The company remains a pre-revenue entity, with the exception of a singular $6.0 million revenue entry in 2024Q4 that failed to establish a sustainable commercial trend.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 558.66K | 462.75K | 476.56K | 69.02K | 285.06K | 657.38K | 264 | 160 | 254.61K | 956.15K | 153.3K | 80.09K | 5.07K | 57.04K | 125.46K | 269.93K | 325.48K | 318.3K | 384.94K | 376.22K | 402.01K | 400K | 100K | 400K | 300K |
| Revenue Growth % | -100% | - | - | - | - | -100% | 20.73% | -2.9% | 590.46% | -75.79% | -56.64% | 248875.32% | 65.45% | -99.94% | -73.37% | 523.71% | 91.4% | 1481.3% | -91.12% | -54.53% | -53.52% | -17.07% | 2.25% | -17.31% | 2.32% | -6.42% | 0.5% | 300% | -75% | 33.33% | 200% |
| Cost of Goods Sold | 1.92M | 0 | 3.97M | 3.96M | 3.88M | 499K | 17.84K | 12.66K | 10.91K | 633K | 17.45K | 19.19K | 15.27K | 12.68K | 10.37K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | 3.19% | 2.74% | 2.29% | 917.13% | 6.12% | 2.92% | 5781.85% | 7946.34% | 4.07% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -1.92M | 0 | -3.97M | -3.96M | -3.88M | -499K | 540.82K | 450.1K | 465.64K | -563.98K | 267.61K | 638.19K | -15K | -12.52K | 244.24K | 956.15K | 153.3K | 80.09K | 5.07K | 57.04K | 125.46K | 269.93K | 325.48K | 318.3K | 384.94K | 376.22K | 402.01K | 400K | 100K | 400K | 300K |
| Gross Margin % | - | - | - | - | - | - | 96.81% | 97.26% | 97.71% | -817.13% | 93.88% | 97.08% | -5681.85% | -7846.34% | 95.93% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 100% | -0.27% | -1.93% | -678.23% | -192.27% | 20.16% | -3.34% | 182.56% | -310.75% | -58.07% | 4354.02% | -19.81% | -105.13% | -74.46% | 523.71% | 91.4% | 1481.3% | -91.12% | -54.53% | -53.52% | -17.07% | 2.25% | -17.31% | 2.32% | -6.42% | 0.5% | 300% | -75% | 33.33% | 200% |
| Operating Expenses | 20.3M | 24.81M | 22.38M | 31.48M | 36.06M | 36.19M | 28.99M | 20.2M | 16.77M | 21.34M | 25.55M | 34.3M | 27.57M | 19.87M | 17.5M | 18.94M | 18.71M | 12.1M | 9.52M | 9.41M | 5.47M | 4.35M | 4.45M | 4.4M | 6.68M | 11.4M | 8.92M | 8M | 7.2M | 8.6M | 6.7M |
| OpEx % of Revenue | - | - | - | - | - | - | 5188.28% | 4364.11% | 3519.47% | 30916.13% | 8964.31% | 5217.18% | 10443433.96% | 12450120.63% | 6872.26% | 1981.04% | 12207.14% | 15108.12% | 187904.4% | 16495.02% | 4363.77% | 1611.82% | 1367.27% | 1382.84% | 1735.54% | 3031.14% | 2219.08% | 2000% | 7200% | 2150% | 2233.33% |
| Selling, General & Admin | 6.37M | 8.92M | 4.22M | 9M | 10.71M | 13.09M | 11.7M | 8M | 7.85M | 5.8M | 6.49M | 13.8M | 10.61M | 6.98M | 6.6M | 6.66M | 6.29M | 5.67M | 5.2M | 6.7M | 3.41M | 1.93M | 2.31M | 2.29M | 1.75M | 3.43M | 3.72M | 3.2M | 3.1M | 2.3M | 2.9M |
| SG&A % of Revenue | - | - | - | - | - | - | 2094.9% | 1728.47% | 1646.92% | 8403.87% | 2275.53% | 2098.94% | 4017016.05% | 4375582.61% | 2590.35% | 697.05% | 4100.33% | 7081.26% | 102679.86% | 11753.48% | 2715.49% | 715.21% | 709.81% | 718.5% | 455.74% | 912.35% | 925.66% | 800% | 3100% | 575% | 966.67% |
| Research & Development | 14.89M | 15.89M | 18.16M | 22.47M | 25.36M | 23.11M | 17.84M | 12.66M | 9.4M | 15.61M | 19.35M | 20.95M | 17M | 12.68M | 10.37M | 11.75M | 11.91M | 6.01M | 4.1M | 2.53M | 1.9M | 2.23M | 1.94M | 1.92M | 4.7M | 7.76M | 4.98M | 4.5M | 3.8M | 6M | 3.5M |
| R&D % of Revenue | - | - | - | - | - | - | 3193.38% | 2735.64% | 1972.55% | 22612.26% | 6788.79% | 3186.79% | 6438644.03% | 7946365.84% | 4072.38% | 1228.42% | 7770.14% | 7505.96% | 80978.54% | 4432.67% | 1512.05% | 826.06% | 596.55% | 601.78% | 1220.95% | 2063.21% | 1238.45% | 1125% | 3800% | 1500% | 1166.67% |
