<SEC-DOCUMENT>0001683168-20-001026.txt : 20200330
<SEC-HEADER>0001683168-20-001026.hdr.sgml : 20200330
<ACCEPTANCE-DATETIME>20200330165006
ACCESSION NUMBER:		0001683168-20-001026
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200330
DATE AS OF CHANGE:		20200330

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AETHLON MEDICAL INC
		CENTRAL INDEX KEY:			0000882291
		STANDARD INDUSTRIAL CLASSIFICATION:	LABORATORY ANALYTICAL INSTRUMENTS [3826]
		IRS NUMBER:				133632859
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-237269
		FILM NUMBER:		20757808

	BUSINESS ADDRESS:	
		STREET 1:		9635 GRANITE RIDGE DRIVE, SUITE 100
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92123
		BUSINESS PHONE:		858-459-7800

	MAIL ADDRESS:	
		STREET 1:		9635 GRANITE RIDGE DRIVE, SUITE 100
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92123

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BISHOP EQUITIES INC
		DATE OF NAME CHANGE:	19930602
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>aethlon_424b5.htm
<DESCRIPTION>FORM 424B5
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><FONT STYLE="font-size: 7pt"><A HREF="#a15">Table of Contents</A></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Filed Pursuant to Rule 424(b)(5)</B></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Registration No. 333-237269</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><B>PROSPECTUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: Red"><B><IMG SRC="logo.jpg" ALT=""></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$7,495,000 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Stock </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">This prospectus relates to the offer, issuance and sale from
time to time of common stock having an aggregate offering price of up to $7,495,000 through H.C. Wainwright &amp; Co., LLC, or
Wainwright, as sales agent. These sales, if any, will be made pursuant to the terms of a common stock sales agreement, as amended,
or the sales agreement, dated June 28, 2016, between us and Wainwright.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our common stock is listed on The Nasdaq Capital Market, or
Nasdaq, under the symbol &ldquo;AEMD&rdquo;. On March 16, 2020, the last reported sale price of our common stock as reported on
Nasdaq was $1.23 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to General Instruction I.B.6 of Form S-3, in no event
will we sell our common stock in a public primary offering with a value exceeding more than one-third of our public float in any
12-month period so long our public float remains below $75,000,000. Calculated in accordance with General Instruction I.B.6 of
Form S-3, as of March 16, 2020, the aggregate market value of our outstanding common stock held by non-affiliates, or the public
float, was approximately $40.5 million based upon 9,321,442 shares of our outstanding stock held by non-affiliates at the per share
price of $4.34, the closing sale price of our common stock on January 31, 2020. One-third of our public float, calculated in accordance
with General Instruction I.B.6 of Form S-3 as March 16, 2020, is equal to approximately $13.5 million. As of the date of this prospectus
supplement, we have offered an aggregate market value of $4.7 million of securities pursuant to General Instruction I.B.6. of Form
S-3 during the prior 12 calendar month period that ends on, and includes, the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sales of our common stock, if any, under this prospectus may
be made in sales deemed to be &ldquo;at the market offerings&rdquo; as defined in Rule 415(a)(4) under the Securities Act of 1933,
as amended, or the Securities Act, including sales made directly on or through Nasdaq, or any other existing trading market in
the United States for our common stock, sales made to or through a market maker other than on an exchange or otherwise, directly
to Wainwright as principal, in negotiated transactions at market prices prevailing at the time of sale or at prices related to
such prevailing market prices and/or in any other method permitted by law. If we and Wainwright agree on any method of distribution
other than sales of shares of our common stock on or through Nasdaq or another existing trading market in the United States at
market prices, we will file a further prospectus supplement providing all information about such offering as required by Rule 424(b)
under the Securities Act. Wainwright is not required to sell any specific number or dollar amount of securities, but will act as
a sales agent using commercially reasonable efforts consistent with its normal trading and sales practices, on mutually agreed
terms between Wainwright and us. There is no arrangement for funds to be received in any escrow, trust or similar arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The compensation to Wainwright for sales of common stock sold
pursuant to the sales agreement will be an amount equal to 3.0% of the gross proceeds of any shares of common stock sold under
the sales agreement. In connection with the sale of the common stock on our behalf, Wainwright will be deemed to be an &ldquo;underwriter&rdquo;
within the meaning of the Securities Act and the compensation of Wainwright will be deemed to be underwriting commissions or discounts.
We have also agreed to provide indemnification and contribution to Wainwright with respect to certain liabilities, including liabilities
under the Securities Act or the Exchange Act of 1934, as amended, or the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investing in our common stock involves a high degree of
risk. You should review carefully the risks and uncertainties described under the heading &ldquo;<U>Risk Factors</U>&rdquo;
beginning on page S-4 of this prospectus and under similar headings in the other documents that are incorporated by reference
into this prospectus. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus.
