CEL-SCI Corporation Reports $16.6 Million Net Loss and Seeks Additional Capital for Multikine Therapy

CEL-SCI Corporation has reported its financial results for the nine months ending June 30, 2026, revealing a net loss of approximately $16.6 million, a decrease from a net loss of $19.3 million during the same period in 2025. The company's operating expenses totaled $16.3 million, down from $18.8 million in the prior year, primarily due to reduced research and development costs, which fell to $11.1 million from $12.2 million. The decrease in operating expenses was attributed to lower clinical study costs and a reduction in supplies and materials used, although there was an increase in employee stock compensation.

In terms of liquidity, CEL-SCI's cash and cash equivalents decreased to $6.5 million as of June 30, 2026, down from $10.9 million at the end of September 2025. The company has indicated that it will need to raise additional capital to support its ongoing research and development efforts, particularly for its lead investigational therapy, Multikine, which is currently in a Phase 3 clinical trial for the treatment of head and neck cancer. The company has expressed substantial doubt about its ability to continue as a going concern without securing further financing.

Operationally, CEL-SCI has made significant strides with its Multikine therapy, which has shown promising results in clinical trials. The company reported a 73% five-year survival rate for patients treated with Multikine compared to 45% for those receiving standard care. This data supports CEL-SCI's plan to conduct a confirmatory registration study with the FDA, focusing on a target population of newly diagnosed patients with low PD-L1 tumor expression. The company aims to begin this study once sufficient capital is raised.

In addition to its clinical developments, CEL-SCI has entered into a distribution agreement with Saudi Amarox Co. for the commercialization of Multikine in Saudi Arabia, which will allow the company to expand its geographic reach. The agreement stipulates a 50/50 revenue share from product sales, contingent upon regulatory approvals. As of June 30, 2026, CEL-SCI's total assets stood at approximately $21.4 million, down from $28.2 million at the end of the previous fiscal year, reflecting the company's ongoing investment in its research and development initiatives.

Looking ahead, CEL-SCI is focused on securing the necessary funding to support its clinical trials and operational needs. The company has indicated that it plans to raise additional capital through corporate partnerships, debt, and equity financing. However, the ability to raise funds may be influenced by market conditions, and there is no guarantee that the company will be able to secure the required financing on favorable terms.