| Other Operating Expenses | -959.01K | 0 | 0 | -22.47M | 76.36K | 1.68M | -558.66K | -462.75K | 70.9K | -69.02K | -285.06K | -450.63K | -32.28K | 204.54K | 533.47K | 531.32K | 153.3K | 417.2K | 215.06K | 176.19K | 170.9K | 190.42K | 198.27K | 199.12K | 226.51K | 209.12K | 220.99K | 300K | 300K | 300K | 300K |
| Operating Income | -22.22M | -24.81M | -26.35M | -31.48M | -36.06M | -36.19M | -28.99M | -20.2M | -16.77M | -21.34M | -25.55M | -34.3M | -27.57M | -19.87M | -17.24M | -17.99M | -18.56M | -12.02M | -9.51M | -9.35M | -5.35M | -4.08M | -4.12M | -4.08M | -6.3M | -11.03M | -8.52M | -7.6M | -7.1M | -8.2M | -6.4M |
| Operating Margin % | - | - | - | - | - | - | -5188.28% | -4364.11% | -3519.47% | -30916.13% | -8964.31% | -5217.18% | -10443433.96% | -12450120.63% | -6772.26% | -1881.04% | -12107.14% | -15008.12% | -187804.4% | -16395.02% | -4263.77% | -1511.82% | -1267.27% | -1282.84% | -1635.54% | -2931.14% | -2119.08% | -1900% | -7100% | -2050% | -2133.33% |
| Operating Income Growth % | - | 5.85% | 16.28% | 12.72% | 0.36% | -24.87% | -43.53% | -20.41% | 21.4% | 16.49% | 25.49% | -24.38% | -38.78% | -15.23% | 4.13% | 3.1% | -54.41% | -26.37% | -1.71% | -74.83% | -31.08% | 1.07% | -1.01% | 35.14% | 42.91% | -29.45% | -12.09% | -7.04% | 13.41% | -28.13% | -72.97% |
| EBITDA | -18.38M | -20.92M | -22.38M | -27.52M | -32.18M | -35.7M | -26.83M | -19.56M | -16.12M | -20.71M | -24.89M | -34.09M | -27.34M | -19.5M | -16.71M | -17.45M | -18.04M | -11.6M | -9.05M | -8M | -5.07M | -3.89M | -3.81M | -1.65M | -3.99M | -10.82M | -8.3M | -7.3M | -6.8M | -7.9M | -6.1M |
| EBITDA Margin % | - | - | - | - | - | - | -4801.69% | -4227.21% | -3383.05% | -29999% | -8731.38% | -5185.73% | -10355660.09% | -12221948.45% | -6562.73% | -1825.48% | -11770.47% | -14487.22% | -178640.22% | -14016.8% | -4044.37% | -1441.27% | -1171.24% | -517.59% | -1036.53% | -2875.55% | -2064.11% | -1825% | -6800% | -1975% | -2033.33% |
| EBITDA Growth % | 16.99% | 6.52% | 18.66% | 14.49% | 9.85% | -33.06% | -37.13% | -21.33% | 22.14% | 16.81% | 26.99% | -24.68% | -40.19% | -16.73% | 4.27% | 3.27% | -55.51% | -28.24% | -13.16% | -57.58% | -30.42% | -2.05% | -131.39% | 58.71% | 63.12% | -30.37% | -13.67% | -7.35% | 13.92% | -29.51% | -79.41% |
| D&A (Non-Cash Add-back) | 3.84M | 3.89M | 3.97M | 3.96M | 3.88M | 499K | 2.16M | 633.53K | 650.13K | 633K | 664K | 206.75K | 231.75K | 364.12K | 533.47K | 531.32K | 516.12K | 417.2K | 464.17K | 1.36M | 275.25K | 190.42K | 312.55K | 2.44M | 2.31M | 209.12K | 220.99K | 300K | 300K | 300K | 300K |
| EBIT | -22.17M | -24.76M | -26.17M | -31.52M | -35.62M | -35.21M | -29.22M | -20.34M | -16.77M | -21.41M | -24.75M | -33.45M | -27.2M | -19.85M | -15.22M | -25.39M | 10.65M | -40.51M | -9.51M | -9.35M | -5.35M | -4.08M | -4.12M | -4.08M | -6.3M | -11.03M | -8.52M | -7.6M | -6.5M | -8.2M | -6.6M |
| Net Interest Income | -505.83K | -648.94K | -745.67K | -674.74K | -1.08M | -1.15M | -1.04M | -1.8M | 0 | -4.03M | 0 | -19.44K | -40.92K | -53.34K | -146.15K | -158.82K | 199.91K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 675 | 1.08K | 1.13K | 1.04K | 1.8K | 0 | 0 | 0 | 110.54K | 122.85K | 117.09K | 116.06K | 164.16K | 362.24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 505.83K | 648.94K | 745.67K | 675.42K | 1.08M | 1.15M | 1.04M | 1.8M | 0 | 4.03M | 0 | 129.99K | 163.77K | 170.42K | 262.21K | 322.98K | 162.33K | 397.92K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -483.77K | -601.32K | -567.99K | -718.23K | -637.89K | -166.98K | -1.27M | -1.94M | -15.06M | 7.04M | 12.18M | -2.3M | 248.77K | 10.7M | 1.91M | -7.74M | 29.04M | -28.49M | 1.81M | -277.45K | -2.47M | 1.04M | 1.17M | 0 | 0 | 293.87K | 40.54K | 100K | 800K | 100K | 300K |
