CEL SCI
CVM on NYSEAmerican. Market value $43m.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
What to watch out for
Read the warning sign in its own filings
This is not advice.
Who owns it
None of the long-term investors we follow own it. 41 funds in all.
Largest holders overall
- Renaissance Technologies$595,358Added
- Vanguard Capital Management$564,802Added
- Citadel Advisors$206,440New
- MAI Capital Management$112,612Added
- Geode Capital Management$91,776Added
- Commonwealth Equity Services$53,491Added
- HRT Financial LP$53,000New
- Vanguard Fiduciary Trust$50,997
- BlackRock$44,991
- Bank of America$42,553
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Lincoln Alternative Strategies LLCPassive investor6.9%Since 27 August 2025
| Holder | Stake | Since | |
|---|---|---|---|
Lincoln Alternative Strategies LLC Passive investor | 6.9% | 27 August 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $866,999 of shares on the open market.
- KERSTEN GEERT RChief Executive Officer, DirectorBought
- Date
- 25 August 2026
- Shares
- 100,000
- Price
- $1.38
- Value
- $138,000
- KERSTEN GEERT RChief Executive Officer, DirectorBought
- Date
- 14 May 2026
- Shares
- 300,000
- Price
- $1.20
- Value
- $360,000
- KERSTEN GEERT RChief Executive Officer, DirectorBought
- Date
- 13 May 2026
- Shares
- 100,000
- Price
- $1.19
- Value
- $119,000
- KERSTEN GEERT RChief Executive Officer, DirectorBought
- Date
- 22 January 2026
- Shares
- 38,023
- Price
- $5.26
- Value
- $200,001
- KERSTEN GEERT RChief Executive Officer, DirectorBought
- Date
- 4 December 2025
- Shares
- 8,389
- Price
- $5.96
- Value
- $49,998
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 25 August 2026 | KERSTEN GEERT R Chief Executive Officer, Director | Bought | 100,000 | $1.38 | $138,000 |
| 14 May 2026 | KERSTEN GEERT R Chief Executive Officer, Director | Bought | 300,000 | $1.20 | $360,000 |
| 13 May 2026 | KERSTEN GEERT R Chief Executive Officer, Director | Bought | 100,000 | $1.19 | $119,000 |
| 22 January 2026 | KERSTEN GEERT R Chief Executive Officer, Director | Bought | 38,023 | $5.26 | $200,001 |
| 4 December 2025 | KERSTEN GEERT R Chief Executive Officer, Director | Bought | 8,389 | $5.96 | $49,998 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
2 serious warning signs in CEL SCI’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 29 Dec 2025, plus the 10-Q filed 14 Aug 2026 and 4 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“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.”
Show the full paragraph
The cost of the confirmatory registration study is currently estimated to be about $30-$35 million. The Company will be required to raise additional capital or find additional long-term financing to continue with its research efforts. The ability to raise capital may be dependent upon market conditions that are outside the control of the Company. The ability of the Company to complete the necessary clinical trials and obtain FDA approval for the sale of products to be developed on a commercial basis is uncertain. Ultimately, the Company must complete the development of its products, obtain the appropriate regulatory approvals and obtain sufficient revenues to support its cost structure. However, there can be no assurance that the Company will be able to raise sufficient capital to support its operations. 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.
From the 10-Q filed 14 August 2026, Part I, Item 2. Management's Discussion and Analysis. Read it in the filing
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“The Company’s Chief Executive Officer and Chief Financial and Operations Officer concluded that the Company’s disclosure controls and procedures were not effective as of June 30, 2026 due to the material weaknesses described in the Company’s Annual Report on Form 10-K for the year ended September 30, 2025.”
From the 10-Q filed 14 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.