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CVMCEL-SCI CORPORATION

Is Cel-Sci struggling financially?

Yes, by its own account. Cel-Sci told the SEC on 15 May 2026, in Form 10-Q, that there is substantial doubt about its ability to continue as a going concern.

Going concern disclosed May 2026

15/100

Critical

Sector
Biotech/Pharma
Market cap
$25.0M
Source filing
10-Q 15 May 2026
Balance sheet
30 Jun 2026

Cash runway

  • 3months

    If the burn speeds up

    Empty by Sep 2026

  • 6months

    If it eases off

    Empty by Dec 2026

Both rows are the same reported burn flexed 15% either way, and neither assumes the company raises a cent.

Out of cashTwo years or more

The runway math

Cash and short-term investments

$6.5M

÷

Cash burned over the last 12 months

$17.2M

What Cel-Sci told the SEC

…30, 2025 is derived from the September 30, 2025 audited financial statements. Due to recurring losses from operations and future liquidity needs, there is substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Refer to discussion in Note B. On May 19, 2025, the Company’s…

CEL-SCI CORPORATION, Form 10-Q, filed 15 May 2026.

Read the filing on SEC.gov

What this means

  • Not a bankruptcy filing, and not a prediction.
  • It is the company’s own statement, agreed with its auditor, that the doubt is material enough to disclose.
  • The runway is arithmetic on two reported numbers, not a forecast. Companies carry this language for years, raise money and keep going.

What else the numbers show

  • 209.3% share-count increase The company issued stock. Each share now owns 67.7% less of the business than a year ago, before any change in the price.
  • Cash burn is narrowing It is spending 43% less cash per year than it was, so the runway above is lengthening rather than shortening.

Other Biotech/Pharma companies that filed the doubt