Aethlon Medical (NASDAQ: AEMD) is a medical device company developing the Hemopurifier, an extracorporeal filtration device designed to remove targeted particles from the bloodstream during clinical use. The company has no approved products and generates no product revenue as of the 10-K filed June 26, 2025. Aethlon operates as a pre-commercial stage device developer, funding operations through capital raises rather than product sales. The Hemopurifier is manufactured at the company's San Diego facility under an FDA-approved Investigational Device Exemption supplement, and the device remains in clinical trials pending FDA clearance or approval. If approved, the company expects medical institutions to be the primary purchasers, with reimbursement flowing through third-party payors including the Centers for Medicare and Medicaid Services. The company is incorporated in Nevada.

Revenue model

No product revenue is disclosed in the filing excerpts. The company is pre-commercial, funding operations through equity issuance. Future revenue, if any, would come from sales of the Hemopurifier to medical institutions, with reimbursement dependent on third-party payors including Medicare and private insurance.

Products and services

Hemopurifier: an extracorporeal blood filtration medical device in clinical trials, manufactured at the company's San Diego facility under FDA IDE supplement approval.

Customers and end markets

Target customers, if the Hemopurifier receives FDA approval, are medical institutions. End-market reimbursement would flow from third-party payors including the Centers for Medicare and Medicaid Services and private insurance plans.

Value-chain role

Device developer and manufacturer. Aethlon manufactures the Hemopurifier at its own San Diego facility and relies on third-party suppliers for critical components. The company operates upstream of commercialization, conducting clinical trials under FDA oversight.

Geographic exposure

Operations based in San Diego, California. Regulatory filings reference both U.S. and international markets, but no geographic revenue breakdown is disclosed in the filing excerpts.

Source: SEC 10-K, filed 2025-06-26

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