STOCKHOLDERS' EQUITY

12 Months Ended

Sep. 30, 2022

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

12. STOCKHOLDERS’ EQUITY

Exercise of Warrants

During the years ended September 30, 2022 and 2021, the Company received proceeds of approximately $0.1 million and $6.0 million, respectively, from the exercise of warrants, as detailed in Note 4.  Upon exercise, 25,205 and 1,597,870 shares of common stock were issued during the years ended September 30, 2022 and 2021, respectively.

Sales of Securities

There were no sales of securities during the fiscal year ended September 30, 2022. 

In June 2021, the Company sold 1,400,000 shares of common stock at a public offering price of $22.62 per share and received aggregate net proceeds of approximately $29.4 million. At that time, the underwriters fully exercised their option to purchase up to 210,000 additional shares of common stock to cover over-allotments, resulting in additional net proceeds to the Company of approximately $4.4 million.

In December 2020, the Company sold 1,000,000 shares of common stock at a public offering price of $14.65 per share and received aggregate proceeds of approximately $13.6 million.

Other Equity Transactions

The Company entered into Securities Purchase Agreements (SPA) with Ergomed plc, one of the Company’s Clinical Research Organizations responsible for managing the Company’s Phase 3 clinical trial, to facilitate payment of amounts due Ergomed.  Under the Agreements, the Company issued Ergomed shares of common stock and the net proceeds from the sales of those shares reduces outstanding amounts due Ergomed.  Upon issuance, the Company expenses the full value of the shares as Other non-operating gain/loss and subsequently offsets the expense as amounts are realized through the sale by Ergomed and reduces accounts payable to Ergomed.   

During the years ended September 30, 2022 and 2021, CEL-SCI did not issue Ergomed any shares of common stock. Additionally, no shares were sold during the year ended September 30, 2022.  During the year ended September 30, 2021, the company recorded Other Non-operating gains of approximately $1.7 million upon the resale of shares from the SPA. All outstanding shares have been resold as of September 30, 2022 and the Company has approximately $22,000 in amounts remaining in prepaid to Ergomed.