CVM · CEL SCI CORP
CEL-SCI Corporation, a clinical-stage biotechnology company, engages in the research and development to treat cancer and other diseases by using the immune system in the United States. The company's lead immunotherapy is Multikine, which has completed Phase III clinical trials for the potential treatment of certain head and neck cancers. It is also developing Ligand Epitope Antigen Presentation System (LEAPS) technology, a patented T-cell modulation process that stimulates the human immune system to fight bacterial, viral, parasitic infections, autoimmune conditions, allergies, transplantation rejections, and cancer, as well as to potentially treat rheumatoid arthritis. In addition, the company's LEAP product candidates include CEL-2000; CEL-4000; and CEL-5000 that are in preclinical trials for potential rheumatoid arthritis therapeutic treatments. CEL-SCI Corporation has a strategic partnership with Saudi Arabian Pharma Company for Multikine in the treatment of head and neck cancer. The company was incorporated in 1983 and is headquartered in Vienna, Virginia.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $1.75 |
| SO | 8.5M |
| Options | 0.7M |
| Warrants | 0.0M |
| FD SO | 9.2M |
| MC | $16.1M |
| Cash | $1.9M |
| Total debt | — |
| EV | $14.3M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 96.7x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-11. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.
Financial statements
| 6/30/17 | 3/31/17 | 6/30/16 | 3/31/16 | |
|---|---|---|---|---|
| Total Revenue | 0.02 | 0.00 | 0.13 | 0.00 |
| Revenue YoY % | (74.4%) | (100.0%) | 93.5% | (100.0%) |
| SG&A | 1.60 | 1.35 | 1.67 | 1.68 |
| R&D | 3.18 | 6.58 | 4.36 | 4.15 |
| Operating Income | (4.76) | (7.91) | (5.91) | (5.80) |
| Operating Income YoY % | 44.1% | (14.6%) | 5.1% | 2.3% |
| Operating Margin % | (27366.3%) | — | (4544.1%) | — |
| Interest Expense | (0.50) | (0.47) | (0.46) | (0.46) |
| Pretax Income | (4.46) | (8.43) | (3.86) | (8.86) |
| Net Income | (4.46) | (8.43) | (3.86) | (8.86) |
| Net Margin % | (25671.8%) | — | (2971.0%) | — |
| Diluted EPS | -$0.53 | -$1.15 | -$0.03 | -$0.38 |
| Basic EPS | -$0.53 | -$1.15 | -$0.03 | -$0.65 |
| Diluted Avg Shares | 8.4 | 7.3 | 5.0 | 4.7 |
| Basic Avg Shares | 8.4 | 7.3 | 5.0 | 4.7 |
| LTM | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | |
|---|---|---|---|---|---|
| Total Revenue | 0.15 | 0.26 | 0.16 | 0.25 | 0.96 |
| Revenue YoY % | (44.2%) | 65.5% | (37.3%) | (73.4%) | — |
| SG&A | 6.29 | 10.67 | 6.98 | 6.60 | 6.66 |
| R&D | 18.27 | 15.27 | 12.68 | 10.37 | 11.75 |
| Operating Income | (24.37) | (25.67) | (19.87) | (17.24) | (17.99) |
| Operating Income YoY % | 5.1% | (29.2%) | (15.2%) | 4.1% | — |
| Operating Margin % | (16536.2%) | (9721.4%) | (12450.1%) | (6772.3%) | (1881.0%) |
| Interest Expense | (1.90) | 0.16 | 0.17 | 0.26 | 0.32 |
| Pretax Income | (25.61) | (27.35) | (9.17) | (15.48) | (25.71) |
| Net Income | (25.61) | (27.35) | (9.17) | (15.48) | (25.71) |
| Net Margin % | (17377.2%) | (10359.6%) | (5746.8%) | (6078.8%) | (2689.1%) |
| Diluted EPS | -$2.09 | -$12.21 | -$0.66 | -$0.78 | -$1.49 |
| Basic EPS | -$2.36 | -$12.10 | -$0.30 | -$0.70 | -$1.28 |
| Diluted Avg Shares | 8.4 | — | — | 251.8 | 208.5 |
| Basic Avg Shares | 8.4 | — | — | 251.8 | 208.5 |
| 6/30/17 | 3/31/17 | 6/30/16 | 3/31/16 | |
|---|---|---|---|---|
| Cash & Equivalents | 1.23 | 1.53 | 5.22 | 6.05 |
| Receivables | 0.27 | 0.00 | 0.79 | 0.65 |
| Inventory | 0.66 | 0.68 | 1.26 | 1.30 |
| Total Current Assets | 2.98 | 3.08 | 8.58 | 9.43 |
