Aethlon Medical, Inc. · NASDAQ:AEMD

Aethlon Medical — Merger or Acquisition (September 2026)

29 slides from Aethlon Medical's merger presentation, Sep 17, 2026

  1. Slide 1: Company Overview September 2026

    Company Overview SEPTEMBER 2026

  2. Slide 2: Disclaimer

    2 Disclaimer This presentation (together with any information communicated orally in connection herewith, this "Presentation") is being pr ovi ded by North Immunology, Inc. ("North" or the "Company") on a confidential basis solely for informational purposes in connection with a proposed private plac

  3. Slide 3: Forward-Looking Statements

    3 Forward - Looking Statements This Presentation contains "forward - looking statements" within the meaning of the federal securities laws, including for purpose s of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. All statements other than statements of histor

  4. Slide 4: NOR-101 Target Product Profile

    NOR - 101 Target Product Profile Note: No clinical studies of NOR - 101 have been conducted and results from clinical trials of other agents are not indicative of result s that may be demonstrated in clinical studies of NOR - 101 4 NOR - 101 is a Half - life Extended Anti - IL - 13 x IL - 18 Bispeci

  5. Slide 5: Better Treatments Are Required for Atopic Dermatitis

    Source: FDA Labels Note: This chart is meant to show the treatment landscape for atopic dermatitis and the target therapeutic profile for NOR - 101. No cli nical studies of NOR - 101 have been conducted and results from clinical trials of other agents are not indicative of results that may be demons

  6. Slide 6: We Believe NOR-101 has the Potential to Offer a Material Improvement to the Standard of Care

    Source: FDA Labels; APGE APEX Part A results presentation; APGE APEX Part B results presentation Note: 1 Average of APEX Part A and APEX Part B; No clinical trials have been conducted for NOR - 101. This chart is meant to show the treatment landscape for atopic dermatitis and what we believe NOR - 1

  7. Slide 7: AD is Not Just a Th2 Disease; IL-18 is a Key Driver of Non-Th2 Inflammation

    Source: 1 Fania et al., Int J Mol Sci (2022). https:// doi.org /10.3390/ijms23052684 . 2 Lee et al., PLoS One (2017). https:// doi.org /10.1371/journal.pone.0186351 . 3 Scharli et al., J Allergy Clin Immunol (2024). https:// doi.org /10.1016/j.jaci.2024.10.027. 4 Lusty et al., Mol Immunol (2017). ht

  8. Slide 8: Robust Evidence Across Genetic, Biomarker, and Clinical Data Implicate IL-18 as a Key Driver of AD

    Clinical 4,5,6,7 aletekitug CMK389 camoteskimab EVO301 Source: ¹Budu - Aggrey et al., Nat Commun (2023). https://doi.org/10.1038/s41467 - 023 - 41180 - 2 . ²Szegedi et al., J Eur Acad Dermatol Venereol (2015). https://doi.org/10.1111/jdv.13160 . ³Clausen et al., Sci Rep (2020). https://doi.org/10.10

  9. Slide 9: IL-18 Directed Therapies Have Demonstrated Efficacy across Lesions and Itch

    Note: *N= total study N. Data are from separate studies and are not from head - to - head trials. Differences in study design, endpoints a nd timepoints, entry criteria and baseline disease severity, background/concomitant therapy, rescue medication rules, geography, and statistical handling of miss

  10. Slide 10: IL-18 Inhibition Drives Rapid and Deep Responses

    33% 7% 26% 9% 0 5 10 15 20 25 30 35 0 2 4 6 8 10 12 14 16 Source: ¹Cather et al., Dermatol Ther ( Heidelb ) (2022). https://doi.org/10.1007/s13555 - 022 - 00778 - y . ²Ellis et al., Allergy 81:539 – 551 (2025). https://doi.org/10.1111/all.70172 . Note: Data are from separate studies and are not from

