Aethlon Medical shares fell Friday after surging 374.13% Thursday on news of an all-stock merger with North Immunology. The combined company is expected to trade on Nasdaq under the ticker NRTX and pursue North Immunology's lead candidate, NOR-101, for inflammatory and immune conditions. The transaction includes a $180 million private placement, gives existing Aethlon shareholders about 4.75% of the combined company and provides legacy holders with contingent rights tied to the Hemopurifier device business. The deal implies a pro forma valuation of about $346.5 million, remains subject to shareholder and regulatory approval and is expected to close in early 2027. AEMD was down 9.29% at $6.15 Friday at publication, according to Benzinga Pro, as investors took profits after the prior day's more-than-fourfold move.