In This Story
Cel-Sci Corporation (CVM) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a net operating loss of approximately $6.9 million. This loss includes significant non-cash expenses such as $1.1 million in share-based compensation and $1.0 million in depreciation and amortization.
Research and development expenses remained constant at approximately $4.4 million compared to the same quarter in the previous year. This includes increased costs in clinical studies and supplies, offset by a decrease in employee stock compensation.
General and administrative expenses increased by approximately $0.3 million, or 15%, compared to the previous year, primarily due to increased non-employee stock compensation and public relations costs.
Net interest expense remained constant at approximately $0.2 million, primarily due to interest paid on the company’s lease liabilities.
The company highlighted its lead investigational therapy, Multikine, which is under development for the treatment of head and neck cancers. Multikine has shown promising results in Phase III trials, with a 73% survival rate at five years in the target population.
Cel-Sci plans to conduct a confirmatory registration study for Multikine, focusing on patients with no lymph node involvement and low PD-L1 tumor expression. The study is expected to begin in Q1/Q2 2025.
The company continues to face liquidity challenges and acknowledges substantial doubt about its ability to continue as a going concern. It plans to raise additional capital to support its operations and complete the necessary clinical trials.
During the quarter, Cel-Sci raised approximately $4.4 million through the sale of common stock and pre-funded warrants. The company also issued restricted shares to consultants for services.
The filing notes that there were no changes in internal control over financial reporting during the quarter that would materially affect the company’s financial reporting.
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 quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.