Any representation to the contrary is a criminal offense. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>H.C. Wainwright &amp; Co. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The date of this prospectus is
March 30, 2020. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a15"></A><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a16"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT THIS PROSPECTUS </FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-ii</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a17"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-iii</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a18"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROSPECTUS SUMMARY</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-1</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="#offering"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE OFFERING</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-3</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a19"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-4</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-5</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a22">DILUTION</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-5</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a23"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-6</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a24"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-7</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a25">EXPERTS</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-7</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a26"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-7</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a27"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-8</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 91%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: LowerRoman; Value: 1; Name: PageNo -->i<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a16"></A>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus is a part of a registration statement on Form
S-3 that we filed with the SEC utilizing a &ldquo;shelf&rdquo; registration process. Under this shelf registration process, we
may sell any combination of the securities described in this prospectus in one or more offerings up to a total aggregate offering
price of $7,495,000. The $7,495,000 of Common Stock that may be offered, issued and sold under this prospectus is included in the
$25,000,000 of securities that may be offered, issued and sold by us pursuant to our shelf registration statement. In connection
with such offers and when accompanied by the base prospectus included in the registration statement of which this prospectus forms
a part, this prospectus will be deemed a prospectus supplement to such base prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We further note that the representations, warranties and covenants
made by us in any agreement that is filed as an exhibit to any document that is incorporated by reference herein were made solely
for the benefit of the parties to such agreement, including, in some cases, for the purpose of allocating risk among the parties
to such agreements, and should not be deemed to be a representation, warranty or covenant to you. Moreover, such representations,
warranties or covenants were accurate only as of the date when made. Accordingly, such representations, warranties and covenants
should not be relied on as accurately representing the current state of our affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We and the sales agent have not authorized anyone to provide
any information other than that contained or incorporated by reference in this prospectus and in any free writing prospectus that
we have authorized for use in connection with this offering. We and the sales agent take no responsibility for, and provide no
assurance as to the reliability of, any other information that others may give you. This prospectus does not constitute an offer
to sell, or a solicitation of an offer to purchase, the securities offered by this prospectus in any jurisdiction to or from any
person to whom or from whom it is unlawful to make such offer or solicitation of an offer in such jurisdiction. The information
contained in this prospectus or incorporated by reference herein and in any free writing prospectus that we have authorized for
use in connection with this offering is accurate only as of the respective dates thereof, regardless of the time of delivery of
this prospectus or of any sale of our common stock. It is important for you to read and consider all information contained in this
prospectus, including the documents incorporated by reference herein, and in any free writing prospectus that we have authorized
for use in connection with this offering in making your investment decision. You should also read and consider the information
in the documents to which we have referred you in the sections entitled &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Incorporation
of Certain Information by Reference&rdquo; in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>For investors outside the United States, we have not done
anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for
that purpose is required, other than in the United States. You are required to inform yourselves about and to observe any restrictions
relating to this offering and the distribution of this prospectus outside of the United States.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless the context requires otherwise or unless otherwise noted,
all references to &ldquo;Aethlon&rdquo; are to Aethlon Medical, Inc., a Nevada corporation, and all references to &ldquo;we,&rdquo;
&ldquo;us&rdquo; or &ldquo;our&rdquo; are to Aethlon Medical, Inc. and its subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trademarks, service marks or trade names of any other companies
appearing in this prospectus supplement are the property of their respective owners. Use or display by us of trademarks, service
marks or trade names owned by others is not intended to and does not imply a relationship between us and, or endorsement or sponsorship
by, the owners of the trademarks, service marks or trade names.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a17"></A><B>SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt">This prospectus supplement, the accompanying prospectus,
and the documents incorporated by reference herein and therein contain forward-looking statements within the meaning of Section
27A of the Securities Act, Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the Private
Securities Litigation Reform Act of 1995, as amended, that involve substantial risks and uncertainties. These statements relate
to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors which
may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Forward-looking statements include, but are not limited to, statements
about:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px">&#8226;</TD><TD>the
initiation, progress, timing, costs and results of preclinical studies and any clinical trials for our Hemopurifier&reg; and any
other product candidates;</TD></TR>
<TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px">&#8226;</TD><TD>our
estimates regarding expenses, future revenue, capital requirements and needs for additional financing;</TD></TR>
<TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px">&#8226;</TD><TD>our
ability to further improve our process development capabilities;</TD></TR>
<TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px">&#8226;</TD><TD>the
timing or likelihood of regulatory filings and approvals;</TD></TR>
<TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px">&#8226;</TD><TD>our
plans to explore potential applications of our device platform in other indications in oncology and rare diseases;</TD></TR>
<TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px">&#8226;</TD><TD>our
expectations regarding the clinical effectiveness and safety and tolerability of our product candidates;</TD></TR>
<TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px">&#8226;</TD><TD>our
commercialization, marketing and manufacturing capabilities and strategy;</TD></TR>
<TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px">&#8226;</TD><TD>the
pricing and reimbursement of our product candidates, if approved;</TD></TR>
<TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px">&#8226;</TD><TD>our
expectation regarding the potential market sizes for our product candidates;</TD></TR>
<TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px">&#8226;</TD><TD>our
intellectual property position;</TD></TR>
<TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px">&#8226;</TD><TD>the
potential benefits of our strategic collaborations, our plans with respect to our strategic collaborations and our plans with
respect to and our ability to enter into strategic arrangements;</TD></TR>
<TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px">&#8226;</TD><TD>developments
and projections relating to our competitors and our industry; and</TD></TR>
<TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px">&#8226;</TD><TD>the
safety, efficacy and projected development timeline and commercial potential of any product candidates.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In some cases, you can identify forward-looking
statements by terms such as &ldquo;anticipates,&rdquo; &ldquo;believes,&rdquo; &ldquo;could,&rdquo; &ldquo;estimates,&rdquo; &ldquo;expects,&rdquo;
&ldquo;goal,&rdquo; &ldquo;intends,&rdquo; &ldquo;may,&rdquo; &ldquo;plans,&rdquo; &ldquo;potential,&rdquo; &ldquo;predicts,&rdquo;
&ldquo;projects,&rdquo; &ldquo;should,&rdquo; &ldquo;will,&rdquo; &ldquo;would,&rdquo; the negative of these words and words or
similar expressions intended to identify forward-looking statements. These statements reflect our views as of the date on which
they were made with respect to future events and are based on assumptions and subject to risks and uncertainties. The underlying
information and expectations are likely to change over time. Given these uncertainties, you should not place undue reliance on
these forward-looking statements as actual events or results may differ materially from those projected in the forward-looking
statements due to various factors, including, but not limited to, those set forth under the heading &ldquo;Risk Factors&rdquo;
in this prospectus supplement, in the accompanying prospectus, and in our filings with the SEC. These forward-looking statements
represent our estimates and assumptions only as of the date of the document containing the applicable statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You should understand that our actual future results may be
materially different from what we expect. In addition, statements that &ldquo;we believe&rdquo; and similar statements reflect
our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date the
statements were made, and while we believe such information forms a reasonable basis for such statements, such information may
be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into,
or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not
to unduly rely upon these statements. We qualify all of the forward-looking statements in the foregoing documents by these cautionary
statements. Unless required by law, we undertake no obligation to update or revise any forward-looking statements to reflect new
information or future events or developments. Thus, you should not assume that our silence over time means that actual events are
bearing out as expressed or implied in such forward-looking statements. Before deciding to purchase shares of our common stock,
you should carefully consider the risk factors discussed or incorporated by reference herein, in addition to the other information
set forth in this prospectus supplement, the accompanying prospectus and in the documents incorporated by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iii<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><A NAME="a18"></A><B>PROSPECTUS SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This summary highlights selected information contained elsewhere
in this prospectus or incorporated by reference in this prospectus and does not contain all of the information that you need to
consider in making your investment decision. You should carefully read the entire prospectus, the applicable prospectus supplement
and any related free writing prospectus, including the risks of investing in our securities discussed under the heading &ldquo;Risk
Factors&rdquo; contained in this prospectus, the applicable prospectus supplement and any related free writing prospectus, and
under similar headings in the other documents that are incorporated by reference into this prospectus. You should also carefully
read the information incorporated by reference into this prospectus, including our financial statements, and the exhibits to the
registration statement of which this prospectus is a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Company Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aethlon Medical, Inc. and its subsidiary is a medical device
technology company focused on developing products to diagnose and treat life and organ threatening diseases. The Aethlon Hemopurifier&reg;
is a clinical-stage device designed to combat cancer and life-threatening viral infections. In cancer, the Hemopurifier is designed
to deplete the presence of circulating tumor-derived exosomes that promote immune suppression, seed the spread of metastasis and
inhibit the benefit of leading cancer therapies. The U.S. Food and Drug Administration, or FDA, has designated the Hemopurifier
as a &ldquo;Breakthrough Device&rdquo; for&nbsp;two independent indications:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px">&#8226;</TD><TD>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 have been shown to participate in the development or severity of the disease; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px">&#8226;</TD><TD>the
treatment of life-threatening viruses that are not addressed with approved therapies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe the Hemopurifier can be a substantial advance in
the treatment of patients with advanced and metastatic cancer through the clearance of exosomes that promote the growth and spread
of tumors through multiple mechanisms. We are currently preparing for the initiation of clinical trials in patients with advanced
and metastatic cancers. We are initially focused on the treatment of solid tumors, including head and neck cancer, gastrointestinal
cancers and other cancers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On October 4, 2019, the FDA approved our Investigational Device
Exemption, or IDE, application to initiate an Early Feasibility Study, or EFS, of the Hemopurifier in patients with head and neck
cancer in combination with standard of care pembrolizumab (Keytruda).&nbsp; The primary endpoint for the EFS, which will enroll
10-12 subjects at a single center, will be safety, with secondary endpoints including measures of exosome clearance and characterization,
as well as response and survival rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We also believe the Hemopurifier can be a 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 to treat individuals infected with
HIV, hepatitis-C, and Ebola. Additionally,&nbsp;<I>in vitro,</I>&nbsp;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, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are also the majority owner of Exosome Sciences, Inc., or
ESI, a company focused on the discovery of exosomal biomarkers to diagnose and monitor life-threatening diseases. Included among
ESI&rsquo;s activities is the advancement of a TauSome&trade; biomarker candidate to diagnose chronic traumatic encephalopathy,
or CTE, in the living. ESI previously documented TauSome levels in former NFL players to be nine times higher than same age-group
control subjects. Through ESI, we are also developing exosome based biomarkers in patients with, or at risk for, a number of cancers.
