CEL-SCI prices $5.7 million common stock offering at $3.82 per share

VIENNA, Va. - CEL-SCI Corporation (NYSE American:CVM), a clinical stage cancer immunotherapy company with a market capitalization of $26 million, announced Friday it has priced a best-efforts offering of 1.5 million shares of its common stock at $3.82 per share, generating approximately $5.7 million in gross proceeds. According to InvestingPro data, the company’s financial health score stands at 1.76, rated as "FAIR."

The offering, priced at-the-market under NYSE American rules, is expected to close on July 14, 2025, subject to customary closing conditions. ThinkEquity is serving as the sole placement agent for the transaction.

According to the company’s statement, CEL-SCI plans to use the net proceeds to fund continued development of its Multikine therapy, as well as for general corporate purposes and working capital. This funding comes at a crucial time, as InvestingPro analysis shows the company is quickly burning through cash, with a concerning current ratio of 0.55 indicating short-term obligations exceed liquid assets.

Multikine is CEL-SCI’s investigational immunotherapy designed to be administered before surgery, radiotherapy and chemotherapy in patients with squamous cell carcinoma of the head and neck. The therapy has received Orphan Drug designation from the FDA for neoadjuvant therapy.

The securities will be offered through a shelf registration statement filed with the SEC in July 2022. A final prospectus supplement and accompanying prospectus describing the offering terms will be filed with the SEC.

The company noted in its press release that the announcement does not constitute an offer to sell or solicitation of an offer to buy these securities.

In other recent news, CEL-SCI Corporation has announced a partnership with a leading Saudi Arabian pharmaceutical company to advance the regulatory approval and commercialization of its cancer immunotherapy drug, Multikine, in Saudi Arabia. The Saudi partner will soon file a Breakthrough Medicine Designation application with the Saudi Food and Drug Authority (SFDA), which could expedite patient access to Multikine. CEL-SCI reports that this designation, if granted, would allow for immediate patient access and commercialization in the Saudi market. Additionally, several Saudi investment funds have shown interest in investing in CEL-SCI, Multikine, or a potential joint venture for the Middle East and North Africa region.

CEL-SCI is also preparing for a confirmatory Registration Study with 212 patients, following the FDA’s agreement on patient selection criteria based on Phase 3 study data. The company has announced a public stock offering to fund the ongoing development of Multikine and other corporate needs. The offering is contingent on market conditions, and ThinkEquity is managing the transaction. Furthermore, CEL-SCI has welcomed the FDA’s approval of Merck’s Keytruda for head and neck cancer, noting that its own Multikine treatment showed a 66% reduction in death risk for patients with low to zero PD-L1 expression in a Phase 3 study. The company continues to focus on enhancing patients’ immune systems before they are compromised by surgery, radiotherapy, and chemotherapy.

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