0000882291 2025-04-01 2026-03-31 0000882291 aemd:CharlesJFisherMember 2025-04-01 2026-03-31 0000882291 aemd:JamesBFrakesMember 2025-04-01 2026-03-31 0000882291 aemd:CharlesJFisherMember 2024-04-01 2025-03-31 0000882291 aemd:JamesBFrakesMember 2024-04-01 2025-03-31 0000882291 2024-04-01 2025-03-31 0000882291 aemd:CharlesJFisherMember 2023-04-01 2024-03-31 0000882291 aemd:JamesBFrakesMember 2023-04-01 2024-03-31 0000882291 2023-04-01 2024-03-31 0000882291 aemd:MinusGrantDateFairValueOfOptionAwardsAndStockAwardsGrantedInFiscalYearMember ecd:PeoMember aemd:JamesBFrakesMember 2025-04-01 2026-03-31 0000882291 aemd:MinusGrantDateFairValueOfOptionAwardsAndStockAwardsGrantedInFiscalYearMember ecd:NonPeoNeoMember 2025-04-01 2026-03-31 0000882291 aemd:AddFairValueAtFiscalYearendOfOutstandingAndUnvestedOptionAwardsAndStockAwardsGrantedInFiscalYearMember ecd:PeoMember aemd:JamesBFrakesMember 2025-04-01 2026-03-31 0000882291 aemd:AddFairValueAtFiscalYearendOfOutstandingAndUnvestedOptionAwardsAndStockAwardsGrantedInFiscalYearMember ecd:NonPeoNeoMember 2025-04-01 2026-03-31 0000882291 aemd:AddChangeInFairValueOfOutstandingAndUnvestedOptionAwardsAndStockAwardsGrantedInPriorFiscalYearsMember ecd:PeoMember aemd:JamesBFrakesMember 2025-04-01 2026-03-31 0000882291 aemd:AddChangeInFairValueOfOutstandingAndUnvestedOptionAwardsAndStockAwardsGrantedInPriorFiscalYearsMember ecd:NonPeoNeoMember 2025-04-01 2026-03-31 0000882291 aemd:AddFairValueAtVestingOfOptionAwardsAndStockAwardsGrantedInFiscalYearThatVestedDuringFiscalYearMember ecd:PeoMember aemd:JamesBFrakesMember 2025-04-01 2026-03-31 0000882291 aemd:AddFairValueAtVestingOfOptionAwardsAndStockAwardsGrantedInFiscalYearThatVestedDuringFiscalYearMember ecd:NonPeoNeoMember 2025-04-01 2026-03-31 0000882291 aemd:AddChangeinFairValueasofVestingDateofOptionAwardsandStockAwardsGrantedinPriorFiscalYearsForWhichApplicableVestingConditionsWereSatisfiedDuringFiscalYearMember ecd:PeoMember aemd:JamesBFrakesMember 2025-04-01 2026-03-31 0000882291 aemd:AddChangeinFairValueasofVestingDateofOptionAwardsandStockAwardsGrantedinPriorFiscalYearsForWhichApplicableVestingConditionsWereSatisfiedDuringFiscalYearMember ecd:NonPeoNeoMember 2025-04-01 2026-03-31 0000882291 aemd:MinusFairValueasofPriorFiscalYearEndofOptionAwardsandStockAwardsGrantedinPriorFiscalYearsThatFailedtoMeetApplicableVestingConditionsDuringFiscalYearMember ecd:PeoMember aemd:JamesBFrakesMember 2025-04-01 2026-03-31 0000882291 aemd:MinusFairValueasofPriorFiscalYearEndofOptionAwardsandStockAwardsGrantedinPriorFiscalYearsThatFailedtoMeetApplicableVestingConditionsDuringFiscalYearMember ecd:NonPeoNeoMember 2025-04-01 2026-03-31 iso4217:USD false 0000882291 PRE 14A AETHLON MEDICAL, INC. Granting of Certain Equity Awards Close in Time to the Release of Material Nonpublic Information We do not grant equity awards in anticipation of the release of material nonpublic information that is likely to result in changes to the price of our common stock, and do not time the public release of such information based on award grant dates. Other than our annual RSU grants in April to our independent directors, we have not made any awards to any named executive officer or employee during the past two fiscal years. We do not grant equity awards in anticipation of the release of material nonpublic information that is likely to result in changes to the price of our common stock false false we have not made any awards to any named executive officer or employee during the past two fiscal years. <table cellpadding="0" cellspacing="0" id="xdx_883_eecd--PvpTableTextBlock_zXwbJmB7iWg7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Pay vs Performance Disclosure"> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="3" style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="3" style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="3" style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="3" style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="3" style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="3" style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="3" style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Fiscal Year</td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Summary Compensation Table Total for PEO 1(1) (2) ($)</td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Compensation Actually Paid to PEO 1(2)(3) ($)</td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Summary Compensation Table Total for PEO 2(1) (2) ($)</td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Compensation Actually Paid to PEO 2(2)(3) ($)</td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Average