We consolidate ESI&rsquo;s activities in our consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Successful outcomes of human trials will also be required by
the regulatory agencies of certain foreign countries where we plan to 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 more recently will help protect the proprietary nature of the Hemopurifier treatment technology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Value: 1; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Corporate Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On March 10, 1999, Aethlon, Inc., a California corporation,
Hemex, Inc., a Delaware corporation and the accounting predecessor to Aethlon, Inc., and Bishop Equities, Inc., a publicly traded
Nevada corporation, completed an Agreement and Plan of Reorganization structured to result in Bishop Equities, Inc.'s acquisition
of all of the outstanding common stock of Aethlon, Inc. and Hemex, Inc. Under the plan's terms, Bishop Equities, Inc. issued shares
of its common stock to the stockholders of Aethlon, Inc. and Hemex, Inc. such that Bishop Equities, Inc. then owned 100% of each
company. Upon completion of the transaction, Bishop Equities, Inc. was renamed Aethlon Medical, Inc. In 2009, we formed ESI, which
today is a majority-owned subsidiary of the Company focused on identifying and monitoring neurological conditions and cancer. We
commenced operations of ESI in 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Our Contact Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our executive offices are located at 9635 Granite Ridge Drive,
Suite 100, San Diego, California 92123. Our telephone number is (858) 459-7800. Our website address is www.aethlonmedical.com.
The information on our website is not incorporated by reference into this prospectus and should not be considered to be a part
of this prospectus. Our internet address is included in this prospectus as an inactive textual reference only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="offering"></A><B>THE OFFERING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Common stock offered by us </B></FONT></TD>
    <TD STYLE="width: 66%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares having an aggregate offering price of up to $7,495,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Manner of offering</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;At the market offering&rdquo; in which sales may be made from time to time at prevailing market prices through our sales agent, H.C. Wainwright &amp; Co., LLC. See &ldquo;Plan of Distribution&rdquo; beginning on page S-7 of this prospectus supplement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Common stock to be outstanding after this offering</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to 15,458,280 shares, assuming a sales price of $1.23 per share, which was the closing price on the Nasdaq Capital Market on March 16, 2020. Actual number of shares issued and outstanding will vary depending on the sales price under this offering.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of Proceeds</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We intend to use the net proceeds from this offering for working capital and general corporate purposes, which may include research and development expenses, and general and administrative expenses. Please see &ldquo;Use of Proceeds&rdquo; on page S-5 of this prospectus supplement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nasdaq Capital Market symbol</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;AEMD&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risk Factors</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing in our securities is highly
    speculative and involves a high degree of risk. See &ldquo;Risk Factors&rdquo; beginning on page S-4 of this prospectus
    supplement and in the documents incorporated by reference into this prospectus supplement for a discussion of factors that
    you should read and consider before investing in our securities.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The number of shares of our common stock to be outstanding immediately
after this offering is based on 9,364,784 shares of common stock outstanding as of March 16, 2020, and excludes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51,124 shares of common stock issuable upon exercise of outstanding stock options under our stock incentive plans as of March 16, 2020 at a weighted average exercise price of $44.12 per share;</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,021,368 shares of common stock reserved for issuance under outstanding warrants as of March 16, 2020 with a weighted average exercise price of $5.21 per share; and</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,075 additional shares of common stock reserved for future issuance under our stock incentive plans as of March 16, 2020</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise indicated, all information in this prospectus
supplement assumes no exercise of the outstanding options or warrants described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a19"></A><B>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Investing in our securities involves a high degree of risk.
You should consider carefully the risks and uncertainties described in the section entitled &ldquo;Risk Factors&rdquo; contained
in the applicable prospectus supplement and any related free writing prospectus, and under similar headings in our most recent
and any of our subsequent Annual Reports on Form&nbsp;10-K,&nbsp;Quarterly Reports on Form&nbsp;10-Q&nbsp;and Current Reports on
Form&nbsp;8-K,&nbsp;which are incorporated by reference into this prospectus, before deciding whether to purchase any of the securities
being registered pursuant to the registration statement of which this prospectus is a part. These risks and uncertainties are not
the only risks and uncertainties we face. Additional risks and uncertainties not currently known to us, or that we currently view
as immaterial, may also impair our business. If any of the risks or uncertainties described in our SEC filings or any additional
risks and uncertainties actually occur, our business, financial condition, results of operations and cash flow could be materially
and adversely affected. In that case, the trading price of our common stock could decline and you might lose all or part of your
investment.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to this Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt"><B><I>Purchasers of shares of our common stock in
this offering will experience immediate and substantial dilution in the book value of their investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt">The offering price per share of common stock in this
offering is substantially higher than the net tangible book value per share of our common stock before giving effect to this offering.
