CEL-SCI Corporation
CVMHealthcare|Biotechnology|US
$1.45
+0.08 (+5.84%)
DCF Value
$0.21
Tangible Book / Share
$0.90
Cash / Share
$0.54
Financials
Financial Snapshot
Market Cap
$25.5M
Enterprise Value
$26.9M
Revenue (TTM)
$0.00
Net Income (TTM)
-$22.7M
Cash & Investments
$6.5M
Net Cash
-$1.4M
Free Cash Flow (TTM)
-$16.8M
Operating CF (TTM)
-$16.7M
Debt/Equity
0.72
Cash Runway & Burn Rate
Cash on Hand
$6.5M
Quarterly Burn
$4.2M
Monthly Burn
$1.4M
Est. Runway
~1.6 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $2.9M | $2.4M | $10.3M | $8.4M | $15.5M | $42.2M | $22.7M | $4.1M | $4.7M | $11.0M | $6.5M | |
| Operating Cash Flow | -$23.1M | -$13.8M | -$13.4M | -$16.3M | -$15.3M | -$18.8M | -$18.2M | -$22.8M | -$18.8M | -$17.1M | -$16.7M | |
| Free Cash Flow | -$23.1M | -$13.8M | -$13.4M | -$16.7M | -$18.0M | -$27.8M | -$18.9M | -$23.2M | -$18.9M | -$17.2M | -$16.8M | |
| Capital Expenditure | -$34.2K | -$17.0K | -$58.1K | -$335.8K | -$2.7M | -$9.0M | -$637.9K | -$372.3K | -$94.9K | -$38.1K | -$5.2K | |
| Financing Cash Flow | $20.3M | $13.3M | $21.4M | $14.8M | $25.0M | $54.5M | -$638.4K | $4.7M | $19.5M | $23.4M | $21.5M |
R&D Spending
R&D (TTM)
$14.8M
R&D Intensity
—
R&D Growth vs Prior
-6.9%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $285.1K | $69.0K | $476.6K | $462.8K | $558.7K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $19.4M | $15.6M | $9.4M | $12.7M | $17.8M | $23.1M | $25.4M | $22.5M | $18.2M | $15.9M | $14.8M | |
| R&D % of Revenue | 6788.8% | 22612.3% | 1972.6% | 2735.6% | 3193.4% | — | — | — | — | — | — | |
| SG&A | $6.5M | $5.8M | $7.8M | $8.0M | $11.7M | $13.1M | $10.7M | $9.0M | $4.2M | $8.9M | $5.6M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $285.1K | $69.0K | $476.6K | $462.8K | $558.7K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $17.4K | $633.0K | $10.9K | $12.7K | $17.8M | $0.00 | $0.00 | $22.5M | $4.0M | $15.9M | $6.5M | |
| Gross Profit | $267.6K | -$564.0K | $465.6K | $450.1K | -$17.3M | $0.00 | $0.00 | -$22.5M | -$4.0M | -$15.9M | -$6.5M | |
| R&D | $19.4M | $15.6M | $9.4M | $12.7M | $17.8M | $23.1M | $25.4M | $22.5M | $18.2M | $15.9M | $14.8M | |
| SG&A | $6.5M | $5.8M | $7.8M | $8.0M | $11.7M | $13.1M | $10.7M | $9.0M | $4.2M | $8.9M | $5.6M | |
| Operating Income | -$25.6M | -$21.3M | -$16.8M | -$20.2M | -$29.0M | -$36.2M | -$36.1M | -$31.5M | -$26.4M | -$24.8M | -$22.3M | |
| Interest Expense | $0.00 | $4.0M | $0.00 | $1.8M | $1.0M | $1.1M | $1.1M | $675.4K | $745.7K | $648.9K | $444.0K | |
| Pretax Income | -$11.5M | -$14.4M | -$31.8M | -$22.1M | -$30.3M | -$36.4M | -$36.7M | -$32.4M | -$26.9M | -$25.4M | -$22.7M | |
| Net Income | -$11.5M | -$14.4M | -$31.8M | -$24.7M | -$30.3M | -$36.4M | -$36.7M | -$32.4M | -$26.9M | -$25.4M | -$22.7M | |
| EPS (Diluted) | -62.40 | -1638.00 | -1685.10 | -21.60 | -24.71 | -27.86 | -26.16 | -21.83 | -13.50 | -6.27 | -2.58 | |
| EBITDA | -$24.1M | -$20.8M | -$16.1M | -$19.7M | -$26.8M | -$33.0M | -$31.8M | -$27.5M | -$22.2M | -$20.9M | -$18.5M | |
