CVM · CEL-SCI Corporation

CEL-SCI Corporation secured $7.2 million in gross proceeds through a best-efforts public offering of 6 million common shares priced at $1.20 each, closing on May 13, 2026, just two days after entering the Placement Agency Agreement with ThinkEquity LLC on May 11. This financing, conducted under an effective S-1 registration statement (No. 333-295168), provides critical capital for the company's clinical-stage cancer immunotherapy efforts, specifically the continued development of Multikine—a leukocyte interleukin injection with FDA Orphan Drug designation for head and neck cancer neoadjuvant therapy, dosed in over 740 patients. Investors should note the immediate lock-up restrictions: the company cannot issue new shares or file registrations for 30 days post-closing, while insiders face a 45-day hold on their securities, both with limited exceptions, signaling short-term dilution protection. Compensation to ThinkEquity includes a 7% cash fee on gross proceeds plus up to $150,000 in reimbursable expenses, aligning with standard terms for such placements. The swift execution underscores strong execution amid the company's capital needs for advancing Multikine toward potential regulatory submission, though customary indemnification and termination provisions apply.