| Net PPE | 16.94 | 17.09 | 0.25 | 0.27 |
| Total Assets | 21.82 | 22.08 | 14.48 | 15.52 |
| Accounts Payable | 8.35 | 7.07 | 4.44 | 3.77 |
| Total Current Liabilities | 10.24 | 8.41 | 5.28 | 5.09 |
| Total Liabilities | 26.91 | 24.91 | 18.25 | 18.46 |
| Retained Earnings | (294.76) | (290.30) | (284.55) | (280.70) |
| Total Equity | (5.08) | (2.83) | (3.77) | (2.94) |
| LTM | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 1.23 | 8.51 | 0.04 | 3.94 | 4.26 |
| Receivables | 0.27 | 0.08 | 0.07 | 0.16 | 0.46 |
| Inventory | 0.66 | 1.45 | 1.02 | 1.38 | 1.57 |
| Total Current Assets | 2.98 | 11.65 | 2.51 | 7.44 | 9.02 |
| Net PPE | 16.94 | 0.40 | 0.49 | 0.63 | 1.03 |
| Total Assets | 21.82 | 19.23 | 10.84 | 16.07 | 18.63 |
| Accounts Payable | 8.35 | 1.16 | 1.92 | 0.59 | 0.74 |
| Total Current Liabilities | 10.24 | 3.15 | 3.55 | 1.91 | 7.22 |
| Total Liabilities | 26.91 | 8.79 | 4.14 | 9.04 | 9.55 |
| Retained Earnings | (294.76) | (239.19) | (211.83) | (202.99) | (187.51) |
| Total Equity | (5.08) | 10.78 | 6.70 | 7.03 | 9.08 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (5.47) | (5.47) | (6.10) | (5.66) |
| D&A | — | 0.96 | 0.96 | 0.96 |
| Stock-Based Comp | — | 0.44 | 0.44 | 0.07 |
| Operating Cash Flow | — | (4.02) | (4.67) | (3.94) |
| CapEx | — | 0.00 | (0.01) | 0.00 |
| Investing Cash Flow | — | 0.00 | (0.01) | 0.00 |
| Stock Issuance | — | 0.00 | 15.73 | 5.00 |
| Financing Cash Flow | — | (0.65) | 13.84 | 3.81 |
| Free Cash Flow | — | (4.02) | (4.68) | (3.94) |
| LTM | 9/30/25 | 9/30/24 | 9/30/23 | 9/30/22 | |
|---|---|---|---|---|---|
| Net Income | (22.70) | (25.41) | (26.92) | (32.37) | (36.70) |
| D&A | — | 2.06 | 2.13 | 2.11 | 1.98 |
| Stock-Based Comp | — | 1.91 | 4.27 | 6.29 | 11.39 |
| Operating Cash Flow | — | (17.12) | (18.81) | (22.85) | (18.24) |
| CapEx | — | (0.04) | (0.09) | (0.36) | (0.64) |
| Investing Cash Flow | — | (0.04) | (0.11) | (0.37) | 5.49 |
| Stock Issuance | — | 28.29 | 23.57 | 6.55 | — |
| Financing Cash Flow | — | 23.37 | 19.51 | 4.69 | (0.64) |
| Free Cash Flow | — | (17.16) | (18.91) | (23.21) | (18.88) |
| 6/30/17 | 3/31/17 | 6/30/16 | 3/31/16 | |
|---|---|---|---|---|
| Current Ratio | 0.29 | 0.37 | 1.62 | 1.85 |
| Quick Ratio | 0.23 | 0.29 | 1.39 | 1.60 |
| Debt / Equity | -5.29 | -8.80 | -4.84 | -6.28 |
| EBITDA Margin % | — | — | — | — |
| Working Capital | (7.26) | (5.33) | 3.30 | 4.34 |
| Net Debt | — | — | — | — |
| ROE % | 87.8% | 297.5% | 102.3% | 301.4% |
| ROA % | (20.5%) | (38.2%) | (26.7%) | (57.1%) |
| LTM | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | |
|---|---|---|---|---|---|
| Current Ratio | 0.29 | 3.69 | 0.71 | 3.89 | 1.25 |
| Quick Ratio | 0.23 | 3.23 | 0.42 | 3.17 | 1.03 |
| Debt / Equity | -5.29 | 0.81 | 0.62 | 1.29 | 1.05 |
| EBITDA Margin % | — | — | — | — | — |
| Working Capital | (7.26) | 8.50 | (1.03) | 5.53 | 1.80 |
| Net Debt | — | — | — | — | — |
| ROE % | 503.7% | (253.6%) | (136.9%) | (220.2%) | (283.2%) |
| ROA % | (117.3%) | (142.2%) | (84.6%) | (96.3%) | (138.0%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-05-18 | KERSTEN GEERT R | Director, Officer (Chief Executive Officer) | 2026-05-14 | P | 300,000 | $1.20 | $360,000 |
| 2026-05-14 | KERSTEN GEERT R | Director, Officer (Chief Executive Officer) | 2026-05-13 | P | 100,000 | $1.19 | $119,000 |
| 2026-04-01 | TALOR EYAL | Officer (Chief Scientific Officer) | 2026-03-31 | A | 747 | $3.21 | $2,398 |
| 2026-04-01 | PRICHEP PATRICIA B | Officer (Chief Financial Officer) | 2026-03-31 | A | 1,336 | $3.21 | $4,289 |
