NEW YORK, July 27, 2026, 2:01 p.m. EDT
- The Nasdaq market remained open. SELLAS shares were at $10.88 as of 1:46 p.m. EDT, marking a 3.9% decrease.
- The State Street SPDR S&P Biotech ETF (NYSEARCA:XBI) rose by 0.8%, indicating that the sector’s weakness was not universal.
- The most recent reported share count suggests a provisional equity value of $2.14 billion, representing a 14% premium to the market value shown on the live feed.
Shares of SELLAS Life Sciences Group, Inc. slid 3.9% on Monday following an 8.3% decline on Friday. The stock reached a low of $9.60 before rebounding to $10.88.
The action contrasted with the broader biotechnology sector, as XBI rose roughly 0.8% during the same period.
The upcoming formal catalyst is closely focused. SELLAS previously noted 78 deaths in its Phase 3 REGAL study, just two away from the threshold for final analysis. The company continues to operate under full blinding.
A less obvious concern involves the denominator. The real-time feed displayed a market value of $1.88 billion at a price of $10.88.
This number represents 172.5 million shares, aligning with SELLAS’ weighted average share count from the first quarter rather than the most recent outstanding total.
On June 2, SELLAS revealed 196.6 million shares. Based on Monday’s share price, this results in a preliminary equity valuation of $2.14 billion. The shortfall is roughly $263 million, equating to 14%.
| Investor measure | Latest figure | Comparison |
|---|---|---|
| SLS share price | $10.88 | Dropped 3.9% Monday |
| Live-feed market value | $1.88 billion | Represents 172.5 million shares |
| Equity value using June 2 count | $2.14 billion | 14.0% above |
| Pro forma gross cash | $135.8 million | Excludes Q2 spending |
| Cash-adjusted equity value | $2.00 billion | Gross cash makes up roughly 6.3% |
| REGAL event count | 78 of 80 | 97.5% to final trigger |
* Early estimate based on $10.88 and the 196.6 million share figure announced on June 2.
March 31 cash combined with warrant proceeds from April and May. This does not represent the latest cash balance.
Shares increased by 28.4% since the end of the year. Warrant exercises generated $72.8 million in proceeds by May, an amount 8.2 times greater than operating cash used during the first quarter.
The funding provided greater flexibility, yet resulted in dilution for current shareholders. The number of outstanding shares rose from 153.1 million as of December 31 to 196.6 million by June 2.
SELLAS reported $107.1 million in cash as of March 31. Including warrant proceeds from April and May, the total rises to $135.8 million before any spending in the second quarter. With an equity value of approximately $2.14 billion, nearly 94% of that valuation exceeds this gross cash amount.
REGAL is evaluating galinpepimut-S (GPS) against the standard available therapy in patients with acute myeloid leukaemia following a second complete remission. The main endpoint is overall survival. Final analysis will be initiated once 80 death events occur.
An independent committee assessed unblinded data after 60 events, advising the trial to proceed without modifications and indicating no safety issues. SELLAS remains blinded to results by treatment group.
The difference is important. The rate of combined deaths does not reveal whether survival is being affected by GPS or by the control group.
In May, Chief Executive Angelos Stergiou described the results stemming from the 80th event as “an important milestone for the Company.” Sellas Life Sciences
The event prompts database locking, a blinded review, statistical evaluation, and eventual unblinding. Initial top-line data is released afterwards.
SLS009 provides investors access to a second AML program. Top-line results from an 80-patient Phase 2 first-line study are anticipated in the fourth quarter.
Funding concerns have eased but persist. In May, SELLAS indicated it had sufficient resources to support its planned activities for a minimum of 12 months. Additionally, the company maintains a $150 million at-the-market program that poses dilution risk to shareholders.
Risks are focused. If the REGAL endpoint does not succeed, a significant part of the initial $2.00 billion cash-adjusted valuation could be at risk. Expenses could increase, there could be changes to the schedule of events, and additional equity offerings are still on the table.
For investors, the 80th-event notice merely signals the beginning. The critical data will come from the overall-survival outcome when unblinded.
