CEL SCI CORP Files 10-Q for Period Ending December 31, 2023
Ticker: CVM · Form: 10-Q · Filed: Feb 14, 2024 · CIK: 725363
Sentiment: bearish
Topics: CEL SCI CORP, CVM, 10-Q, Financial Results, Net Loss
AI Summary
CEL SCI CORP (CVM) filed a Quarterly Report (10-Q) with the SEC on February 14, 2024. CEL SCI CORP reported a net loss of $47,422,304 for the quarter ended December 31, 2023. Total assets as of December 31, 2023, were $50,018,601. The company had no debt as of December 31, 2023. Revenue for the quarter was not explicitly stated, but the filing indicates a net loss. The filing covers the first quarter of fiscal year 2024.
Why It Matters
For investors and stakeholders tracking CEL SCI CORP, this filing contains several important signals. The significant net loss indicates ongoing operational challenges and high expenditure, potentially impacting future growth and solvency. The absence of debt provides financial flexibility but does not offset the substantial losses, highlighting reliance on equity or future revenue.
Risk Assessment
Risk Level: high — CEL SCI CORP shows elevated risk based on this filing. The company reported a substantial net loss of $47,422,304 for the quarter, indicating significant financial strain and a high risk of continued operational deficits.
Analyst Insight
Investors should monitor future revenue generation and cost management strategies to assess the company's path to profitability.
Financial Highlights
- debt To Equity
- 0.00
- total Assets
- 50018601
- total Debt
- 0
- net Income
- -47422304
Key Numbers
- 20231231 — Period End Date (CONFORMED PERIOD OF REPORT)
- 20240214 — Filing Date (FILED AS OF DATE)
- 50018601 — Total Assets (As of December 31, 2023)
- 47422304 — Net Loss (For the quarter ended December 31, 2023)
- 0 — Total Debt (As of December 31, 2023)
Key Players & Entities
- CEL SCI CORP (company) — FILER
- 20231231 (date) — CONFORMED PERIOD OF REPORT
- 20240214 (date) — FILED AS OF DATE
- 0000725363 (company) — CENTRAL INDEX KEY
- 2836 (industry) — STANDARD INDUSTRIAL CLASSIFICATION
- VIENNA (location) — CITY
- 7035069460 (phone) — BUSINESS PHONE
- INTERLEUKIN 2 INC (company) — FORMER COMPANY
FAQ
When did CEL SCI CORP file this 10-Q?
CEL SCI CORP filed this Quarterly Report (10-Q) with the SEC on February 14, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by CEL SCI CORP (CVM).
Where can I read the original 10-Q filing from CEL SCI CORP?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by CEL SCI CORP.
What are the key takeaways from CEL SCI CORP's 10-Q?
CEL SCI CORP filed this 10-Q on February 14, 2024. Key takeaways: CEL SCI CORP reported a net loss of $47,422,304 for the quarter ended December 31, 2023.. Total assets as of December 31, 2023, were $50,018,601.. The company had no debt as of December 31, 2023..
Is CEL SCI CORP a risky investment based on this filing?
Based on this 10-Q, CEL SCI CORP presents a elevated-risk profile. The company reported a substantial net loss of $47,422,304 for the quarter, indicating significant financial strain and a high risk of continued operational deficits.
What should investors do after reading CEL SCI CORP's 10-Q?
Investors should monitor future revenue generation and cost management strategies to assess the company's path to profitability. The overall sentiment from this filing is bearish.
Risk Factors
- Net Loss and Cash Burn [high — financial]: The company has incurred significant net losses, indicating a substantial cash burn rate that raises concerns about its ability to continue as a going concern without additional financing.
- Clinical Trial Status and Regulatory Approvals [high — regulatory]: The success of the company's product candidates is dependent on successful clinical trials and subsequent regulatory approvals, which are subject to inherent risks and uncertainties.
- Dependence on Key Personnel [medium — operational]: The company's operations and future development may be significantly impacted by the loss of key scientific or management personnel.
Key Dates
- 2023-12-31: Quarter End Date — Reporting period for financial results.
- 2024-02-14: Filing Date — Date the 10-Q was officially submitted to the SEC.
