Aethlon Medical reported a cash-positive yet revenue-light quarter as it continues to refocus on expense discipline and the advancement of its Hemopurifier program in oncology. For the fiscal quarter ended September 30, 2024 (QQ2 2025), operating expenses totaled approximately $2.90 million and net income declined to about -$2.81 million, with earnings per share of -$0.20. Management emphasized cost reductions as a strategic priority, noting that excluding a $0.50 million employee-separation provision would yield a material operating-efficiency improvement. The company ended the quarter with roughly $6.9 million in cash, underscoring a modestly improved but still tight liquidity position given the lack of current revenue. The aggressive cost-control measures are positioned to support ongoing oncology efforts and prospective PMA-directed activities, while management outlined a multi-site clinical rollout in Australia (Royal Adelaide Hospital and Gold Coast willing sites, with a Sydney ethics-approval pathway) and a parallel India program pending CDSCO import clearances. Importantly, management highlighted Australia’s 43% cash rebate (cash-based tax credit) as a meaningful contributor to R&D cost recovery, potentially halving program costs in future years. Near-term catalysts include first safety readouts from Australia (anticipated as early as January 2025 after run-in) and subsequent EV/T-cell data in mid-2025, with additional milestones expected from India and broader regulatory discussions. While the near-term revenue outlook remains contingent on successful trial outcomes and eventual PMA planning, the company’s improved expense discipline and ongoing international trial progression offer potential upside should safety and mechanistic biomarkers (extracellular vesicles and T-cell activity) trend positively.