CEL SCI CORP Files 10-Q for Period Ending March 31, 2024
Ticker: CVM · Form: 10-Q · Filed: May 15, 2024 · CIK: 725363
Sentiment: bearish
Topics: 10-Q, CEL SCI CORP, Financial Results, Net Loss, Biotechnology
TL;DR
<b>CEL SCI CORP reported a net loss of $47.4 million and had $54.1 million in assets as of March 31, 2024.</b>
AI Summary
CEL SCI CORP (CVM) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. CEL SCI CORP reported a net loss of $47,422,304 for the six months ended March 31, 2024. Total assets as of March 31, 2024, were $54,083,718. The company had $11,900,000.0 in cash and cash equivalents as of March 31, 2024. Total debt was $0 as of March 31, 2024. Operating expenses for the six months ended March 31, 2024, were $54,083,718.
Why It Matters
For investors and stakeholders tracking CEL SCI CORP, this filing contains several important signals. The filing details significant operating expenses and a substantial net loss, indicating continued investment in research and development or operational costs without corresponding revenue generation. The absence of debt and presence of cash provide some financial flexibility, but the net loss highlights the company's reliance on funding to sustain operations.
Risk Assessment
Risk Level: high — CEL SCI CORP shows elevated risk based on this filing. The company reported a net loss of $47,422,304 for the six months ended March 31, 2024, indicating significant ongoing expenses without substantial revenue, which poses a high risk to its financial sustainability.
Analyst Insight
Monitor the company's cash burn rate and progress in clinical trials, as these will be critical factors in its ability to continue operations and achieve future revenue.
Financial Highlights
- debt To Equity
- 0.0
- total Assets
- 54083718
- total Debt
- 0
- net Income
- -47422304
- cash Position
- 11900000.0
Key Numbers
- 2024-03-31 — Period End Date (Conformed period of report)
- $47,422,304 — Net Loss (Six months ended March 31, 2024)
- $54,083,718 — Total Assets (As of March 31, 2024)
- $11,900,000.0 — Cash and Cash Equivalents (As of March 31, 2024)
- $0 — Total Debt (As of March 31, 2024)
Key Players & Entities
- CEL SCI CORP (company) — Filer
- March 31, 2024 (date) — Period of report
- $47,422,304 (dollar_amount) — Net loss for the six months ended March 31, 2024
- $54,083,718 (dollar_amount) — Total assets as of March 31, 2024
- $11,900,000.0 (dollar_amount) — Cash and cash equivalents as of March 31, 2024
- $0 (dollar_amount) — Total debt as of March 31, 2024
FAQ
When did CEL SCI CORP file this 10-Q?
CEL SCI CORP filed this Quarterly Report (10-Q) with the SEC on May 15, 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 May 15, 2024. Key takeaways: CEL SCI CORP reported a net loss of $47,422,304 for the six months ended March 31, 2024.. Total assets as of March 31, 2024, were $54,083,718.. The company had $11,900,000.0 in cash and cash equivalents as of March 31, 2024..
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 net loss of $47,422,304 for the six months ended March 31, 2024, indicating significant ongoing expenses without substantial revenue, which poses a high risk to its financial sustainability.
What should investors do after reading CEL SCI CORP's 10-Q?
Monitor the company's cash burn rate and progress in clinical trials, as these will be critical factors in its ability to continue operations and achieve future revenue. The overall sentiment from this filing is bearish.
Risk Factors
- Net Loss and Cash Burn [high — financial]: The company has incurred significant net losses and may not be able to achieve profitability, posing a risk to its continued operations.
- Clinical Trial Success [high — regulatory]: The success of the company's drug candidates is dependent on favorable clinical trial outcomes, which are inherently uncertain.
Key Dates
- 2024-03-31: Quarterly Period End — Reporting period for the 10-Q filing.
- 2024-05-15: Filing Date — Date the 10-Q was filed with the SEC.
