CVM CEL SCI CORP
Executive Summary
CEL-SCI filed Amendment No. 1 to its S-1 for a best-efforts offering of up to 4,885,993 shares at $3.07/share, with net proceeds estimated at $13.7M to fund the confirmatory Phase III trial of Multikine. The company has no revenue, a net loss of $25.4M in FY2025, and a going concern doubt, though it highlights strong Phase III survival data in a target head and neck cancer population.
Actionable Insight
Track the offering's completion rate given no minimum; a smaller raise would significantly impair trial funding and increase dilution risk. The stock may be volatile around pricing and enrollment updates for the confirmatory study.
Key Facts
- Best-efforts offering of up to 4,885,993 shares plus pre-funded warrants at $3.07/share
- Estimated net proceeds of $13.7M to fund Multikine development and general corporate purposes
- No minimum offering amount; may raise significantly less than maximum
- No revenue; net loss of $25.4M in fiscal year ended September 30, 2025
- Cash and cash equivalents of $6.3M as of December 31, 2025
- Phase III data shows 73% 5-year survival in target population vs 45% control; hazard ratio 0.35
- FDA allowed confirmatory 212-patient study; enrollment to begin after capital raise
- Material weaknesses in internal controls and substantial doubt about going concern
Financial Impact
Underwritten offering up to $15M gross; net proceeds ~$13.7M; immediate dilution of ~$1.16/share for new investors
Risk Factors
- Best-efforts offering may raise minimal capital, delaying Multikine confirmatory trial
- No regulatory approvals, long timeline to potential commercialization
- Going concern uncertainty requires additional financing
- Dilution from offering and future equity issuances
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-1/A Filing (Primary) | 0001654954-26-004295 |
| Document: 0001654954-26-004295-index-headers.html | 0001654954-26-004295 |
| Document: 0001654954-26-004295-index.html | 0001654954-26-004295 |
| Document: 0001654954-26-004295.txt | 0001654954-26-004295 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
May 14, 2026
26d ago
|
8-K
| $1.43 $1.42 | ▼ −0.70% | ▼ −1.66% | $1.38 (−3.50%) |
|
May 13, 2026
27d ago
|
8-K
| $1.30 $1.45 | ▼ −11.54% | ▼ −12.26% | $1.38 (−6.15%) |
|
May 1, 2026
5w ago
|
S-1/A
| $1.69 $1.41 | ▼ −16.57% | ▼ −19.50% | $1.38 (−18.34%) |
|
Apr 17, 2026
7w ago
|
S-1
| $3.94 $3.26 | ▼ −17.26% | ▼ −18.17% | $1.38 (−64.97%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access