Aethlon Medical shares retreated Friday after surging more than 300% in the previous session following news of an all-stock merger with North Immunology. The combined company will trade on Nasdaq under the ticker NRTX and pursue North Immunology's lead drug candidate, NOR-101, for inflammatory and immune conditions. The transaction includes a $180 million private placement, while existing Aethlon shareholders are expected to own about 4.75% of the combined business. Legacy holders will also receive contingent rights tied to future value from Aethlon's 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 at publication, according to Benzinga Pro, as investors took profits after the prior day's more-than-fourfold move.