  11. Slide 11: IL-18 mAbs Have Demonstrated a Clean Safety Profile

    11 IL - 18 mAbs Have Demonstrated a Clean Safety Profile and Human Genetic Evidence Suggests That Long - term IL - 18 Inhibition is not Deleterious • Clinical trials of IL - 18 inhibitors have not shown treatment related safety - signals to date • No cases of conjunctivitis reported across 4 differe

  12. Slide 12: Dual IL-13 x IL-18 Inhibition Could Drive Deeper and Broader Responses

    Clinical Data: Strong responses to IL - 18 inhibition in Dupixent refractory patients Note: No clinical studies of NOR - 101 have been conducted and results from clinical trials of other agents are not indicative of result s that may be demonstrated in clinical studies of NOR - 101 12 Dual IL - 13 x

  13. Slide 13: Strong responses to IL-18 inhibition in Dupixent refractory patients

    Source: ¹Ellis et al., Allergy (2025). https://doi.org/10.1111/all.70172 . 2 Silverberg et al., SID 2026. Note: Results from clinical trials of other agents are not indicative of results that may be demonstrated in clinical studies of NOR - 101 13 Dual IL - 13 x IL - 18 Inhibition has the Potential

  14. Slide 14: Dupixent non-responders display a Th1-skewed immune signature

    Source: Adapted from Del Duca et al, Serum biomarkers accurately differentiate dupilumab responders from nonresponders in atopic derm ati tis, SID 2026 Note: Results from clinical trials of other agents are not indicative of results that may be demonstrated in clinical studies of NOR - 101 14 Dual I

  15. Slide 15: In Vitro: IL-13 x IL-18 inhibition demonstrated orthogonality and additivity

    Source: Data on file 15 Dual IL - 13 x IL - 18 Inhibition has the Potential to Drive Deeper and Broader Responses than IL - 13 Inhibitor Monotherapy Promise of Additive Efficacy • Dual targeting of IL - 13 and IL - 18 increased Filaggrin expression more than either alone • IL - 18 inhibition synergi

  16. Slide 16: Th switching implicated in Dupixent loss of response

    Source: ¹Soria et al., JAMA Dermatol (2019). https://doi.org/10.1001/jamadermatol.2019.2613 . ²Varma et al., JAAD Case Rep (2020). https://doi.org/10.1016/j.jdcr.2020.01.012 . ³Lee et al., PLoS One (2017). https://doi.org/10.1371/journal.pone.0186351 . ⁴Lusty et al., Mol Immunol (2017). https://doi.

  17. Slide 17: Dual Inhibition Could Ameliorate Conjunctivitis Seen with IL-4Rα/13 Monotherapy

    Source: Thormann et al., Allergy (2024). https://doi.org/10.1111/all.16045 . North Immunology Analysis. Note: Results from clinical trials of other agents are not indicative of results that may be demonstrated in clinical studies of NOR - 101. 17 Dual IL - 13 x IL - 18 Inhibition has the Potential t

  18. Slide 18: IL-18BP is a Soluble Decoy for IL-18 and IL-37

    Source: Nold - Petry et al., Nat Immunol (2015). https://doi.org/10.1038/ni.3103 . Plater - Zyberk et al., J Clin Invest (2001). https://doi.org/10.1172/JCI200112097 . Dinarello et al., Front Immunol (2013). https://doi.org/10.3389/fimmu.2013.00289 . 18 IL - 18BP is a Soluble Decoy for Two Opposing

  19. Slide 19: NOR-101 Demonstrates IL-18BP Non-competitive Binding

    Source: Nold - Petry et al., Nat Immunol (2015). https://doi.org/10.1038/ni.3103 . Plater - Zyberk et al., J Clin Invest (2001). https://doi.org/10.1172/JCI200112097 . Dinarello et al., Front Immunol (2013). https://doi.org/10.3389/fimmu.2013.00289 ; i nt ernal data 19 NOR - 101 Demonstrates IL - 18

