Cel Sci Corporation (CVM)

[rwa3848]

If your 1:1 market cap assessment of Price to Expected Cash holds water then wouldn't 25 million shares (as exercised through $4.50) produce a market cap of $125 million & thus ruin your math?

I am a bit more optimistic about what Price: Cash {implied earnings} for a late stage immunotherapy could be averaged as by the market.

I'd only project a $Billion+ MC on ~35 million (as exercised through $19.75) shares if CVM is awarded more than $150 million (P: cash {implied earnings} would then be 4.25: 1). {4.25: 1 also roughly fits the peer group trend}

I don't discount exuberance but expect it to be averaged out by Effective declarations on the exercise of warrants