Summary Compensation Table Total for Non-PEO NEOs(1)(2) ($)</td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Average Compensation Actually Paid to Non-PEO NEOs(2)(3) ($)</td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Value of Initial Fixed $100 Investment Based On Total Shareholder Return(4) ($)</td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Net Income (Loss) (millions)) ($)</td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">(a)</td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">(b)</td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">(c)</td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">(b)</td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">(c)</td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">(d)</td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">(e)</td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">(f)</td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">(h)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: center"> </td><td style="text-align: center">2026</td><td style="text-align: center"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eecd--PeoTotalCompAmt_d0_c20250401__20260331__ecd--IndividualAxis__custom--CharlesJFisherMember_zg79Yj3m6bt7" style="text-align: right" title="Summary Compensation Table Total for Former CEO">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eecd--PeoActuallyPaidCompAmt_d0_c20250401__20260331__ecd--IndividualAxis__custom--CharlesJFisherMember_zOlvhZcmTovd" style="text-align: right" title="Compensation Actually Paid to Former CEO">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eecd--PeoTotalCompAmt_c20250401__20260331__ecd--IndividualAxis__custom--JamesBFrakesMember_zM4igkNFi07b" style="text-align: right" title="Summary Compensation Table Total for Former CEO">826,922</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eecd--PeoActuallyPaidCompAmt_c20250401__20260331__ecd--IndividualAxis__custom--JamesBFrakesMember_zBDb1mNTiru4" style="text-align: right" title="Compensation Actually Paid to Former CEO">826,662</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eecd--NonPeoNeoAvgTotalCompAmt_c20250401__20260331_ze0Vx5PQJMgd" style="text-align: right" title="Average Summary Compensation Table Total for non-PEO NEOs">402,365</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eecd--NonPeoNeoAvgCompActuallyPaidAmt_c20250401__20260331_z72lKOs07BMk" style="text-align: right" title="Average Compensation Actually Paid to Non-PEO NEOs">402,235</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eecd--TotalShareholderRtnAmt_pp2p0_c20250401__20260331_zxPnTVqQbkaf" style="text-align: right" title="Value of initial fixed investment based on total shareholder return">.72</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--NetIncomeLoss_pn4n6_c20250401__20260331_zql6TgD7pCAd" style="text-align: right" title="Net Loss">(7.15</td><td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; width: 1%"> </td><td style="text-align: center; width: 8%">2025</td><td style="text-align: center; width: 1%"> </td><td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td><td id="xdx_98C_eecd--PeoTotalCompAmt_d0_c20240401__20250331__ecd--IndividualAxis__custom--CharlesJFisherMember_zPiNzhiZcd2a" style="text-align: right; width: 7%" title="Summary Compensation Table Total for Former CEO">–</td><td style="text-align: left; width: 1%"> </td><td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td><td id="xdx_988_eecd--PeoActuallyPaidCompAmt_d0_c20240401__20250331__ecd--IndividualAxis__custom--CharlesJFisherMember_z1DuYrVB6a2d" style="text-align: right; width: 7%" title="Compensation Actually Paid to Former CEO">–</td><td style="text-align: left; width: 1%"> </td><td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td><td id="xdx_988_eecd--PeoTotalCompAmt_c20240401__20250331__ecd--IndividualAxis__custom--JamesBFrakesMember_znRszLI7OcPf" style="text-align: right; width: 7%" title="Summary Compensation Table Total for Former CEO">500,000</td><td style="text-align: left; width: 1%"> </td><td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td><td id="xdx_989_eecd--PeoActuallyPaidCompAmt_c20240401__20250331__ecd--IndividualAxis__custom--JamesBFrakesMember_z9InIFwNmTta" style="text-align: right; width: 7%" title="Compensation Actually Paid to Former CEO">495,402</td><td style="text-align: left; width: 1%"> </td><td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td><td id="xdx_98F_eecd--NonPeoNeoAvgTotalCompAmt_c20240401__20250331_zlDJ09h7OPo8" style="text-align: right; width: 7%" title="Average Summary Compensation Table Total for non-PEO NEOs">437,844</td><td