CEL-SCI Corporation (CVM) Balance Sheet

NYSE American: CVMAssets, liabilities, debt and equity over 10 years.

CVM balance sheet, FY2025

September 30, 2025 · U.S. dollars

$28.2M assets = $12.2M liabilities + $16.0M equity

Both columns are drawn to the same scale: what CVM owns equals what it owes plus shareholders’ equity. Hover a block for its value.

CVM financial health

Current ratio2.26

Comfortable · current assets cover current liabilities 2.26×

Debt / equity0.59

Moderate leverage · $0.59 of debt for each $1 of equity

Equity / assets56.7%

Equity-funded · of assets funded by shareholders

Cash / debt116.7%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles0.4%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal FY2025.

CVM balance sheet trends, FY2016–FY2025

CEL-SCI Corporation balance sheet trends
Metric	Then	Latest	Change
Total assets	$11.6MFY2016	$28.2MFY2025	+10.4%/yr
Total liabilities	$12.6MFY2016	$12.2MFY2025	−0.3%/yr
Shareholders’ equity	−$956,068FY2016	$16.0MFY2025	—
Cash & short-term investments	$2.9MFY2016	$11.0MFY2025	+15.8%/yr
Total debt	$13.3MFY2016	$9.4MFY2025	−3.8%/yr
Net cash (debt)	−$10.4MFY2016	$1.6MFY2025	+$11.9M
Working capital	$1.9MFY2016	$6.5MFY2025	+$4.6M
Book value per share	−$0.20FY2016	$3.93FY2025	—
Current ratio	1.47FY2016	2.26FY2025	+0.79
Debt / equity	15,527.75FY2018	0.59FY2025	−15527.16
Shares outstanding	4.9MFY2016	4.1MFY2025	−2.0%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

CVM assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

CVM liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

CVM debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

CVM balance sheet

CEL-SCI Corporation annual balance sheet
	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Assets
Cash & short-term investments	$11.0M	$4.7M	$4.1M	$22.7M	$42.2M	$15.5M	$8.4M	$10.3M	$2.4M	$2.9M
Cash & equivalents	$11.0M	$4.7M	$4.1M	$22.7M	$36.1M	$15.5M	$8.4M	$10.3M	$2.4M	$2.9M
Short-term investments	$7,090	$3,500	$4	$0	$6.2M	$0	—	$0	$0	$155,000
Receivables	$0	$0	$0	−$2.0M	$54,922	$54,922	$62,765	$118,657	$218,481	$394,515
Inventory	$303,282	$1.0M	$2.2M	$2.0M	$2.0M	$820,052	$782,363	$645,238	$672,522	$1.0M
Other current assets	$339,386	$297,597	$524,613	$2.8M	$998,482	$1.3M	$524,953	$364,622	$976,429	$1.6M
Total current assets	$11.6M	$6.1M	$6.9M	$25.4M	$45.3M	$17.7M	$9.8M	$11.4M	$4.2M	$5.9M
Property, plant & equipment (net)	$12.90B	$17.0M	$21.0M	$24.7M	$28.4M	$20.9M	$15.8M	$16.2M	$16.8M	$226,216
Goodwill & intangible assets	$119,856	$165,492	$197,704	$212,201	$275,866	$313,422	$311,586	$258,093	$223,167	$256,547
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$0	$3.8M	$2.4M	$164,299	$1.9M	$1.7M	$1.7M	$1.7M	$1.7M	$5.2M
Total assets	$28.2M	$27.0M	$30.5M	$50.5M	$75.9M	$40.5M	$27.6M	$29.6M	$22.9M	$11.6M
Liabilities
Accounts payable	$1.1M	$1.4M	$2.0M	$1.6M	$1.7M	$2.0M	$1.6M	$5.7M	$8.2M	$3.1M
Short-term debt	$2.4M	$2.2M	$2.0M	$1.7M	$698,665	$1.1M	$125,000	$843,456	$994,258	$256,982
Deferred revenue	—	—	—	—	$1.1M	$958,537	$125,000	$126,795	$125,000	$125,000
Total current liabilities	$5.1M	$4.6M	$5.6M	$4.7M	$3.9M	$4.3M	$3.0M	$9.2M	$10.8M	$4.0M
Long-term debt	$5.7M	$8.0M	$9.9M	$11.7M	$13.3M	$11.8M	$13.5M	$13.4M	$13.2M	$13.0M
Lease obligations	$9.4M	$11.6M	$13.6M	$15.3M	$16.0M	$13.9M	$13.5M	$13.4M	$13.2M	$0
Other long-term liabilities	$1.4M	$1.6M	$1.8M	$2.0M	$2.1M	$4.8M	$6.0M	$7.0M	$2.2M	$0
Total liabilities	$12.2M	$14.1M	$17.3M	$18.4M	$19.3M	$20.8M	$22.5M	$29.6M	$26.3M	$12.6M
Shareholders' equity
Common stock & paid-in capital	$80,157	$637,870	$474,223	$434,484	$432,072	$387,302	$352,318	$280,346	$119,031	$1.6M
Retained earnings (deficit)	−$539.4M	−$514.0M	−$487.1M	−$454.9M	−$418.2M	−$381.8M	−$353.7M	−$331.6M	−$299.8M	−$285.7M
Treasury stock	—	—	—	—	—	—	—	$0	$0	—
Accumulated other comprehensive income	—	—	$0	—	—	$0	$0	−$8.4M	−$7.8M	−$3.2M
Minority interest	—	—	—	—	—	—	—	$0	$0	—
Total shareholders' equity	$16.0M	$12.9M	$13.2M	$32.2M	$56.5M	$19.7M	$5.1M	$916	−$3.3M	−$956,068
Key figures
Total debt	$9.4M	$11.6M	$13.6M	$15.3M	$16.0M	$13.9M	$13.6M	$14.2M	$14.2M	$13.3M
Net cash (debt)	$1.6M	−$6.9M	−$9.4M	$7.4M	$26.2M	$1.6M	−$5.2M	−$3.9M	−$11.8M	−$10.4M
Working capital	$6.5M	$1.4M	$1.3M	$20.8M	$41.3M	$13.4M	$6.8M	$2.2M	−$6.6M	$1.9M
Tangible book value	$15.8M	$12.7M	$13.0M	$32.0M	$56.3M	$19.4M	$4.8M	−$257,177	−$3.6M	−$1.2M
Book value per share	$3.93	—	—	—	—	—	$0.16	$0.00	−$0.42	−$0.20
Shares outstanding	4.1M	—	—	—	—	—	31.2M	17.0M	7.9M	4.9M
Current ratio	2.26	1.31	1.24	5.45	11.50	4.15	3.25	1.24	0.39	1.47
Quick ratio	2.13	1.03	0.74	4.43	10.74	3.65	2.82	1.13	0.24	0.83
Debt / equity	0.59	0.90	1.03	0.48	0.28	0.71	2.66	15,527.75	—	—
Equity / assets	56.7%	47.7%	43.3%	63.7%	74.5%	48.7%	18.6%	0.0%	−14.6%	−8.2%

