[Form 4] Cel-Sci Corporation Insider Trading Activity

Rhea-AI Filing Summary

Cel-Sci Corp. (CVM) – Form 4 insider transaction

On 07/25/2025, CEO & Director Geert R. Kersten purchased 29,197 shares of common stock directly from the company at $6.85 per share (July 24 closing price), a transaction worth roughly $0.2 million. Following the acquisition, Mr. Kersten’s direct ownership increased to 72,835 shares. No derivative security activity was reported.

The transaction code “P” denotes a purchase, signalling management confidence. No sales, option exercises, or other disposition activity were disclosed.

Positive

• CEO insider purchase: 29,197 shares acquired, signalling management confidence.
• Increased alignment: Direct ownership rises to 72,835 shares, enhancing shareholder alignment.

Negative

• None.

Insights

Sell-Side Equity Analyst

TL;DR: CEO adds ~$200k in shares; positive signal but modest size relative to float.

The direct purchase indicates insider confidence after recent share price moves. While $200k is not large for a CEO, the 40% boost in his direct holdings (72,835 vs. prior 43,638) is meaningful. Because no derivatives were involved, the transaction aligns his incentives with common shareholders. However, the single purchase does not necessarily foreshadow operational upside and does little to alter overall ownership structure. Impact: modestly positive sentiment, limited valuation effect.

Governance & Risk Specialist

TL;DR: Clean, straightforward Form 4 with no red flags.

The filing follows Section 16 requirements and shows transparent pricing at the prior day’s close, avoiding preferential terms. Absence of simultaneous sales or derivative grants limits concerns about window-dressing. From a governance lens, the purchase marginally strengthens alignment but does not materially change control dynamics. I view the disclosure as low-risk and mildly supportive of governance quality.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

KERSTEN GEERT R

(Last) (First) (Middle)

8229 BOONE BLVD

STE 802

(Street)

VIENNA VA 22182

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CEL SCI CORP [ CVM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/25/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/25/2025		P		29,197(1)	A	$6.85	72,835	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On July 25, 2025, Mr. Kersten purchased 29,197 shares of restricted stock directly from the Company at the closing price on July 24, 2025, the most recent closing price available.

	Geert Kersten	07/28/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Cel-Sci (CVM) shares did CEO Geert Kersten buy?

He purchased 29,197 common shares on 07/25/2025.

What was the purchase price in the July 2025 Form 4 filing?

The shares were bought at $6.85 per share, the prior day’s closing price.

How many CVM shares does the CEO now own directly?

After the transaction, Mr. Kersten holds 72,835 direct shares.

Were any options or warrants involved in this Form 4?

No. No derivative securities were reported as acquired or disposed.

Is the insider transaction considered positive for investors?

Insider purchases typically signal confidence; this filing is viewed as a modestly positive sentiment indicator.