CVMHIGH SIGNALFINANCIAL10-K

CEL-SCI completed a dramatic 9:1 reverse stock split, reducing outstanding shares from 74.1 million to 8.4 million while burning through $13.4 million in cash.

The massive reverse stock split signals significant financial distress and likely compliance issues with exchange listing requirements. Combined with the substantial cash burn and reduced runway, this suggests the company may face going concern issues or need emergency financing soon.

Comparing 2025-12-29 vs 2025-01-13View on EDGAR →
FINANCIAL ANALYSIS

The company showed mixed financial signals with revenue jumping 1,559% to $264K (though from a minimal base) and R&D expenses declining 12.5% to $15.9M, suggesting some cost management efforts. However, the 37% decline in cash to $22.7M represents a concerning burn rate that, combined with the dramatic reverse stock split, indicates serious liquidity pressures. The 24% increase in stockholders' equity to $16.0M and 13.6% reduction in total liabilities provide some balance sheet improvement, but these positives are overshadowed by the cash consumption and the need for a 9:1 reverse split.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+1559.1%
$16K→$264K

Strong top-line growth of 1559.1% — accelerating demand or successful expansion into new markets.

Current Assets
Balance Sheet
+91.5%
$6.1M→$11.6M

Current assets grew 91.5% — improving short-term liquidity or inventory/receivables build.

Capital Expenditure
Cash Flow
-59.8%
$95K→$38K

Capex reduced 59.8% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Inventory
Balance Sheet
-54.6%
$2.2M→$1.0M

Inventory drawn down 54.6% — strong sell-through or deliberate destocking; watch for supply constraints.

Cash & Equivalents
Balance Sheet
-37.1%
$36.1M→$22.7M

Cash declined 37.1% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Stockholders Equity
Balance Sheet
+24%
$12.9M→$16.0M

Equity base grew 24% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Liabilities
Balance Sheet
-13.6%
$14.1M→$12.2M

Liabilities reduced 13.6% — deleveraging improves balance sheet strength and financial flexibility.

R&D Expense
P&L
-12.5%
$18.2M→$15.9M

R&D spending cut 12.5% — could signal cost discipline or concerning reduction in innovation investment.

Current Liabilities
Balance Sheet
+11.2%
$4.6M→$5.1M

Current liabilities rose 11.2% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2025-12-29
PRIOR — 2025-01-13
ADDED
As of December 19, 2025, the Registrant had 8,408,746 issued and outstanding shares of common stock.
CEL-SCI is currently focused on the development of the following product candidates and technologies with an emphasis on Multikine: 1) Multikine, an investigational Phase 3 immunotherapy under development for the potential treatment of certain head and neck cancers; and 2) L.E.A.P.S.
3 CEL-SCI completed a bias analysis for the target population in the Phase III study in preparation for submission of data to regulatory agencies, including the FDA, for a confirmatory registration study.
CEL-SCI estimates that patients with tumors having low PD-L1 represent about 70% of locally advanced primary patients with squamous cell carcinoma of the head and neck, or SCCHN (hereafter also referred to as advanced primary head and neck cancer).
Keytruda was approved by FDA in June 2025 as a perioperative (before and after surgery) treatment for resectable locally advanced head and neck cancer patients whose tumors express PD-L1 at a positive level.
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REMOVED
As of January 6, 2025, the Registrant had 74,107,041 issued and outstanding shares of common stock.
CEL-SCI is currently focused on the development of the following product candidates and technologies: 1) Multikine, an investigational immunotherapy under development for the potential treatment of certain head and neck cancers; and 2) L.E.A.P.S.
CEL-SCI estimates that patients with tumors having low PD-L1 represent about 70% of locally advanced primary SCCHN patients.
While none of these drugs are currently approved as a first-line treatment before surgery, even if such approvals were to come in the future, we believe the large majority of patients having low PD-L1 would still be expected to need Multikine.
CEL-SCI published its data as abstracts and posters at the annual conferences for the 2022 American Society of Clinical Oncology (ASCO), 2022, 2023 European Society for Medical Oncology (ESMO), the 2023 European Head and Neck Society s (EHNS s) annual European Conference On Head And Neck Oncology (ECHNO), the 2023 European Society for Therapeutic Radiology and Oncology (ESTRO) and the 2023 American Head and Neck society (AHNS).
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