Cel-Sci (CVM) AI Stock Analysis

• Market Cap: $29.86M
• Dividend Yield: N/A
• Average Volume (3M): 125.69K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.57
• 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: 0.97
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -7.55
• Enterprise Value/Ebitda: -1.50
• 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

Lead clinical asset (Multikine)

A focused development strategy centered on Multikine gives CEL-SCI a clear clinical and commercial objective. A single lead asset in a defined indication concentrates R&D resources, simplifies regulatory strategy, and if successful provides a durable pathway to commercialization in an area with substantial unmet need.

Narrowing losses

Consistent reduction in net losses over multiple years indicates improved expense management and more disciplined operating control. This trend can extend runway, lower near-term financing needs, and supports more sustainable execution of clinical programs if maintained over the next several quarters.

Lean operating workforce

A small headcount implies a lean cost base and focused operations, which can reduce fixed overhead and enable efficient allocation of R&D dollars. For a clinical-stage biotech, this structure helps stretch limited capital while concentrating expertise on advancing the lead program.

Negative Factors

Pre-revenue profile

Absence of product revenue means the business relies entirely on financing and trial outcomes for sustainability. Without commercial cash flows, long-term viability depends on clinical success and external capital, increasing dilution and execution risk over the next 2–6 months and beyond.

Persistent cash burn

Repeated negative operating and free cash flow forces dependence on external funding to continue trials and operations. Continued cash burn constrains strategic flexibility, risks delaying development milestones, and increases the probability of near-term financing that could dilute stakeholders.

Balance-sheet volatility / outlier debt

An extreme, inconsistent debt spike and unstable leverage metrics raise material concerns about data reliability or one-off financing that could impair flexibility. True high leverage would sharply increase going-concern and refinancing risk; even as an anomaly, it signals governance or reporting issues.

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

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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: Neutral

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 4.14, above the 50-day MA of 4.93, and below the 200-day MA of 6.35, indicating a bearish trend. The MACD of -0.41 indicates Positive momentum. The RSI at 34.46 is Neutral, neither overbought nor oversold. The STOCH value of 25.29 is Neutral, 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%
PLRX	49 Neutral	$81.11M	-0.50	-71.51%	―	―	14.19%
ATHE	46 Neutral	$61.60M	-2.07	-30.19%	―	―	63.85%
UNCY	44 Neutral	$150.65M	-3.28	-184.07%	―	―	66.05%
CVM	43 Neutral	$29.86M	-1.93	-226.10%	―	―	48.68%