Sellas Life Sciences Group Inc (SLS)
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symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
The substance is sound: as of March 31, 2026, $107.1 million of cash stands against $6.8 million of liabilities, there is no interest-bearing debt, no indication of a threat to the going concern, and with roughly $135.8 million of available funds against an operating outflow of $28.4 million in 2025 the runway is measured in years rather than quarters. What is open is an operational question, and it is the largest one available: the company has never generated product revenue since inception, and the outcome hangs on a single event — the final analysis of the Phase 3 REGAL study, which only triggers at 80 events (78 as of May 11, 2026). Add that both drug candidates are in-licensed and that 13 full-time employees would have to carry a regulatory filing in the success case. That is not a proven threat to substance, but it is not proven quality either — hence yellow. The decision is yours.
symbol.quality_note
Some companies wait for a date. SELLAS Life Sciences waits for a number. Its Phase 3 REGAL study is only read out once 80 deaths have occurred — as of May 11, 2026 the count stood at 78. Until then the company is blinded to its own data, and nobody can say whether the last two events arrive in a week or in half a year. What is settled sits in the filings with the U.S. securities regulator, the SEC: 13 full-time employees, no product revenue, $107.1 million of cash as of March 31, 2026 — and a share count that grew from 32.1 million at the start of 2024 to 196,632,574 on June 2, 2026. Let us work out how much of a roughly $2.2 billion market value is expectation already paid for.
Read the analysis
Stock Watch
This analysis is as of July 26, 2026. Stock Watch will tell you what's changed at SLS since then.
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Appears in These Scanners
This stock currently matches 25 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 10.00 $ — 61% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Uses AIDie zwei mutierten Peptide des Hauptwirkstoffs galinpepimut-S wurden laut Geschäftsbericht mithilfe künstlicher Intelligenz von Forschern des Memorial Sloan Kettering Cancer Center entworfen — KI ist bei SELLAS Entwicklungswerkzeug, aber keine Umsatzquelle; im Risikoteil taucht KI nur als allgemeines Technologierisiko der Zulieferer auf.
View the full file — quotes, sources, reviewed filings
„These mutated peptides are designed using artificial intelligence, or AI, by researchers at MSK, to elicit strong T-cell response against both mutated peptides and naturally occurring peptides in cancer cells."
Diese mutierten Peptide werden von Forschern des MSK mithilfe künstlicher Intelligenz (KI) entworfen, um eine starke T-Zell-Antwort sowohl gegen die mutierten als auch gegen die natürlich vorkommenden Peptide in Krebszellen auszulösen.
„Our vendors may incorporate generative artificial intelligence tools into their offerings without disclosing this use to us, and the providers of these generative artificial intelligence tools may not meet existing or rapidly evolving regulatory or industry standards with respect to privacy and data protection and may inhibit our or our vendors’ ability to maintain an adequate level of service and experience."
Unsere Dienstleister könnten Werkzeuge der generativen künstlichen Intelligenz in ihre Angebote einbauen, ohne uns diese Nutzung offenzulegen, und die Anbieter dieser Werkzeuge erfüllen möglicherweise bestehende oder sich rasch entwickelnde aufsichtsrechtliche oder branchenübliche Standards zum Datenschutz nicht — was uns oder unsere Dienstleister daran hindern kann, ein angemessenes Leistungsniveau zu halten.
„These mutated peptides are designed using artificial intelligence, or AI, by researchers at MSK, to elicit strong T-cell response against both mutated peptides and naturally occurring peptides in cancer cells."
Diese mutierten Peptide werden von Forschern des MSK mithilfe künstlicher Intelligenz (KI) entworfen, um eine starke T-Zell-Antwort sowohl gegen die mutierten als auch gegen die natürlich vorkommenden Peptide in Krebszellen auszulösen.
Filings Reviewed: 10-Q 2026-05-12 · 10-Q 2025-11-12 · 10-Q 2025-08-12 · 10-Q 2025-05-13 · 10-K 2026-03-19 · 10-K 2025-03-20
Rated on July 26, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 0.0% above the current price.
- Consensus
- Strong Buy
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Next Reporting Date
- Expected Earnings per Share
- -0.04 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.09 | – | 0 | – | – | -7 | -7 |
| 2025: Q1 | -0.07 | – | 0 | – | – | -9 | -9 |
| 2025: Q2 | -0.07 | – | 0 | – | – | -7 | -7 |
| 2025: Q3 | -0.06 | – | 0 | – | – | -7 | -7 |
| 2025: Q4 | -0.05 | – | 0 | – | – | -5 | -5 |
| 2026: Q1 | -0.05 | – | 0 | – | – | -9 | -9 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
The interim analysis at 60 events went well — in January 2025 the independent data monitoring committee recommended continuing REGAL without modifications. Proof of efficacy is still missing: SELLAS is blinded, does not know the survival data and only reads out at 80 events. On May 11, 2026 the count was 78.