  20. Slide 20: NOR-101 Targets Same Epitopes as Lebrikizumab and Aletekitug; Strong Developability

    Note: 1 IgG1 monoclonal antibody with lebrikizumab Fvs ; 2 IgG1 monoclonal antibody with lebrikizumab Fvs . Valency adjusted to allow for direct comparison to NOR - 101; 3 IgG1 monoclonal antibody with aletekitug Fvs ; 4 IgG1 monoclonal antibody with aletekitug Fvs . Valency adjusted to allow for di

  21. Slide 21: Potential Best-in-class NHP Half-life Indicates Opportunity for Q3-Q6M Dosing

    Note: 1 n=3; 2 n=2. Excludes one animal in each cohort that developed ADA, 10mg/kg (IV and SC) conducted in separate study vs 5 mg / kg; 3 In - life data only. Necropsy and histopathology not conducted. 21 Potential Best - in - class NHP Half - life Indicates Opportunity for Q3 - Q6M Maintenance Dos

  22. Slide 22: NOR-101 Clinical Plan Designed to Drive Accelerated Path to AD Pivotal Study

    Note: Preliminary clinical plan subject to change 22 NOR - 101 Clinical Plan Designed to Drive Accelerated Path to AD Pivotal Study 2028 2027 Phase 1a AD Phase 1b AD Phase 2b Indication Expansion Cohorts

  23. Slide 23: Ph1a, Ph1b, and Ph2 Studies in AD Designed to Rapidly Progress to Ph3

    Note: Preliminary clinical plan subject to change 23 Ph1a, Ph1b, and Ph2 Studies in AD Designed to Rapidly Progress to Ph3 ​ Ph 1a HV SAD / MD N = 8 per cohort (6:2), ROA: SC Ph 1b Atopic Dermatitis N=~30 - 40, ROA: SC Ph 2b Atopic Dermatitis N = 150 - 200, ROA: SC Biologic Naïve and Biologic Inadeq

  24. Slide 24: Indication Expansion Opportunities

    Source: ¹Chovatiya et al., SKIN (2025). https://doi.org/10.25251/x9kr0q89 . 2 Loiselle et al., JID (2025). https://doi.org/10.1016/j.jid.2025.02.136 . 3 Ding et al., Sci Rep (2025). https://doi.org/10.1038/s41598 - 025 - 07224 - x . ⁴ DelveInsight . 5 CDC, Most Recent Asthma Data . https://www.cdc.g

  25. Slide 25: Key Upcoming Milestones

    25 2028 2027 2026 • Q1: Ph 1b Topline Data • 2028: Ph 2b Topline Data • Q1: Ph 1a Start • H1: Ph 1b Start • 2027: Ph 2b Start • Midyear: Ph 1a PK/ Safety Data • Q4: Australia HREC and CTN Submission NOR - 101 IL - 13xIL - 18 • Ph 1a Start • DC Nomination NOR - 201 Undisclosed Key Upcoming Milestones

  26. Slide 26: IP / License Agreement

    26 Agreement • IP to be owned by affiliate Central Therapeutics, LLC; NOR - 101 composition of matter exclusively licensed to North Immunology • North to control patent prosecution • License terms: o Option fee has been paid o Royalty: mid single digit o Milestones: Up to mid - single digit developm

  27. Slide 27: Pro Forma Capitalization Table

    Estimated post - closing capitalization based on information as of the signing of the proposed transaction and concurrent financin g Aethlon shares outstanding include shares granted in connection with financial advisor fee. (1) Parent shares exclude 391,500 OT M warrants as of 09/13/26 | (2) Financ

  28. Slide 28: Team Overview

    28 Jonathan Barr CEO Mohit Gupta Cofounder and CSO Sejal Hall COO John Kelly CMO Li Malmberg CTO Ramei Sani - Grosso SVP, Clin Ops Yan Zhao SVP, Finance Toni Jun VP, Preclinical Team Overview Management Team Investors & Board of Directors Daniel Schneeberger Cofounder; Portfolio Manager, ADAR1 Mohit

  29. Slide 29: Thank You

    Thank You Company Overview SEPTEMBER 2026

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