[Form 4] Cel-Sci Corporation Insider Trading Activity

Rhea-AI Filing Summary

On 24 Jul 2025, 1st Source Corporation (NASDAQ: SRCE) filed an 8-K announcing a planned leadership succession effective 1 Oct 2025 under Item 5.02. Current Chairman & CEO Christopher J. Murphy III will step down from all CEO and board-chair roles at both the holding company and 1st Source Bank and become Executive Chairman. The Board promoted three internal executives:

• Andrea G. Short to Chief Executive Officer of the Company (retaining her President title and CEO of the Bank) with an expected five-year employment agreement.
• Kevin C. Murphy—Christopher III’s son—to President of the Bank while remaining Executive Vice President of the Company.
• Brett A. Bauer to Executive Vice President, Chief Financial Officer & Treasurer of both the Company and the Bank.

No financial results, strategic shifts or other material transactions were disclosed. Each executive will execute amended employment agreements. The filing is strictly a governance update; no exhibits contain financial statements.

Positive

• Planned CEO succession announced well in advance, reducing operational uncertainty.
• Internal promotions maintain strategic continuity and leverage existing expertise.

Negative

• Familial appointment of Kevin Murphy may raise governance and nepotism concerns among investors.
• No financial guidance accompanied the leadership changes, leaving impact on performance unclear.

Insights

Corporate Governance Expert

TL;DR Orderly internal succession limits disruption, but family promotion heightens governance scrutiny; overall neutral investor impact.

The Board provided more than two months’ notice, signalling a well-planned transition that should sustain operational continuity. Promoting long-tenured executives like Andrea Short and Brett Bauer preserves institutional knowledge and avoids integration risk. However, elevating Kevin Murphy, the CEO’s son, to Bank President introduces perceived nepotism and may attract proxy-adviser questions about independence and meritocracy. Because Christopher III remains Executive Chairman, investors should monitor board dynamics and CEO autonomy. With no financial guidance or strategic change announced, the disclosure is governance-centric and likely neutral to near-term valuation.

Bank Industry Analyst

TL;DR Succession keeps experienced bankers in key roles, supporting business continuity; modestly positive for stakeholder confidence.

Andrea Short has led the Bank and Company as President, so her elevation to CEO formalises existing responsibilities and should reassure clients and regulators. Brett Bauer’s promotion to EVP signals stability in finance leadership. Kevin Murphy’s broad IT and digital background aligns with sector-wide technology priorities, potentially enhancing competitive positioning. Absence of balance-sheet or earnings data means no direct effect on capital ratios or profitability models, yet the transparent hand-off reduces key-person risk—a slight positive for credit and equity holders.

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^*

BAILLAVOINE BRUNO JEAN-MARIE

(Last) (First) (Middle)

8229 BOONE BLVD.

SUITE 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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/28/2025

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

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
Options	$8.2	07/28/2025		A		4,000		(1)	07/27/2035	Common Stock	4,000	$0.01	28,017	D

Explanation of Responses:

1. The stock options vest in three (3) equal annual installments commencing one year after the grant date.

	Bruno Baillavoine	07/29/2025
	** 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

When will Christopher J. Murphy III step down as SRCE CEO?

He will relinquish CEO and board-chair duties on October 1, 2025 and become Executive Chairman.

Who will become the new CEO of 1st Source Corporation (SRCE)?

Andrea G. Short will assume the role of Chief Executive Officer while retaining her President title.

What new position was given to Kevin C. Murphy at 1st Source Bank?

Kevin C. Murphy was promoted to President of the Bank and remains Executive Vice President of the Company.

Did 1st Source Corporation disclose any financial results in this 8-K filing?

No, the filing focuses solely on leadership changes; no earnings or balance-sheet data were provided.

Will the promoted executives receive new employment agreements?

Yes, each executive is expected to enter into amended or new employment agreements covering their updated roles.