CEL-SCI Corporation (NYSE American: CVM) completed a public offering of 6 million shares of common stock at $1.20 per share, generating approximately $7.2 million in gross proceeds before fees and expenses.

The clinical stage cancer immunotherapy company plans to use the net proceeds to fund continued development of its investigational therapy Multikine, general corporate purposes, and working capital.

ThinkEquity served as the sole placement agent for the offering. The shares were sold under a registration statement on Form S-1 that became effective on May 11, 2026, according to the company's announcement.

CEL-SCI develops Multikine, an investigational cancer immunotherapy designed to boost patients' immune systems before conventional treatments like surgery, radiotherapy, and chemotherapy. The therapy has been administered to over 740 patients and received Orphan Drug designation from the FDA for neoadjuvant therapy in patients with squamous cell carcinoma of the head and neck.

The Vienna, Virginia-based company maintains operations in Virginia and near Baltimore, Maryland. Multikine has not been approved by the FDA or other regulatory agencies for commercial use.