Aethlon Medical(US:AEMD)2021-08-08 16:00Financial Performance - Total current assets increased to $25,547,766 as of June 30, 2021, compared to $10,351,738 as of March 31, 2021, representing a 147% increase[8] - Government contract revenue for the three months ended June 30, 2021, was $131,966, while there was no revenue reported for the same period in 2020[12] - Total operating expenses for the three months ended June 30, 2021, were $2,230,279, up from $1,410,418 in the same period of 2020, marking a 58% increase[12] - The net loss attributable to Aethlon Medical, Inc. for the three months ended June 30, 2021, was $2,097,303, compared to a net loss of $1,410,283 for the same period in 2020, reflecting a 48% increase in losses[12] - The company reported a basic and diluted loss per common share of $0.16 for the three months ended June 30, 2021, compared to a loss of $0.15 for the same period in 2020[12] - Net loss for the three months ended June 30, 2021, was $2,098,438, compared to a net loss of $1,411,146 for the same period in 2020, representing an increase of 48.5%[18] Cash and Equity - Cash and cash equivalents increased significantly to $25,171,679 as of June 30, 2021, from $9,861,575 as of March 31, 2021, indicating a 155% growth[8] - Total stockholders' equity rose to $24,735,712 as of June 30, 2021, compared to $9,293,690 as of March 31, 2021, representing a 167% increase[10] - Cash at the end of the period on June 30, 2021, was $25,171,679, compared to $15,721,616 at the end of June 30, 2020, reflecting a 60.0% increase[18] - Total cash balance as of June 30, 2021, was $25,171,679, significantly up from $15,721,616 as of March 31, 2021[73] Shareholder Information - The weighted average number of common shares outstanding increased to 12,828,816 for the three months ended June 30, 2021, from 9,632,977 in the same period of 2020, a 33% increase[12] - The company raised aggregate net proceeds of $4,947,785 from the sale of 626,000 shares of common stock at an average price of $7.90 per share during the three months ended June 30, 2021[43] - The company sold 1,380,555 shares of common stock at a purchase price of $9.00, resulting in net proceeds of $11,659,044 after fees during the same period[44] - The company received proceeds of $820,938 from the exercise of 531,167 shares of common stock warrants during the three months ended June 30, 2021[45] Expenses - Professional fees for the three months ended June 30, 2021, were $583,469, compared to $564,284 in the same period of 2020, showing a 3% increase[12] - Payroll and related expenses surged to $1,016,742 for the three months ended June 30, 2021, up from $436,911 in the same period of 2020, a 132% increase[12] - Research and development expenses for the three months ended June 30, 2021, were $587,687, up from $377,167 in the same period of 2020, indicating a 55.6% increase[36] - Total stock-based compensation expense for the three months ended June 30, 2021 was $120,154, compared to $84,207 for the same period in 2020[56] Government Contracts and Revenue - The company recorded $114,849 in government contract revenue from the Phase 2 Melanoma Cancer Contract for the three months ended June 30, 2021, following the achievement of previously deferred milestones[69] - Total revenues for the Aethlon segment were $131,966 for the three months ended June 30, 2021, compared to $0 for the same period in 2020[73] - Aethlon's operating loss for the three months ended June 30, 2021, was $(2,092,638), an increase from $(1,406,103) in the same period of 2020[73] Clinical Trials and Product Development - The company is preparing to initiate clinical trials for the Hemopurifier in patients with advanced and metastatic cancers, focusing on solid tumors[21] - The FDA has designated the Hemopurifier as a "Breakthrough Device" for treating advanced or metastatic cancer and life-threatening viral infections[20] - An Early Feasibility Study for the Hemopurifier in head and neck cancer has been approved, enrolling 10 to 12 subjects with safety as the primary endpoint[22] - The company has received FDA approval to test the Hemopurifier in COVID-19 patients, aiming to enroll up to 40 subjects across 20 centers[24] Assets and Liabilities - The company has a total asset value of $25,867,011 as of June 30, 2021, compared to $16,427,254 as of March 31, 2021[73] - Total current liabilities decreased to $1,131,299 as of June 30, 2021, from $1,375,226 as of March 31, 2021, showing a reduction of approximately 18%[9] - Other current liabilities totaled $636,387 as of June 30, 2021, down from $761,636 as of March 31, 2021[54] Lease Commitments - The company has lease commitments totaling approximately $806,000 for new office and laboratory spaces, with occupancy expected in the second half of 2021[81] - The company has lease commitments for approximately 2,600 square feet of office space at a rental rate of $8,265 per month, extended to September 30, 2021[77] - A new lease agreement for approximately 2,823 square feet of office space and 1,807 square feet of laboratory space is expected to commence in the second half of 2021, with an estimated present value of $806,000[81]