Aethlon Medical reported a non-revenue QQ1 2025 quarter (period ended June 30, 2024) with a net loss of approximately $2.57 million and negative EBITDA of about $2.53 million. The quarter reflects meaningful ongoing cost containment and a path toward clinical activity in Australia, where ethics approvals were secured for Hemopurifier trials in solid tumors under anti-PD-1 therapy. Management described progress toward two core objectives: advancing the oncology indication and reducing operating expenses. The company ended the quarter with roughly $9.1 million of cash and equivalents, net of financing activity generating approximately $5.38 million in the quarter, providing a liquidity runway into the Australian trial ramp expected in late 2024. The key near-term catalysts are site readiness and enrollment in Australia, the potential activation of a third site, and continuing work toward a PMA pathway informed by safety and exploratory analyses. While the absence of revenue and a substantial cost base remain material overhangs, the company’s stated focus on containment, and its early-stage oncology/EV (extracellular vesicle) program, could unlock value if clinical milestones materialize and regulatory interactions progress as planned. Investors should monitor trial initiation progress, governance approvals, ENP (external vesicle) biology outcomes, and the pace of expenses as activity potentially picks up in Australia.