Before laying out my short thesis on Cel-Sci (CVM) I need to make one disclosure. In 2018 I wrote an article for the long side which can be found here. At the time I believed I was in possession of enough facts to make the case to be long Cel-Sci. Armed with these facts, investors who bought in at the time of the original article would have realized 400% returns as of today. However I subsequently uncovered information that leads me to believe that the company has been suppressing information from the public which can have a material impact to the investment case.

Founded in 1983, Cel-Sci has been existence for nearly 40 years. In that time they have yet to produce a viable therapy, and have survived entirely by the grace of the capital markets. The therapy being they are focused on now is called Multikine and is a cocktail of cytokines intended to be injected into the tumor site of Head and Neck cancer patients. Multikine is not meant to be a standalone therapy, but is intended to prep the body's immune system to fight the cancer when combined with the Standard of Care.

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