CEL-SCI Corporation Narrows Q1 Net Loss to $5.5M as Cash Reserves Decline 43%

CEL-SCI Corporation reported a net loss of $5.47 million for the three months ending December 31, 2025, narrowing from a $7.07 million loss in the same quarter a year earlier. The biotech company's operating expenses dropped 22% to $5.37 million from $6.89 million year-over-year. Read more earnings reports.

Cash and restricted cash declined sharply to $6.28 million as of December 31, 2025, down from $10.95 million at the end of the prior quarter on September 30, 2025. The company burned through $4.02 million in operations during the quarter, slightly better than the $4.14 million outflow in the year-ago period.

Research and development expenses fell to $3.68 million from $4.43 million in the prior-year quarter, a 17% decline. Interest expense dropped to $88,000 from $170,000 year-over-year.

Total assets contracted to $22.89 million at quarter-end from $28.16 million three months earlier. Current assets fell to $7.03 million from $11.60 million over the same span. The company's stockholders' equity stood at $11.14 million as of December 31, 2025, down from $15.96 million at the end of September.

CEL-SCI's diluted loss per share came in at $0.68, compared with a $3.25 loss per share in the year-ago quarter. The weighted average diluted share count was 8.02 million shares for the current quarter versus 2.18 million shares a year earlier.

Cash used in financing activities totaled $653,773 during the quarter, a reversal from the $4.05 million generated from financing in the prior-year period. The company reported no cash flow from investing activities in the latest quarter.

Total liabilities declined to $11.76 million from $12.20 million over the prior three months. Accounts payable stood at $1.03 million at quarter-end, down slightly from $1.06 million.