| Pretax Income | -22.7M | -25.41M | -26.92M | -32.19M | -36.7M | -36.36M | -30.26M | -22.13M | -31.84M | -14.36M | -11.47M | -34.67M | -27.37M | -9.17M | -15.48M | -25.71M | 10.48M | -40.51M | -7.71M | -8.48M | -7.81M | -3.09M | 0 | 0 | 0 | -10.73M | -8.48M | -7.5M | -6.3M | -8.1M | -6.3M |
| Pretax Margin % | - | - | - | - | - | - | -5415.64% | -4783.24% | -6680.68% | -20810.33% | -4022.56% | -5274.7% | -10364713.88% | -5746819.52% | -6078.83% | -2689.14% | 6838.51% | -50581.33% | -152278.38% | -14873.04% | -6229.19% | -1145.6% | - | - | - | -2853.03% | -2109% | -1875% | -6300% | -2025% | -2100% |
| Income Tax | 0 | 0 | 0 | 0 | 1.57M | 2.83M | 0 | 0 | 0 | 0 | -14.09M | 129.99K | 163.77K | 0 | 0 | 0 | 0 | 28.89M | -1.81M | 277.45K | 2.59M | -1.04M | 75.02K | 2.29M | 2.05M | 0 | -40.54K | 0 | -700K | 0 | -100K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | -4.27% | -7.77% | 0% | 0% | 0% | 0% | 122.85% | -0.37% | -0.6% | 0% | 0% | 0% | 0% | -71.31% | 23.45% | -3.27% | -33.14% | 33.67% | - | - | - | 0% | 0.48% | 0% | 11.11% | 0% | 1.59% |
| Net Income | -22.7M | -25.41M | -26.92M | -32.37M | -38.27M | -39.19M | -32.22M | -24.69M | -31.84M | -14.36M | -11.47M | -34.67M | -27.37M | -9.17M | -15.48M | -25.71M | 10.48M | -40.91M | -7.7M | -9.63M | -7.94M | -3.04M | -4.2M | -6.37M | -8.34M | -10.73M | -8.48M | -7.5M | -6.4M | -8.2M | -6.3M |
| Net Margin % | - | - | - | - | - | - | -5767.93% | -5336.04% | -6680.68% | -20810.33% | -4022.56% | -5274.7% | -10364713.88% | -5746819.52% | -6078.83% | -2689.14% | 6838.51% | -51078.16% | -152091.12% | -16881.4% | -6328.23% | -1126.09% | -1290.32% | -2001.7% | -2167.16% | -2853.03% | -2109% | -1875% | -6400% | -2050% | -2100% |
| Net Income Growth % | 14.7% | 5.61% | 16.82% | 15.42% | 2.35% | -21.61% | -30.5% | 22.44% | -121.66% | -25.26% | 66.93% | -26.71% | -198.4% | 40.75% | 39.81% | -345.27% | 125.63% | -431.06% | 20% | -21.29% | -161.19% | 27.62% | 34.09% | 23.62% | 22.28% | -26.6% | -13.05% | -17.19% | 21.95% | -30.16% | -61.54% |
| Net Income (Continuing) | -22.7M | -25.41M | -26.92M | -32.19M | -37.63M | -36.71M | -30.26M | -22.13M | -31.84M | -14.36M | -11.51M | -34.69M | -27.37M | -9.17M | -15.48M | -25.71M | 10.48M | -40.91M | -7.7M | -9.63M | -7.94M | -3.04M | -2.95M | -7.99M | -8.34M | -10.73M | -8.48M | -7.5M | -6.4M | -8.2M | -6.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.79 | -6.27 | -13.50 | -21.90 | -26.70 | -28.80 | -26.40 | -21.60 | -1685.10 | -1638.00 | -62.40 | -264.30 | -297.60 | -173.70 | -460.80 | -924.90 | 389.10 | -2297.70 | -493.50 | -742.20 | -634.50 | -309.90 | -456.90 | -934.80 | -2176.50 | -3688.80 | -3301.80 | -3883.50 | -4218.30 | -6542.70 | -8564.10 |
| EPS Growth % | 72.2% | 53.56% | 38.36% | 17.98% | 7.29% | -9.09% | -22.22% | 98.72% | -2.88% | -2525% | 76.39% | 11.19% | -71.33% | 62.3% | 50.18% | -337.7% | 116.93% | -365.59% | 33.51% | -16.97% | -104.74% | 32.17% | 51.12% | 57.05% | 41% | -11.72% | 14.98% | 7.94% | 35.53% | 23.6% | -28.3% |
| EPS (Basic) | - | -6.27 | -13.50 | -21.90 | -26.70 | -28.80 | -26.40 | -21.60 | -1685.10 | -1638.00 | -62.70 | -268.80 | -297.60 | -173.70 | -460.80 | -924.90 | 300.00 | -2297.70 | -493.50 | -742.20 | -753.90 | -313.50 | -468.30 | -937.80 | -2176.50 | -3688.80 | -3301.80 | -3883.50 | -4218.30 | -6542.70 | -8564.10 |
