How did CVM's operating expenses trend in Q1 2025?

**Cel-Sci Corp (CVM) experienced a significant decline in stock price and a steep decrease in stock value, but showed promising results in its Multikine study.** Here's an analysis of CVM's operating expenses and financial health:

1. **Financial Strain and Stock Value Decrease**: Cel-Sci Corp's stock reached a 52-week low of $0.23, marking an alarming 87.6% annual decline. The company's financial health is under pressure, with an EBITDA of -$24.6 million and a weak overall financial health score of 1.43 out of 10. The stock's value has plummeted, and the company operates with $11.09 million in debt.

2. **New Data Published in Multikine Study**: Despite the challenging financial landscape, CEL-SCI published new data from its Phase 3 study of Multikine, which showed promising results. The study demonstrated a significant increase in 5-year survival rates for patients treated with Multikine, with a 73% survival rate compared to 45% in the control group. The treatment also resulted in a substantial improvement in quality of life for head and neck cancer patients.
3. **Ongoing Efforts for Marketing Approval**: CEL-SCI is advancing its efforts to gain marketing approval for Multikine. The company has received feedback from the FDA regarding its Statistical Analysis Plan for the Multikine Registration Study, and plans to commence its Confirmatory Registration Study after submitting the final clinical protocol to the FDA. CEL-SCI completed a $5 million stock offering to fund the continued development of Multikine, general corporate purposes, and working capital requirements.
4. **Potential Partnerships and Future Prospects**: To secure non-dilutive funding for the 212-patient confirmatory Registration Study, CEL-SCI is engaging in discussions for potential partnerships. Analysts have set price targets ranging from $6 to $10, indicating potential upside if Multikine receives approval.

In conclusion, while CVM faces significant financial challenges with operating expenses trending unfavorably, the company's focus on the development of Multikine as a potential treatment for head and neck cancer offers a glimmer of hope. The positive results from the Phase 3 study and the ongoing efforts to gain marketing approval suggest that CEL-SCI is committed to navigating its financial difficulties while pursuing a path towards recovery through the successful commercialization of Multikine.