Aethlon Medical, Inc.

Good afternoon and welcome to the Athlon Medical first quarter fiscal 2026 earnings and corporate update. All participants will be in listen only mode. Should you need assistance, please signal a conference specialist by pressing star then zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, Please press star then 2. Please note this event is being recorded. I would now like to turn the conference over to Jim Frakes, Chief Executive Officer and Chief Financial Officer. Please go ahead, sir.

Thank you, operator, and good afternoon, everyone. Welcome to Athlon Medical's fiscal first quarter 2026 earnings conference call. My name is Jim Frakes, and I'm the Chief Executive Officer and Chief Financial Officer of Athlon Medical. At 4.15 p.m. Eastern Time today, Athlon Medical released financial results for its fiscal first quarter ended June 30, 2025. If you have not seen or received Athlon Medical's earnings release, please visit the investors page at www.athlonmedical.com to view it. Following this introduction and the reading of the company's forward-looking statement disclaimer, Dr. Steven LaRosa, our Chief Medical Officer, and I will provide an overview of Affluent's strategy and recent development. I will then make some brief remarks on Affluent's financials. We will then open up the call for the Q&A session. Before we start the business portion of the call, please note that the news released today and this call contain forward-looking statements within the meaning of the Securities Act of 1933 as amended, and the Securities Exchange Act of 1934, as amended. The company cautions you that any statement that is not a statement of historical fact is a forward-looking statement. These statements are based on expectations and assumptions as of the date of this conference call. Such forward-looking statements are subject to significant risks and uncertainties, and actual results may differ materially from the results anticipated in the forward-looking statements. Factors that could cause results to differ materially from those anticipated in forward-looking statements can be found under the caption Risk Factors in the company's annual report on Form 10-K for the fiscal year ended March 31, 2025, the company's most recent quarterly report on Form 10-Q, and in the company's other filings with its Securities and Exchange Commission. Except that it may be required by law, the company does not intend nor does it undertake any duty to update this information to reflect future events or circumstances. With that, we will now cover the business update portion of this call. First, I'd like to note that because of our March 31st fiscal year, we report our fourth quarter and then the ensuing first quarter quite close in time, basically six weeks apart. As a result, in this earnings call, we will also touch on some of the late-breaking news from our previous earnings call in late June. Overall, we are pleased with the progress in our Australian oncology trial. Dr. LaRosa will cover the specifics on that trial shortly, but I wanted to give some high-level thoughts first. Keep in mind that several of these points are forward-looking statements, as I just noted. In the first quarter, we advanced our lead oncology indication clinical program, delivered preclinical results supporting broader applications, including long COVID, all while significantly reducing operating expenses. Our focus remains on moving the hemopurifier towards regulatory approval and expanding use across multiple diseases. While we received formal approval from India's Central Drug Standard Control Organization, or CDSCO, to initiate a similar oncology trial at Medanta Medicity Hospital in New Delhi, India, discussions with our India-based CRO showed first-patient treatment would likely flip to early 2026. Given this extended timeline and our broader strategic priorities, we decided not to proceed with the NDIS study. This choice is about focus, not just savings. Though we expect to conserve $500,000 to $1 million by this decision. Based on our current progress in Australia, we could complete treatment by late 2025 or early 2026, analyze data, and be in a position to apply for a TMA or efficacy trial in Australia and engage strategic partners. If we were still early in the Indian trial at that point, regulators or potential strategic partners could require us to finish it first, delaying our path forward. Avoiding that risk is why we are focusing our resources in Australia, which keeps us on the fastest track toward our next milestone. And now I will turn the call over to Dr. La Rosa who will cover updates on the Australian oncology trials and on our R&D efforts, particularly in long COVID, and our recent preclinical data regarding the removal of platelet-derived extracellular vesicles, or EEDs. Steve?