Filing Stats: 4,470 words · 18 min read · ~15 pages · Grade level 15 · Accepted 2024-02-14 16:31:12
Filing Documents
- cvm_10q.htm (10-Q) — 516KB
- cvm_ex31.htm (EX-31) — 21KB
- cvm_ex32.htm (EX-32) — 4KB
- cvm_10qimg19.jpg (GRAPHIC) — 30KB
- cvm_10qimg21.jpg (GRAPHIC) — 36KB
- cvm_10qimg20.jpg (GRAPHIC) — 25KB
- cvm_10qimg15.jpg (GRAPHIC) — 22KB
- cvm_10qimg16.jpg (GRAPHIC) — 22KB
- cvm_10qimg17.jpg (GRAPHIC) — 29KB
- cvm_10qimg18.jpg (GRAPHIC) — 19KB
- 0001654954-24-001793.txt ( ) — 3283KB
- cvm-20231231.xsd (EX-101.SCH) — 33KB
- cvm-20231231_lab.xml (EX-101.LAB) — 209KB
- cvm-20231231_cal.xml (EX-101.CAL) — 36KB
- cvm-20231231_pre.xml (EX-101.PRE) — 163KB
- cvm-20231231_def.xml (EX-101.DEF) — 68KB
- cvm_10q_htm.xml (XML) — 328KB
FINANCIAL INFORMATION
PART I FINANCIAL INFORMATION Item 1. Page Condensed Balance Sheets at December 31, 2023 (unaudited) and September 30, 2023 3 Condensed Statements of Operations for the three months ended December 31, 2023 and 2022 (unaudited) 4 Condensed Statements of Stockholders' Equity for the three months ended December 31, 2023 and 2022 (unaudited) 5 Condensed Statements of Cash Flows for the three months ended December 31, 2023 and 2022 (unaudited) 6 Notes to Condensed Financial Statements (unaudited) 8 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.
Quantitative and Qualitative Disclosures about Market Risks
Quantitative and Qualitative Disclosures about Market Risks 25 Item 4.
Controls and Procedures
Controls and Procedures 25 PART II Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 5. Other Information 26 Item 6. Exhibits 26
Signatures
Signatures 27 2 Table of Contents CEL-SCI CORPORATION CONDENSED BALANCE SHEETS DECEMBER 31, SEPTEMBER 30, ASSETS 2023 2023 (UNAUDITED) Current assets: Cash and cash equivalents $ 3,241,440 $ 4,145,735 Prepaid expenses 549,835 520,368 Supplies used for R&D and manufacturing 2,347,049 2,248,072 Deposits 16,129 4,245 Total current assets 6,154,453 6,918,420 Finance lease right of use assets 8,680,732 9,131,987 Operating lease right of use assets 1,649,020 1,698,243 Property and equipment, net 9,644,158 10,188,126 Patent costs, net 188,294 197,704 Deposits 2,319,101 2,319,101 Supplies used for R&D and manufacturing 74,457 74,669 Total assets $ 28,710,215 $ 30,528,250 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,144,425 $ 2,009,786 Accrued expenses 985,657 1,049,581 Due to employees 705,698 557,244 Finance lease obligation, current portion 1,827,363 1,771,804 Operating lease obligation, current portion 204,167 197,431 Total current liabilities 4,867,310 5,585,846 Finance lease obligations, net of current portion 9,468,149 9,949,565 Operating lease obligations, net of current portion 1,599,496 1,652,949 Other liabilities 125,000 125,000 Total liabilities 16,059,955 17,313,360 Commitments and contingencies (refer to Note E) STOCKHOLDERS' EQUITY Preferred stock, $ 0.01 par value; 200,000 shares authorized; 0 shares issued and outstanding - - Common stock, $ 0.01 par value; 600,000,000 shares authorized; 50,018,601 and 47,422,304 shares issued and outstanding at December 31, 2023 and September 30, 2023, respectively 500,186 474,223 Additional paid-in capital 505,950,994 499,832,063 Accumulated deficit ( 493,800,920 ) ( 487,091,396 ) Total stockholders' equity 12,650,260 13,214,890 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 28,710,215 $ 30,528,250 See notes to condensed financ