Monitor for clinical trial updates on Multikine as the primary catalyst for any upside. The 30-day lock-up on further issuance provides a temporary floor, but the high dilution and micro-cap status suggest continued volatility. Watch for any subsequent capital raises after the lock-up expires.
Price Chart
Executive Summary
CEL-SCI Corporation closed a best-efforts public offering of 6,000,000 shares at $1.20 per share, raising $7.2 million in gross proceeds to fund continued development of its lead candidate Multikine and for working capital. The offering represents significant dilution for a micro-cap clinical-stage biotech with no approved products, but provides near-term cash runway extension.
Key Financial Metrics
Key Facts
- 6,000,000 shares sold at $1.20 per share in a best-efforts public offering
- Gross proceeds of $7,200,000 before placement agent fees and expenses
- Placement agent ThinkEquity received 7.0% cash fee plus up to $150,000 expense reimbursement
- Company subject to 30-day lock-up on further equity issuance; officers/directors subject to 45-day lock-up
- Proceeds to fund continued development of Multikine, general corporate purposes, and working capital
- Market cap is approximately $10M, making the offering size (~$7.2M gross) highly dilutive relative to existing float
Financial Impact
Offering represents approximately 72% of pre-offering market cap in gross proceeds; significant dilution to existing shareholders
Risk Factors
- Substantial dilution to existing shareholders from the 6M share offering
- Clinical-stage company with no approved products; Multikine has not received FDA approval
- Limited cash runway; may require additional financing within 12 months
- Micro-cap stock with low liquidity and high volatility
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001654954-26-004823 |
| Document: cvm_ex991.htm | 0001654954-26-004823 |
| Document: cvm_ex992.htm | 0001654954-26-004823 |
| Document: 0001654954-26-004823-index-headers.html | 0001654954-26-004823 |
| Document: 0001654954-26-004823-index.html | 0001654954-26-004823 |
| Document: 0001654954-26-004823.txt | 0001654954-26-004823 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 16, 2026 19w ago | 8-K | $1.10 $1.04 | ▲ +5.45% | ▲ +6.23% | $1.57 (−42.73%) |
Jun 15, 2026 19w ago | 424B5 | $1.01 $1.10 | ▼ −8.91% | ▼ −10.16% | $1.57 (−55.45%) |
May 14, 2026 23w ago | 8-K | $1.43 $1.72 | ▲ +20.28% | ▲ +20.34% | $1.57 (+9.79%) |
May 13, 2026 23w ago | 8-K | $1.30 $1.43 | ▼ −10.00% | ▼ −11.23% | $1.57 (−20.77%) |
May 1, 2026 25w ago | S-1/A | $1.69 $1.74 | ▲ +2.96% | ▲ +2.16% | $1.57 (−7.10%) |
Apr 17, 2026 27w ago | S-1 | $3.94 $3.81 | ▼ −3.30% | ▼ −2.65% | $1.57 (−60.15%) |
US Market Status
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