CEL-SCI Narrows Q3 Loss Amid Cash Burn, Post-Split Share Count

TL;DR

**CVM is burning cash fast and the reverse split is a band-aid; stay away until they show a clear path to profitability or significant clinical milestones.**

AI Summary

CEL-SCI Corporation reported a net loss of $19,310,155 for the nine months ended June 30, 2025, a decrease from the $20,810,973 net loss in the prior year period. Research and development expenses decreased by 10.96% to $12,184,276 from $13,684,204, while general and administrative expenses slightly increased to $6,592,128 from $6,547,866. The company's cash and cash equivalents significantly declined to $1,792,856 as of June 30, 2025, from $4,738,173 at September 30, 2024, representing a 62.17% decrease. Total assets also decreased by 24.7% to $20,336,199 from $26,991,766 over the same period. A reverse stock split, effective May 20, 2025, converted every thirty shares into one, reducing outstanding shares from 94,037,256 to 3,135,021 and increasing loss per share. Net cash used in operating activities was $12,449,214 for the nine months ended June 30, 2025, compared to $13,994,501 in the prior year, partially offset by $9,536,851 in cash provided by financing activities.

Why It Matters

This 10-Q highlights CEL-SCI's persistent operational losses and significant cash burn, which are critical for investors evaluating the company's long-term viability. The substantial decrease in cash and cash equivalents, coupled with the 'going concern' warning, signals heightened financial risk. For employees, continued losses could impact job security and future compensation. Customers and the broader market, particularly those interested in innovative cancer treatments like Multikine, face uncertainty regarding the company's ability to fund ongoing research and development, potentially affecting competitive dynamics in the biotech sector.

Risk Assessment

Risk Level: high — The company explicitly states, 'Due to recurring losses from operations and future liquidity needs, there is substantial doubt about the Company's ability to continue as a going concern.' Cash and cash equivalents plummeted by 62.17% from $4,738,173 at September 30, 2024, to $1,792,856 at June 30, 2025, indicating a rapid depletion of liquid assets.

Analyst Insight

Investors should exercise extreme caution and consider avoiding CVM given the explicit 'going concern' warning and significant cash burn. Monitor future filings for substantial capital raises or positive clinical trial results for Multikine that could alter the financial trajectory.

Financial Highlights

debt To Equity

N/A

revenue

N/A

operating Margin

N/A

total Assets

$20,336,199

total Debt

N/A

net Income

-$19,310,155

eps

-$6.34

gross Margin

N/A

cash Position

$1,792,856

revenue Growth

N/A

Key Numbers

• $19.3M — Net Loss (Decreased from $20.8M in the prior year period for the nine months ended June 30, 2025)
• $1.79M — Cash and Cash Equivalents (Down 62.17% from $4.74M at September 30, 2024)
• $12.18M — Research and Development Expenses (Decreased by 10.96% from $13.68M in the prior year period)
• $12.45M — Net Cash Used in Operating Activities (Reduced from $13.99M in the prior year period)
• 62.17% — Decrease in Cash (Percentage decrease in cash and cash equivalents from September 30, 2024, to June 30, 2025)
• 3,135,021 — Post-Split Shares Outstanding (Reduced from 94,037,256 pre-split shares due to a 1-for-30 reverse stock split)
• $6.34 — Net Loss Per Share (9 months) (Increased from $12.51 in the prior year period, adjusted for reverse split)
• $5.66M — Net Loss (3 months) (Decreased from $6.86M in the prior year period for the three months ended June 30, 2025)
• $9.54M — Net Cash Provided by Financing Activities (Offsetting operating cash burn, primarily from common stock issuance)
• $20.34M — Total Assets (Decreased by 24.7% from $26.99M at September 30, 2024)

Key Players & Entities

• CEL-SCI Corporation (company) — Registrant of the 10-Q filing
• NYSE American (regulator) — Exchange where CVM common stock is traded
• Multikine (company) — CEL-SCI's lead investigational immunotherapy
• $19,310,155 (dollar_amount) — Net loss for the nine months ended June 30, 2025
• $1,792,856 (dollar_amount) — Cash and cash equivalents as of June 30, 2025
• $12,184,276 (dollar_amount) — Research and development expenses for the nine months ended June 30, 2025
• May 20, 2025 (date) — Effective date of the reverse stock split
• 3,135,021 (dollar_amount) — Post-split outstanding shares of common stock
• $12,449,214 (dollar_amount) — Net cash used in operating activities for the nine months ended June 30, 2025
• $9,536,851 (dollar_amount) — Net cash provided by financing activities for the nine months ended June 30, 2025

