CEL-SCI Corporation reported its financial results for the fiscal year ending September 30, 2025, revealing a net loss of $25.4 million, a decrease from the $26.9 million loss recorded in the previous fiscal year. The company’s total operating expenses for the year were approximately $24.8 million, down from $26.4 million in 2024. Research and development expenses accounted for $15.9 million, while general and administrative costs were $8.9 million. The weighted average shares outstanding increased significantly to 4.1 million from 1.8 million, resulting in a basic and diluted loss per share of $6.27, compared to $15.31 in the prior year.
In terms of liquidity, CEL-SCI's cash and cash equivalents rose to $10.9 million from $4.7 million in 2024, primarily due to successful capital raises throughout the year. The company raised approximately $28.3 million from the sale of common stock and pre-funded warrants, which included several public offerings at prices ranging from $2.50 to $9.00 per share. The total assets of the company increased to $28.2 million, while total liabilities decreased to $12.2 million, reflecting a stronger balance sheet compared to the previous year.
Strategically, CEL-SCI has made significant advancements in its clinical development efforts, particularly with its lead investigational therapy, Multikine, which is aimed at treating head and neck cancer. The company has received Orphan Drug Status from the FDA for Multikine and is in the process of completing pre-IND studies for another product, CEL-4000, targeting rheumatoid arthritis. The company also entered into a clinical research agreement with Ergomed Clinical Research, Inc. to support its upcoming registration study.
Operationally, CEL-SCI's employee headcount remained stable, and the company continues to focus on enhancing its research capabilities. The company has also implemented a stock option plan, with a total of 709,576 shares reserved under its Non-Qualified Stock Option Plans. As of September 30, 2025, the company had 8,015,701 shares of common stock issued and outstanding, reflecting the impact of a reverse stock split that took place in May 2025.
Looking ahead, CEL-SCI acknowledges the need for additional capital to support its ongoing operations and product development. The company plans to pursue corporate partnerships and further financing options to ensure it can continue its efforts to bring Multikine to market. However, management has expressed uncertainty regarding its ability to raise the necessary funds, which could impact its operations if not addressed in a timely manner. The company’s financial statements indicate substantial doubt about its ability to continue as a going concern, emphasizing the critical nature of securing future financing.
About CEL SCI CORP
CEL-SCI Corporation is a clinical-stage biotechnology company focused on developing immunotherapies that harness the body’s immune system to treat cancer and autoimmune diseases. Its lead product candidate, Multikine, is an investigational immunotherapy targeting head and neck cancer by inducing a pre-surgical immune response. CEL-SCI also develops LEAPS technology for autoimmune conditions like rheumatoid arthritis. The company’s model centers on proprietary biologics, clinical development, and regulatory approval for specialized patient populations.
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