| 2026-04-01 | KERSTEN GEERT R | Director, Officer (Chief Executive Officer) | 2026-03-31 | A | 1,682 | $3.21 | $5,399 |
| 2026-01-26 | KERSTEN GEERT R | Director, Officer (Chief Executive Officer) | 2026-01-22 | P | 38,023 | $5.26 | $200,001 |
| 2026-01-05 | TALOR EYAL | Officer (Chief Scientific Officer) | 2025-12-31 | A | 456 | $5.26 | $2,399 |
| 2026-01-05 | PRICHEP PATRICIA B | Officer (Chief Financial Officer) | 2025-12-31 | A | 815 | $5.26 | $4,287 |
| 2026-01-05 | KERSTEN GEERT R | Director, Officer (Chief Executive Officer) | 2025-12-31 | A | 998 | $5.26 | $5,249 |
| 2025-12-05 | KERSTEN GEERT R | Director, Officer (Chief Executive Officer) | 2025-12-04 | P | 8,389 | $5.96 | $49,998 |
| 2025-10-02 | TALOR EYAL | Officer (Chief Scientific Officer) | 2025-09-30 | A | 260 | $9.20 | $2,392 |
| 2025-10-02 | PRICHEP PATRICIA B | Officer (Chief Financial Officer) | 2025-09-30 | A | 466 | $9.20 | $4,287 |
| 2025-10-02 | KERSTEN GEERT R | Director, Officer (Chief Executive Officer) | 2025-09-30 | A | 570 | $9.20 | $5,244 |
| 2025-07-29 | Watson Robert Eugene | Director | 2025-07-28 | A | 4,000 | $0.01 | $40 |
| 2025-07-29 | BAILLAVOINE BRUNO JEAN-MARIE | Director | 2025-07-28 | A | 4,000 | $0.01 | $40 |
| 2025-07-29 | CIPRIANO JOHN | Officer (Senior Vice President) | 2025-07-28 | A | 7,500 | $0.01 | $75 |
| 2025-07-29 | TALOR EYAL | Officer (Chief Scientific Officer) | 2025-07-28 | A | 15,000 | $0.01 | $150 |
| 2025-07-29 | PRICHEP PATRICIA B | Officer (Chief Financial Officer) | 2025-07-28 | A | 12,000 | $0.01 | $120 |
| 2025-07-29 | KERSTEN GEERT R | Director, Officer (Chief Executive Officer) | 2025-07-28 | A | 25,000 | $0.01 | $250 |
| 2025-07-29 | Watson Robert Eugene | Director | 2025-07-25 | P | 2,919 | $6.85 | $19,995 |
| 2025-07-28 | KERSTEN GEERT R | Director, Officer (Chief Executive Officer) | 2025-07-25 | P | 29,197 | $6.85 | $199,999 |
| 2025-07-01 | TALOR EYAL | Officer (Chief Scientific Officer) | 2025-06-30 | A | 1,048 | $2.29 | $2,400 |
| 2025-07-01 | PRICHEP PATRICIA B | Officer (Chief Financial Officer) | 2025-06-30 | A | 1,873 | $2.29 | $4,289 |
| 2025-07-01 | KERSTEN GEERT R | Director, Officer (Chief Executive Officer) | 2025-06-30 | A | 2,292 | $2.29 | $5,249 |
| 2025-04-01 | TALOR EYAL | Officer (Chief Scientific Officer) | 2025-03-31 | A | 10,416 | $0.23 | $2,400 |
| 2025-04-01 | PRICHEP PATRICIA B | Officer (Chief Financial Officer) | 2025-03-31 | A | 15,432 | $0.23 | $3,556 |
| 2025-04-01 | KERSTEN GEERT R | Director, Officer (Chief Executive Officer) | 2025-03-31 | A | 22,786 | $0.23 | $5,250 |
| 2025-01-02 | KERSTEN GEERT R | Director, Officer (CEO) | 2024-12-31 | A | 12,940 | $0.40 | $5,176 |
| 2025-01-02 | TALOR EYAL | Officer (Chief Scientific Officer) | 2024-12-31 | A | 6,001 | $0.40 | $2,400 |
| 2025-01-02 | PRICHEP PATRICIA B | Officer (Chief Financial & Operations) | 2024-12-31 | A | 10,727 | $0.40 | $4,291 |
| 2024-10-01 | TALOR EYAL | Officer (Chief Scientific Officer) | 2024-09-30 | A | 2,264 | $1.06 | $2,400 |
| 2024-10-01 | PRICHEP PATRICIA B | Officer (Sr. VP of Operations) | 2024-09-30 | A | 4,047 | $1.06 | $4,290 |
| 2024-10-01 | KERSTEN GEERT R | Director, Officer (Chief Executive Officer) | 2024-09-30 | A | 4,882 | $1.06 | $5,175 |
| 2024-07-01 | TALOR EYAL | Officer (Chief Scientific Officer) | 2024-06-28 | A | 2,068 | $1.16 | $2,399 |
| 2024-07-01 | PRICHEP PATRICIA B | Officer (Senior Vice President) | 2024-06-28 | A | 3,698 | $1.16 | $4,290 |
| 2024-07-01 | KERSTEN GEERT R | Director, Officer (Chief Executive Officer) | 2024-06-28 | A | 4,461 | $1.16 | $5,175 |