| Diluted Shares Outstanding | 8.14M | 4.06M | 1.99M | 1.48M | 1.44M | 1.36M | 1.23M | 1.14M | 18.89K | 8.77K | 184.16K | 131.18K | 91.95K | 52.76K | 33.58K | 27.8K | 26.95K | 17.8K | 15.61K | 12.97K | 12.51K | 9.81K | 9.19K | 6.82K | 3.83K | 2.91K | 2.57K | 1.93K | 1.52K | 1.25K | 736 |
| Basic Shares Outstanding | 8.14M | 4.06M | 1.99M | 1.48M | 1.44M | 1.36M | 1.23M | 1.14M | 18.89K | 8.77K | 182.66K | 129.04K | 91.95K | 52.76K | 33.58K | 27.8K | 26.95K | 17.8K | 15.61K | 12.97K | 10.53K | 9.69K | 8.97K | 6.79K | 3.83K | 2.91K | 2.57K | 1.93K | 1.52K | 1.25K | 736 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Binary regulatory approval failure
As indicated by the company's financial filings, CVM remains a pre-revenue entity with no consistent top-line generation, as evidenced by the singular $6.0 million revenue entry in 2024Q4 which failed to establish a sustainable trend or provide any meaningful offset to ongoing operational expenditures.
The lack of recurring revenue underscores the company's total dependence on external capital markets to fund its clinical development pipeline. Investors should note that the absence of a commercialized product renders traditional growth metrics inapplicable, shifting the focus entirely to the timing of potential regulatory milestones.
Based on reported quarterly figures, CVM maintains a rigid cost structure characterized by consistent R&D spending averaging approximately $4.0 million per quarter, which, when combined with recurring manufacturing facility costs, creates a persistent drag on the company's limited cash reserves without any offsetting product sales.
The company's cost structure is heavily weighted toward maintaining its specialized manufacturing facility, which functions as a fixed obligation regardless of clinical progress. This high-fixed-cost model suggests that any delay in regulatory approval or manufacturing validation will continue to erode shareholder value through ongoing cash burn.
According to recent SEC filings, the company's net losses are consistently exacerbated by non-cash items and the necessity of frequent equity-based financing, which has resulted in significant EPS volatility and a persistent reliance on capital raises to maintain a going concern status for the organization.
The reported net losses do not fully capture the economic impact of shareholder dilution required to fund operations. Analysts should monitor the relationship between stock-based compensation and the broader cash burn, as these items often mask the true cost of corporate overhead in a pre-revenue environment.
As highlighted in financial statements, the company's $10.9 million cash position appears insufficient to support long-term operations, suggesting that the primary risk remains a near-term dilutive event or a failure to secure the necessary regulatory approval for its lead candidate, Multikine, in the target subgroup.
Short-term investors should be wary of the potential for a 'limbo' state where the FDA requires additional clinical trials, which would likely necessitate further capital raises. The market's current valuation may not adequately account for the high probability of continued cash depletion if the BLA submission process faces further delays.
Quick answers to the most common questions about buying CVM stock.
For fiscal year 2025, CEL-SCI Corporation (CVM) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.3M in 1996.
CEL-SCI Corporation (CVM) reported a net loss of $25.4M for the fiscal year ending 2025.