CEL-SCI signed an agreement with Saudi Amarox Co. covering the registration, commercialization, and distribution of Multikine in Saudi Arabia, with the companies agreeing to a 50/50 split of net product sales revenue if the investigational cancer therapy receives the required regulatory approvals.
Under the May 2026 agreement, Amarox will act as CEL-SCI’s local representative before the Saudi Food and Drug Authority. Following applicable approvals, Amarox would become Multikine’s exclusive distributor in Saudi Arabia.
The economics are notable because the revenue split does not mean development and regulatory costs are shared equally. Amarox is generally responsible for 50% of official SFDA product-registration fees, while CEL-SCI is responsible for substantially all other costs associated with registration, regulatory support, manufacturing and related activities.
CEL-SCI had not recognized revenue, liabilities or other material financial amounts from the Saudi agreement at June 30. Any future commercialization remains contingent on regulatory approval, meaning the 50/50 structure represents potential future economics rather than an existing revenue stream.
The agreement builds on CEL-SCI’s broader Saudi regulatory strategy. In August 2025, the company filed an application for Breakthrough Medicine Designation with the SFDA for Multikine through a Saudi pharmaceutical and healthcare company.
CEL-SCI is also planning a confirmatory Phase 3 registration study as part of its effort to support marketing applications in the United States and pursue additional approvals in Canada, the United Kingdom and Europe. The company continues to base the program on analyses from its completed Phase 3 study and subsequent published clinical work.
Multikine remains a development-stage asset, and CEL-SCI generated no commercial product revenue during the quarter. Q2 R&D expense was approximately $3.65 million, while G&A expense was $1.91 million. Net loss was approximately $5.67 million, essentially unchanged from $5.66 million a year earlier.
The Saudi agreement gives CEL-SCI a defined commercialization framework in a new geographic market before approval, but the potential revenue opportunity remains dependent on obtaining regulatory clearance and successfully bringing Multikine to market.
