CEL SCI CORP
For the period ended Jun 30, 2026. Filed Aug 14, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 14, 2026
CVM$1.45+5.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-15.
0001654954-26-005005
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-14.
0001654954-26-007657
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 71 previous paragraphs and 73 current paragraphs.
58 unchanged; 12 reworded; 3 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 11 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
An “unmet (medical) need” is a factor for approval that is usually considered by all major regulatory bodies worldwide when assessing a product for commercial licensing. Despite some advances in treating patients with advanced primary squamous cell carcinoma of the head and neck there is still a significant unmet need for these patients. The current standard of care (surgery followed by radiotherapy or combined chemoradiotherapy) for these patients provides only about a 50/50 chance of surviving five years.
Current report
Pembrolizumab (Keytruda) was approved only as a combination therapy – given as neoadjuvant (before surgery) and after surgery along with radiotherapy +/- chemotherapy and then long term. It was approved for perioperative use based on Event Free Survival only, not Overall Survival. Further, Keytruda works best on tumors with high PD-L1 expression. These patients are not the target population for Multikine. The only other approved checkpoint inhibitor, Nivolumab, is approved for use only in recurrent or metastatic disease head and neck cancer patients.
Current report
Multikine could potentially increase that survival rate to over 70% in the patient population targeted in the confirmatory clinical trial of Multikine which is based on data obtained from the completed Multikine Phase III trial. In contrast to Keytruda, Multikine is given to newly diagnosed resectable patients only before their first surgery. In addition, Multikine works best in head and neck cancer tumors with low or zero PD-L1 expression. Therefore, Multikine’s target population is both an “unmet need” and underserved, and will continue to be underserved, by currently available therapies.
Removed paragraphs (1)
Previous report
During the six months ended March 31, 2025, 247,583 pre-funded warrants were exercised. No warrants were exercised during the six months ended March 31, 2026.
Reworded paragraphs (12)
Previous wording
Across the whole Phase III trial, PSRs were seen in 8.5% of Multikine patients compared to*none** ***in the control group. PSDs were seen in 22% of Multikine patients as compared to 13% in the control group. Because Multikine was the only therapy given to these patients before surgery, it is CEL-SCI’s strong belief that Multikine had to be the cause of the higher rates of PSR and PSD. These data are presented visually below. The taller blue columns show PSR and PSD rates in all 529 Multikine-treated patients in the Phase III trial, and the gray columns show PSR and PSD rates for all 394 control patients.
Current wording
Across the whole Phase III trial, PSRs were seen in 8.5% of Multikine patients compared tonone in the control group. PSDs were seen in 22% of Multikine patients as compared to 13% in the control group. Because Multikine was the only therapy given to these patients before surgery, it is CEL-SCI’s strong belief that Multikine had to be the cause of the higher rates of PSR and PSD. These data are presented visually below. The taller blue columns show PSR and PSD rates in all 529 Multikine-treated patients in the Phase III trial, and the gray columns show PSR and PSD rates for all 394 control patients.
Previous wording
The cost of the confirmatory registration study is estimated to be about $30-$35 million. The Company will be required to raise additional capital or find additional long-term financing to continue with its research efforts. The ability to raise capital may be dependent upon market conditions that are outside the control of the Company. The ability of the Company to complete the necessary clinical trials and obtain FDA approval for the sale of products to be developed on a commercial basis is uncertain. Ultimately, the Company must complete the development of its products, obtain the appropriate regulatory approvals and obtain sufficient revenues to support its cost structure. However, there can be no assurance that the Company will be able to raise sufficient capital to support its operations. Due to recurring losses from operations and future liquidity needs, there is substantial doubt about the Company’s ability to continue as a going concern.
Current wording
The cost of the confirmatory registration study is currently estimated to be about $30-$35 million. The Company will be required to raise additional capital or find additional long-term financing to continue with its research efforts. The ability to raise capital may be dependent upon market conditions that are outside the control of the Company. The ability of the Company to complete the necessary clinical trials and obtain FDA approval for the sale of products to be developed on a commercial basis is uncertain. Ultimately, the Company must complete the development of its products, obtain the appropriate regulatory approvals and obtain sufficient revenues to support its cost structure. However, there can be no assurance that the Company will be able to raise sufficient capital to support its operations. Due to recurring losses from operations and future liquidity needs, there is substantial doubt about the Company’s ability to continue as a going concern.
Previous wording
During the six months ended March 31, 2026, the Company’s cash decreased by approximately $9.1 million. The significant components of this decrease included cash used to fund the Company’s regular operations of approximately $8.0 million and approximately $1.1 million in payments on the Company’s finance lease obligations.
Current wording
During the nine months ended June 30, 2026, the Company’s cash decreased by approximately $4.4 million. The significant components of this decrease included net proceeds from the purchase of stock by officers and the June 2026 financing of $9.3 million offset by cash used to fund the Company’s regular operations of approximately $12.0 million and approximately $1.7 million in payments on the Company’s finance lease obligations.
