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Item 7. Management’s Discussion and Analysis

2025-06-26 compared with 2024-06-27 · 382 added, 323 removed, 95 unchanged (88% of the section changed)

1 unchanged sentence

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis

should be read in conjunction with the consolidated Financial Statements and Notes thereto appearing elsewhere in this Annual Report.

a medical therapeutic company focused on developing the Hemopurifier, a clinical-stage immunotherapeutic device designed to combat cancer

and life-threatening viral infections and for use in organ transplantation.

In human studies, 164 sessions with 38 patients, the Hemopurifier

was safely utilized and demonstrated the potential to remove life-threatening viruses.

In pre-clinical studies, the Hemopurifier has demonstrated

the potential to remove harmful exosomes and exosomal particles from biological fluids, utilizing its proprietary lectin-based technology.

This action has potential applications in cancer, where exosomes and exosomal particles may promote immune suppression and metastasis,

and in life-threatening infectious diseases.

The FDA has designated the Hemopurifier as a “Breakthrough Device” for two independent

the treatment of individuals with advanced or

metastatic cancer who are either unresponsive to or intolerant of standard of care therapy, and with cancer types in which exosomes or

exosomal particles have been shown to participate in the development or severity of the disease;

the treatment of life-threatening viruses that are not addressed with approved therapies.

We believe the Hemopurifier may be a substantial advancement

in the treatment of patients with advanced and metastatic cancer through its design to bind to and remove harmful exosomes and exosomal

particles that promote the growth and spread of tumors.

In October 2022, we formed a wholly-owned subsidiary in Australia to initially

conduct oncology-related clinical research, then seek regulatory approval and commercialize our Hemopurifier in Australia.

We are currently

working with our contract research organization, or CRO, on preparations to conduct a clinical trial in Australia in patients with solid

tumors, including head and neck cancer, and gastrointestinal cancers.

In January 2023, we entered into an agreement with

North American Science Associates, LLC, or NAMSA, a world leading medical technology CRO offering global end-to-end development services,

to oversee our planned clinical trials investigating the Hemopurifier for oncology indications.

Pursuant to the agreement, NAMSA agreed

to manage our planned clinical trials of the Hemopurifier for patients in the United States and Australia with various types of cancer

We recently completed an in vitro binding study of relevant oncology

targets, to provide pre-clinical evidence to support our trial design and translational endpoints.

Our study indicated positive results

from this study, providing evidence that our Hemopurifier removes extracellular vesicles, or EVs, from plasma.

This translational study

provides pre-clinical evidence to support our planned phase 1 safety, feasibility and dose-finding clinical trials of our Hemopurifier

in patients with solid tumors who have stable or progressive disease during anti-PD-1 monotherapy treatment, such as Keytruda® or

In addition to an interested initial trial site in India, we had three interested sites in Australia that were awaiting our

completion of this in vitro binding study.

We added the data from this study to our Clinical Investigator Brochure and submitted

that brochure to the Ethics Committee of Royal Adelaide Hospital in Australia and in June 2024, we received approval for our proposed

phase 1 oncology trial from the Ethics Committee from Royal Adelaide Hospital.

We are currently in the process of applying to the Ethics

Committees of the two additional interested clinical trial sites in Australia and the site in India.

The following discussion and

analysis should be read in conjunction with the consolidated Financial Statements and Notes thereto appearing elsewhere in this Annual

We are a medical therapeutic

company focused on developing the Hemopurifier® (HP), a clinical-stage immunotherapeutic device intended for applications in cancer,

life-threatening viral infections, and organ transplantation and other areas of significant unmet needs.

In human studies (164 sessions

with 38 patients), the Hemopurifier was used safely and demonstrated the potential to remove enveloped viruses.

In pre-clinical studies,

the Hemopurifier has exhibited the capacity to remove harmful extracellular vesicles (EVs) and enveloped viruses from biological fluids,

utilizing its proprietary lectin-based mechanism.

These extracellular vesicles have been implicated in disease processes such as immune

suppression and metastasis in cancer as well as in the progression of severe life-threatening infectious diseases.

Food and Drug

Administration (“FDA”) has designated the Hemopurifier as a “Breakthrough Device” for two independent indications:

the treatment of individuals with advanced or metastatic cancer who are unresponsive to or intolerant of standard of care therapy, and with cancer types in which extracellular vesicles have been shown to participate in the development or severity of the disease;

the treatment of life-threatening viruses for

which no approved therapies currently exist.

are also evaluating the Hemopurifier’s potential in additional clinical contexts based on its mechanism of action and preclinical

We believe that the Hemopurifier

may be a substantial advancement in the treatment of patients with advanced and metastatic cancer through its design to bind to and remove

harmful remove harmful extracellular vesicles particles that promote the growth and spread of tumors.

In October 2022, we formed a wholly-owned

subsidiary in Australia to initially conduct oncology-related clinical research, then seek regulatory approval and commercialize our Hemopurifier

in Australia.

We completed an in vitro

binding study of extracellular vesicles from cancer patient samples, to provide pre-clinical evidence to support our trial design and

translational endpoints.

Our study indicated positive results from this study, providing evidence that our Hemopurifier removes extracellular

vesicles, or EVs, from plasma.

This translational study provides pre-clinical evidence to support our phase 1 safety, feasibility and

dose-finding clinical trials of our Hemopurifier in patients with solid tumors who have stable or progressive disease during anti-PD-1

monotherapy treatment, such as Keytruda® or Opdivo®.

We have launched in an Australia

safety, feasibility and dose-finding clinical trials of the Hemopurifier in cancer patients with solid tumors who have stable or progressive

disease during anti-PD-1 monotherapy treatment, such as Keytruda® (pembrolizumab) or Opdivo® (nivolumab).

The primary endpoint

of the approximately nine to 18-patients, is safety.

Exploratory analyses will be conducted to explore the number of HP treatments required

to produce sustained reductions of EVs as well as improve anti-tumor T cell activity.

We plan to open a similarly designed trial in India.

The following three hospitals

in Australia have received ethics committee approval, have gone through training on our device and are open for patient enrollment:

Adelaide Hospital in Adelaide, Australia and Pindara Private Hospital in the Gold Coast section of Australia and GenesisCare North Shore

Hospital in Sydney, Australia.

As of 16JUN2025 we have treated three participants in the first of the three treatment cohorts.

patients have completed the pre-specified 7-day safety follow-up period, the data will be presented to an independent Data Safety Monitoring

Board (DSMB).

