• First Berlin reiterated a Buy on CEL-SCI, cut its 12-month target price to USD 15 from USD 60.
• Report flagged a May 11 partnership with Saudi drugmaker Amarox to pursue Multikine registration and commercialization in Saudi Arabia, with optional GCC expansion.
• Terms include Amarox leading SFDA regulatory work, a 50/50 net revenue split, CEL-SCI retaining IP and global rights.
• Analyst highlighted a 212-patient FDA confirmatory registration study, with enrollment expected to start soon in a defined head and neck cancer subgroup.
• First Berlin cited May and June financings totaling about USD 9.7 million, noting most funding for the study still needs to be raised.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. CEL-SCI Corporation published the original content used to generate this news brief via EQS News (Ref. ID: rc_26222) on July 20, 2026, and is solely responsible for the information contained therein.