Accordingly, if you purchase shares of common stock in this offering, you will incur immediate substantial dilution of approximately
$0.52 per share, representing the difference between the offering price per share, and our as adjusted net tangible book value
as of March 16, 2020. Furthermore, if outstanding options or warrants are exercised, you could experience further dilution. For
a further description of the dilution that you will experience immediately after this offering, see the section in this prospectus
supplement entitled &ldquo;Dilution.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt"><B><I>A substantial number of shares of common stock
may be sold in the market following this offering, which may depress the market price for our common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt">Sales of a substantial number of shares of our common
stock in the public market following this offering could cause the market price of our common stock to decline. A substantial majority
of the outstanding shares of our common stock are, and the shares of our common stock offered hereby will be, freely tradable without
restriction or further registration under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt"><B><I>We have broad discretion to determine how to
use the funds raised in this offering, and may use them in ways that may not enhance our operating results or the price of our
common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt">Our management will have broad discretion over the
use of proceeds from this offering, and we could spend the proceeds from this offering in ways our stockholders may not agree with
or that do not yield a favorable return, if at all. We intend to use the net proceeds of this offering for working capital and
general corporate purposes, which may include research and development expenses, general and administrative expenses. However,
our use of these proceeds may differ substantially from our current plans. If we do not invest or apply the proceeds of this offering
in ways that improve our operating results, we may fail to achieve expected financial results, which could cause our common stock
price to decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify"><B><I>You may experience future
dilution as a result of future equity offerings and other issuances of our common stock or other securities. In addition, this
offering and future equity offerings and other issuances of our common stock or other securities may adversely affect the trading
price of our common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt">In order to raise additional capital, we may in the
future offer additional shares of our common stock or other securities convertible into or exchangeable for shares of our common
stock at prices that may not be the same as the price per share in this offering. We may not be able to sell shares or other securities
in any other offering at a price per share that is equal to or greater than the price per share paid by investors in this offering,
and investors purchasing shares or other securities in the future could have rights superior to existing stockholders. The price
per share at which we sell additional shares of our common stock or securities convertible into shares of our common stock in future
transactions may be higher or lower than the price per share in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt"></P>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt">In addition, the sale of shares of our common stock
in this offering and any future sales of a substantial number of shares of our common stock in the public market, or the perception
that such sales may occur, could adversely affect the price of our common stock. We cannot predict the effect, if any, that market
sales of those shares of our common stock or the availability of those shares of our common stock for sale will have on the market
price of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Because we do not intend to pay dividends for the foreseeable
future, stockholders must rely on appreciation of the value of our common stock for any return on their investment. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have never declared or paid any dividends on our common stock
and do not intend to pay any dividends in the foreseeable future. We anticipate that we will retain all of our future earnings
for use in the operation of our business and for general corporate purposes. Any determination to pay dividends in the future will
be at the discretion of our board of directors. As a result, we expect that only appreciation of the price of our common stock,
if any, will provide a return to investors in this offering for the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The common stock offered hereby will be sold in &ldquo;at-the-market&rdquo;
offerings, and investors who buy shares at different times will likely pay different prices.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors who purchase shares in this offering at different
times will likely pay different prices, and so may experience different outcomes in their investment results. We will have discretion,
subject to market demand, to vary the timing, prices and numbers of shares sold, and there is no minimum or maximum sales price.
Investors may experience a decline in the value of their shares as a result of share sales made at prices lower than the prices
they paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The actual number of shares we will issue under the sales
agreement, at any one time or in total, is uncertain. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to certain limitations in the sales agreement and compliance
with applicable law, we have the discretion to deliver a sales notice to Wainwright at any time throughout the term of the sales
agreement. The number of shares that are sold by Wainwright after delivering a sales notice will fluctuate based on the market
price of the common stock during the sales period and limits we set with Wainwright. Because the price per share of each share
sold will fluctuate based on the market price of our common stock during the sales period, it is not possible at this stage to
predict the number of shares that will be ultimately issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a20"></A><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">We may issue and sell
shares of our common stock having aggregate sales proceeds of up to $7,495,000&nbsp;from time to time. Because there is no minimum
offering amount required as a condition to close this offering, the actual total public offering amount, commissions and proceeds
to us, if any, are not determinable at this time. There can be no assurance that we will sell any shares under or fully utilize
the sales agreement with Wainwright as a source of financing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">We currently intend to
use the net proceeds from this offering primarily </FONT>for working capital and general corporate purposes, which may include
research and development expenses, general and administrative expenses<FONT STYLE="background-color: white">. We may also use a
portion of the net proceeds to invest in or acquire businesses or product candidates that we believe are complementary to our own,
although we have no current plans, commitments or agreements with respect to any acquisitions as of the date of this prospectus.
