CEL-SCI Corporation Reports $19.3 Million Net Loss for Nine Months Ending June 30, 2025

CEL-SCI Corporation has reported its financial results for the nine months ending June 30, 2025, revealing a net loss of $19.3 million, a decrease from the $20.8 million loss recorded in the same period the previous year. The company's operating expenses totaled $18.8 million, down from $20.2 million, primarily due to reduced research and development costs, which fell to $12.2 million from $13.7 million. The decrease in R&D expenses was attributed to lower stock-based compensation and other operational efficiencies. The net loss per common share for the nine months was $6.34, compared to $12.51 in the prior year, reflecting a significant increase in the weighted average shares outstanding due to a reverse stock split that took effect in May 2025.

In terms of liquidity, CEL-SCI's cash and cash equivalents decreased to $1.8 million as of June 30, 2025, down from $4.7 million at the end of September 2024. The company has been actively raising capital, with net proceeds from stock offerings totaling approximately $11 million during the nine months ended June 30, 2025. However, the company continues to face substantial doubt about its ability to continue as a going concern, as it will need to secure additional funding to support ongoing operations and clinical trials, particularly for its lead investigational therapy, Multikine.

Operationally, CEL-SCI is focused on advancing its clinical programs, particularly Multikine, which is being developed for the treatment of head and neck cancers. The company has completed a Phase III clinical trial that demonstrated a 73% five-year survival rate for patients treated with Multikine compared to 45% for those receiving standard care. The FDA has indicated that CEL-SCI may proceed with a confirmatory registration study, which is expected to enroll 212 patients. The company plans to seek accelerated approval based on the promising results observed in the Phase III trial.

The company’s total assets decreased to $20.3 million from $27.0 million in the previous fiscal period, primarily due to reductions in cash and cash equivalents, as well as a decline in property and equipment values. Total liabilities also decreased slightly to $13.3 million from $14.1 million, with current liabilities increasing due to higher accounts payable and accrued expenses. The company’s stockholders' equity fell to $7.0 million from $12.9 million, reflecting the ongoing net losses and the impact of the reverse stock split.

Looking ahead, CEL-SCI aims to raise additional capital to fund its confirmatory study for Multikine and continue its research and development efforts. The company is optimistic about the potential of Multikine to address an unmet medical need in the oncology market, particularly for patients with low PD-L1 expression, who are not well served by existing therapies. However, the ability to secure necessary funding remains a critical factor for the company's future operations and success.