| Shares Out. (M) | 0.18 | 0.01 | 0.02 | 1.14 | 1.23 | 1.36 | 1.44 | 1.48 | 1.99 | 4.06 | 12.12 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.9M | $2.4M | $10.3M | $8.4M | $15.5M | $36.1M | $22.7M | $4.1M | $4.7M | $11.0M | $6.5M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $6.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $5.9M | $4.2M | $11.4M | $9.8M | $17.7M | $45.3M | $25.4M | $6.9M | $6.1M | $11.6M | $7.5M | |
| Total Assets | $11.6M | $22.9M | $29.6M | $27.6M | $40.5M | $75.9M | $50.5M | $30.5M | $27.0M | $28.2M | $21.4M | |
| Total Current Liabilities | $4.0M | $10.8M | $9.2M | $3.0M | $4.3M | $3.9M | $4.7M | $5.6M | $4.6M | $5.1M | $5.1M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $12.6M | $26.3M | $29.6M | $22.5M | $20.8M | $19.3M | $18.4M | $17.3M | $14.1M | $12.2M | $10.4M | |
| Stockholders' Equity | -$956.1K | -$3.3M | $916.00 | $5.1M | $19.7M | $56.5M | $32.2M | $13.2M | $12.9M | $16.0M | $11.0M | |
| Retained Earnings | -$285.7M | -$299.8M | -$331.6M | -$353.7M | -$381.8M | -$418.2M | -$454.9M | -$487.1M | -$514.0M | -$539.4M | -$556.0M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$23.1M | -$13.8M | -$13.4M | -$16.3M | -$15.3M | -$18.8M | -$18.2M | -$22.8M | -$18.8M | -$17.1M | -$16.7M | |
| Capital Expenditure | -$34.2K | -$17.0K | -$58.1K | -$335.8K | -$2.7M | -$9.0M | -$637.9K | -$372.3K | -$94.9K | -$38.1K | -$5.2K | |
| Free Cash Flow | -$23.1M | -$13.8M | -$13.4M | -$16.7M | -$18.0M | -$27.8M | -$18.9M | -$23.2M | -$18.9M | -$17.2M | -$16.8M | |
| Investing Cash Flow | -$34.2K | -$17.0K | -$58.1K | -$335.8K | -$2.7M | -$15.2M | $5.5M | -$372.3K | -$108.1K | -$38.1K | -$5.2K | |
| Financing Cash Flow | $20.3M | $13.3M | $21.4M | $14.8M | $25.0M | $54.5M | -$638.4K | $4.7M | $19.5M | $23.4M | $21.5M | |
| Issuance of Stock | $21.4M | $10.5M | $11.8M | $22.6K | $14.0M | $47.6M | $131.1K | $7.0M | $23.7M | $28.5M | $23.6M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$1.1M | $2.7M | -$6.3K | -$5.1K | -$800.2K | $534.2K | -$1.4M | -$1.6M | -$1.8M | -$2.0M | -$2.2M | |
| Stock Based Comp. | $2.3M | $1.5M | $2.9M | $4.6M | $10.3M | $13.9M | $12.2M | $7.1M | $4.3M | $2.9M | $1.8M | |
| Net Change in Cash | -$2.8M | -$548.6K | $7.9M | -$1.9M | $7.1M | $20.6M | -$13.4M | -$18.5M | $592.4K | $6.2M | $4.7M |
Dilution Tracker
Shares outstanding grew 231.0% over 5 years — significant dilution
Shares Outstanding
18M
5-Year Share Growth
+231.0%
Stock Issuance (TTM)
$23.6M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.18 | 0.01 | 0.02 | 1.14 | 1.23 | 1.36 | 1.44 | 1.48 | 1.99 | 4.06 | 12.12 | |
| Change vs Prior % | — | -95.2% | 115.5% | 5911.6% | 7.9% | 10.7% | 6.0% | 3.1% | 34.1% | 103.9% | 198.7% | |
| Stock Issuance | $21.4M | $10.5M | $11.8M | $22.6K | $14.0M | $47.6M | $131.1K | $7.0M | $23.7M | $28.5M | $23.6M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $2.3M | $1.5M | $2.9M | $4.6M | $10.3M | $13.9M | $12.2M | $7.1M | $4.3M | $2.9M | $1.8M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 93.9% | -817.1% | 97.7% | 97.3% | -3093.4% | — | — | — | — | — | — | |
| Operating Margin % | -8964.3% | -30916.1% | -3519.5% | -4364.1% | -5188.3% | — | — | — | — | — | — | |
| Net Margin % | -4022.6% | -20810.3% | -6680.7% | -5336.0% | -5419.5% | — | — | — | — | — | — | |