&nbsp;Pending these uses, we expect to invest the net proceeds in short-term, interest bearing obligations, certificates of deposit
or direct or guaranteed obligations of the United States. &nbsp; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a21"></A><B>DIVIDEND POLICY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have never declared or paid any dividends on our Common Stock.
We anticipate that we will retain all of our future earnings, if any, for use in the operation and expansion of our business and
do not anticipate paying cash dividends in the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a22"></A>DILUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you purchase shares of our common stock in this offering,
you will experience dilution to the extent of the difference between the price per share you pay in this offering and the net tangible
book value per share of our common stock immediately after this offering. Our net tangible book value as of December 31, 2019 was
approximately $3.7 million, or approximately $0.40 per share. Net tangible book value per share represents our total tangible assets
less total tangible liabilities as of December 31, 2019, divided by the number of shares of common stock outstanding as of March
16, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">After giving effect to the assumed sale by us of $7,495,000
of our common stock in this offering at an assumed public offering price of $1.23 per share of our common stock (the last reported
sale price of our common stock on the Nasdaq Capital Market on March 16, 2020), and after deducting the estimated fees and commissions
and estimated offering expenses payable by us, our as adjusted net tangible book value as of March 16, 2020 would have been approximately
$0.71 or approximately $0.71 per share of common stock. This represents an immediate increase in net tangible book value of approximately
$0.31 per share to existing shareholders and an immediate dilution of approximately $0.52 per share to new investors. The following
table illustrates this per share dilution:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD STYLE="width: 72%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumed public offering price per share</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.23 </FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net tangible book value per share as of December 31, 2019</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.40</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase in net tangible book value per share attributable to new investors</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.31</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As adjusted net tangible book value per share as of March 16, 2020, after giving effect to this offering</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.71</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dilution per share to new investors in the offering</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.52</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The table above assumes for illustrative purposes that an aggregate
of 6,093,496 shares of our common stock are sold at a price of $1.23 per share, the last reported sale price of our common stock
on the Nasdaq Capital Market on March 16, 2020, for aggregate gross proceeds of $7,495,000. The shares, if any, sold in this offering
will be sold from time to time at various prices. An increase of $0.50 per share in the price at which the shares are sold from
the assumed offering price of $1.23 per share shown in the table above, assuming we sell the same aggregate 6,093,496 shares, would increase our adjusted net tangible book value
per share after this offering to $0.90 per share and would increase the dilution in net tangible book value per share to new investors
in this offering to $0.83 per share, after deducting commissions and estimated aggregate offering expenses payable by us. A decrease
of $0.50 per share in the price at which the shares are sold from the assumed offering price of $1.23 per share shown in the table
above, assuming we sell the same aggregate 6,093,496 shares, would decrease our adjusted net tangible book value per share after
this offering to $0.51 per share and would decrease the dilution in net tangible book value per share to new investors in this
offering to $0.22 per share, after deducting commissions and estimated aggregate offering expenses payable by us. &nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The number of shares of our common stock to be outstanding immediately
after this offering is based on 9,364,784 shares of common stock outstanding as of March 16, 2020, and excludes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51,124 shares of common stock issuable upon exercise of outstanding stock options under our stock incentive plans as of March 16, 2020 at a weighted average exercise price of $44.12 per share;</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,021,368 shares of common stock reserved for issuance under outstanding warrants as of March 16, 2020 with a weighted average exercise price of $5.21 per share; and</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,075 additional shares of common stock reserved for future issuance under our stock incentive plans as of March 16, 2020</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a23"></A>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We entered into a sales agreement with Wainwright, dated June
28, 2016, as amended, under which we may issue and sell from time to time up to $12,500,000 of our common stock through Wainwright
as our sales agent. Upon our delivery of a placement notice to Wainwright pursuant to the sales agreement and subject to the terms
of the sales agreement, Wainwright may sell our common stock by any method in sales deemed to be an &ldquo;at the market&rdquo;
offering as defined in Rule 415 promulgated under the Securities Act.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wainwright will offer our common stock at prevailing market
prices subject to the terms and conditions of the sales agreement as agreed upon by us and Wainwright. We will designate the number
of shares which we desire to sell, the time period during which sales are requested to be made, any limitation on the number of
