I've studied the statistic on this from public information for a long time, the odds are highly in favor of a successful clinical trial with staggering consequences.

Has it really been over a year since I looked at Cel-Sci? I knew my life was missing something. Catching up was very entertaining. Things are as scuzzy and futile as ever over at Cel-Sci.

Last February I pointed out that the company's claim of being on track to complete enrollment of the phase III trial in 2015 was obviously nonsensical, and of course as of now the trial is still enrolling. I expect enrollment will get completed this year, though. Of course, the year topline data will appear is still anyone's guess. Similarly, the phase I trial of MuliKine for anal warts which was supposed to complete enrollment in 2015 is still enrolling.

Again, as I pointed out last year, Cel-Sci has no money and funds their operations (and executive salaries) through a never-ending series of below-market dilutive financings juiced with low-strike warrants. I thought about reading the 10Q to see how many series of warrants are currently outstanding and decided not to bother. Suffice it to say that virtually nothing will be able to give this stock momentum with all the warrant exercising that will take place on any upward movement. In May, Cel-Sci raised 5M through yet another RDO with warrants, which will keep them solvent for this quarter. Not paying their bills also helps - check their mounting accounts payable line item on their quarterly balance sheets.

Desperate Cel-Sci bagholders also dream of a multimillion dollar windfall from a lawsuit against their former CRO. Don't bet on it. The trial was originally set for May 2015 but keeps getting mysteriously postponed. Management has lately been very vague about any timeline for resolution. They did use the services of vulture legal financier Lake Whillans to fund their lawsuit. Lake Whillans is named after a subglacial lake in Antarctica. I'll leave the construction of the metaphor to the reader. There's also a countersuit against Cel-Sci by the CRO, which I haven't seen the company mention in any of their PR.

The other ongoing thread through this swamp of burning cash is promotion. Cel-Sci has hired notorious boiler room Redchip to spread the good word via all forms of electronic communication. On Seeking Alpha we can find Sharon DiStefano and "Just One Lab Nerd" incessantly waxing lyrical about the commercial prospects of MultiKine and lionizing management for their flawless execution of their business plan, meanwhile ignoring the utter destruction of the company's capital structure and share price. Of course, Seeking Alpha writers are never compensated by the companies they write about. It's right there in the disclosure. But Sharon DiStefano is very cozy with management. They give her personalized guided tours of their facilities. I'm sure if I gave them a call, I'd get the same treatment (not that I want to waste a day at Cel-Sci).

50 cents may seem like a cheap price to buy a stock, but thanks to the 140M share count Cel-Sci has a 72M market cap. Compare that to the 30M shares of common stock they had after the reverse split in late 2013. That's almost 400% dilution in less than three years, not even counting the zillions of outstanding warrants. I think the next step for Cel-Sci will be another reverse split, followed by some lying, then dilution, promotion, dilution, then more lying. I'll be back next year to see how my predictions fared this time around.