Sellas Life Sciences Group Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
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.
Why this colour
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.
What the thesis turns on
Assessment: Opportunities & Risks
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.
Trial status
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.
Balance sheet
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.
Dilution
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.
Second candidate
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.
Partners and licenses
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.
Valuation
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.
Worth Noting
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at SLS since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 1.40 $ to 15.50 $ · Last price: 11.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Sellas Life Sciences Group Inc SLS | 2.3 | – | -1.7 | – | 0.0 | -100.0 | 582.3 |
| Vertex Pharmaceuticals Inc VRTX | 130.6 | 31.3 | 24.5 | 55.0 | 38.1 | 9.6 | 33.4 |
| Regeneron Pharmaceuticals Inc REGN | 82.0 | 19.9 | 13.1 | 44.5 | 20.7 | 1.0 | 35.5 |
| Moderna Inc MRNA | 62.7 | – | 4.6 | -66.0 | -131.1 | -39.2 | 532.3 |
| argenx NV ARGX | 61.9 | 38.1 | 34.2 | 59.1 | 32.0 | 89.6 | 30.9 |
| Revolution Medicines Inc RVMD | 40.9 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 338.3 |
| BeiGene, Ltd. ONC | 40.0 | 63.1 | 34.1 | 88.9 | 19.1 | 40.2 | 6.4 |
| Alnylam Pharmaceuticals Inc ALNY | 32.6 | 61.8 | 28.4 | 79.7 | 23.0 | 65.2 | -48.1 |
| Royalty Pharma Plc RPRX | 32.5 | 31.8 | 19.6 | 95.8 | 100.3 | 5.1 | 68.6 |
| Median of companies shown | 40.9 | 34.9 | 19.6 | 57.0 | 20.7 | 5.1 | 35.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 0 | -16 | -24 | -70.94 | -45 | 29 | 66 |
| 2017 | 0 | -16 | -24 | -507.49 | -11 | 2 | 34 |
| 2018 | 0 | -32 | -28 | -105.80 | -30 | 5 | 17 |
| 2019 | 0 | -20 | -19 | -7.54 | -18 | 6 | 17 |
| 2020 | 0 | -17 | -17 | -2.10 | -10 | 28 | 46 |
| 2021 | 8 | -25 | -21 | -1.34 | -26 | 20 | 26 |
| 2022 | 1 | -42 | -41 | -2.13 | -24 | 5 | 21 |
| 2023 | 0 | -38 | -37 | -1.34 | -31 | -8 | 6 |
| 2024 | 0 | -32 | -31 | -0.50 | -35 | 9 | 19 |
| 2025 | 0 | -28 | -27 | -0.25 | -28 | 71 | 78 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| 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 |
| 2026: Q2 | -0.05 | 28.60 | – | – | – | -8 | -8 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 26 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Swing Trading List
- Near 52-Week High
- Power Trend
- Qullamaggie: Top Gainers 6M
- Qullamaggie: Trend Intensity (13/65)
- RS Leader (≥90)
- RS New Highs
- Richard Moglen: 1 Week Top Performers
- Richard Moglen: Top Performers 3/6 Month
- Stan Weinstein: Checklist
- Stan Weinstein: Stage 2
Research
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
Outlook
Analysts & Price Target
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.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.20 | -0.20 – -0.20 | 0 | 20.0% | 1 |
| 12/31/2027 | -0.10 | -0.20 – 0.00 | 53 | 50.0% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Die 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.
10-K · 2026-03-19 · View SEC filing
„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.
10-K · 2026-03-19 · View SEC filing
„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.
10-K · 2025-03-20 · View SEC filing
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
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -100.0%
- More than 10% revenue growth is expected for the coming year 0.0%
- Share count grows by less than 3% a year 77.8%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") no data
- Gross margin at 40% or higher and without meaningful erosion no data
- Goodwill from acquisitions does not grow faster than revenue 2.4%
- Net debt below twice EBITDA 71 m net cash
- Operating cash flow covers the profits of the last three years 0 m
- Return on capital at 15% or higher, or up versus two years ago -39.6%
- Insiders hold at least 10% or are net buyers 1.0%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% –
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% –
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -39.0%
- ROCE > 15% -39.6%
- Expected return > 10% –
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
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
- Address
- 7 Times Square, 10036 New York, United States
- Phone
- 646 200 5278
- Website
- sellaslifesciences.com
- IPO Date
- 12/29/2017
- ISIN
- US81642T2096
- Stock Split
- 1:50 on 11/08/2019
- Stock Split
- 1:30 on 01/02/2018
- Stock Split
- 1:20 on 11/14/2016
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.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 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.