shares that may be sold in one day and any minimum price below which sales may not be made. Subject to the terms and conditions
of the sales agreement, Wainwright will use its commercially reasonable efforts to sell on our behalf all of the shares of common
stock requested to be sold by us. Either Wainwright or we may suspend the offering of our common stock being made under the sales
agreement upon proper notice to the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the terms of the sales agreement, we may also sell our
common stock to Wainwright, as principal for their own account, at a price negotiated at the time of sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will pay commissions to Wainwright for their services in
acting as agent in the sale of our common stock at a commission rate equal to 3.0% of the gross sale price per share sold, plus
other fees and expenses. In addition, we will reimburse Wainwright for its legal expenses in connection with the sales agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Settlement for sales of common stock will occur on the second
business day following the date on which any sales are made, or on another date that is agreed upon by us and Wainwright in connection
with a particular transaction, in return for payment of the net proceeds to us. There is no arrangement for funds to be received
in an escrow, trust or similar arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the sale of the common stock on our behalf,
Wainwright will be deemed to be underwriters within the meaning of the Securities Act, and the compensation will be deemed to be
underwriting commissions or discounts. We have agreed to provide indemnification and contribution to Wainwright against certain
civil liabilities, including liabilities under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This offering will terminate upon the earlier of (1) the issuance
and sale of all shares of our common stock covered by this prospectus supplement and (2) the termination of the sales agreement
as permitted therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wainwright and each of its affiliates may in the future provide
various investment banking and other financial services for us and our affiliates, for which services they may in the future receive
customary fees. To the extent required by Regulation M, Wainwright will not engage in any market making activities involving our
common stock while the offering is ongoing under this prospectus supplement. This summary of the material provisions of the sales
agreement does not purport to be a complete statement of its terms and conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a24"></A>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The validity of the shares of Common Stock offered pursuant
to this prospectus will be passed upon for us by Brownstein Hyatt Farber Schreck, LLP. Unless otherwise indicated in the applicable
prospectus supplement, certain legal matters in connection with the offering and the enforceability of debt securities or warrants
offered by this prospectus, and any supplement thereto, will be passed upon by Cooley LLP. Ellenoff Grossman &amp; Schole LLP is
counsel for Wainwright in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a25"></A>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The consolidated financial statements of Aethlon Medical, Inc.
as of March 31, 2019 and 2018 and for each of the years in the two-year period ended March 31, 2019 incorporated in this prospectus
supplement by reference from the Aethlon Medical, Inc. Annual Report on Form 10-K for the year ended March 31, 2019 have been audited
by Squar Milner LLP, an independent registered public accounting firm, as stated in their report thereon, incorporated herein by
reference, and have been incorporated in this prospectus in reliance upon such report and upon the authority of such firm as experts
in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a26"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus supplement and the accompanying prospectus are
part of the registration statement on Form S-3 we filed with the SEC under the Securities Act and do not contain all the information
set forth in the registration statement. Whenever a reference is made in this prospectus supplement or the accompanying prospectus
to any of our contracts, agreements or other documents, the reference may not be complete and you should refer to the exhibits
that are a part of the registration statement or the exhibits to the reports or other documents incorporated by reference in this
prospectus supplement and the accompanying prospectus for a copy of such contract, agreement or other document. Because we are
subject to the information and reporting requirements of the Exchange Act, we file annual, quarterly and current reports, proxy
statements and other information with the SEC. Our SEC filings are available to the public over the Internet at the SEC&rsquo;s
website at&nbsp;<U>http://www.sec.gov</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 11; Options: NewSection; Value: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a27"></A>INCORPORATION OF CERTAIN INFORMATION
BY REFERENCE </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The SEC allows us to &ldquo;incorporate
by reference&rdquo; information that we file with it, which means that we can disclose important information to you by referring
you to those documents. The information incorporated by reference is an important part of this prospectus. Information in this
prospectus supersedes information incorporated by reference that we filed with the SEC prior to the date of this prospectus, while
information that we file later with the SEC will automatically update and supersede the information in this prospectus. We also
incorporate by reference into this prospectus the documents listed below and any future filings made by us with the SEC (other
than Current Reports or portions thereof furnished under Item&nbsp;2.02 or Item&nbsp;7.01 of&nbsp;Form&nbsp;8-K&nbsp;and&nbsp;exhibits
filed on such form that are related to such items and other portions of documents that are furnished, but not filed, pursuant to
applicable rules promulgated by the SEC) that are filed by us with the SEC pursuant to Sections&nbsp;13(a), 13(c), 14 or 15(d)
of the Exchange Act (i)&nbsp;after the date of the initial filing of the registration statement of which this prospectus is a part
