This partnership de-risks the Saudi regulatory pathway and provides a potential first commercial market for Multikine without dilutive financing. Monitor SFDA Breakthrough Medicine Designation and subsequent approval timeline — a positive SFDA decision would be a major catalyst. The stock's $10M market cap means any regulatory progress could drive outsized moves.
Price Chart
Executive Summary
CEL-SCI (CVM) entered into a distribution and revenue-sharing agreement with Amarox for the registration, commercialization, and distribution of Multikine in Saudi Arabia, with an optional GCC expansion. The deal provides a 50/50 net revenue split upon SFDA approval, but Multikine remains unapproved by any regulatory authority, and CEL-SCI bears all costs beyond 50% of registration fees. This is a non-dilutive, low-cost partnership that opens a regulatory pathway in a high-growth market, but no near-term revenue is expected.
Key Financial Metrics
Key Facts
- 50/50 net revenue sharing on Multikine sales in Saudi Arabia upon SFDA approval
- Amarox will lead SFDA regulatory process, seeking Breakthrough Medicine Designation
- Amarox ranked #1 for SFDA applications for critical/unavailable medicine for 3 consecutive years (2022-2024)
- CEL-SCI retains all IP, manufacturing know-how, and global rights to Multikine
- CEL-SCI bears all costs except 50% of official SFDA registration fees
- Initial term is 5 years from first commercial sale, auto-renewing annually
- Immunotherapy segment in Saudi cancer market projected to reach $2.7 billion by 2033
- Multikine has not been approved by FDA or any other regulatory agency
Financial Impact
No upfront payment or milestone disclosed; 50% net revenue share post-SFDA approval. CEL-SCI's financial exposure is limited to regulatory and manufacturing costs.
Risk Factors
- Multikine is not approved by any regulatory authority; SFDA approval is uncertain
- CEL-SCI bears all development and manufacturing costs; no revenue until SFDA approval
- Saudi market revenue may be modest relative to global opportunity
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001654954-26-004910 |
| Document: cvm_ex99.htm | 0001654954-26-004910 |
| Document: cvm_ex10sss.htm | 0001654954-26-004910 |
| Document: 0001654954-26-004910-index-headers.html | 0001654954-26-004910 |
| Document: 0001654954-26-004910-index.html | 0001654954-26-004910 |
| Document: 0001654954-26-004910.txt | 0001654954-26-004910 |
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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