Virginia-based CEL-SCI Corporation held its latest equity raise, reflecting the cash demands of a pre-revenue clinical-stage company advancing a single lead immunotherapy asset with no near-term approved revenue stream. CEL-SCI Corporation (NYSE American: CVM) announced the pricing of a best-efforts public offering of common stock, targeting gross proceeds of approximately USD 7.2 million before placement agent fees and offering expenses.
The offering comprises 6,000,000 shares of common stock priced at USD 1.20 per share. ThinkEquity is acting as sole placement agent on a best-efforts basis, meaning it carries no firm commitment to purchase shares itself. The offering was expected to close on or around May 13, 2026, subject to customary closing conditions.
CEL-SCI intends to direct proceeds toward continued development of Multikine (leukocyte interleukin, injection), general corporate purposes, and working capital. This raise follows a series of equity financings over the preceding twelve months: a USD 10.85 million offering closed in July 2024, a USD 5.0 million offering priced at USD 0.31 per share closed in December 2024 with ThinkEquity also acting as placement agent, and a USD 2.5 million offering closed in March 2025. Collectively, CEL-SCI has raised in excess of USD 25 million across at least four separate equity transactions since mid-2024, underscoring the company's sustained reliance on capital markets to fund operations.
Company overview and pipeline
CEL-SCI is a clinical-stage cancer immunotherapy company with a development strategy built around the premise that stimulating the immune system prior to surgery, radiotherapy, or chemotherapy — while the immune system remains relatively intact — may produce a more effective anti-tumor response than post-treatment intervention.