style="text-align: left; width: 1%"> </td><td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td><td id="xdx_98D_eecd--NonPeoNeoAvgCompActuallyPaidAmt_c20240401__20250331_zUlcCRrND4l7" style="text-align: right; width: 7%" title="Average Compensation Actually Paid to Non-PEO NEOs">430,875</td><td style="text-align: left; width: 1%"> </td><td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td><td id="xdx_983_eecd--TotalShareholderRtnAmt_pp2p0_c20240401__20250331_z6184nxKrwId" style="text-align: right; width: 7%" title="Value of initial fixed investment based on total shareholder return">9.36</td><td style="text-align: left; width: 1%"> </td><td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td><td id="xdx_984_eus-gaap--NetIncomeLoss_pn4n6_c20240401__20250331_z2PqxLQTsVVe" style="text-align: right; width: 7%" title="Net Loss">(13.40</td><td style="text-align: left; width: 1%">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: center"> </td><td style="text-align: center">2024</td><td style="text-align: center"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_eecd--PeoTotalCompAmt_c20230401__20240331__ecd--IndividualAxis__custom--CharlesJFisherMember_zJMoS1Iv7GW" style="text-align: right" title="Summary Compensation Table Total for Former CEO">505,332</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eecd--PeoActuallyPaidCompAmt_c20230401__20240331__ecd--IndividualAxis__custom--CharlesJFisherMember_zmLCgAzl0xd2" style="text-align: right" title="Compensation Actually Paid to Former CEO">395,249</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eecd--PeoTotalCompAmt_c20230401__20240331__ecd--IndividualAxis__custom--JamesBFrakesMember_zrhp8SOJcIvd" style="text-align: right" title="Summary Compensation Table Total for Former CEO">416,449</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eecd--PeoActuallyPaidCompAmt_c20230401__20240331__ecd--IndividualAxis__custom--JamesBFrakesMember_z2dNDQDk4Nx3" style="text-align: right" title="Compensation Actually Paid to Former CEO">400,496</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eecd--NonPeoNeoAvgTotalCompAmt_c20230401__20240331_zQ1I4Vcg3y73" style="text-align: right" title="Average Summary Compensation Table Total for non-PEO NEOs">404,032</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eecd--NonPeoNeoAvgCompActuallyPaidAmt_c20230401__20240331_zOgrfMlJUPXg" style="text-align: right" title="Average Compensation Actually Paid to Non-PEO NEOs">385,270</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eecd--TotalShareholderRtnAmt_pp2p0_c20230401__20240331_zRo3CinOOU9f" style="text-align: right" title="Value of initial fixed investment based on total shareholder return">43.92</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--NetIncomeLoss_pn4n6_c20230401__20240331_z1wapGNgQA8" style="text-align: right" title="Net Loss">(12.21</td><td style="text-align: left">)</td> </tr> </table> 0 0 826922 826662 402365 402235 0.72

-7150000

0 0 500000 495402 437844 430875 9.36

-13400000

505332 395249 416449 400496 404032 385270 43.92

-12210000

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 4%; text-align: justify">(1)</td> <td style="width: 96%; text-align: justify">The dollar amounts reported in these columns are the amounts of total compensation reported for our PEOs and non-PEO NEO for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to “Executive Compensation — Summary Compensation Table”</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">(2)</td> <td style="text-align: justify">Charles J. Fisher, Jr., M.D. served as PEO 1 from the beginning of fiscal year 2024 through November 7, 2023. James B. Frakes served as PEO 2 from November 7, 2023 through the end of the current fiscal year. Steven LaRosa and Guy Cipriani served as a non-PEO NEO in each fiscal year presented.</td></tr> </table> Charles J. Fisher James B. Frakes James B. Frakes <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 4%"> </td> <td style="text-align: justify; width: 96%"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">(3)</td> <td style="text-align: justify">Adjustments made to determine the Compensation Actually Paid to the PEO and non-PEO NEO can be found in the below table:</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center">PEO 2: James Frakes</td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Non-PEO NEO</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Prior FYE</td><td> </td> <td colspan="2" style="text-align: center">03/31/2025</td><td> </td><td> </td> <td colspan="2" style="text-align: center">03/31/2025</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Current FYE</td><td> </td> <td