As of March 31, 2026, $107.1 million of cash stands against $6.8 million of liabilities with no interest-bearing debt; the equity ratio is roughly 90 percent. On January 1, 2024 equity was still negative at minus $8.0 million. A further $28.7 million of warrant proceeds arrived through June 2, 2026.
The share count rose from 32,132,890 (January 1, 2024) to 196,632,574 (June 2, 2026) — more than six times over in two and a half years. As of March 31, 2026 another 35.9 million shares were reserved, including 22.4 million warrants at $2.00 running to October 2030.
SLS009 is not a placeholder: in July 2025 the Phase 2 study in relapsed or refractory AML met all primary endpoints (33 percent response rate across 54 evaluable patients, 50 percent in ASXL1-mutated patients against a 20 percent threshold), the FDA cleared the path into first-line therapy, and the European IMPACT-AML network joined in January 2026.
Both candidates are in-licensed — GPS from Memorial Sloan Kettering Cancer Center, SLS009 from GenFleet Therapeutics. Chinese licensee 3D Medicines has enrolled no mainland patient since the second half of 2023 and has not paid two milestones totaling $13.0 million; the arbitration has been running since December 20, 2023 without an outcome.
Roughly $2.23 billion of market value (closing price $11.32 on July 24, 2026) stands against roughly $135.8 million of tangible funds and no revenue — a good $2.09 billion is expectation already paid for, 20.7 times book value. On June 30, 2025 the entire float was worth $219.1 million.
SELLAS Life Sciences is a case you can tell in two sentences. The balance sheet is that of a healthy company: $107.1 million of cash as of March 31, 2026, $6.8 million of liabilities, no interest burden, plus a second drug whose Phase 2 study met all primary endpoints in July 2025. The business is a bet: no product revenue since inception, 13 full-time employees, both candidates in-licensed, an accumulated deficit of $283.4 million — and a lead product whose registration study is only read out once 80 deaths have occurred. On May 11, 2026 the count was 78, and a date is expressly not predictable. The road there was paid for in stock: 32.1 million shares at the start of 2024 became 196,632,574 on June 2, 2026. Not investment advice.
- SLS reached our research list as rank 6 of 28 U.S. hits in our in-house Moglen weekly ranking (as of July 25, 2026, relative strength rating 98) — part of the series filling the top 50 of that ranking with analyses. Scanner lists are recalculated daily.
- What the scanner measures: at least 15 percent price gain over four trading days, at least 10 million dollars of average daily turnover and a relative strength rating of 70 or higher. Those are pure price criteria and say nothing about the quality of the business.
- Confusion risk: the symbol "SLS" also belongs to Solstice Minerals on the Australian exchange and to Solaris Resources on the Canadian TSX. Every figure in this analysis comes from the U.S. line only — Nasdaq, ISIN US81642T2096, SEC identifier CIK 0001390478, identical in the market data feed and in the EDGAR registry.
- Ratio trap: the Piotroski F-Score (2 of 9) and the Altman Z-Score (173.6) carry little meaning at a company with no revenue and no debt — the first is pushed down because four of its criteria require profit or a profit margin, the second distorted upward because there are barely any liabilities to weigh against.
- Recency note: the latest quarterly report (10-Q) is dated May 12, 2026. Everything filed afterwards has been reviewed — the Form 8-K of June 2, 2026 (Item 8.01, cash, warrant proceeds and share count), the S-8 of June 16, 2026, the Form 8-K of June 18, 2026 (Item 5.07, annual meeting) and the Form 8-K of June 25, 2026 (Item 5.02, amended severance and change-of-control agreements). There is no takeover, no merger and no delisting.
- Valuation figures dated and evergreen: the only price anchor is the closing price of $11.32 on July 24, 2026 (market value roughly $2.23 billion on 196,632,574 shares); short interest of 32.3 percent of the float is a snapshot as of July 26, 2026 and is reported anew every two weeks. Watch list: the announcement of the 80th REGAL event, the next quarterly report with the current share count, and an award in the 3D Medicines arbitration.
About the Company
SELLAS Life Sciences Group, Inc., ein biopharmazeutisches Unternehmen in später klinischer Phase, konzentriert sich auf die Entwicklung neuartiger Therapeutika für verschiedene Krebsindikationen in den USA.
| Employees | 13 |
|---|---|
| Headquarters | New York, NY |
| Website | sellaslifesciences.com |
| IPO Date | 29. Dec 2017 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Angelos M. Stergiou M.D., ScD h.c. | Founder, President, CEO & Director | 1976 |
| John Thomas Burns CPA | Senior VP & CFO | 1985 |
| Dragan Cicic M.D., MBA | Senior VP & Chief Development Officer | 1963 |
| Stacy E. Yeung | VP, General Counsel & Corporate Secretary | – |
| Andrew Elnatan | Senior VP of Regulatory Affairs, CMC & Quality | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.