The DSMB will provide a recommendation to Aethlon senior leadership on advancing to the next cohort where participants will

receive 2 HP treatments during the one week treatment period.

The Company continues to pursue

approval of a similar clinical trial in India.

HREC approval has previously been obtained at Medanta Medicity Hospital.

Following this

a meeting with Subject Expert Committee (SEC) of the India Regulatory Agency CDSCO was held 5JUN2025.

We are awaiting the formal approval

letter of the CDSCO.

The clinical trial at Medanta can commence following a Site Initiation Visit (SIV) by the company’s India CRO,

Life-Threatening Viral Infections

We also believe that the Hemopurifier can be part of

the broad-spectrum treatment of life-threatening highly glycosylated, or carbohydrate coated, viruses that are not addressed with an already

approved treatment.

In small-scale or early feasibility human studies, the Hemopurifier has been used in the past to treat individuals

infected with human immunodeficiency virus, or HIV, hepatitis-C and Ebola.

Additionally, in

vitro, the Hemopurifier has been demonstrated to capture Zika virus, Lassa virus, MERS-CoV, cytomegalovirus, Epstein-Barr virus,

Herpes simplex virus, Chikungunya virus, Dengue virus, West Nile virus, smallpox-related viruses, H1N1 swine flu virus, H5N1 bird

flu virus, Monkeypox virus and the reconstructed Spanish flu virus of 1918.

In several cases, these studies were conducted in

collaboration with leading government or non-government research institutes.

We believe the Hemopurifier can be part of the treatment

of severe SARS-CoV-2 viremia/COVID-19, or COVID-19, cases.

COVID viremia is detected in approximately 34% of patients and is associated

with severity, requirement for intensive care unit, or ICU, stay, development of multi-organ failure and poor outcomes.

EVs and exosomal

miRNAs may play a role in the spread of infection as well as ongoing inflammation, development of coagulopathy and lung injury.

Our proprietary

Galanthus nivalis agglutinin, or GNA, affinity resin has been shown to bind multiple clinically relevant SARS-CoV-2 variants.

studies have demonstrated in vitro removal of seven SARS-CoV2 variants (104 PFU/mL) in phosphate buffered saline passed over a

column of GNA affinity resin (1g) three times, with capture efficiencies between 53% and 89%.

On June 17, 2020, the FDA approved a supplement to

our open Investigational Device Exemption, or IDE, for the Hemopurifier in viral disease to allow for the testing of the Hemopurifier

in patients with SARS-CoV-2/COVID-19, or COVID-19, in a new feasibility study.

That study was designed to enroll up to 40 subjects

at up to 20 centers in the United States.

Subjects were to have established laboratory diagnosis of COVID-19, be admitted to an ICU and

have acute lung injury and/or severe or life-threatening disease, among other criteria.

Endpoints for this study, in addition to safety,

included reduction in circulating virus, as well as clinical outcomes (NCT # 04595903).

In January 2021, the Hemopurifier was used to

treat a viremic patient, under our emergency use approval, with a predicted risk of mortality of 80% and the Hemopurifier was able to

reduce the patient’s SARS-CoV-2 plasma viral load by 58.4%.

In June 2022, the first patient in this study was enrolled and

completed the Hemopurifier treatment phase of the protocol.

Due to the lack of COVID-19 patients in the ICUs of our trial sites, we terminated

this study in 2022.

However, our IDE for this indication remains open, as we have an active COVID-19 trial in India and wish to preserve

the option of enrolling patients if the situation with COVID-19 changes.

Under Single Patient Emergency Use regulations, Aethlon

has treated two patients with COVID-19 with the Hemopurifier, in addition to the COVID-19 patient treated with our Hemopurifier in our

COVID-19 clinical trial discussed above.

We previously reported a disruption in our Hemopurifier

supply, as our then existing supply of Hemopurifiers expired on September 30, 2022 and, also as previously disclosed, we are dependent

on FDA approval of qualified suppliers to manufacture our Hemopurifier.

We recently completed final testing in order to begin manufacturing

Hemopurifiers at our new manufacturing facility in San Diego, California for use in planned U.S.

clinical trials, using GNA from our current

In April 2024, we received a notice of approval from

the FDA for our IDE supplement to add our San Diego manufacturing facility and we now are able to manufacture Hemopurifiers at this site.

We also have sufficient Hemopurifiers on hand for use in our planned Australia and India oncology trials.

Our intended transition to a

new supplier for GNA, a component of our Hemopurifier, continues to be delayed as we work with the FDA for approval of our supplement

to our IDE, which is required to make this manufacturing supplier change.

We are working with the FDA to qualify this second supplier

We also obtained ethics review board, or ERB, approval

from and entered into a clinical trial agreement with Medanta Medicity Hospital, a multi-specialty hospital in Delhi NCR, India, for a

COVID-19 clinical trial at that location.

We now have two sites in India for this trial with the Medanta Medicity Hospital and Maulana

Azad Medical College, or MAMC.

One patient has been treated to date;

however, we have been informed by our CRO that a new COVID-19 subvariant

was detected in India recently.

Our COVID-19 trial in India remains open in the event that there are COVID-19 admissions to the ICUs at

our sites in India.

In May 2023, we received ERB approval from the MAMC,

for a second site for our clinical trial in India to treat severe COVID-19.

MAMC was established in 1958 and is located in New Delhi,

MAMC is affiliated with the University of Delhi and is operated by the Delhi government.

Organ Transplantation

Additionally, based on preclinical

data with acellular kidney perfusates, we believe that the Hemopurifier has potential applications in organ transplantation.

We are investigating

whether the Hemopurifier, when incorporated into a machine perfusion organ preservation circuit, can remove harmful viruses, exosomes,

RNA molecules, cytokines, chemokines and other inflammatory molecules from recovered organs.

We initially are focused on recovered kidneys

from deceased donors.

We have previously demonstrated the removal of multiple viruses and exosomes and exosomal particles from buffer

solutions, in vitro , utilizing a scaled-down version of our Hemopurifier and believe this process could reduce transplantation

complications by improving graft function, reducing graft rejection, maintaining or improving organ viability prior to transplantation,

and potentially reducing the number of kidneys rejected for transplant.

Successful outcomes of human

trials will also be required by the regulatory agencies of certain foreign countries where we plan to market and sell the Hemopurifier.

