Cel-Sci (CVM) AI Stock Analysis

• Market Cap: $42.13M
• Dividend Yield: N/A
• Average Volume (3M): 125.69K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.46
• Revenue Growth: N/A
• EPS Growth: 48.68%
• Country: US
• Employees: 43
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.76
• Shares Outstanding: 8,408,746
• 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: -36.44
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: 395.13
• Enterprise Value/Ebitda: 73.53
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: $5.50 ▲(5.97% Upside)

The score is primarily pressured by weak financial performance: ongoing pre-revenue losses, persistent negative cash flow, and major 2025 balance-sheet/cash-flow anomalies that raise uncertainty. Technicals also detract as the stock trades below major moving averages with negative MACD and weak RSI. Valuation provides limited offset given a negative P/E and no dividend yield.

Positive Factors

Focused clinical-stage program

CEL-SCI’s concentration on a single, well-defined immunotherapy (Multikine) focuses R&D resources and regulatory effort, reducing program dilution. For a small biotech this clarity supports disciplined development strategy and potentially faster decision-making toward pivotal readouts or partnering outcomes.

Cash losses largely cash-based

Free cash flow tracking net losses implies operating shortfalls are mostly cash items rather than opaque non-cash charges. That makes cash needs more predictable, aiding treasury planning and financing decisions over the medium term and reducing the risk of sudden accounting surprises.

Board extended shareholder rights

Extending the shareholder rights agreement through 2030 indicates governance continuity and defensive positioning. For a clinical-stage firm, this can protect a long R&D timetable from short-term activism, providing management a steadier runway to execute trials and seek strategic partnerships.

Negative Factors

Persistent pre-revenue losses

Absent meaningful revenue, recurring multi‑year losses erode equity and necessitate repeated financing or dilution. Without a clear profitability inflection or diversified revenue streams, the business remains dependent on external capital to fund trials, increasing long-term financing risk.

Consistent negative operating cash flow

Sustained operating cash outflows reflect persistent funding needs to advance clinical programs. Historical cash burn requires ongoing access to capital; this structural cash consumption limits strategic flexibility, pressures liquidity, and raises dilution risk absent near-term financing or partnerships.

Major 2025 balance-sheet anomaly & leverage

A large, unexplained 2025 step-change in reported debt/assets and declining equity materially raises balance-sheet uncertainty. Elevated leverage and anomalous figures undermine creditor confidence, complicate fundraising and covenant assessment, and increase execution risk over the medium term.

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

Income statement shows a pre-revenue profile with persistent annual net losses (~$25M–$39M) and no clear profitability inflection. Balance sheet risk is elevated due to declining equity and an extreme 2025 step-change in reported debt/assets that increases uncertainty. Cash flow is consistently negative with a highly anomalous 2025 operating/free cash outflow (~-$17B), materially worsening perceived cash-burn risk.

Income Statement

Across the annual periods provided, the company is effectively pre-revenue (revenue is $0 from 2021–2025 and minimal in 2020), while losses remain large and persistent (net loss roughly $25M–$39M per year). Profitability trends show no clear inflection: operating losses continue, and the lack of a meaningful revenue base limits visibility into margin normalization. The main positive is a modest improvement in net loss versus 2022–2023, but overall earnings quality remains weak given ongoing negative gross profit and operating results.

Balance Sheet

Leverage looks elevated relative to the equity base in most years (debt-to-equity generally around ~0.5x–1.0x), and returns on equity are consistently negative, reflecting a business still funding operations without profitability. Equity has also declined materially versus earlier years, reducing the cushion for continued cash burn. A major red flag appears in the latest annual snapshot (2025) where reported total debt (~$9.4B) and total assets (~$28.2B) are dramatically out of line with prior years, signaling either a significant balance-sheet event or potential data/one-time classification distortion—either way, it increases perceived balance-sheet risk.

Cash Flow

Cash generation is consistently negative: operating cash flow is an outflow every year, and free cash flow is also persistently negative, indicating the company is consuming cash to fund operations. Cash burn was generally in the ~$15M–$23M range historically, but the latest year (2025) shows an extremely large reported cash outflow (operating and free cash flow around -$17B), which is a severe anomaly versus prior years and meaningfully heightens cash-flow risk/uncertainty. A partial positive is that free cash flow has tended to track net loss closely (free cash flow to net income near ~1x in multiple years), suggesting losses are largely cash-based rather than driven by large non-cash offsets.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-3.89M	-3.89M	-3.97M	-3.96M	-3.88M	-499.00K
EBITDA	-20.88M	-20.88M	-22.21M	-27.56M	-31.74M	-34.71M
Net Income	-25.41M	-25.41M	-26.92M	―	-38.27M	-39.19M
Balance Sheet
Total Assets	28.16B	28.16B	26.99M	30.53M	50.52M	75.87M
Cash, Cash Equivalents and Short-Term Investments	10.95B	10.95B	4.74M	4.15M	22.67M	42.21M
Total Debt	9.38B	9.38B	11.62M	13.57M	15.30M	15.97M
Total Liabilities	12.20B	12.20B	14.12M	17.31M	18.36M	19.34M
Stockholders Equity	15.96M	15.96M	12.87M	13.21M	32.16M	56.53M
Cash Flow
Free Cash Flow	-17.16M	-17.16B	-18.91M	-23.22M	-18.90M	-27.83M
Operating Cash Flow	-17.12M	-17.12B	-18.81M	-22.85M	-18.24M	-18.79M
Investing Cash Flow	-38.11K	-38.11M	-108.09K	-372.26K	5.49M	-15.18M
Financing Cash Flow	23.37M	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 below the 20-day moving average (MA) of 5.59, below the 50-day MA of 5.81, and below the 200-day MA of 6.68, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 41.57 is Neutral, neither overbought nor oversold. The STOCH value of 9.89 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
RPTX	57 Neutral	$114.24M	-1.56	-49.78%	―	-82.16%	14.58%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
UNCY	44 Neutral	$139.91M	-2.00	-102.47%	―	―	66.05%
CVM	42 Neutral	$42.13M	-0.65	-176.32%	―	―	48.68%
PLRX	42 Neutral	$72.20M	-0.41	-64.27%	―	―	14.19%
ATHE	41 Neutral	$60.88M	-4.21	-42.68%	―	―	63.85%

Cel-Sci Corporate Events

Cel-Sci Extends Shareholder Rights Agreement to 2030

On October 30, 2025, CEL-SCI Corporation’s Board of Directors extended the expiration date of its Shareholder Rights Agreement to October 30, 2030. This amendment reflects the company’s ongoing efforts to manage shareholder interests and could impact its market positioning by providing stability and continuity for stakeholders.