FAQ

Risk Factors

• Deteriorating Cash Position [high — financial]: The company's cash and cash equivalents have significantly declined by 62.17% to $1,792,856 as of June 30, 2025, from $4,738,173 at September 30, 2024. This sharp decrease, coupled with net cash used in operating activities of $12,449,214 for the nine months ended June 30, 2025, raises concerns about the company's ability to fund ongoing operations and research without additional capital infusions.
• Substantial Net Losses [high — financial]: CEL-SCI reported a net loss of $19,310,155 for the nine months ended June 30, 2025, and $5,660,000 for the three months ended June 30, 2025. While the net loss for the nine-month period decreased from $20,810,973 in the prior year, the company continues to incur significant operating losses, impacting its overall financial health and equity.
• Dependence on Research and Development [medium — operational]: The company's primary focus remains on research and development, with R&D expenses totaling $12,184,276 for the nine months ended June 30, 2025. While these expenses decreased by 10.96% from the prior year, the substantial investment highlights the company's reliance on the success of its ongoing clinical trials and drug development pipeline for future revenue generation.
• Impact of Reverse Stock Split [medium — financial]: A 1-for-30 reverse stock split effective May 20, 2025, reduced outstanding shares from 94,037,256 to 3,135,021. This action, while potentially aimed at meeting stock exchange listing requirements or improving share price perception, also significantly increased the net loss per share to $6.34 for the nine months ended June 30, 2025, from an adjusted $12.51 in the prior year period.
• Declining Total Assets [medium — financial]: Total assets decreased by 24.7% to $20,336,199 as of June 30, 2025, from $26,991,766 at September 30, 2024. This reduction in asset base, alongside the decrease in cash, suggests a contraction in the company's overall financial resources.

Industry Context

CEL-SCI operates in the biotechnology sector, a highly competitive and capital-intensive industry focused on drug discovery and development. The industry is characterized by long development cycles, significant regulatory hurdles, and a high rate of failure. Success is heavily dependent on clinical trial outcomes and the ability to secure ongoing funding for research and development.

Regulatory Implications

As a biotechnology company, CEL-SCI is subject to stringent regulations from bodies like the FDA. Delays or failures in clinical trials, or issues with manufacturing and marketing approvals, can have severe financial and operational consequences. Compliance with evolving healthcare regulations and data privacy laws is also critical.

What Investors Should Do

1. Monitor cash burn and future financing activities.
2. Evaluate clinical trial progress and regulatory updates.
3. Assess the impact of the reverse stock split.

Key Dates

• 2025-05-20: Reverse Stock Split — Effective 1-for-30 reverse stock split, reducing outstanding shares from 94,037,256 to 3,135,021. This impacts share count, EPS calculations, and potentially stock exchange compliance.
• 2025-06-30: Nine Months Ended Financial Reporting — Reporting period for the condensed financial statements, showing a net loss of $19,310,155 and a significant decrease in cash and cash equivalents.
• 2024-09-30: Prior Fiscal Year End — Baseline for comparison of financial position, with cash and cash equivalents at $4,738,173 and total assets at $26,991,766.

Glossary

Reverse Stock Split

A corporate action where a company reduces the total number of its outstanding shares by consolidating existing shares into fewer, proportionally more valuable shares. (CEL-SCI executed a 1-for-30 reverse stock split, significantly reducing its share count and impacting per-share metrics.)

Net Cash Used in Operating Activities

The amount of cash a company has spent on its normal business operations over a period. A negative number indicates cash outflow. (CEL-SCI used $12,449,214 in operating activities for the nine months ended June 30, 2025, highlighting its cash burn from core operations.)

Cash and Cash Equivalents

Includes cash on hand, bank deposits, and short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. (The company's cash position has significantly decreased to $1,792,856, a critical metric for assessing short-term liquidity.)

Research and Development Expenses

Costs incurred by a company in the process of developing new products or services, or improving existing ones. (These expenses represent a significant portion of CEL-SCI's costs ($12,184,276 for nine months ended June 30, 2025), reflecting its focus on drug development.)