We also believe that the Hemopurifier

can be part of the broad-spectrum treatment of life-threatening highly glycosylated, or carbohydrate coated, viruses that are not addressed

with an already approved treatment.

In small-scale or early feasibility human studies, the Hemopurifier has been used in the past to treat

individuals infected with human immunodeficiency virus, or HIV, hepatitis-C and Ebola.

Additionally, in vitro, the

Hemopurifier has been demonstrated to capture Ebola, Marburg virus, Zika, Lassa, MERS-CoV, Cytomegalovirus, Epstein-Barr, Herpes simplex,

Chikungunya, Dengue, West Nile, H1N1 swine flu, H5N1 bird flu, and the reconstructed 1918 Spanish flu virus.

In several cases, these studies

were conducted in collaboration with leading government or non-government research institutes.

Hemopurifier has previously been studied under FDA and international regulatory frameworks for the treatment of severe SARS-CoV-2 infection.

While we terminated our U.S.

and India-based COVID-19 studies due to low ICU patient volume and shifting priorities, these programs demonstrated

real-world use of the Hemopurifier in critically ill patients.

We maintain an open IDE for viral indications to preserve optionality for

future outbreaks or emergent pathogens .

We have sufficient inventory

of Hemopurifiers to support our ongoing oncology trial in Australia as well as any near-term expansion of that study or potential trial

activity in India.

While we have received FDA approval to begin manufacturing at our San Diego facility under our IDE supplement, we are

still awaiting FDA approval of a separate supplement to qualify an additional supplier of a key Hemopurifier component.

We continue to

work with the FDA on this process.

Pre-Clinical Exploration of Additional Clinical

Uses for the Hemopurifier

Aethlon R&D laboratory continues to explore potential new indications for the Hemopurifier.

We have published in the peer-reviewed

journal Transplant Immunology the ability of the device to remove extracellular vesicles and their microRNA cargo from acellular

perfusates of discarded kidneys that had undergone normothermic machine perfusion.

May 12, 2025, the results of our pre-clinical ex vivo study entitled “Ex Vivo Removal of CD41 positive platelet microparticles from

Plasma by a Medical Device containing a Galanthus nivalis agglutinin (GNA) affinity resin” were published in the pre-print vehicle

This manuscript has been submitted to a peer-reviewed publication for review.

-derived extracellular vesicles (PD-EVs) are the most numerous EV population in the body and are released by platelets in response to

a variety of stimuli.

The cargo contained within these EVs have been noted to take part in damage to blood vessels, activation of immune

cells and spread of tumor cells.

Excessive levels of PD-EVs have been implicated in a myriad of diseases including cancer, lupus, systemic

sclerosis, multiple sclerosis, Alzheimer’s disease, sepsis, acute and Long COVID.

hypothesized that the Aethlon Hemopurifier which contains a propriety GNA affinity resin would remove platelet derived EVs from plasma.

In this experiment two hundred milliliters on donated healthy human plasma were circulated over the Aethlon Hemoupurifier (HP) to simulate

a clinical HP session.

The study results showed a 98.5% removal of platelet -derived EVs at a timepoint equivalent to a 4-hour HP treatment.

The results of this study support the current Australian Clinical Trial in Oncology as well as open the investigation of the Hemopurifier

in many indications.

Extracellular

vesicles have been implicated in the pathogenesis of Long COVID.As we had previously demonstrated removal of extracellular vesicles

by the Hemopurifier in a patient with severe acute COVID-19 infection, we hypothesized that patients with Long COVID would have

extracellular vesicles with the mannose sugar on their surface that would bind to the affinity resin in our device.

with investigators at the Univ of California San Francisco Medical Center Long COVID clinic to obtain samples from participants with

Long COVID as well as controls that had had COVID -10 infection but had recovered.

The data to be presented will review the binding

of larger and smaller extracellular vesicles to the GNA lectin and the lectin affinity resin, respectively.

We believe the data from

this pre-clinical study calls for additional study of the Hemopurifier and look forward to receiving feedback from the Long COVID

scientific community at the Keystone Symposium.

outcomes of human trials will also be required by the regulatory agencies of certain foreign countries where we plan to market and sell

the Hemopurifier.

Some of our patents may expire before FDA approval or approval in a foreign country, if any, is obtained.

However, we believe that certain

patent applications and/or other patents issued to us more recently will help protect the proprietary nature of our Hemopurifier treatment

to the foregoing, we are monitoring closely the impact of inflation, recent bank failures and the war between Russia and Ukraine and the

military conflicts in Israel and the surrounding areas, as well as related political and economic responses and counter-responses by various

global factors on our business.

Given the level of uncertainty regarding the duration and impact of these events on capital markets and

believe that certain patent applications and/or other patents issued to us more recently will help protect the proprietary nature of our

Hemopurifier treatment technology.

addition to the foregoing, we are monitoring closely the impact of inflation, recent bank failures and the war between Russia and Ukraine

and the military conflicts in Israel and the surrounding areas, as well as related political and economic responses and counter-responses

by various global factors on our business.

Given the level of uncertainty regarding the duration and impact of these events on capital

markets and the U.S.

economy, we are unable to assess the impact on our timelines and future access to capital.

The full extent to which inflation,

recent bank failures and the ongoing military conflicts will impact our business, results of operations, financial condition, clinical

trials and preclinical research will depend on future developments, as well as the economic impact on national and international markets

that are highly uncertain.

Our executive offices are located

at 11555 Sorrento Valley Road, Suite 203, San Diego, California 92121.

The full extent to which

inflation, recent bank failures and the ongoing military conflicts will impact our business, results of operations, financial condition,

clinical trials and preclinical research will depend on future developments, as well as the economic impact on national and international

markets that are highly uncertain.

Our executive offices are

located at 11555 Sorrento Valley Road, Suite 203, San Diego, California 92121.

Our telephone number is (619) 941-0360.

Our website address is

www.aethlonmedical.com.

Our website address

is www.aethlonmedical.com.

The information contained on, or that can be accessed through, our website is not part of, and is not incorporated

into, this Annual Report.

Our common stock is listed on

the Nasdaq Capital Market under the symbol “AEMD.”

Our common stock is listed

on the Nasdaq Capital Market under the symbol “AEMD.”

