CEL-SCI Corp Financials

CVM

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE September

Financial Health Signals

Piotroski F-Score Weak

3/9

CEL-SCI Corp passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.67x

For every $1 of reported earnings, CEL-SCI Corp generates $0.67 in operating cash flow (-$17.1M OCF vs -$25.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-38.2x

CEL-SCI Corp earns $-38.2 in operating income for every $1 of interest expense (-$24.8M vs $649K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows CEL-SCI Corp (CVM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

N/A

EBITDA

-$22.8M

YoY+6.0%

CEL-SCI Corp's EBITDA was -$22.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.0% from the prior year.

Free Cash Flow

-$17.2M

YoY+9.2%

CEL-SCI Corp generated -$17.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 9.2% from the prior year.

Net Income

-$25.4M

YoY+5.6%

CEL-SCI Corp reported -$25.4M in net income in fiscal year 2025. This represents an increase of 5.6% from the prior year.

EPS (Diluted)

$-6.27

CEL-SCI Corp earned $-6.27 per diluted share (EPS) in fiscal year 2025. This represents an increase of 59.0% from the prior year.

Cash & Debt

$11.0M

YoY+131.2%

5Y CAGR-6.7%

10Y CAGR+6.7%

CEL-SCI Corp held $11.0M in cash against $5.7M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

CEL-SCI Corp had 8M shares outstanding in fiscal year 2025. This represents an increase of 276.9% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$15.9M

YoY-12.5%

5Y CAGR-2.3%

10Y CAGR-1.9%

CEL-SCI Corp invested $15.9M in research and development in fiscal year 2025. This represents a decrease of 12.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$38K

YoY-59.8%

5Y CAGR-57.2%

10Y CAGR-6.3%

CEL-SCI Corp invested $38K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 59.8% from the prior year.

CVM Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$15.9M-12.5%	$18.2M-19.2%	$22.5M-11.4%	$25.4M+9.7%	$23.1M+29.5%	$17.8M
SG&A Expenses	$8.9M+8.9%	$8.2M-9.0%	$9.0M-15.9%	$10.7M-18.2%	$13.1M+11.8%	$11.7M
Operating Income	-$24.8M+5.9%	-$26.4M+16.3%	-$31.5M+12.7%	-$36.1M+0.4%	-$36.2M-24.9%	-$29.0M
Interest Expense	$649K-13.0%	$746K+10.5%	$675K-37.5%	$1.1M+194.1%	-$1.1M-195.8%	$1.2M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$25.4M+5.6%	-$26.9M+16.8%	-$32.4M+11.8%	-$36.7M-0.9%	-$36.4M-20.2%	-$30.3M
EPS (Diluted)	$-6.27	$-15.31	$-0.73+16.1%	$-0.87+3.3%	$-0.90-9.8%	$-0.82

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20	Q3'19	Q3'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$3.7M-15.6%	$4.4M+1.8%	$4.4M-19.3%	$5.4M-11.4%	$6.1M+12.3%	$5.4M+27.3%	$4.3M+22.5%	$3.5M
SG&A Expenses	$1.7M-29.0%	$2.5M+15.5%	$2.1M-5.5%	$2.3M-18.2%	$2.8M-16.8%	$3.3M+25.7%	$2.6M+56.2%	$1.7M
Operating Income	-$5.5M+20.4%	-$6.9M-6.3%	-$6.5M+15.2%	-$7.7M+13.5%	-$8.8M-1.3%	-$8.7M-27.3%	-$6.9M-36.2%	-$5.0M
Interest Expense	-$172K-1.1%	-$170K+14.0%	-$198K-29.4%	-$153K+44.0%	-$273K-4.9%	-$260K-3.8%	-$251K+43.8%	-$446K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$5.7M+19.9%	-$7.1M-5.4%	-$6.7M+14.6%	-$7.9M+10.6%	-$8.8M-10.7%	-$7.9M-43.5%	-$5.5M-544.0%	$1.2M
EPS (Diluted)	$-1.36	$-0.11+21.4%	$-0.14+22.2%	$-0.18+10.0%	$-0.20+4.8%	$-0.21-31.2%	$-0.16-900.0%	$0.02

