First Berlin Equity Research has published a research update on CEL-SCI Corporation (ISIN: US1508376076). Analyst Christian Orquera reiterated his BUY rating and decreased the price target from USD 60.00 to USD 15.00.

Abstract
CEL-SCI Corporation is approaching a meaningful commercial and clinical inflection point in H2-2026. On 11 May 2026, the company entered into a strategic partnership with Amarox, one of Saudi Arabia’s fastest-growing pharmaceutical companies, to advance the registration, commercialisation, and distribution of Multikine in Saudi Arabia and optionally across the Gulf Cooperation Council (GCC). The agreement was formally signed at the BIO International Convention on 22 June 2026. Under its terms, Amarox will lead all SFDA regulatory communications, including the Breakthrough Medicine Designation (BMD) application, and will act as exclusive commercial distributor upon approval. Net revenues will be shared 50/50 while CEL-SCI retains full IP ownership and global rights. In parallel, CEL-SCI has announced the launch of its 212-patient US FDA Confirmatory Registration Study, with patient enrolment expected to commence shortly, targeting newly diagnosed, previously untreated, locally advanced, resectable head and neck cancer (HNSCC) patients with low PD-L1 expression and no lymph node involvement. This group achieved a 73% five-year overall survival rate versus 45% for standard of care in the completed Phase 3 trial. Management intends to seek accelerated approval in the US and conditional approval in Europe based on early pre-surgical tumour response data, expected as early as 2028 (FBe: 2029). To extend its cash runway, the company raised ~USD 7.2m in May 2026 and a further USD 2.5m in June, compared with a cash position of USD 1.9m at end-March 2026. We estimate the majority of the funding required to complete the confirmatory study remains to be raised. Incorporating the Amarox partnership and revised dilution estimates, our SOTP valuation yields a new price target of USD 15 (old: USD 60). We reiterate our Buy rating.