Fiscal Years Ended March 31, 2025 and 2024

1 unchanged sentence

Government Contract Revenues

For the fiscal year ended March 31, 2024, we did not have any active revenue-generating

government contracts and, consequently, did not record any government contract revenue for that period.

For the fiscal year ended March 31, 2023, we recorded government contract

revenue of $574,245 resulting from work performed under our government contract Phase 2 Melanoma Cancer with NIH.

Phase 2 Melanoma Cancer Contract

On September 12, 2019, the NCI

awarded to us the Award Contract.

The Award Contract amount was $1,860,561 and, as amended, ran for the period from September 16, 2019

through September 15, 2022.

We presented the required final

report to the NCI.

As the NCI completed its close out review of the contract, we recognized as revenue $574,245 on our statement of operations

for the fiscal year ended March 31, 2023.

For the fiscal years ended March 31, 2025

and 2024, we did not have any active revenue-generating government contracts and, consequently, did not record any government contract

revenue for that period.

Operating Costs and Expenses

Consolidated operating expenses

were $12,636,568 for the fiscal year ended March 31, 2024, compared to $12,472,883 for the fiscal year ended March 31, 2023, an increase

The $163,685 increase in the fiscal year ended March 31, 2024 was due to an increase in payroll and related expenses of $762,899

partially offset by a decrease of $578,112 in general and administrative expenses and a decrease of $21,102 in professional fees.

The $762,899 increase in the fiscal

year ended March 31, 2024 in our payroll and related expenses was primarily due to an increase in separation expenses of $861,994 for

a former executive and an increase of $126,571 associated with an increase in average headcount, partially offset by a decrease in stock-based

compensation of $225,666.

The $578,112 decrease in the

fiscal year ended March 31, 2024 in our general and administrative expenses was primarily driven by the following:

a decrease of $819,327

in clinical trial expenses related to the closed U.S.

COVID-19 clinical trial, a decrease of $279,504 in subcontract expense related to

contracts and grants with the NIH, a $98,755 decrease in rent expense associated with a mobile clean room leased in the prior year, a

decrease of $29,849 in travel related expenses associated with a former remote employee and a decrease of $22,053 expenses related to

various other general office operating expenses.

These decreases were partially offset by an increase of $404,918 in manufacturing and

research and development supplies related to the manufacturing of our Hemopurifier device and various research and development activities.

Other increases included $118,165 in depreciation expense and amortization expense related to leasehold improvements to our manufacturing

space, $69,894 increase in insurance expenses to include medical, D&O and liability, an increase of $82,421 primarily related to our

manufacturing facility, encompassing equipment maintenance, utilities, and outside services.

The decrease in professional

fees of $21,102 in the fiscal year ended March 31, 2024 was primarily due to a decrease in outside scientific, product research and regulatory

services of $302,390, a decrease of $60,229 in recruiting fees and a $32,631 decrease in legal fees.

These decreases were partially offset

by increases in investor relations of $151,475, accounting fees of $137,026, board of director fees of $33,750 and outside operational

and administration expenses of $53,964.

were $9,341,364 for the fiscal year ended March 31, 2025, compared to $12,636,568 for the fiscal year ended March 31, 2024, a decrease

of $3,295,203.

The $3,295,203 decrease in the fiscal year ended March 31, 2025 was due to a decrease in payroll and related expenses of

$1,332,359, a decrease of $1,302,834 in professional fees and a decrease of $660,010 in general and administrative expenses.

Payroll and related expenses

decreased by $1,332,359 for the fiscal year ended March 31, 2025, compared to the prior year.

The decrease was driven by a $876,511 reduction

in salaries and related expenses and a $804,136 decrease in stock-based compensation.

The reduction in salary expense reflects the termination

of three executives—one in the prior year, one in July 2024, and one in October 2024—as well as a workforce reduction of non-executive

employees implemented in August 2024.

The decrease in stock-based compensation was primarily due to the absence of accelerated vesting

charges recognized in the prior year in connection with the termination of our former Chief Executive Officer, as well as lower stock-based

compensation expense associated with the departure of executives and non-executive staff.

The overall decrease was partially offset by

an increase of $348,287 in severance expenses mostly related to the termination of two former executives.

fees decreased by $1,302,834 for the fiscal year ended March 31, 2025, compared to the prior year.

The decrease was primarily driven by

a $553,377 reduction in legal fees related to the transition to a new legal firm, a $462,154 decrease primarily attributable to the termination

of services with a contract manufacturing organization and the completion of a project involving outside laboratory services .

addition, consulting fees related to scientific projects and regulatory projects decreased by $239,640 and $125,478 respectively.

decreases were partially offset by $84,900 increase in accounting fees associated with obtaining consents from prior audit firm for various

General and administrative

expenses decreased by $660,010 for the fiscal year ended March 31, 2025, compared to the prior year.

The decrease was primarily driven

by a $534,069 reduction in costs related to lower purchases of raw materials for the production of Hemopurifiers, reduced cleanroom certification

expenses, and fewer outside services for maintenance of the manufacturing facility.

Laboratory supplies and testing costs also declined

by $337,109 following the completion of oncology and transplant-related projects.

Insurance expenses decreased by $141,453, including

reductions in medical and workers’ compensation premiums due to lower headcount, as well as overall decrease in business insurance

Additional decreases included $44,122 in travel and entertainment expenses, $24,356 decrease in office supplies and $19,498 in

depreciation expense related to the disposal of certain equipment.

These decreases were partially offset by a $466,661 increase in clinical

trial expenses related to our ongoing oncology study in Australia.

As a result of the above factors,

our net loss increased to $12,208,174 for the fiscal year ended March 31, 2024, from $12,029,786 for the fiscal year ended March 31, 2023.

our operating loss decreased to $9,341,364 for the fiscal year ended March 31, 2025, from $12,636,568 for the fiscal year ended March

Other Income (Expense)

expense for the year ended March 31, 2025, included a non-cash charge of $4,612,862 related to a warrant inducement offer.

In March 2025,

the Company offered certain warrant holders the opportunity to exercise existing warrants at a temporarily reduced exercise price in exchange

for the issuance of new warrants.

The inducement expense recognized represents the combined fair value of the new warrants issued and

the incremental fair value resulting from the modification of the exercise price of the existing warrants .

transaction did not impact cash flows from operating activities.

During the fiscal year ended

March 31, 2025, we recognized $324,450 in other income related to the Employee Retention Tax Credit (“ERTC”)

under the CARES Act and subsequent legislation.