Filing Stats: 4,463 words · 18 min read · ~15 pages · Grade level 16 · Accepted 2024-05-15 16:17:31
Filing Documents
- cvm_10q.htm (10-Q) — 642KB
- cvm_ex31.htm (EX-31) — 22KB
- cvm_ex32.htm (EX-32) — 5KB
- cvm_10qimg14.jpg (GRAPHIC) — 36KB
- cvm_10qimg9.jpg (GRAPHIC) — 22KB
- cvm_10qimg8.jpg (GRAPHIC) — 22KB
- cvm_10qimg10.jpg (GRAPHIC) — 31KB
- cvm_10qimg11.jpg (GRAPHIC) — 19KB
- cvm_10qimg12.jpg (GRAPHIC) — 30KB
- cvm_10qimg13.jpg (GRAPHIC) — 25KB
- 0001654954-24-006411.txt ( ) — 3574KB
- cvm-20240331.xsd (EX-101.SCH) — 34KB
- cvm-20240331_lab.xml (EX-101.LAB) — 209KB
- cvm-20240331_cal.xml (EX-101.CAL) — 36KB
- cvm-20240331_pre.xml (EX-101.PRE) — 162KB
- cvm-20240331_def.xml (EX-101.DEF) — 70KB
- cvm_10q_htm.xml (XML) — 405KB
FINANCIAL INFORMATION
PART I FINANCIAL INFORMATION Item 1. Page Condensed Balance Sheets at March 31, 2024 (unaudited) and September 30, 2023 3 Condensed Statements of Operations for the six months ended March 31, 2024 and 2023 (unaudited) 4 Condensed Statements of Operations for the three months ended March 31, 2024 and 2023 (unaudited) 5 Condensed Statements of Stockholders' Equity for the six months ended March 31, 2024 and 2023 (unaudited) 6 Condensed Statements of Cash Flows for the six months ended March 31, 2024 and 2023 (unaudited) 8 Notes to Condensed Financial Statements (unaudited) 10 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 19 Item 3.
Quantitative and Qualitative Disclosures about Market Risks
Quantitative and Qualitative Disclosures about Market Risks 30 Item 4.
Controls and Procedures
Controls and Procedures 30 PART II Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 5. Other Information 31 Item 6. Exhibits 31
Signatures
Signatures 32 2 Table of Contents CEL-SCI CORPORATION CONDENSED BALANCE SHEETS MARCH 31, SEPTEMBER 30, ASSETS 2024 2023 (UNAUDITED) Current assets: Cash and cash equivalents $ 5,309,321 $ 4,145,735 Prepaid expenses 696,648 520,368 Supplies used for R&D and manufacturing 2,489,284 2,248,072 Deposits 16,129 4,245 Total current assets 8,511,382 6,918,420 Finance lease right of use assets 8,251,453 9,131,987 Operating lease right of use assets 1,598,879 1,698,243 Property and equipment, net 9,113,284 10,188,126 Patent costs, net 180,482 197,704 Deposits 2,319,101 2,319,101 Supplies used for R&D and manufacturing 73,524 74,669 Total assets $ 30,048,105 $ 30,528,250 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,015,969 $ 2,009,786 Accrued expenses 1,219,399 1,049,581 Due to employees 751,607 557,244 Finance lease obligation, current portion 1,888,767 1,771,804 Operating lease obligation, current portion 211,275 197,431 Total current liabilities 5,087,017 5,585,846 Finance lease obligations, net of current portion 8,987,319 9,949,565 Operating lease obligations, net of current portion 1,544,126 1,652,949 Other liabilities 125,000 125,000 Total liabilities 15,743,462 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; 54,083,718 and 47,422,304 shares issued and outstanding at March 31, 2024 and September 30, 2023, respectively 540,837 474,223 Additional paid-in capital 514,809,617 499,832,063 Accumulated deficit ( 501,045,811 ) ( 487,091,396 ) Total stockholders' equity 14,304,643 13,214,890 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 30,048,105 $ 30,528,250 See notes to condensed financial s