The close proximity of this offering to the prior shelf filing and stated going-concern doubt signals persistent cash burn without near-term revenue catalyst. Monitor for further dilution or a reverse split to maintain NYSE American listing. Best-efforts structure with no minimum suggests full subscription was priced at market-clearing level given the capitulation environment for micro-cap biotechs.
Price Chart
Executive Summary
CEL-SCI Corporation completed a best-efforts offering of 2,500,000 shares at $1.00 per share for gross proceeds of $2.5M on June 16, 2026, following a 424B5 filing one day earlier that disclosed the same terms and a going-concern warning. The ~16.7% dilutive raise—its second capital event in two days—underscores acute cash needs for Multikine development at a $9M market cap company already flagged as having substantial doubt about going concern.
Key Facts
- Offering of 2,500,000 shares at $1.00/share completed June 16, 2026
- Gross proceeds of $2,500,000; net proceeds ~$2.2M after fees (best-efforts; no minimum)
- Placement agent fee: 7% cash fee ($175,000) plus expense reimbursement up to $67,000
- Dilution: ~16.7% to existing shareholders based on ~15M pre-offering shares outstanding (estimated from $9M market cap / $0.60 pre-offer price)
- Proceeds to fund continued development of Multikine and for working capital
- Prior 424B5 filing (June 15) disclosed 'substantial doubt about going concern'
- Lock-up agreements: Company 30 days; officers/directors 45 days from June 14, 2026
Financial Impact
$2.5M gross proceeds (~$2.2M net) raised via 16.7% dilution at a $9M market cap company with going-concern risk
Risk Factors
- Further dilution risk as cash runway appears short with no approved products
- NYSE American continued listing standards may require additional capital actions
- Multikine development timeline and funding gap present binary regulatory risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001654954-26-006015 |
| Document: cvm_8k.htm | 0001654954-26-006015 |
| Document: cvm_ex991.htm | 0001654954-26-006015 |
| Document: cvm_ex992.htm | 0001654954-26-006015 |
| Document: cvm_ex51.htm | 0001654954-26-006015 |
| Document: 0001654954-26-006015-index-headers.html | 0001654954-26-006015 |
| Document: 0001654954-26-006015-index.html | 0001654954-26-006015 |
| Document: 0001654954-26-006015.txt | 0001654954-26-006015 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 16, 2026 18w ago | 8-K | $1.10 $1.04 | ▲ +5.45% | ▲ +6.23% | $1.56 (−41.82%) |
Jun 15, 2026 18w ago | 424B5 | $1.01 $1.10 | ▼ −8.91% | ▼ −10.16% | $1.56 (−54.46%) |
May 14, 2026 23w ago | 8-K | $1.43 $1.72 | ▲ +20.28% | ▲ +20.34% | $1.56 (+9.09%) |
May 13, 2026 23w ago | 8-K | $1.30 $1.43 | ▼ −10.00% | ▼ −11.23% | $1.56 (−20.00%) |
May 1, 2026 25w ago | S-1/A | $1.69 $1.74 | ▲ +2.96% | ▲ +2.16% | $1.56 (−7.69%) |
Apr 17, 2026 27w ago | S-1 | $3.94 $3.81 | ▼ −3.30% | ▼ −2.65% | $1.56 (−60.41%) |
US Market Status
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