Aethlon Medical has agreed to an all-stock merger with privately held North Immunology, alongside an oversubscribed $180 million private investment in public equity. Aethlon shares surged more than 471% in premarket trading on Sept. 17, 2026, after the announcement. The combined company will operate as North Immunology, Inc. and trade on the Nasdaq Capital Market under the ticker NRTX, subject to shareholder, regulatory and listing approvals. North Immunology shareholders and investors in the financing are expected to own approximately 95.25% of the post-merger company, while Aethlon stockholders are expected to retain about 4.75% and receive contingent value rights tied to potential monetization of the legacy Hemopurifier business. The financing includes the conversion of roughly $34 million in North Immunology convertible promissory notes and is expected to fund operations through the second half of 2028. North Immunology plans to begin a Phase 1a trial of NOR-101, a half-life-extended IL-13 x IL-18 bispecific antibody for atopic dermatitis, in the first quarter of 2027. Interim pharmacokinetic and safety data are expected by mid-2027, followed by planned Phase 1b and Phase 2b studies during 2027 and data in 2028. TipRanks data show a latest analyst consensus rating of Hold for AEMD, with a $1.50 price target.