We recorded the ERTC as other income in the periods in which the payments were received.

In addition, we recognized $36,339 in interest income related to the ERTC during fiscal 2025.

As of March 31, 2025, the remaining expected

credit was recorded as another receivable within other current assets on our consolidated balance sheet.

No amounts were recorded in the

prior fiscal year.

Liquidity and Capital Resources

3 unchanged sentences

at March 31, 2024.

On May 17, 2024, we closed a public

offering pursuant to which we sold an aggregate of:

(i) 2,450,000 shares of our common stock and accompanying Class A warrants to purchase

up to 2,450,000 shares of common stock and Class B warrants to purchase up to 2,450,000 shares of common stock, at a combined public offering

price of $0.58 per share and accompanying warrants;

and (ii) in lieu of common stock, pre-funded warrants to purchase 5,650,000 shares

of common stock and accompanying Class A warrants to purchase up to 5,650,000 shares of common stock and Class B warrants to purchase

up to 5,650,000 shares of common stock, at a combined public offering price of $0.579 per pre-funded warrant and accompanying warrants,

which is equal to the public offering price per share of common stock, and accompanying warrants less the $0.001 per share exercise price

of each such pre-funded warrant.

The gross proceeds from the offering, before deducting the placement agent’s fees and other offering

expenses, were approximately $4.7 million.

In June 2024, holders of Class A and Class B warrants exercised 295,000

shares and 2,875,000 shares, respectively, for total proceeds of $1,838,600.

While we currently have over

$9.1 million in cash and cash equivalents and have been carrying out certain expense reductions since November 2023, our planned expense

reductions may not materialize and/or our patient recruitment may occur more rapidly than expected along with the concomitant increases

in expenses, there is substantial doubt that our cash on hand will carry the company for 12 months beyond the filing date of the financial

statements included in this Annual Report.

During the fiscal years ended

March 31, 2024 and 2023, we raised capital only through our At The Market Offering Agreement, or the 2022 ATM Agreement, with H.C.

& Co., LLC, or Wainwright.

2022 At The Market Offering Agreement with H.C.

While the Company has been

carrying out certain expense reductions since November 2023;

our planned additional expense reductions may not materialize and/or our

patient recruitment may occur more rapidly than expected along with the concomitant increases in expenses, therefore there is substantial

doubt that our cash on hand will carry the company for 12 months beyond the filing date of the financial statements included in this Annual

During the fiscal year ended

March 31, 2025 we raised capital through a warrant inducement offer and a public offering.

In the fiscal year ended March 31, 2024 we

raised money through our then existing At The Market Offering Agreement, or the 2022 ATM Agreement, with H.C.

Wainwright & Co., LLC,

On March 24, 2022, we entered

into the 2022 ATM Agreement with Wainwright, which established an at-the-market equity program pursuant to which we may offer and sell

shares of our common stock from time to time as set forth in the 2022 ATM Agreement.

The offering was registered under

the Securities Act pursuant to our shelf registration statement on Form S-3 (Registration Statement No.

333-259909), as previously filed

with the SEC and declared effective on October 21, 2021.

We filed a prospectus supplement, dated March 24, 2022, with the SEC that provides

for the sale of shares of our common stock, or the 2022 ATM Shares, having an aggregate offering price of up to $15,000,000, which was

subsequently and most recently updated pursuant to our prospectus supplement, dated September 29, 2022, filed with the SEC that provides

for the sale of 2022 ATM Shares having an aggregate offering price of up to $6,625,000.

As of March 31, 2024, $5,302,617 of 2022 ATM Shares

remained available for sale under the 2022 ATM Agreement.

Under the 2022 ATM Agreement,

Wainwright may sell the 2022 ATM Shares by any method permitted by law and deemed to be an “at the market offering” as defined

in Rule 415 promulgated under the Securities Act, including sales made directly on the Nasdaq Capital Market, or on any other existing

trading market for the 2022 ATM Shares.

In addition, under the 2022 ATM Agreement, Wainwright may sell the 2022 ATM Shares in privately

negotiated transactions with our consent and in block transactions.

Under certain circumstances, we may instruct Wainwright not to sell

the 2022 ATM Shares if the sales cannot be effected at or above the price designated by us from time to time.

We are not obligated to make any

further sales of the 2022 ATM Shares under the 2022 ATM Agreement.

The offering of the 2022 ATM Shares pursuant to the 2022 ATM Agreement

will terminate upon the termination of the 2022 ATM Agreement by Wainwright or us, as permitted therein.

The 2022 ATM Agreement contains

customary representations, warranties and agreements by us, and customary indemnification and contribution rights and obligations of the

We agreed to pay Wainwright a placement fee of up to 3.0% of the aggregate gross proceeds from each sale of the 2022 ATM Shares.

We also agreed to reimburse Wainwright for certain specified expenses in connection with entering into the 2022 ATM Agreement.

or Wainwright.

In October 2024, the S-3 registration underlying our At The Market Offering Agreement expired and the ATM was cancelled.

Financings During the Fiscal Year Ended March

In the fiscal year ended March

31, 2024, we raised aggregate net proceeds of $1,322,383, net of $34,118 in commissions to Wainwright and $8,202 in other offering expense,

through the sale of 296,056 shares of our common stock at an average price of $4.47 per share under the 2022 ATM Agreement.

During the fiscal year

ended March 31, 2025, we raised aggregate net proceeds of $7,746,311, net of $405,002 in commission and legal expenses to Maxim and

$753,090 in direct legal and accounting fees.

This total included $3,539,907 from a public offering in May 2024 and $2,054,940 from

subsequent exercise of Class A and Class B warrants and $2,151,464 in net proceeds from a warrant inducement offering in March 2025.

In connection with that transaction, we paid the placement agent fees totaling $153,979, consisting of a 6% commission on gross

proceeds of $138,979 and $15,000 for legal and out-of-pocket expenses to Maxim and $10,877 in direct legal fees.

March 16, 2025, Aethlon Medical, Inc.

(the “Company”) entered into a

inducement offer to exercise existing Class A and Class B Warrants (the “Agreement”) with a certain accredited and

institutional holder (the “Holder”) of the Company’s outstanding Class A and Class B Warrants issued on May 17,

2024 (the “Existing Warrants”).

