NEW YORK, July 17, 2026, 17:09 EDT
- U.S. markets were shut for regular sessions. SELLAS ended at $13.19, gaining 12.3%.
- The stock rose 3.4% over the week following two steep drops.
- The preliminary equity value climbed by approximately $1.62 billion since May 12.
SELLAS Life Sciences Group, Inc. NASDAQ:SLS has gained approximately $1.62 billion in equity value following its REGAL update in May. Shares climbed to $13.19 in a rebound on Friday.
The rise is significant as disclosed liquidity accounts for only a small portion of the revised valuation. Based on the June 2 share count, the equity value stands at approximately $2.59 billion.
SELLAS has not yet reviewed the Phase 3 results. As of May 11, its report filed on May 12 disclosed 78 out of the 80 expected deaths. On that day, shares ended trading at $5.22.
| Measure | May reference | July 17 close | Change |
|---|---|---|---|
| Share price | $5.22 | $13.19 | +152.7% |
| Shares outstanding | 186.0 million, May 11 | 196.6 million, June 2 | +5.7% |
| Estimated equity value | $0.97 billion | $2.59 billion | +$1.62 billion, or 167.1% |
The figures are based on reported share counts closest to each price date. The number for July relies on June 2 data and is still preliminary. Increases in shares explain the difference between the percentage rises.
As of March 31, cash was $107.1 million. Warrant exercises boosted available funds by $28.7 million during April and May. Combined, gross liquidity reached $135.8 million before factoring in second-quarter expenditures.
The proxy represents 5.2% of the preliminary equity value as of Friday. There is roughly $2.46 billion above this level. This means reported liquidity accounts for just a minor share of the valuation.
REGAL is evaluating galinpepimut-S, known as GPS, in AML patients post-second complete remission. The main endpoint is overall survival. Database lock, blinded review, statistical analysis and unblinding will begin at event 80.
Chief Executive Angelos Stergiou described the results as “will be an important milestone for the Company.” SELLAS added it will disclose when the 80th event has taken place. SEC
Friday concluded a turbulent week. Shares dropped by 12.3% on Wednesday and Thursday before bouncing back. Trading volume hit 11.2 million shares, marking the highest level of the week.
Analyst coverage is limited. Maxim’s Jason McCarthy maintained a Buy rating with a $30 price target on July 9. Alliance Global’s James Molloy reiterated Buy and set a $25 target on July 6.
There is no set REGAL date scheduled for next week. The trial’s timeline depends on events, so timing can fluctuate. An 80th-event notification would indicate the start of the lock-and-analysis process.
A later catalyst will come from SLS009. SELLAS is set to report top-line data from an 80-patient first-line AML trial in the fourth quarter.
Risks: REGAL faces the possibility of falling short of its survival endpoint or delivering inconclusive data. The timeline is still unclear. SELLAS holds access to a $150 million ATM facility. As of May 12, the company had not drawn on it, but any future use could dilute shareholder value.
Friday’s recovery resulted in a slight weekly increase, but the valuation gap remained. The gross liquidity proxy continues to represent about one-twentieth of estimated equity value.