CVM Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$28.2M+4.3%	$27.0M-11.6%	$30.5M-39.6%	$50.5M-33.4%	$75.9M+87.2%	$40.5M
Current Assets	$11.6M+91.5%	$6.1M-12.5%	$6.9M-72.8%	$25.4M-43.8%	$45.3M+155.8%	$17.7M
Cash & Equivalents	$11.0M+131.2%	$4.7M+14.3%	$4.1M-81.7%	$22.7M-37.1%	$36.1M+132.5%	$15.5M
Inventory	N/A	$1.0M-54.6%	$2.2M+12.3%	$2.0M-0.2%	$2.0M+144.7%	$820K
Accounts Receivable	N/A	N/A	N/A	$0-100.0%	$55K0.0%	$55K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$12.2M-13.6%	$14.1M-18.4%	$17.3M-5.7%	$18.4M-5.0%	$19.3M-7.1%	$20.8M
Current Liabilities	$5.1M+11.2%	$4.6M-17.4%	$5.6M+19.8%	$4.7M+18.5%	$3.9M-7.7%	$4.3M
Long-Term Debt	$5.7M	N/A	N/A	N/A	N/A	N/A
Total Equity	$16.0M+24.0%	$12.9M-2.6%	$13.2M-58.9%	$32.2M-43.1%	$56.5M+186.6%	$19.7M
Retained Earnings	-$539.4M-4.9%	-$514.0M-5.5%	-$487.1M-7.1%	-$454.9M-8.8%	-$418.2M-9.5%	-$381.8M

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20	Q3'19	Q3'18
Total Assets	$28.2M+9.6%	$25.7M-10.5%	$28.7M-35.6%	$44.6M-36.0%	$69.7M+40.4%	$49.6M+57.5%	$31.5M+21.4%	$25.9M
Current Assets	$11.6M+98.0%	$5.9M-4.8%	$6.2M-69.8%	$20.4M-51.3%	$41.9M+76.7%	$23.7M+120.5%	$10.7M+35.6%	$7.9M
Cash & Equivalents	$11.0M+137.4%	$4.6M+42.3%	$3.2M-82.0%	$18.0M-51.4%	$37.1M+69.8%	$21.9M+133.0%	$9.4M+40.4%	$6.7M
Inventory	N/A	$1.0M-56.5%	$2.3M+17.3%	$2.0M-0.2%	$2.0M+74.1%	$1.2M+27.3%	$906K+32.7%	$683K
Accounts Receivable	N/A	N/A	N/A	$0-100.0%	$55K0.0%	$55K-39.7%	$91K-29.3%	$129K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$12.2M-15.2%	$14.4M-10.4%	$16.1M-10.6%	$18.0M-1.9%	$18.3M-11.8%	$20.8M-7.8%	$22.5M-3.0%	$23.2M
Current Liabilities	$5.1M-6.4%	$5.5M+12.6%	$4.9M+2.6%	$4.7M+42.3%	$3.3M-54.5%	$7.3M+60.6%	$4.6M-22.5%	$5.9M
Long-Term Debt	$5.7M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$16.0M+41.1%	$11.3M-10.6%	$12.7M-52.4%	$26.6M-48.2%	$51.4M+78.1%	$28.8M+222.0%	$9.0M+230.7%	$2.7M
Retained Earnings	-$539.4M-3.5%	-$521.1M-5.5%	-$493.8M-6.7%	-$462.8M-8.4%	-$427.0M-9.5%	-$389.8M-9.1%	-$357.1M-8.1%	-$330.3M