and prior to effectiveness of the registration statement, and (ii)&nbsp;after the effectiveness of the registration statement but
prior to the termination of the offering of the common stock covered by this prospectus:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/882291/000168316819002070/aethlon_10k-033119.htm" STYLE="-sec-extract: exhibit">Form 10-K</A> for the fiscal year ended March 31, 2019, filed with the SEC on July 1, 2019;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our Quarterly Reports on Form 10-Q for the quarters ended<A HREF="http://www.sec.gov/Archives/edgar/data/882291/000168316819002638/aethlon_10q-063019.htm" STYLE="-sec-extract: exhibit"> June 30, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/882291/000168316819003421/aethlon_10q-093019.htm" STYLE="-sec-extract: exhibit">September 30, 2019</A>, and <A HREF="http://www.sec.gov/Archives/edgar/data/882291/000168316820000440/aethlon_10q-12312019.htm" STYLE="-sec-extract: exhibit">December 31, 2019</A>, filed with the SEC on August 14, 2019, November 1, 2019, and February 10, 2020, respectively;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our <A HREF="http://www.sec.gov/Archives/edgar/data/882291/000168316819003001/aethlon_def14a.htm" STYLE="-sec-extract: exhibit">Definitive Proxy Statement</A> on Schedule 14A, filed with the SEC on September 20, 2019;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our current Reports on Form 8-K filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/882291/000168316819001084/aethlon_8k-041719.htm" STYLE="-sec-extract: exhibit">April
    17, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/882291/000168316819001416/aethlon_8k-050219.htm" STYLE="-sec-extract: exhibit">May
    8, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/882291/000168316819002168/aethlon_8k.htm" STYLE="-sec-extract: exhibit">July
    11, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/882291/000168316819002527/aethlon_8k.htm" STYLE="-sec-extract: exhibit">August
    12, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/882291/000168316819002910/aethlon_8k.htm" STYLE="-sec-extract: exhibit">September
    12, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/882291/000168316819002931/aethlon_8k.htm" STYLE="-sec-extract: exhibit">September
    16, 2019,</A> <A HREF="http://www.sec.gov/Archives/edgar/data/882291/000168316819003033/aethlon_8k.htm" STYLE="-sec-extract: exhibit">September
    24, 2019, </A> <A HREF="http://www.sec.gov/Archives/edgar/data/882291/000168316819003151/aethlon_8k-100219.htm" STYLE="-sec-extract: exhibit">October
    3, 2019,</A><A HREF="http://www.sec.gov/Archives/edgar/data/882291/000168316819003245/aethlon_8k.htm" STYLE="-sec-extract: exhibit">
    October 15, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/882291/000168316819004031/aethlon_8k.htm" STYLE="-sec-extract: exhibit">December
    19, 2019, </A> <A HREF="http://www.sec.gov/Archives/edgar/data/882291/000168316820000188/aethlon_8k.htm" STYLE="-sec-extract: exhibit">January
    17, 2020,</A> <A HREF="http://www.sec.gov/Archives/edgar/data/882291/000168316820000229/aethlon_8k.htm" STYLE="-sec-extract: exhibit">January
    22, 2020</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/882291/000168316820000558/aethlon_8k.htm" STYLE="-sec-extract: exhibit">February
    21, 2020</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/882291/000168316820000904/aethlon_8k.htm" STYLE="-sec-extract: exhibit">March 23, 2020</A>; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The description of our common stock contained in our registration statement on <A HREF="http://www.sec.gov/Archives/edgar/data/882291/000101968715002644/aethlon_8a12b.htm" STYLE="-sec-extract: exhibit">Form 8-A</A> filed with the SEC on July 8, 2015, including any amendments or reports filed for the purpose of updating such description.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will provide to each person, including any beneficial owner,
to whom a prospectus is delivered, without charge upon written or oral request, a copy of any or all of the documents that are
incorporated by reference into this prospectus but not delivered with the prospectus, including exhibits which are specifically
incorporated by reference into such documents. You should direct any requests for documents by writing us at Aethlon Medical, Inc.,
9635 Granite Ridge Drive, Suite 100, San Diego, California 92123, (858) 459-7800.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>You should rely only on the information provided in and incorporated
by reference into this prospectus or any prospectus supplement. We have not authorized anyone else to provide you with different
information. You should not assume that the information in this prospectus or any prospectus supplement is accurate as of any date
other than the date on the front cover of these documents.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any statement contained herein or in a document incorporated
or deemed to be incorporated by reference into this document will be deemed to be modified or superseded for purposes of the document
to the extent that a statement contained in this document or any other subsequently filed document that is deemed to be incorporated
by reference into this document modifies or supersedes the statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$7,495,000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>H.C. Wainwright &amp; Co. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>March 30, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 13; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo.jpg
M_]C_X  02D9)1@ ! 0   0 !  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1"  ] +L# 2(  A$! Q$!_\0
M'    @(# 0$               <%" $$!@(#_\0 1!   0,# @0#!04$! \
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M(Z198W<;]$GXD^A]*BJ[V+(LL5-''R0<).+'#[.NIEQ;N_IV0X3&E)+T<$_
MX/B ^8W^E6$R*IUP]?7%UW8'6SA0F-I^BCRG^1JX9._2N/\ (04<EKV=/2DY
M0XOT);VD]4WFP,Z9@6NXN66VW2669UT;3]YA Y=@?V<@J.?X:DM.: X:QI$1
MU<B'J"YND>%(N5P$QQY7FE)41GOL*:%RMT*Z0W(ERB1YD5SXF7VPM"OF#M4'
M9=!:2L=P1.L^F[5"FHSR/LQDI6G.QP<;4D-E:^&-EDWO@SJQNV-EU^)?C*2T
M@9*TI2,@#Y$G%.;2G^#:^69B3]GV!B0$ /L/H;;6TON"#ZTQK7:;=:FG&[7
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/'AX.Y2L ,;UFBBEA@__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
