CEL-SCI Corporation ( CVM ) shares tumbled 38.19% in after-hours trading to $8.06 on Tuesday following the cancer immunotherapy company’s announcement of a $10 million public offering priced below current market levels.

Check out the current price of CVM stock here. 

Offering Details Drive Share Price Volatility

The clinical-stage company priced 1,111,200 common shares at $9.00 each, representing a 30.9% discount to Wednesday’s closing price of $13.04. The offering expects to close on August 29, with ThinkEquity serving as sole placement agent.

The securities are being offered under a shelf registration statement filed with the SEC on July 3, 2025, and declared effective on August 12.

Proceeds Earmarked for Multikine Development

CEL-SCI ( CVM ) stated it will use net proceeds to fund continued development of Multikine, its lead cancer immunotherapy candidate, plus general corporate purposes and working capital. Multikine has received Food and Drug Administration Orphan Drug designation for neoadjuvant therapy in head and neck squamous cell carcinoma patients.

See Also: Warren Buffett’s Berkshire Hathaway Lifts Mitsubishi Stake Past 10% As Japan Trading House Bet Deepens

The treatment, designed to boost immune response before traditional therapies damage the immune system, has been administered to over 740 patients in clinical trials.

Stock Performance Snapshot

The Virginia-based biotechnology has traded between $1.98 and $39.30 over the past year, with a market capitalization of $89.74 million and an average volume of 473,350 shares.

Price Action: According to Benzinga Pro data, CVM closed at $13.04, up 15.40% on Wednesday.

Benzinga’s Edge Stock Rankings indicates CEL-SCI Corp. ( CVM ) has a Momentum score of 33.74. Find out how other similar stocks rank.

Read Next:

Snowflake Goes On Hiring Spree Even As Other Firms Brace For Tariff-Induced Slowdown: Adds More Sales Staff In 6 Months Than Prior 2 Years

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.