CVM Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$17.1M+9.0%	-$18.8M+17.7%	-$22.8M-25.3%	-$18.2M+2.9%	-$18.8M-23.0%	-$15.3M
Capital Expenditures	$38K-59.8%	$95K-73.8%	$362K-43.3%	$638K-92.9%	$9.0M+239.6%	$2.7M
Free Cash Flow	-$17.2M+9.2%	-$18.9M+18.5%	-$23.2M-22.9%	-$18.9M+32.1%	-$27.8M-55.1%	-$17.9M
Investing Cash Flow	-$38K+64.7%	-$108K+71.0%	-$372K-106.8%	$5.5M+136.2%	-$15.2M-463.5%	-$2.7M
Financing Cash Flow	$23.4M+19.8%	$19.5M+315.6%	$4.7M+835.3%	-$638K-101.2%	$54.5M+117.8%	$25.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20	Q3'19	Q3'18
Operating Cash Flow	-$4.7M-12.8%	-$4.1M+15.3%	-$4.9M-4.7%	-$4.7M+2.9%	-$4.8M-25.6%	-$3.8M+6.7%	-$4.1M+1.3%	-$4.2M
Capital Expenditures	$5K-84.4%	$33K-36.2%	$52K-3.6%	$54K+214.5%	$17K-99.5%	$3.1M+2993.5%	$102K+1560.5%	$6K
Free Cash Flow	-$4.7M-12.0%	-$4.2M+15.5%	-$4.9M-4.6%	-$4.7M+2.1%	-$4.8M+30.9%	-$7.0M-66.0%	-$4.2M-1.0%	-$4.2M
Investing Cash Flow	-$5K+84.4%	-$33K+49.2%	-$65K-21.1%	-$54K-100.9%	$6.1M+294.0%	-$3.1M-2771.0%	-$110K-51.8%	-$72K
Financing Cash Flow	$13.8M+241.7%	$4.0M0.0%	$4.0M+6089.4%	$65K+125.5%	-$257K-101.9%	$13.3M+158.8%	$5.1M+755.6%	$602K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CVM Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-90.3%+9.5pp	-99.7%+6.3pp	-106.0%-33.4pp	-72.6%-24.7pp	-47.9%+26.7pp	-74.6%
Current Ratio	2.26+0.9	1.31+0.1	1.24-4.2	5.45-6.0	11.50+7.3	4.15
Debt-to-Equity	0.36-0.7	1.10-0.2	1.31+0.7	0.57+0.2	0.34-0.7	1.05
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20	Q3'19	Q3'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	46.0%
Return on Assets	-27.9%-0.3pp	-27.5%-4.2pp	-23.4%-5.7pp	-17.6%-5.0pp	-12.6%+3.4pp	-16.0%+1.6pp	-17.6%-22.4pp	4.8%
Current Ratio	2.26+1.2	1.07-0.2	1.26-3.0	4.30-8.3	12.56+9.3	3.23+0.9	2.35+1.0	1.35
Debt-to-Equity	0.36-0.9	1.270.0	1.27+0.6	0.68+0.3	0.36-0.4	0.72-1.8	2.52-6.1	8.58
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is CEL-SCI Corp profitable?

No, CEL-SCI Corp (CVM) reported a net income of -$25.4M in fiscal year 2025.

What is CEL-SCI Corp's earnings per share (EPS)?

CEL-SCI Corp (CVM) reported diluted earnings per share of $-6.27 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is CEL-SCI Corp's EBITDA?

CEL-SCI Corp (CVM) had EBITDA of -$22.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does CEL-SCI Corp have?

As of fiscal year 2025, CEL-SCI Corp (CVM) had $11.0M in cash and equivalents against $5.7M in long-term debt.

What is CEL-SCI Corp's free cash flow?

CEL-SCI Corp (CVM) generated -$17.2M in free cash flow during fiscal year 2025. This represents a 9.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is CEL-SCI Corp's operating cash flow?

CEL-SCI Corp (CVM) generated -$17.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are CEL-SCI Corp's total assets?

CEL-SCI Corp (CVM) had $28.2M in total assets as of fiscal year 2025, including both current and long-term assets.

What are CEL-SCI Corp's capital expenditures?

CEL-SCI Corp (CVM) invested $38K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does CEL-SCI Corp spend on research and development?

CEL-SCI Corp (CVM) invested $15.9M in research and development during fiscal year 2025.

How many shares does CEL-SCI Corp have outstanding?

CEL-SCI Corp (CVM) had 8M shares outstanding as of fiscal year 2025.

What is CEL-SCI Corp's current ratio?

CEL-SCI Corp (CVM) had a current ratio of 2.26 as of fiscal year 2025, which is generally considered healthy.

What is CEL-SCI Corp's debt-to-equity ratio?

CEL-SCI Corp (CVM) had a debt-to-equity ratio of 0.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is CEL-SCI Corp's return on assets (ROA)?

CEL-SCI Corp (CVM) had a return on assets of -90.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is CEL-SCI Corp's cash runway?

Based on fiscal year 2025 data, CEL-SCI Corp (CVM) had $11.0M in cash against an annual operating cash burn of $17.1M. This gives an estimated cash runway of approximately 8 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is CEL-SCI Corp's Piotroski F-Score?

CEL-SCI Corp (CVM) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are CEL-SCI Corp's earnings high quality?

CEL-SCI Corp (CVM) has an earnings quality ratio of 0.67x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can CEL-SCI Corp cover its interest payments?

CEL-SCI Corp (CVM) has an interest coverage ratio of -38.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.