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CEL-SCI Corporation reported another loss-making quarter and reiterated serious liquidity risks. For the three months ended December 31, 2025, the company recorded a net loss of about $5.5 million, an improvement from $7.1 million a year earlier, as both research and development and general and administrative expenses declined.
Cash and cash equivalents fell to roughly $6.3 million from $11.0 million at September 30, 2025, driven mainly by operating cash outflows and lease payments. CEL-SCI has generated no product revenue and discloses “substantial doubt” about its ability to continue as a going concern without new financing.
The company remains focused on its lead cancer immunotherapy, Multikine, which in a prior Phase III study showed a five‑year survival rate of 73% in a defined head and neck cancer target population versus 45% in controls and a hazard ratio of 0.35. CEL-SCI plans a 212‑patient confirmatory registration study, estimated to cost $30–$35 million, and states that starting this trial depends on raising additional capital.
CEL-SCI Corp's Chief Executive Officer and director Geert Kersten purchased 38,023 shares of the company’s common stock on January 22, 2026 at $5.26 per share.
According to the filing, these were shares of restricted stock bought directly from the company at the closing price on January 21, 2026, which was the most recent closing price available. After this transaction, Kersten directly owns 120,815 shares of CEL-SCI common stock.
CEL-SCI Corporation's Chief Scientific Officer, Eyal Talor, reported a small open-market purchase of company stock. On 12/31/2025, he acquired 456 shares of common stock at a price of $5.26 per share. Following this transaction, he beneficially owns 6,264 shares of CEL-SCI common stock in direct ownership. This filing reflects personal share accumulation by a senior officer rather than a company-level financing or business event.
CEL-SCI Corporation's Chief Financial Officer, Patricia Prichep, reported acquiring additional common stock in the company. On 12/31/2025, she acquired 815 shares of CEL-SCI common stock at a price of $5.26 per share. Following this transaction, she beneficially owned 12,028 shares of CEL-SCI common stock in direct ownership. This insider transaction reflects a modest increase in the CFO’s personal stake in the company.
CEL-SCI Corp insider activity: Chief Executive Officer and Director Geert Kersten reported acquiring 998 shares of CEL-SCI common stock on 12/31/2025 at a price of $5.26 per share. Following this transaction, he beneficially owns 82,792 shares held directly.
CEL-SCI Corporation files its annual report describing late‑stage development of its lead cancer immunotherapy Multikine and its financial position. In a Phase 3 study target population, Multikine‑treated head and neck cancer patients showed a 5‑year survival of 73% versus 45% for controls, with a hazard ratio of 0.35 and supportive bias analyses. Regulators have allowed CEL-SCI to move forward with a 212‑patient confirmatory registration study, which the company estimates will cost about $30 million. CEL-SCI reports cumulative net losses of approximately $539 million through September 30, 2025 and cash and cash equivalents of about $11.0 million, and acknowledges substantial doubt about its ability to continue as a going concern without new capital. A 1‑for‑30 reverse stock split became effective in May 2025, and as of December 19, 2025 the company had 8,408,746 common shares outstanding.
CEL-SCI Corp (CVM) reported an insider stock purchase by its Chief Executive Officer and director, Geert Kersten. On December 4, 2025, Kersten bought 8,389 shares of CEL-SCI common stock in an open market-style transaction coded as a purchase. The filing reports a purchase price of $5.96 per share, matching the company’s closing price on December 3, 2025, which the company used as the most recent closing price available.
Following this transaction, Kersten beneficially owns 81,794 shares of CEL-SCI common stock directly. The filing is made on Form 4, which discloses changes in ownership by company insiders such as directors and executive officers.
CEL-SCI Corporation filed a Form 8-K to report that its Board of Directors approved revisions to the company’s Shareholder Rights Agreement on November 18, 2025. This type of agreement generally defines how holders of the company’s common stock are protected and what rights are attached to their shares. The revised Shareholder Rights Agreement is included as Exhibit 4, described as an instrument defining the rights of security holders.
CEL-SCI Corporation filed a resale registration on Form S-3 covering up to 375,000 shares of common stock previously issued to Ergomed Group Limited for services tied to the confirmatory Phase III trial. This is a secondary offering by the selling shareholder; CEL-SCI will not receive any proceeds from share sales.
The shares may be sold from time to time through various methods described in the plan of distribution. Ergomed has agreed not to sell more than 2,000 shares per day without CEL-SCI’s consent. As context, 8,016,035 shares were outstanding as of November 6, 2025. CEL-SCI’s common stock trades on NYSE American under “CVM,” and the closing price on November 6, 2025 was $6.64 per share.
The prospectus highlights risks typical of clinical-stage biopharma, including substantial doubt about the company’s ability to continue as a going concern, and material weaknesses in internal control over financial reporting.
CEL-SCI Corporation amended its Shareholder Rights Agreement, setting a new expiration of October 30, 2030. The agreement was originally adopted on November 7, 2007. The company filed the amended agreement as an exhibit and referenced the summary in its prior Form S-3 under “Description of Securities - Rights Agreement.”