colspan="2" style="text-align: center">03/31/2026</td><td> </td><td> </td> <td colspan="2" style="text-align: center">03/31/2026</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Fiscal Year</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2026</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">SCT Total</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eecd--PeoTotalCompAmt_c20250401__20260331__ecd--IndividualAxis__custom--JamesBFrakesMember_zdEkYPo4yp47" style="width: 13%; text-align: right" title="Summary Compensation Table Total">826,922</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eecd--NonPeoNeoAvgTotalCompAmt_c20250401__20260331_zcCf53uHNkQj" style="width: 13%; text-align: right" title="Summary Compensation Table Total">402,365</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -10pt; padding-left: 10pt; text-align: left">- Grant Date Fair Value of Option Awards and Stock Awards Granted in Fiscal Year</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eecd--AdjToCompAmt_d0_c20250401__20260331__ecd--IndividualAxis__custom--JamesBFrakesMember__ecd--ExecutiveCategoryAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--MinusGrantDateFairValueOfOptionAwardsAndStockAwardsGrantedInFiscalYearMember_zbrYyBLAtsq1" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eecd--AdjToCompAmt_d0_c20250401__20260331__ecd--ExecutiveCategoryAxis__ecd--NonPeoNeoMember__ecd--AdjToCompAxis__custom--MinusGrantDateFairValueOfOptionAwardsAndStockAwardsGrantedInFiscalYearMember_zQRvna4Y22fk" style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: -10pt; padding-left: 10pt; text-align: left">+ Fair Value at Fiscal Year-End of Outstanding and Unvested Option Awards and Stock Awards Granted in Fiscal Year</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eecd--AdjToCompAmt_d0_c20250401__20260331__ecd--IndividualAxis__custom--JamesBFrakesMember__ecd--ExecutiveCategoryAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--AddFairValueAtFiscalYearendOfOutstandingAndUnvestedOptionAwardsAndStockAwardsGrantedInFiscalYearMember_zUmn23eJpJul" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eecd--AdjToCompAmt_d0_c20250401__20260331__ecd--ExecutiveCategoryAxis__ecd--NonPeoNeoMember__ecd--AdjToCompAxis__custom--AddFairValueAtFiscalYearendOfOutstandingAndUnvestedOptionAwardsAndStockAwardsGrantedInFiscalYearMember_zJfRkQisJdg9" style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -10pt; padding-left: 10pt; text-align: left">+ Change in Fair Value of Outstanding and Unvested Option Awards and Stock Awards Granted in Prior Fiscal Years</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eecd--AdjToCompAmt_d0_c20250401__20260331__ecd--IndividualAxis__custom--JamesBFrakesMember__ecd--ExecutiveCategoryAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--AddChangeInFairValueOfOutstandingAndUnvestedOptionAwardsAndStockAwardsGrantedInPriorFiscalYearsMember_z3pb1RFZ1Hbb" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eecd--AdjToCompAmt_d0_c20250401__20260331__ecd--ExecutiveCategoryAxis__ecd--NonPeoNeoMember__ecd--AdjToCompAxis__custom--AddChangeInFairValueOfOutstandingAndUnvestedOptionAwardsAndStockAwardsGrantedInPriorFiscalYearsMember_zlagrmilYqvk" style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: -10pt; padding-left: 10pt; text-align: left">+ Fair Value at Vesting of Option Awards and Stock Awards Granted in Fiscal Year That Vested During Fiscal Year</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eecd--AdjToCompAmt_d0_c20250401__20260331__ecd--IndividualAxis__custom--JamesBFrakesMember__ecd--ExecutiveCategoryAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--AddFairValueAtVestingOfOptionAwardsAndStockAwardsGrantedInFiscalYearThatVestedDuringFiscalYearMember_zqo5wQQkyjX5" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eecd--AdjToCompAmt_d0_c20250401__20260331__ecd--ExecutiveCategoryAxis__ecd--NonPeoNeoMember__ecd--AdjToCompAxis__custom--AddFairValueAtVestingOfOptionAwardsAndStockAwardsGrantedInFiscalYearThatVestedDuringFiscalYearMember_zkdKevHzb1Mk" style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -10pt; padding-left: 10pt; text-align: left">+ Change in Fair Value as of Vesting Date of Option Awards and Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eecd--AdjToCompAmt_c20250401__20260331__ecd--IndividualAxis__custom--JamesBFrakesMember__ecd--ExecutiveCategoryAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--AddChangeinFairValueasofVestingDateofOptionAwardsandStockAwardsGrantedinPriorFiscalYearsForWhichApplicableVestingConditionsWereSatisfiedDuringFiscalYearMember_zpo5wUDZjqtd" style="text-align: right">(260</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eecd--AdjToCompAmt_c20250401__20260331__ecd--ExecutiveCategoryAxis__ecd--NonPeoNeoMember__ecd--AdjToCompAxis__custom--AddChangeinFairValueasofVestingDateofOptionAwardsandStockAwardsGrantedinPriorFiscalYearsForWhichApplicableVestingConditionsWereSatisfiedDuringFiscalYearMember_zlb3tHW6yyUd" style="text-align: right">(130</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: -10pt; padding-left: 10pt; text-align: left">- Fair Value as of Prior Fiscal Year-End of Option Awards and Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eecd--AdjToCompAmt_d0_c20250401__20260331__ecd--IndividualAxis__custom--JamesBFrakesMember__ecd--ExecutiveCategoryAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--MinusFairValueasofPriorFiscalYearEndofOptionAwardsandStockAwardsGrantedinPriorFiscalYearsThatFailedtoMeetApplicableVestingConditionsDuringFiscalYearMember_zhBeyEFkJOx3" style="border-bottom: Black 1pt solid; text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eecd--AdjToCompAmt_d0_c20250401__20260331__ecd--ExecutiveCategoryAxis__ecd--NonPeoNeoMember__ecd--AdjToCompAxis__custom--MinusFairValueasofPriorFiscalYearEndofOptionAwardsandStockAwardsGrantedinPriorFiscalYearsThatFailedtoMeetApplicableVestingConditionsDuringFiscalYearMember_zdA2GY0S5Ttb" style="border-bottom: Black 1pt solid; text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Compensation Actually Paid</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98F_eecd--PeoActuallyPaidCompAmt_c20250401__20260331__ecd--IndividualAxis__custom--JamesBFrakesMember_zoZTbRrI0Wy9" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Compensation Actually Paid">826,662</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98B_eecd--NonPeoNeoAvgCompActuallyPaidAmt_c20250401__20260331_zr4UGxCLGaB6" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Average Compensation Actually Paid to Non-CEO NEOs">402,235</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 5%"> </td> <td style="vertical-align: top; width: 3%">(a)</td> <td style="vertical-align: top; width: 92%; text-align: justify">The grant date fair value of equity awards represents the total of the amounts reported in the “Option Awards” column in the Summary Compensation Table for the applicable year.</td></tr> <tr> <td> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: justify"> </td></tr> <tr> <td> </td> <td style="vertical-align: top">(b)</td> <td style="vertical-align: top; text-align: justify">Amount of equity award adjustments may differ from amount reported in the table above due to rounding.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 3%">(4) </td> <td style="width: 97%; text-align: justify">TSR is determined based on the value of an initial fixed investment of $100 on March 31, 2023. Cumulative TSR is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period.</td></tr> </table> 826922 402365 0 0 0 0 0 0 0 0 -260 -130 0 0 826662 402235 Compensation Actually Paid and Cumulative TSR The chart below shows the relationship between the compensation actually paid to our PEOs and the average compensation actually paid to our non-PEO NEOs, on the one hand, to the Company’s cumulative TSR over the three years presented in the table, on the other. <img alt="" src="image_002.jpg" style="height: 278px; width: 719px"/> Compensation Actually Paid and Net Loss Because the Company is a pre-commercial stage company, we had no revenue during the periods presented. Consequently, we do not use net income (loss) as a performance measure in our executive compensation program. Moreover, as a pre-commercial stage company with no revenue, we do not believe there is any meaningful relationship between our net loss and compensation actually paid to our NEOs during the periods presented. The chart compares Compensation Actually Paid (“CAP”) to named executive officers and net income for fiscal years 2024 through 2026. Bars represent CAP amounts for Charles J. Fisher, Jr., James Frakes, and the average non-PEO named executive officers, measured on the left axis in millions of dollars. A line represents net income, measured on the right axis in millions of dollars. The chart shows CAP generally increased over the periods presented, while net income remained negative, declining in fiscal 2025 before improving in fiscal 2026. <img alt="" src="image_003.jpg" style="height: 284px; width: 717px"/> All information provided above under the “Item 402(v) Pay Versus Performance” heading will not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing, except to the extent the Company specifically incorporates such information by reference. true