| EBITDA Margin % | -8448.5% | -30099.1% | -3383.0% | -4257.9% | -4801.7% | — | — | — | — | — | — | |
| FCF Margin % | -8109.6% | -20007.1% | -2821.9% | -3599.4% | -3216.8% | — | — | — | — | — | — | |
| ROE % | 1199.3% | 430.4% | -3475677.4% | -481.0% | -153.5% | -64.3% | -114.1% | -244.9% | -209.2% | -159.2% | -202.1% | |
| ROA % | -98.9% | -62.7% | -107.6% | -89.4% | -74.7% | -47.9% | -72.6% | -106.0% | -99.7% | -90.3% | -106.3% | |
| ROIC % | 77.0% | -163.2% | -82.4% | -82.1% | -77.6% | -49.8% | -75.8% | -117.0% | -107.1% | -97.4% | -117.4% | |
| R&D / Revenue % | 6788.8% | 22612.3% | 1972.6% | 2735.6% | 3193.4% | — | — | — | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -56.6% | -75.8% | 590.5% | -2.9% | 20.7% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | -58.1% | -310.7% | 182.6% | -3.3% | -3939.6% | 100.0% | 0.0% | 0.0% | 82.3% | -300.3% | |
| Operating Income | 25.5% | 16.5% | 21.4% | -20.4% | -43.5% | -24.9% | 0.4% | 12.7% | 16.3% | 5.9% | |
| Net Income | 66.9% | -25.3% | -121.7% | 22.4% | -22.6% | -20.1% | -0.9% | 11.8% | 16.8% | 5.6% | |
| EPS (Diluted) | 76.4% | -2525.0% | -2.9% | 98.7% | -14.4% | -12.7% | 6.1% | 16.6% | 38.2% | 53.6% | |
| Operating Cash Flow | 3.2% | 40.2% | 2.9% | -21.9% | 6.4% | -23.0% | 2.9% | -25.3% | 17.7% | 9.0% | |
| Free Cash Flow | 3.4% | 40.3% | 2.6% | -23.9% | -7.9% | -54.8% | 32.2% | -23.0% | 18.6% | 9.2% | |
| R&D Expense | -7.6% | -19.4% | -39.8% | 34.7% | 40.9% | 29.5% | 9.7% | -11.4% | -19.2% | -12.5% | |
| SG&A Expense | -53.0% | -10.6% | 35.3% | 1.9% | 46.3% | 11.8% | -18.2% | -15.9% | -53.1% | 111.3% | |
| Total Assets | -24.9% | 97.7% | 29.1% | -6.6% | 46.7% | 87.2% | -33.4% | -39.6% | -11.6% | 4.3% | |
| Book Value / Share | 87.1% | -7170.4% | 100.0% | 9224.7% | 256.2% | 159.0% | -46.4% | -60.1% | -27.4% | -39.2% | |
| Debt | -6.4% | 9.2% | -5.8% | 1.0% | 3.2% | 14.6% | -4.2% | -11.3% | -14.4% | -19.3% | |
| Diluted Shares | 40.4% | -95.2% | 115.5% | 5911.6% | 7.9% | 10.7% | 6.0% | 3.1% | 34.1% | 103.9% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High6.08 / 178.78 / 1006.46
P/B1.60
10Y Low / Med / High2.34 / 9.49 / 3163.30
EV/EBITDAAt Loss
EV/Revenue0.00
10Y Low / Med / High12.52 / 214.19 / 1003.65
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.21
Tangible Book / Share
$0.90
Cash / Share
$0.54
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -4.45 | -0.04 | -0.09 | -14.90 | -18.58 | -14.19 | -4.25 | -2.06 | -2.83 | -1.47 | -0.56 | |
| P/S Ratio | 178.78 | 7.59 | 6.08 | 789.79 | 1006.46 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | -53.30 | -0.16 | 3163.30 | 71.19 | 28.50 | 9.49 | 4.97 | 5.05 | 5.90 | 2.34 | 1.60 | |
| EV/EBITDA | -2.54 | -0.60 | -0.37 | -18.81 | -20.90 | -15.65 | -4.80 | -2.77 | -3.73 | -1.71 | -1.45 | |
| EV/Revenue | 214.19 | 179.09 | 12.52 | 800.73 | 1003.65 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-38.29
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2027 |
|---|---|
| Revenue | $6.0M |
| Net Income | -$25.9M |
| EPS | $-6.38 |
| # Analysts (EPS) | 1 |
Dividends
Frequency
Irregular
Recent Payments
| Ex-Date | Pay Date | Amount | Frequency |
|---|---|---|---|
| Aug 28, 1996 | $0.01 | Irregular |