Pursuant to the Agreement, the Holder, upon exercise, will receive a new unregistered

Common Stock Purchase Warrant (“New Warrant”) pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended

(“Securities Act”), to purchase up to a number of shares equal to 200% of the number of Warrant Shares issued pursuant

to the exercise of Existing Warrants pursuant to this Agreement (the “New Warrant Shares”), which New Warrant shall have

an exercise price per share equal to $0.3736, subject to adjustment as provided in the New Warrant, will be exercisable at any time

on or after six (6) months from the date of issuance and have a term of exercise of five and one-half (5.5) years from the date of

issuance and a reduction of the exercise price of the Existing Warrants to $0.3736 per share, representing the closing price on

March 14, 2025, but only with respect to a cash exercise under the Existing Warrants (as reduced from the current respective

exercise price per share as set forth in the Existing Warrants).

closing took place on March 17, 2025.

Gross proceeds to the Company from the exercise of the Existing Warrants was $2,316,320,

prior to deducting closing costs and placement agent fees as further described below.

The Company intends to use the net proceeds from

the offering for working capital and general corporate purposes.

a result of the Holder exercising the Existing Warrants, the Company issued an aggregate of 775,000 shares of its common stock.

underlying the Existing Warrants have all been registered on Form S-1 registration statement (Registration Number 333-278188).

Company agreed to file a resale registration statement registering the shares underlying the Replacement Warrants (“Resale Registration

Statement”) within ninety (90) days of the date of the Agreement and to use commercially reasonable best efforts to cause the Resale

Registration Statement to be effective on or prior to the 150th calendar day after the date of the Agreement.

Subject to the terms

of the Agreement, the Company will be required to pay certain liquidated damages if the shares underlying the New Warrants are not filed

within the ninety (90) period, as more fully described in the Agreement.

Company further agreed that until sixty (60) days after the closing date of the warrant exercise, it will not (other than in connection

with limited enumerated exceptions) issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares

of common stock or common stock equivalents or file any registration statement or any amendment or supplement (other than the registration

statement registering the shares underlying the Replacement Warrants).

connection with the transactions contemplated in the Agreement, the Company agreed to pay its placement agent, Maxim Group, LLC (the “Agent”)

the following compensation, (i) a cash fee equal to 6.0% of the gross proceeds received by the Company in the transactions contemplated

by the Agreement, and (ii) legal fees and out-of-pocket expenses of $15,000.

On May 17, 2024, we

closed a public offering pursuant to which we sold an aggregate of:

(i) 306,250 shares of our common stock and accompanying Class A

warrants to purchase up to 306,250 shares of common stock and Class B warrants to purchase up to 306,250 shares of common stock, at

a combined public offering price of $4.64 per share and accompanying warrants;

and (ii) in lieu of common stock, pre-funded warrants

to purchase 706,250 shares of common stock and accompanying Class A warrants to purchase up to 706,250 shares of common stock and

Class B warrants to purchase up to 706,250 shares of common stock, at a combined public offering price of $4.63 per pre-funded

warrant and accompanying warrants, which is equal to the public offering price per share of common stock, and accompanying warrants

less the $0.001 per share exercise price of each such pre-funded warrant.

The gross proceeds from the offering, before deducting the

placement agent’s fees and other offering expenses, were approximately $4.7 million.

Financings During the Fiscal Year Ended March

the fiscal year ended March 31, 2023, we raised aggregate net proceeds of $8,927,211, net of $229,610 in commissions to Wainwright and

$27,153 in other offering expense, through the sale of 748,084 shares of our common stock at an average price of $11.93 per share under

During the fiscal year

ended March 31, 2024, we raised aggregate net proceeds of $1,322,383, net of $34,118 in commissions to Wainwright and $8,202 in

other offering expense, through the sale of 37,011 shares of our common stock at an average price of $35.76 per share under the 2022

ATM Agreement.

2022 At The Market Offering Agreement with

Wainwright & Co., LLC

March 24, 2022, we entered into the 2022 ATM Agreement with Wainwright, which established an at-the-market equity program pursuant to

which we may offer and sell shares of our common stock from time to time as set forth in the 2022 ATM Agreement.

This agreement was terminated in October 2024.

offering was registered under the Securities Act pursuant to our shelf registration statement on Form S-3 (Registration Statement No.

333-259909), as previously filed with the SEC and declared effective on October 21, 2021.

We filed a prospectus supplement, dated March

24, 2022, with the SEC that provides for the sale of shares of our common stock, or the 2022 ATM Shares, having an aggregate offering

price of up to $15,000,000, which was subsequently and most recently updated pursuant to our prospectus supplement, dated September 29,

2022, filed with the SEC that provides for the sale of 2022 ATM Shares having an aggregate offering price of up to $6,625,000.

31, 2024, $5,302,617 of 2022 ATM Shares remained available for sale under the 2022 ATM Agreement.

the 2022 ATM Agreement, Wainwright may sell the 2022 ATM Shares by any method permitted by law and deemed to be an “at the market

offering” as defined in Rule 415 promulgated under the Securities Act, including sales made directly on the Nasdaq Capital Market,

or on any other existing trading market for the 2022 ATM Shares.

In addition, under the 2022 ATM Agreement, Wainwright may sell the 2022

ATM Shares in privately negotiated transactions with our consent and in block transactions.

Under certain circumstances, we may instruct

Wainwright not to sell the 2022 ATM Shares if the sales cannot be effected at or above the price designated by us from time to time.

are not obligated to make any further sales of the 2022 ATM Shares under the 2022 ATM Agreement.

The offering of the 2022 ATM Shares pursuant

to the 2022 ATM Agreement will terminate upon the termination of the 2022 ATM Agreement by Wainwright or us, as permitted therein.

2022 ATM Agreement contains customary representations, warranties and agreements by us, and customary indemnification and contribution

rights and obligations of the parties.

We agreed to pay Wainwright a placement fee of up to 3.0% of the aggregate gross proceeds from

each sale of the 2022 ATM Shares.

We also agreed to reimburse Wainwright for certain specified expenses in connection with entering into

the 2022 ATM Agreement.

Material Cash Requirements

We expect our clinical trial expenses

for the planned oncology trials in Australia and India to increase for the foreseeable future.

Those increases in clinical trial expenses

include the cost of manufacturing additional Hemopurifiers.

In addition, we have entered into

leases for our headquarters, laboratory and manufacturing facilities.

