - The company currently has over $9.1 million in cash and cash equivalents, but there is substantial doubt that this will sustain operations for 12 months beyond the filing date of the financial statements[307]. - The gross proceeds from a recent public offering were approximately $4.7 million, intended for general corporate purposes including clinical trial expenses and working capital[325]. - The company raised aggregate net proceeds of $8,927,211 in fiscal 2023, which was significantly higher than the $1,322,383 raised in fiscal 2024[303]. Clinical Trials and Product Development - The Hemopurifier has been designated as a "Breakthrough Device" by the FDA for oncology and life-threatening viral infections, with ongoing clinical trials planned in Australia and India[267][268]. - The company is investigating the Hemopurifier's potential applications in organ transplantation, focusing on removing harmful substances from recovered organs[281]. - The company has received ethics review board approval for clinical trials in India to treat severe COVID-19, with two sites currently involved[278][279]. - The company is working with North American Science Associates, LLC to manage planned clinical trials for the Hemopurifier in oncology indications in the U.S. and Australia[269]. - The company expects clinical trial expenses to increase for the foreseeable future, including costs related to manufacturing additional Hemopurifiers[304]. Market and Economic Conditions - The company plans to access equity markets for additional capital, but there is no assurance that this will be successful due to potential worsening global economic conditions[308]. - The average price per share for common stock sold under the 2022 ATM Agreement was $4.47 in fiscal 2024, compared to $11.93 in fiscal 2023[302][303]. - The company has $5,302,617 of 2022 ATM Shares remaining available for sale under the 2022 ATM Agreement as of March 31, 2024[298].