Thank you, Jim. Hello, everyone. I'm joining you live from the Keystone Symposium Conference on Long COVID in San Jose, New Mexico, where last evening I presented preclinical data in long COVID, more about that in a little bit. First, I'd like to give you our progress and our lead indication in oncology, our Australian clinical trials of patients with solid tumors not responding to immunotherapy with anti-CD1 agents. We can have completed hemopurifier treatments in the three patients in our first cohort. The first patient completed a hemopurifier treatment at our site at Royal Adelaide Hospital in January. and patients two and three were treated at Royal North Shore Hospital in Sydney on June 2nd and June 16th of this year. All three participants completed the entire four-hour hematuria fire treatment without any device deficiencies and no immediate complications. At the pre-specified seven-day safety follow-up period, none of these three participants experienced a dose-limiting toxicity or a device-related serious adverse event. The second patient enrolled unfortunately went on to die from progression of his cancer and can only provide a one-week follow-up worth of data. An independent data safety monitoring board, known as the DSMD, convened on July 11, 2025 to review the safety data on these first three patients in the first cohort. Following a closed-session deliberation, the DSMD provided Athlon Medical Senior Leadership with a recommendation to advance to our second treatment cohort, where patients will receive two hemopurifier treatments during a one-week period. All three of our sites in Australia are actively screening patients for this second cohort. These sites are screening under an amended protocol that allows patients on either monotherapy or combination therapy that includes temporalizumab or nivolumab. This protocol amendment was performed to reflect changes in standard of care, leaning now more towards combo therapy, and it thus increases the potential pool of patients for the study. The laboratory of Professor George Brown at the University of Sydney continues to work on the central lab tests on the first patient cohort samples to look for the effects of the hemopurifier on extracellular vesicle numbers and anti-tumor T cell function. We would expect to be able to make some observations of this data sometime in September 2025. As a reminder, the primary endpoint of this approximate 9 to 18 patients Safety, feasibility, and dose-finding study is safety. The trial will monitor for any adverse events and clinically significant changes in lab tests of hemopurifier-treated patients with solid tumors who have stable or progressive disease while on a regimen that includes either Keytruda or Opdivo anti-PD-1 therapies. The patient, as mentioned, is designed in three cohorts. The first we've completed, the second cohort where patients get two treatments in one-week period, and the third cohort where the patients get three hemopurifier treatments in a one-week period. As mentioned, in addition to monitoring safety, we're examining the number of hemopurifier treatments needed to decrease the concentration of extracellular vesicles, And if these decreases in EV numbers improve the body's own natural ability to attack tumor cells. These exploratory central laboratory analyses are expected to inform the dosing of a later efficacy and safety trial, including a TMA or pre-market approval study that is required by the FDA and other regulatory agencies. Currently, only approximately 30% to 40% of patients who receive febrolizumab or nivolumab will have a lasting clinical response to these agents. Extracellular vesicles produced by tumors have been implicated in the spread of cancers as well as the resistance to anti-PD-1 therapies. The Athlon Hemocurifier has been designed to bind and remove BVVs from the bloodstream which may improve the therapeutic response rates to the anti-PD-1 drugs. In preclinical studies, the hemopurifier has been able to decrease the number of EVs in cancer patient samples. Now I'd like to segue to our R&D preclinical activities. Last evening, August 12, 2025, Athlon presented a poster at the Keystone Symposium on long COVID and other post-acute infectious syndromes being held in Santa Fe, New Mexico. Longstanding symptoms following acute COVID-19 infection, known as Long COVID, has been determined to affect approximately 400 million individuals worldwide with a global economic burden of approximately $1 trillion per year. This data can be found in a Nature Medicine 2024 publication. The presentations at this conference reviewed the clinical trials that have been conducted to date and show that there is currently no agent that is approved for the treatment of long COVID, indicating a large unmet medical need. Extracellular vesicles have been implicated in the pathogenesis of long COVID. Since we had previously demonstrated removal of extracellular vesicles by the hemopurifier in emergency use patients with severe acute COVID-19 infection, we hypothesized that the patients with long COVID would have extracellular vesicles with the nanosugar on their surface that would be amenable to removal by our device. With this in mind, we partnered with investigators at the University of California San Francisco Medical Center Long COVID Link Cohort, and they provided us samples from blood samples from patients with long COVID as well as people who had COVID but had fully recovered. The data we presented last evening demonstrated that both large and small extracellular vesicles from long COVID patients bound to the GNA lectin and lectin affinity resin respectively in our device. We had active discussions with a number of participants, and we will take this feedback back to Athlon to discuss a potential next step and other collaborations. Since this data has now been presented publicly, we will share this poster on our Athlon medical site in the very near future. On May 12th, 2025, the results of our preclinical ex vivo study entitled Ex Vivo Removal of CD41 Positive Platelet Microparticles from Plasma by a medical device containing galantis, nivalis, agutinin resin, was published in the pre-print vehicle BioRx IV and is publicly available. This manuscript has also been submitted to a peer-reviewed publication for review. Platelet-derived extracellular vesicles are the most numerous ED population in the body and are released by platelets in response to a variety of stimuli. The cargo contained within these platelets of IVDs have been noted to take part in damage to blood vessels, activation of immune cells, and spread of tumor cells. Excessive levels of PDEDs have been implicated in a myriad of diseases, not only cancer, but also lupus, systemic sclerosis, multiple sclerosis, Alzheimer's disease, sepsis, and acute and long COVID. As a matter of fact, this morning, a presentation from the PacGlovis study indicated that platelets, activated platelets, are a source of viral persistence within long COVID. We hypothesized in our publication and our study that the Aflon hemopurifier, which contains the proprietary GMA affinity resin, might be able to bind these platelet-derived EVs from plasma. In this experiment, we took 200 milliliters of healthy donated human plasma and circulated it over our Athlon hemopurifier to simulate a clinical hemopurifier session. The data revealed that we removed 98.5% of platelet-derived EVs at a time point equivalent to a four-hour treatment in a patient. The results of this study support our current Australian clinical trial in oncology, as well as open the investigation of the hemopurifier in the diseases I just mentioned. With that, I'll turn it over to Jim for the financial discussion, and then we will take questions.