We expect our rent payments to continue to increase for the foreseeable

Future capital requirements will

depend upon many factors, including progress with pre-clinical testing and clinical trials, the number and breadth of our clinical programs,

the time and costs involved in preparing, filing, prosecuting, maintaining and enforcing patent claims and other proprietary rights, the

time and costs involved in obtaining regulatory approvals, competing technological and market developments, as well as our ability to

establish collaborative arrangements, effective commercialization, marketing activities and other arrangements.

We expect to continue

to incur increasing negative cash flows and net losses for the foreseeable future.

We will continue to need to raise additional capital

either through equity and/or debt financing for the foreseeable future.

We expect our clinical trial

expenses for the planned oncology trials in Australia and India to increase for the foreseeable future.

While these increases are primarily

related to trial activities, additional Hemopurifiers may also be manufactured to support the studies.

In addition, we have entered

into leases for our headquarters, laboratory and manufacturing facilities.

We expect our rent payments to continue to increase for the

foreseeable future.

Future capital requirements

will depend upon many factors, including progress with pre-clinical testing and clinical trials, the number and breadth of our clinical

programs, the time and costs involved in preparing, filing, prosecuting, maintaining and enforcing patent claims and other proprietary

rights, the time and costs involved in obtaining regulatory approvals, competing technological and market developments, as well as our

ability to establish collaborative arrangements, effective commercialization, marketing activities and other arrangements.

continue to incur increasing negative cash flows and net losses for the foreseeable future.

We will continue to need to raise additional

capital either through equity and/or debt financing for the foreseeable future.

As a result of global events,

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harm our business, results of operations and future prospects.

While we currently have over $9.1

million in cash and cash equivalents and have been carrying out certain expense reductions since November 2023, our planned additional

expense reductions may not materialize and/or our patient recruitment may occur more rapidly than expected along with the concomitant

increases in expenses;

therefore there is substantial doubt that our cash on hand will carry the company for 12 months beyond the filing

date of the financial statements included in this Annual Report.

While we currently has been

carrying out certain expense reductions since November 2023;

our planned additional expense reductions may not materialize and/or our

patient recruitment may occur more rapidly than expected along with the concomitant increases in expenses;

therefore there is substantial

doubt that our cash on hand will carry the company for 12 months beyond the filing date of the financial statements included in this Annual

We do plan to access the equity

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or generate positive cash flow from operating activities.

Cash flows from operating, investing

and financing activities, as reflected in the accompanying Consolidated Statements of Cash Flows, are summarized as follows (in thousands):

Cash flows from operating,

investing and financing activities, as reflected in the accompanying Consolidated Statements of Cash Flows, are summarized as follows

(in thousands):

For the year ended

Cash (used in) provided by:

Cash provided by (used in):

Operating activities

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Effect of exchange rate on cash

Net decrease in cash

Net increase (decrease) in cash

Net Cash Used in Operating Activities

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to net cash used in operating activities of approximately $10,130,000 in fiscal 2024, a decrease of approximately $2,484,000.

in cash flows was primarily driven by a positive change in our working capital items of $413,000 mainly from the increase in accounts

payable and accrued expenses offset by an increase in net loss of approximately $38,000 before non-cash items.

in cash flows was primarily driven by a decrease of $2,869,000 in net loss after non-cash charges partially offset by a negative change

in our working capital items of $385,000 mainly from the approximately $210,000 decrease in accounts payable and other current liabilities

and approximately $299,000 decrease in due to related parties.

These decreases were partially offset by a decrease of approximately $124,000

Net Cash Used in Investing Activities

During the fiscal years ended

March 31, 2024 and 2023, we purchased approximately $251,000 and $943,000 of equipment, respectively.

During the fiscal year ended

March 31, 2025 we did not purchase equipment.

For the year ended March 31, 2024, we purchased approximately $251,000 of equipment, respectively.

Net Cash from Financing Activities

Net cash generated from financing

activities decreased from approximately $8,915,000 in the fiscal year ended March 31, 2023 to approximately $1,288,000 in the fiscal year

activities increased from approximately $1,288,000 in the fiscal year ended March 31, 2024 to approximately $7,277,000 in the fiscal year

ended March 31, 2025.

In the fiscal year ended March

31, 2024, we raised approximately $1,322,383 from the issuance of common stock, which was partially offset by the use of approximately

31, 2025, we raised approximately $3,540,000 from the issuance of common stock.

We also raised approximately $2,055,000 from the exercise

of warrants under standard terms and approximately $2,316,000 from the exercise of warrants under induced terms.

These proceeds were partially

offset by $154,000 in commissions and $11,000 in legal fees related to the induced warrant exercises.

Additionally, we used approximately

$19,000 used to satisfy tax withholding obligations associated with the issuance of restricted stock units (RSUs).

During the fiscal year ended

March 31, 2024, we raised $1,322,383 from the issuance of common stock, which was partially offset by the use of approximately

$35,000 to pay for the tax withholding on the issuance of restricted stock units, or RSUs.

During the fiscal year ended March 31, 2023,

we raised $8,927,211 from the issuance of common stock, which was partially offset by the use of approximately $12,000 to pay for the

tax withholding on the issuance of RSUs.

Critical Accounting Policies and Significant Judgments and Estimates

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period that would materially impact the presentation of our financial statements for the year ended March 31, 2025.

Warrant Inducement Transactions

time to time, the Company may enter into warrant inducement arrangements, in which modifications to the terms of outstanding equity-classified

warrants—such as reductions in exercise price or the issuance of additional warrants—are offered to incentivize early exercise.

These transactions require significant judgment in determining whether the arrangement constitutes a routine equity modification or a

substantive inducement that should be accounted for as an expense.

In making this determination, the Company evaluates the structure and

purpose of the transaction, including whether incremental value was transferred to the holder to accelerate capital inflows.

where the substance of the arrangement reflects an inducement, the Company records the incremental value as an expense in the period the

transaction occurs.

Determining the fair value of such inducements and the appropriate timing of recognition involves complex estimates

and careful consideration of the facts and circumstances of each arrangement .

Share-based Compensation

We account for share-based compensation

awards using the fair-value method and record such expense based on the grant date fair value in the consolidated financial statements

over the requisite service period.

We account for share-based

compensation awards using the fair-value method and record such expense based on the grant date fair value in the consolidated financial

statements over the requisite service period.