CEL-SCI Corporation quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$6.5M	$1.9M	$6.3M	$11.0M	$1.8M	$1.9M	$4.6M	$4.7M	$384,652	$5.3M	$3.2M	$4.1M
Cash & equivalents	$6.5M	$1.9M	$6.3M	$11.0M	$1.8M	$1.9M	$4.6M	$4.7M	$384,652	$5.3M	$3.2M	$4.1M
Short-term investments	—	—	$7,090	$7,090	$7,500	$7,500	$7,500	$3,500	$51,129	$16,129	$16	$4
Receivables	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	−$2.3M	$0
Inventory	$266,763	$281,462	$230,448	$303,282	$518,040	$882,692	$863,104	$1.0M	$2.6M	$2.5M	$2.3M	$2.2M
Other current assets	$709,823	$721,721	$522,059	$339,386	$311,633	$215,962	$380,569	$294,100	$602,466	$712,777	$2.9M	$524,613
Total current assets	$7.5M	$2.9M	$7.0M	$11.6M	$2.6M	$3.0M	$5.9M	$6.1M	$3.5M	$8.5M	$6.2M	$6.9M
Property, plant & equipment (net)	$4.6M	$11.2M	$12.2M	$12.9M	$13.9M	$14.9M	$15.9M	$17.0M	$18.0M	$19.0M	$20.0M	$21.0M
Goodwill & intangible assets	$69,688	$73,328	$101,548	$119,856	$130,585	$141,263	$148,394	$165,490	$173,028	$180,482	$188,294	$197,704
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$9.2M	$3.5M	$3.6M	$3.5M	$3.7M	$3.7M	$3.8M	$3.8M	$2.4M	$2.4M	$2.4M	$2.4M
Total assets	$21.4M	$17.7M	$22.9M	$28.2M	$20.3M	$21.8M	$25.7M	$27.0M	$24.1M	$30.0M	$28.7M	$30.5M
Liabilities
Accounts payable	$1.0M	$933,788	$1.0M	$1.1M	$1.6M	$1.7M	$2.0M	$1.4M	$1.4M	$1.0M	$1.1M	$2.0M
Short-term debt	$2.7M	$2.6M	$2.5M	$2.4M	$2.4M	$2.3M	$2.3M	$0	$2.2M	$2.1M	$2.0M	$2.0M
Deferred revenue	—	—	—	—	—	—	—	—	−$3.4M	$1	—	—
Total current liabilities	$5.1M	$4.8M	$5.0M	$5.1M	$5.6M	$5.5M	$5.5M	$4.6M	$5.5M	$5.1M	$4.9M	$5.6M
Long-term debt	$0	$0	$5.1M	$5.7M	$6.3M	$6.8M	$7.4M	$8.0M	$0	$0	$0	$0
Lease obligations	$7.9M	$8.5M	$9.1M	$9.4M	$10.0M	$10.5M	$11.1M	$11.6M	$12.1M	$12.6M	$13.1M	$13.6M
Other long-term liabilities	$5.3M	$6.0M	$1.6M	$1.4M	$1.4M	$1.5M	$1.5M	$1.6M	$10.1M	$10.7M	$11.2M	$11.7M
Total liabilities	$10.4M	$10.8M	$11.8M	$12.2M	$13.3M	$13.8M	$14.4M	$14.1M	$15.6M	$15.7M	$16.1M	$17.3M
Shareholders' equity
Common stock & paid-in capital	$173,077	$82,118	$80,547	$80,157	$53,214	$843,496	$730,839	$637,870	$542,578	$540,837	$500,186	$474,223
Retained earnings (deficit)	−$556.0M	−$550.4M	−$544.9M	−$539.4M	−$533.3M	−$527.7M	−$521.1M	−$514.0M	−$507.9M	−$501.0M	−$493.8M	−$487.1M
Accumulated other comprehensive income	—	—	—	—	—	—	$0	—	—	—	$0	$0
Total shareholders' equity	$11.0M	$6.9M	$11.1M	$16.0M	$7.0M	$8.0M	$11.3M	$12.9M	$8.5M	$14.3M	$12.7M	$13.2M
Key figures
Total debt	$7.9M	$8.5M	$10.6M	$9.4M	$10.0M	$10.5M	$11.1M	$8.0M	$12.1M	$12.6M	$13.1M	$13.6M
Net cash (debt)	−$1.4M	−$6.6M	−$4.4M	$1.6M	−$8.2M	−$8.6M	−$6.5M	−$3.2M	−$11.7M	−$7.3M	−$9.9M	−$9.4M
Working capital	$2.4M	−$1.9M	$2.0M	$6.5M	−$3.0M	−$2.5M	$378,225	$1.4M	−$2.0M	$3.4M	$1.3M	$1.3M
Tangible book value	$10.9M	$6.8M	$11.0M	$15.8M	$6.9M	$7.9M	$11.2M	$12.7M	$8.3M	$14.1M	$12.5M	$13.0M
Book value per share	$0.90	$0.84	$1.39	$1.99	$1.69	$0.09	—	—	—	—	$0.26	—
Shares outstanding	12.1M	8.1M	8.0M	8.0M	4.2M	84.3M	—	—	—	—	48.5M	—
Current ratio	1.48	0.60	1.39	2.26	0.47	0.55	1.07	1.31	0.64	1.67	1.26	1.24
Quick ratio	1.29	0.39	1.25	2.13	0.32	0.35	0.84	1.03	0.07	1.04	0.18	0.74
Debt / equity	0.72	1.24	0.95	0.59	1.42	1.32	0.98	0.62	1.43	0.88	1.04	1.03
Equity / assets	51.3%	38.8%	48.7%	56.7%	34.5%	36.7%	44.0%	47.7%	35.2%	47.6%	44.1%	43.3%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 29, 2025); data from EODHD.

