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Cel-Sci Corporation (CVM-16.57%) has filed its annual report on Form 10-K for the fiscal year ended September 30, 2024 filing.
The company reported a net operating loss of approximately $26.4 million for the fiscal year, with significant non-cash expenses accounting for about 30% of the operating loss. These non-cash expenses include stock-based employee compensation and depreciation and amortization.
Research and development expenses decreased by approximately $4.3 million, or 19%, compared to the previous year. This decrease was primarily due to reduced employee stock compensation and clinical study costs.
General and administrative expenses decreased by approximately $0.8 million, or 9%, compared to the prior year, primarily due to a decrease in employee stock compensation expenses.
The company raised approximately $21.2 million through the sale of common stock and exercise of warrants during the fiscal year 2024. The cash balance as of September 30, 2024, was approximately $4.7 million.
Cel-Sci's lead investigational therapy, Multikine, is in the process of completing pre-IND studies and is pending further clinical trials for regulatory approval. The company is also developing a peptide-based immunotherapy, CEL-4000, for rheumatoid arthritis.
The company has identified substantial doubt about its ability to continue as a going concern due to recurring losses and future liquidity needs. Management plans to raise additional capital through partnerships, debt, or equity financings to finance operations.
Cel-Sci's stock is traded on the NYSE American under the symbol 'CVM'. The company did not pay any dividends during the fiscal year and has no plans to do so in the foreseeable future.
The company has identified material weaknesses in its internal control over financial reporting and is taking steps to remediate these weaknesses, including enhancing process controls and hiring additional personnel.
Cel-Sci Corporation continues to focus on developing its lead investigational therapy, Multikine, and other product candidates, while addressing challenges related to funding, regulatory approval, and market acceptance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cel-Sci Corporation annual 10-K report dated January 13, 2025. To report an error, please email earnings@qz.com.