Previous wording
During the six months ended March 31, 2025, the Company’s cash decreased by approximately $2.8 million. Significant components of this decrease included net proceeds from the December 2024 and March 2025 financing of $6.7 million offset by cash used to fund the Company’s regular operations of approximately $8.5 million and approximately $1.0 million in payments on the Company’s finance lease obligations.
Current wording
During the nine months ended June 30, 2025, the Company’s cash decreased by approximately $2.9 million. Significant components of this decrease included net proceeds from the December 2024, March 2025 and June 2025 financing of $11.0 million offset by cash used to fund the Company’s regular operations of approximately $12.5 million and approximately $1.5 million in payments on the Company’s finance lease obligations.
Previous wording
The Company incurred a net operating loss of approximately $10.7 million for the six months ended March 31, 2026. This net operating loss consists of significant non-cash expenses including approximately $1.0 million in share-based compensation to employees and non-employees, and approximately $1.9 million in depreciation and amortization expense.
Current wording
The Company incurred a net operating loss of approximately $16.3 million for the nine months ended June 30, 2026. This net operating loss consists of significant non-cash expenses including approximately $1.6 million in share-based compensation to employees and non-employees, and approximately $2.9 million in depreciation and amortization expense.
Previous wording
The following table summarizes our research and development expenses for the six months ended March 31, 2026 and 2025:
Current wording
The following table summarizes our research and development expenses for the nine months ended June 30, 2026 and 2025:
Previous wording
During the six months ended March 31, 2026, the research and development expenses decreased by approximately $1.0 million, or 12%, compared to the six months ended March 31, 2025. This decrease is primarily due to a $0.4 million decrease in clinical studies costs as a result of preparing the confirmatory study for enrollment in the prior period, $0.4 million decrease in costs incurred for supplies and materials used and a decrease of $0.2 million of employee stock compensation expense compared to the prior period.
Current wording
During the nine months ended June 30, 2026, the research and development expenses decreased by approximately $1.1 million, or 9%, compared to the nine months ended June 30, 2025. This decrease is primarily due to a $0.4 million decrease in clinical studies costs, and a $0.9 million decrease in costs incurred for supplies and materials used, offset by an increase of $0.2 million of employee stock compensation expense compared to the prior period.
Previous wording
During the three months ended March 31, 2026, the research and development expenses decreased by approximately $0.3 million, or 6%, compared to the three months ended March 31, 2025. This decrease is primarily due to a $0.2 million decrease in costs incurred for supplies and materials used and a $0.1 million decrease in employee stock compensation expense compared to the prior period.
Current wording
During the three months ended June 30, 2026, the research and development expenses decreased by approximately $0.1 million, or 2%, compared to the three months ended June 30, 2025. This decrease is primarily due to a $0.6 million decrease in costs incurred for supplies and materials used, offset by a $0.5 million increase in employee stock compensation expense compared to the prior period.
Previous wording
During the six months ended March 31, 2026, general and administrative expenses decreased by approximately $1.6 million, or 33%, compared to the six months ended March 31, 2025. This decrease is primarily due to a $1.1 million decrease in costs related to public relations, a $0.3 million decrease in employee stock compensation, and a $0.2 million decrease in other general and administrative expenses.
Current wording
During the nine months ended June 30, 2026, general and administrative expenses decreased by approximately $1.4 million, or 22%, compared to the nine months ended June 30, 2025. This decrease is primarily due to a $1.1 million decrease in costs related to public relations and a $0.3 million decrease in employee stock compensation.
Previous wording
During the three months ended March 31, 2026, general and administrative expenses decreased by approximately $0.8 million, or 34%, compared to the three months ended March 31, 2025. This decrease is primarily due to a $0.6 million decrease in costs related to public relations, a $0.1 million decrease in employee stock compensation, and a $0.1 million decrease in other general and administrative expenses.
Current wording
During the three months ended June 30, 2026, general and administrative expenses increased by approximately $0.2 million, or 9%, compared to the three months ended June 30, 2025. This increase is primarily due to a $0.4 million increase in costs related to legal, consulting and accounting services, offset by a $0.1 million decrease in employee stock compensation, and a $0.1 million decrease in other general and administrative expenses.
Previous wording
During the six months ended March 31, 2026, net interest expense decreased by approximately $0.1 million, or 42%, compared to the six months ended March 31, 2025. This decrease is primarily due to less interest paid on leases as higher principal balances have been paid over the last period and higher interest and dividend income received in the current period.
Current wording
During the nine months ended June 30, 2026, net interest expense decreased by approximately $0.2 million, or 40%, compared to the nine months ended June 30, 2025. This decrease is primarily due to less interest paid on leases as higher principal balances have been paid over the last period and higher interest and dividend income received in the current period.
Previous wording
During the three months ended March 31, 2026, net interest expense decreased by approximately $0.1 million, or 34%, compared to the three months ended March 31, 2025. This decrease is primarily due to less interest paid on leases as higher principal balances have been paid over the last period and higher interest and dividend income received in the current period.
Current wording
During the three months ended June 30, 2026, net interest expense decreased by approximately $0.1 million, or 35%, compared to the three months ended June 30, 2025. This decrease is primarily due to less interest paid on leases as higher principal balances have been paid over the last period and higher interest and dividend income received in the current period.