CVM financial position

At the end of fiscal 2025 (September 30, 2025), CEL-SCI had total assets of $28.2 million (up 4.3% from a year earlier), total liabilities of $12.2 million and shareholders' equity of $16.0 million. It held $11.0 million in cash and short-term investments against $9.4 million of debt, a net cash position of $1.6 million. Its current ratio was 2.26. In the latest quarter (ended June 30, 2026) total assets were $21.4 million and equity $11.0 million.

Related: CVM income statement, CVM cash flow statement, CVM key metrics. See the CVM stock overview for the latest quote and news.

CVM balance sheet FAQ

What are CEL-SCI's total assets?

CEL-SCI reported total assets of $28.2 million at the end of fiscal 2025 (September 30, 2025), compared with $27.0 million a year earlier.

How much debt does CEL-SCI have?

CEL-SCI had $9.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.59.

How much cash does CEL-SCI have?

CEL-SCI held $11.0 million in cash and short-term investments at the end of fiscal 2025; with $9.4 million of debt that is net cash of $1.6 million.

What is CEL-SCI's book value?

CEL-SCI's shareholders' equity (book value) was $16.0 million at the end of fiscal 2025, or $3.93 per share.

What is CEL-SCI's current ratio?

CEL-SCI had current assets of $11.6 million and current liabilities of $5.1 million, a current ratio of 2.26 (it can cover its short-term obligations).

How much goodwill does CEL-SCI have?

CEL-SCI carried $0.1 million of goodwill and intangible assets, 0.4% of total assets, at the end of fiscal 2025.