Cel-Sci (CVM) AI Stock Analysis

• Market Cap: $30.03M
• Dividend Yield: N/A
• Average Volume (3M): 125.69K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.53
• Revenue Growth: N/A
• EPS Growth: 48.68%
• Country: US
• Employees: 43
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.68
• Shares Outstanding: 8,457,967
• 10 Day Avg. Volume: 66,836
• 30 Day Avg. Volume: 125,686
• PEG Ratio: 0.03
• Price to Book (P/B): 2.34
• Price to Sales (P/S): 0.00
• P/FCF Ratio: >-0.01
• Enterprise Value/Market Cap: 1.06
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -8.24
• Enterprise Value/Ebitda: -1.64
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -4.16
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: $3.50 ▼(-32.56% Downside)
• Action: Reiterated Date: 02/20/26
• Date: Action: Reiterated 02/20/26

The score is primarily weighed down by weak financial performance (no revenue, ongoing losses, and continued cash burn) alongside heightened risk from unusually volatile balance sheet/cash flow figures. Technicals also lean bearish with the stock below major moving averages and negative MACD, while valuation remains difficult to justify due to negative earnings and no dividend support.

Positive Factors

Focused Clinical-Stage Pipeline

CEL‑SCI’s business is tightly focused on a single clinical-stage immunotherapy (Multikine) for pre‑standard‑of‑care use in head and neck cancer. A concentrated pipeline concentrates R&D resources and strategic clarity, which can speed development decisions and clarify value‑creation paths if trials progress.

Narrowing Net Losses

Reported net losses have trended smaller over multiple years, reflecting tighter expense control and operational discipline. A sustained reduction in annual losses supports longer runway under existing funding assumptions and reduces near‑term financing pressure relative to earlier periods.

More Moderate TTM Leverage

The trailing‑twelve‑month view shows more moderate leverage (debt/equity ~0.82) and meaningful equity, suggesting the firm’s nearer‑term capital structure is less acute than the anomalous 2025 annual figures. This provides a more realistic baseline for assessing short‑to‑medium term financing flexibility.

Negative Factors

Pre‑Revenue Profile with Persistent Cash Burn

CEL‑SCI generates no reported revenue and records negative operating and free cash flow across all periods provided. Persistent cash burn forces ongoing external financing needs, increasing dilution or refinancing risk and making long‑term viability dependent on successful clinical progress or capital access.

Highly Volatile/Anomalous Balance Sheet

The 2025 annual balance sheet exhibits extreme leverage and an anomalously large debt figure, creating material ambiguity about financial stability. Such volatility elevates going‑concern and financing risk, complicates counterparty and investor trust, and may signal one‑off accounting or reporting events that impair comparability.

Unreliable Cash Flow Reporting and Extreme 2025 Outlier

An extreme 2025 operating cash flow outlier (≈ -$17.1B) versus a multi‑year pattern of ~ -$17M raises serious reliability concerns. Unstable cash flow figures impair forecasting, heighten financing uncertainty, and increase the risk that management must undertake disruptive financing or accounting remediation actions.

Cel-Sci Business Overview & Revenue Model

Company Description

CEL-SCI Corporation engages in the research and development of immunotherapy for the treatment of cancer and infectious diseases. The company's lead investigational immunotherapy is Multikine, which is under phase III clinical trial for the treatment of head and neck cancer. Its Ligand Epitope Antigen Presentation System (LEAPS), a pre-clinical patented T-cell modulation process that stimulates the human immune system to fight bacterial, viral, and parasitic infections, as well as autoimmune diseases, allergies, transplantation rejections, and cancer. The company also develops LEAPS-H1N1-DC; CEL-2000 and CEL-4000 are product candidates for the treatment of rheumatoid arthritis; and LEAPS COV-19, a product candidate to treat COVID-19 coronavirus. CEL-SCI Corporation has a collaboration agreement with the University of Georgia's Center for Vaccines and Immunology to develop LEAPS COVID-19 immunotherapy. The company was incorporated in 1983 and is headquartered in Vienna, Virginia.