This requires management to make estimates and assumptions regarding the fair value of the

awards, including the expected term, volatility, risk-free interest rate, and forfeiture rates.

These assumptions are inherently subjective

and involve significant judgment.

The fair value of stock options is typically determined using the Black-Scholes option pricing model.

Compensation expense is recognized over the vesting period of the awards in a manner that reflects the service period or any applicable

performance conditions.

RSU Grants to Non-Employee Directors

The Company maintains the Amended

and Restated Non-Employee Director Compensation Policy, or the Director Compensation Policy, which provides for cash and equity compensation

for persons serving as non-employee directors of the Company.

Under this policy, each new director receives either stock options or a

grant of RSUs upon appointment/election, as well as either an annual grant of stock options or of RSUs at the beginning of each fiscal

The (i) stock options are subject to vesting and (ii) RSUs are subject to vesting and represent the right to be issued on a future

date shares of our common stock upon vesting.

The Company maintains the

Amended and Restated Non-Employee Director Compensation Policy, or the Director Compensation Policy, which provides for cash and equity

compensation for persons serving as non-employee directors of the Company.

Under this policy, each new director receives either stock

options or a grant of RSUs upon appointment/election, as well as either an annual grant of stock options or of RSUs at the beginning of

each fiscal year.

The (i) stock options are subject to vesting and (ii) RSUs are subject to vesting and represent the right to be issued

on a future date shares of our common stock upon vesting.

April 16, 2024, our Board of Directors approved, pursuant to the terms of the Director Compensation Policy, the grant of the annual RSUs

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Vesting will terminate upon the director’s termination of Continuous Service prior to any vesting date.

There were no vested RSUs outstanding

as of March 31, 2024.

There were no vested RSUs

outstanding as of March 31, 2025.

Recent Events

On May 17, 2024, we closed a public

offering pursuant to which we sold an aggregate of:

(i) 2,450,000 shares of our common stock and accompanying Class A warrants to purchase

up to 2,450,000 shares of common stock and Class B warrants to purchase up to 2,450,000 shares of common stock, at a combined public offering

price of $0.58 per share and accompanying warrants;

and (ii) in lieu of common stock, pre-funded warrants to purchase 5,650,000 shares

of common stock and accompanying Class A warrants to purchase up to 5,650,000 shares of common stock and Class B warrants to purchase

up to 5,650,000 shares of common stock, at a combined public offering price of $0.579 per pre-funded warrant and accompanying warrants,

which is equal to the public offering price per share of common stock, and accompanying warrants less the $0.001 per share exercise price

of each such pre-funded warrant.

The Class A and Class B warrants

each have an exercise price of $0.58 per share, are immediately exercisable, and, in the case of Class A warrants, will expire on May

17, 2029, and in the case of Class B warrants, will expire on May 19, 2025.

The exercise price of the Class A and Class B warrants is

also subject to adjustment for stock splits, reverse splits, and similar capital transactions as described in such warrants.

LLC acted as the exclusive placement agent for the offering.

The gross proceeds from the offering,

before deducting the placement agent’s fees and other offering expenses, were approximately $4.7 million.

The Company intends to

use the net proceeds from this offering for general corporate purposes, which may include clinical trial expenses, research and development

expenses, capital expenditures and working capital.

In June 2024, holders of Class

A and Class B warrants exercised 295,000 shares and 2,875,000 shares, respectively, for total proceeds of $1,838,600.

In April 2024, our Board of Directors

approved, pursuant to the terms of the Director Compensation Policy, the grant of the annual RSUs under the Director Compensation Policy

to each of the four non-employee directors of the Company then serving on the Board of Directors.

The Director Compensation Policy provides

for a grant of stock options or $50,000 worth of RSUs at the beginning of each fiscal year for current non-employee directors then serving

on the Board of Directors, and for a grant of stock options or $75,000 worth of RSUs for a newly elected non-employee director, with each

RSU priced at the average for the closing prices for the five days preceding and including the date of grant, or $1.52 per share for the

April 2024 RSU grants.

As a result, in April 2024 the four eligible directors were each granted an RSU in the amount of 32,894 shares

under the 2020 Plan.

The RSUs are subject to vesting in four equal installments, with 25% of the restricted stock units vesting on each

of June 30, 2024, September 30, 2024, December 31, 2024, and March 31, 2025, subject in each case to the director’s Continuous Service

(as defined in the 2020 Plan), through such dates.

Vesting will terminate upon the director’s termination of Continuous Service

prior to any vesting date.

Split – Following the approval of a reverse stock split at a Special Meeting of Stockholders on May 13, 2025, our Board of Directors

approved a 1-for-8 reverse stock split or our outstanding shares of Common Stock, effective as of the close of business on June 6, 2023.

Accordingly, each 8 shares of outstanding common stock held by stockholders were combined into one share of common stock.

Our authorized

common stock remained at 60,000,000 shares following the stock split.

We issued 77 additional shares shares as a result of rounding up

fractional shares related to the reverse stock split.

June 2, 2025, a second patient was treated with the Hemopurifier at GenesisCare North Shore Hospital in Sydney, Australia.

patient was treated with the Aethlon Hemopurifier for 4 hours in a single day and tolerated the procedure without complications.

will have follow-up safety visits, EV and T cell measurements as well as imaging for clinical response.

In April 2025, our Board of

Directors approved, pursuant to the terms of the Director Compensation Policy, the grant of the annual RSUs under the Director Compensation

Policy to each of the four non-employee directors of the Company then serving on the Board of Directors.

The Director Compensation Policy

provides for a grant of stock options or $50,000 worth of RSUs at the beginning of each fiscal year for current non-employee directors

then serving on the Board of Directors, and for a grant of stock options or $75,000 worth of RSUs for a newly elected non-employee director,

with each RSU priced at the average for the closing prices for the five days preceding and including the date of grant, or $2.80 per share

for the April 2024 RSU grants.

As a result, in April 2025 the four eligible directors were each granted an RSU in the amount of 17,858

shares under the 2020 Plan.

The RSUs are subject to vesting in four equal installments, with 25% of the restricted stock units vesting

on each of June 30, 2025, September 30, 2025, December 31, 2025, and March 31, 2026, subject in each case to the director’s Continuous

Service (as defined in the 2020 Plan), through such dates.

Vesting will terminate upon the director’s termination of Continuous

Service prior to any vesting date.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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What changed 10-K

Item 7. Management’s Discussion and Analysis