CEL-SCI Corp (NYSE American: CVM) is a clinical-stage biopharmaceutical company that develops immunotherapy treatments for cancer and autoimmune diseases. The company generates no product revenue, funding operations through equity financings, including common stock and pre-funded warrant issuances, as disclosed in its 10-K for the fiscal year ended September 30, 2025. CEL-SCI's primary clinical program is Multikine, an immunotherapy candidate targeting head and neck cancer, and its LEAPS (Ligand Epitope Antigen Presentation System) technology platform underpins drug candidates CEL-2000 and CEL-4000 as potential treatments for rheumatoid arthritis. The company operates at a net loss, with expenses concentrated in research and development and general and administrative costs. CEL-SCI has prior licensing arrangements with Teva Pharmaceutical Industries and Orient Europharma, and has received SBIR grant funding from the National Institute of Arthritis and Musculoskeletal and Skin Diseases (NIAMS). Eyal Talor, Ph.D., has served as Chief Scientific Officer since October 2009.

Revenue model

CEL-SCI has no product revenue. Operations are funded through equity capital raises, including sales of common stock and pre-funded warrants, and have historically included government SBIR grants. The company operates at a net loss, as shown in its statements of operations for fiscal years ended September 30, 2025 and 2024.

Products and services

Multikine: immunotherapy candidate for head and neck cancer. LEAPS technology platform: immune-modulating peptide conjugate system. CEL-2000 and CEL-4000: LEAPS-based drug candidates for rheumatoid arthritis, developed with support from NIAMS SBIR grants in collaboration with Rush University Medical Center.

Customers and end markets

No commercial customers as of the fiscal year ended September 30, 2025. Target end markets are oncology (head and neck cancer) and autoimmune disease (rheumatoid arthritis). Prior distribution agreements with Orient Europharma and a licensing arrangement with Teva Pharmaceutical Industries have been referenced in filings.

Value-chain role

Pre-commercial drug developer. CEL-SCI conducts internal R&D and GMP manufacturing for clinical trial material. It relies on third-party clinical research organizations and collaborating academic institutions for trial execution. It has no commercial sales force.

Geographic exposure

Headquartered in the United States. Clinical and research activities have included collaboration with Rush University Medical Center in Chicago, Illinois. No geographic revenue breakdown is applicable given pre-revenue status.

Source: SEC 10-K, filed 2025-12-29

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