CEL SCI CORP

Listed Company

CVMCIK 0000725363NYSENon-AcceleratedSmaller ReportingBiological Products, (No Diagnostic Substances)ColoradoFY ends Sep 30

Period

FY 2025

Revenue

—

Net Income

$-25.41M

Total Assets

$28.16M

Equity

$15.96M

Shares Out

8.46M

Op. Cash Flow

$-17.12M

Business

CEL SCI CORP is a late clinical-stage biotechnology company developing immunotherapies that harness the immune system to treat cancer and other diseases. It primarily develops Multikine, a locally administered Phase 3 neoadjuvant immunotherapy for certain head and neck cancers, and LEAPS (Ligand Epitope Antigen Presentation System) technology with preclinical/early candidates for rheumatoid arthritis. Its operations comprise product development, a dedicated biologics manufacturing facility for Multikine, and licensing and commercialization partnerships. CEL‑SCI conducts clinical trials across North America, Europe, Israel and Asia and pursues regional distribution through local partners.

Summary from filing dated 2025-12-29

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Research and development	16	18	22	25	23
General and administrative	9	8	9	11	13
Total operating expenses	25	26	31	36	36
Operating loss	−25	−26	−31	−36	−36
Interest expense, net	−648,944	−745,673	—	−1	−1
Other expense	47,625	177,682	−42,813	107,148	−8,213
Net loss	−25	−27	−32	−37	−36
Modification of warrants	0	−659,456	−171,552	−929,122	−350,861
Net loss available to common shareholders	−25	−28	−32	−38	−37
Net loss per common share - basic and diluted	−6.27	−15.31	−0.73	−0.87	−0.9
Weighted average common shares outstanding - basic and diluted	4	2	44	43	41

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Cash and cash equivalents	11	5	4	23	36
Prepaid expenses	332,301	294,097	520,368	762,063	998,482
Supplies used for R&D and manufacturing	303,282	1	—	—	—
Deposit	7,085	3,500	4,245	0	2
Total current assets	12	6	7	25	45
Finance lease right-of-use assets	6	7	9	11	13
Operating lease right-of-use assets	1	1	2	2	2
Property and equipment, net	6	8	10	12	14
Patent costs, net	119,856	165,492	197,704	212,201	275,866
Deposits	2	2	2	0	2
Supplies used for R&D and manufacturing, Noncurrent	1	1	—	—	—
Total assets	28	27	31	51	76
Accounts payable	1	1	2	2	2
Accrued expenses	711,820	566,042	1	842,492	859,216
Due to employees	916,588	363,306	—	—	—
Finance lease liabilities, current portion	2	2	2	2	—
Operating lease liabilities, current portion	166,990	226,969	197,431	170,928	—
Total current liabilities	5	5	6	5	4
Finance lease liabilities, net of current portion	6	8	10	12	13
Operating lease liabilities, net of current portion	1	1	2	2	2
Other liabilities	125,000	125,000	125,000	125,000	125,000
Total liabilities	12	14	17	18	19
Preferred stock, $0.01 par value; 200,000 shares authorized; 0 shares issued and outstanding	0	0	0	—	—
Common stock, $0.01 par value; 600,000,000 shares authorized; 5,321,341 and 2,126,237 shares issued and outstanding at June 30, 2025 and September 30, 2024, respectively	80,157	21,266	474,223	434,484	432,072
Additional paid-in capital	555	527	500	487	474
Accumulated deficit	−539	−514	−487	−455	−418
Total stockholders' equity	16	13	13	32	57
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	28	27	31	51	76

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Net loss	−25	−27	—	—	—
Depreciation and amortization	4	4	4	4	2
Non-cash lease expense, net of lease payments	−5,812	4,873	—	—	—
Share-based payments for services	754,673	858,498	655,740	762,261	1
Equity based compensation	2	4	6	11	14
Common stock contributed to 401(k) plan	218,317	218,717	207,593	223,043	201,099
Shares issued for settlement of clinic development costs	350,885	0	—	—	—
Loss on patent impairment	18,275	0	—	—	—
Prepaid expenses	−42,550	72,674	151,935	167,651	283,964
Supplies used for R&D and manufacturing	973,665	−172,608	—	—	—
Deposits	−3,585	745	−2	—	—
Accounts payable	−442,710	−460,576	257,845	374,890	445,981
Accrued expenses	120,728	−458,489	207,089	−16,724	363,701
Due to employees	553,282	−193,938	—	—	—
Net cash used in operating activities	−17	−19	−23	−18	−19
Purchases of property and equipment	−38,109	−94,875	−361,892	−637,892	−9
Expenditures for patent costs	0	−13,211	−10,370	−22,741	−22,641
Net cash used in investing activities	−38,109	−108,086	−372,262	5	−15
Proceeds from issuance of common stock and pre-funded warrants	28	24	7	—	—
Payments of stock issuance costs	−3	−2	−744,913	−169,445	−325,034
Proceeds from the purchase of stock by officers and directors	219,995	80,620	—	—	—
Payments on obligations under finance leases	−2	−2	−2	−1	−1
Proceeds from related party loans	0	450,000	0	—	—
Payments of related party loans	0	−450,000	0	—	—
Proceeds from notes payable	350,000	0	—	—	—
Payments of notes payable	−350,000	0	—	—	—
Net cash provided by financing activities	23	20	5	−638,426	55
NET INCREASE IN CASH AND CASH EQUIVALENTS	6	592,438	−19	−13	21
Property and equipment purchases included in current liabilities	0	32,954	51,650	0	—
Obligations paid with issuance of common stock	750,328	759,901	—	—	—
Assets purchased under finance leases	0	20,797	0	—	—
Finance lease obligation included in accounts payable	1,133	1,320	—	—	—
Financing costs included in current liabilities	152,735	38,950	—	—	—
Cash paid for interest	768,466	923,807	1	1	1

Filings

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