How the Company Makes Money

CEL-SCI Corporation primarily makes money through the development and potential commercialization of its lead product candidate, Multikine. The company aims to generate revenue from the eventual sale of Multikine, contingent upon successful clinical trials and regulatory approval. CEL-SCI may also seek revenue through partnerships, licensing agreements, and collaborations with other pharmaceutical companies. These partnerships could involve sharing research, development costs, and profits from Multikine's commercialization. Additionally, CEL-SCI might receive funding through grants, investor funding, or other financing activities to support its research and development efforts.

Cel-Sci Financial Statement Overview

Summary

Pre-revenue profile with persistent losses and negative operating/free cash flow in all periods. While net losses have narrowed versus earlier years, the balance sheet and cash flow show major volatility (e.g., unusually large reported 2025 annual debt and operating cash outflow), elevating financing/going-concern risk.

Income Statement

Results remain firmly loss-making with no reported revenue across all periods provided, which limits visibility into commercialization progress. Losses are large but have narrowed versus earlier years (net loss improved from about -$39.2M in 2021 to about -$25.4M in 2025 annual, and about -$23.8M in TTM (Trailing-Twelve-Months)), indicating some expense control. However, gross profit is negative and profitability remains structurally weak, keeping the income statement profile highly speculative.

Balance Sheet

Leverage and equity quality look unstable. The 2025 annual balance sheet shows an extremely high debt-to-equity ratio (about 588x) driven by very low equity, and total debt is reported at ~$9.38B—an outlier versus prior years’ debt levels (~$11–16M). While the TTM (Trailing-Twelve-Months) snapshot shows more moderate leverage (debt-to-equity ~0.82) and sizable equity, returns on equity are negative throughout, reflecting ongoing losses. Overall, the balance sheet signals elevated financial risk and potential data volatility/one-off structural changes.

Cash Flow

Cash burn continues: operating cash flow and free cash flow are negative in every period shown. TTM (Trailing-Twelve-Months) operating cash flow is about -$17.0M (similar magnitude to 2024), but the 2025 annual cash flow reports an extreme deterioration (operating cash flow about -$17.1B), which is inconsistent with the multi-year pattern and raises reliability/one-time event concerns. Free cash flow generally tracks net losses (free cash flow to net income ~1.0 most years), suggesting limited non-cash support and continued funding needs.

Breakdown	TTM	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-3.85M	-3.89M	-3.97M	-3.96M	-3.88M	-499.00K
EBITDA	-19.37M	-20.88M	-22.21M	-27.56M	-31.74M	-34.71M
Net Income	-23.81M	-25.41M	-26.92M	―	-38.27M	-39.19M
Balance Sheet
Total Assets	22.89M	28.16M	26.99M	30.53M	50.52M	75.87M
Cash, Cash Equivalents and Short-Term Investments	6.28M	10.95M	4.74M	4.15M	22.67M	42.21M
Total Debt	10.63M	9.38M	11.62M	13.57M	15.30M	15.97M
Total Liabilities	11.76M	12.20M	14.12M	17.31M	18.36M	19.34M
Stockholders Equity	11.14M	15.96M	12.87M	13.21M	32.16M	56.53M
Cash Flow
Free Cash Flow	-17.01M	-17.16B	-18.91M	-23.22M	-18.90M	-27.83M
Operating Cash Flow	-17.00M	-17.12B	-18.81M	-22.85M	-18.24M	-18.79M
Investing Cash Flow	-5.16K	-38.11M	-108.09K	-372.26K	5.49M	-15.18M
Financing Cash Flow	18.67M	23.37B	19.51M	4.69M	-638.43K	54.52M

Cel-Sci Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 5.19
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CVM, the sentiment is Negative. The current price of 5.19 is above the 20-day moving average (MA) of 4.62, above the 50-day MA of 5.11, and below the 200-day MA of 6.36, indicating a bearish trend. The MACD of -0.42 indicates Positive momentum. The RSI at 34.91 is Neutral, neither overbought nor oversold. The STOCH value of 12.91 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CVM.

Cel-Sci Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ATHE	46 Neutral	$53.80M	-2.07	-42.68%	―	―	63.85%
UNCY	44 Neutral	$145.71M	―	-102.47%	―	―	66.05%
CVM	43 Neutral	$30.03M	-1.93	-176.32%	―	―	48.68%
PLRX	42 Neutral	$76.81M	-0.86	-64.27%	―	―	14.19%