Year-Over-Year Comparison

Compared to the prior year period, CEL-SCI has reported a reduced net loss for the nine months ended June 30, 2025 ($19.3M vs $20.8M), driven by a decrease in R&D expenses. However, the company's cash position has drastically deteriorated, falling by 62.17% to $1.79M. Total assets have also declined by 24.7%. While operating cash burn has been partially offset by financing activities, the overall financial health appears weakened due to the shrinking cash reserves and ongoing losses.

Key Financial Figures

• $0.01 — ny's common stock remained unchanged at $0.01 per share, a total of $ 909,021 was rec

Filing Documents

• cvm_10q.htm (10-Q) — 751KB
• cvm_ex31.htm (EX-31) — 22KB
• cvm_ex32.htm (EX-32) — 5KB
• cvm_10qimg7.jpg (GRAPHIC) — 35KB
• cvm_10qimg1.jpg (GRAPHIC) — 21KB
• cvm_10qimg2.jpg (GRAPHIC) — 21KB
• cvm_10qimg3.jpg (GRAPHIC) — 20KB
• cvm_10qimg4.jpg (GRAPHIC) — 30KB
• cvm_10qimg5.jpg (GRAPHIC) — 31KB
• cvm_10qimg6.jpg (GRAPHIC) — 24KB
• 0001654954-25-009568.txt ( ) — 4010KB
• cvm-20250630.xsd (EX-101.SCH) — 37KB
• cvm-20250630_lab.xml (EX-101.LAB) — 236KB
• cvm-20250630_cal.xml (EX-101.CAL) — 39KB
• cvm-20250630_pre.xml (EX-101.PRE) — 188KB
• cvm-20250630_def.xml (EX-101.DEF) — 86KB
• cvm_10q_htm.xml (XML) — 466KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Page Item 1. 3 Condensed Balance Sheets at June 30, 2025 (unaudited) and September 30, 2024 3 Condensed Statements of Operations for the nine months ended June 30, 2025 and 2024 (unaudited) 4 Condensed Statements of Operations for the three months ended June 30, 2025 and 2024 (unaudited) 5 Condensed Statements of Stockholders' Equity for the nine months ended June 30, 2025 and 2024 (unaudited) 6 Condensed Statements of Cash Flows for the nine months ended June 30, 2025 and 2024 (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 21 Item 3.

Quantitative and Qualitative Disclosures about Market Risks

Quantitative and Qualitative Disclosures about Market Risks 33 Item 4.

Controls and Procedures

Controls and Procedures 33 PART II Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 5. Other Information 34 Item 6. Exhibits 34

Signatures

Signatures 35 2 Table of Contents CEL-SCI CORPORATION CONDENSED BALANCE SHEETS ASSETS June 30, 2025 September 30, 2024 (UNAUDITED) Current assets: Cash and cash equivalents $ 1,792,856 $ 4,738,173 Prepaid expenses 304,133 294,097 Supplies used for R&D and manufacturing 518,040 1,019,908 Deposits 7,500 3,500 Total current assets 2,622,529 6,055,678 Finance lease right-of-use assets 5,998,731 7,350,364 Operating lease right-of-use assets 1,332,096 1,495,937 Property and equipment, net 6,578,679 8,129,753 Patent costs, net 130,585 165,492 Deposits 2,319,101 2,319,101 Supplies used for R&D and manufacturing 1,354,478 1,475,441 Total assets $ 20,336,199 $ 26,991,766 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 1,577,215 $ 1,448,467 Accrued expenses 475,602 566,042 Due to employees 1,169,520 363,306 Finance lease liabilities, current portion 2,205,972 2,010,995 Operating lease liabilities, current portion 187,739 226,969 Total current liabilities 5,616,048 4,615,779 Finance lease liabilities, net of current portion 6,271,813 7,957,925 Operating lease liabilities, net of current portion 1,298,398 1,425,979 Other liabilities 125,000 125,000 Total liabilities 13,311,259 14,124,683 Commitments and contingencies 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; 5,321,341 and 2,126,682 shares issued and outstanding at June 30, 2025 and September 30, 2024, respectively 53,214 21,266 Additional paid-in capital 540,293,742 526,857,678 Accumulated deficit ( 533,322,016 ) ( 514,011,861 ) Total stockholders' equity 7,024,940 12,867,083 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 20,336,199 $ 26,991,766 See notes to condensed financial statements. 3 Table

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