Home / Going-concern warnings / CEL SCI CORP
Filed 2025-12-29 路 Form 10-K 路 Accession 0001654954-25-014303 nano
Price before filing: $4.71 (2025-12-26 close, split/dividend-adjusted)
Market cap at flag: $41.6M (2025-12-29) 路 Latest: $21.7M (2026-10-16)
| Window | CVM | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | +33.8% | +0.7% | +33.0% | 2026-01-28 |
| 90 days | -34.8% | -8.2% | -26.6% | 2026-03-30 |
| 180 days | -77.1% | +7.9% | -85.0% | 2026-06-29 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 1 insider bought $50K (1 purchase)
30 days after: 1 insider bought $200K (1 purchase)
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-12-04 | KERSTEN GEERT R Chief Executive Officer, Director | Purchase | 8,389 | $5.96 | $50K | no | Form 4 |
| 2025-12-29: red flag filed | |||||||
| 2026-01-22 | KERSTEN GEERT R Chief Executive Officer, Director | Purchase | 38,023 | $5.26 | $200K | no | Form 4 |
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-09-30 to 2026-01-28. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"As discussed in Note 2 to the financial statements, the Company has suffered recurring losses from operations and has future liquidity needs that raise substantial doubt about its ability to continue as a going concern."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Going-concern opinion issued by: BDO USA, P.C.
Source: independent auditor report in Form 10-K (period 2025-09-30)
Why this score: in auditor's report
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
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