NEW YORK, July 18, 2026, 10:07 EDT
- SELLAS ended Friday at $13.19, gaining 12.3%.
- The company’s most recently reported share count suggests an early estimated equity value of $2.594 billion.
- The REGAL trial was still blinded after 78 out of the 80 required events.
SELLAS Life Sciences Group, Inc. NASDAQ:SLS rose 12.3% on Friday, closing at $13.19. Based on its most recent reported share count, the increase represented a gain of around $283 million. U.S. stock markets did not open on Saturday.
The calculation points to a share-count discrepancy. A current market feed displays a $2.275 billion market capitalization, a figure matching 172.5 million shares—the same as SELLAS’s weighted average for the first quarter.
SELLAS reported 196.6 million shares outstanding as of June 2. At a price of $13.19, this gives a preliminary equity value of $2.594 billion. This results in a difference of roughly $319 million.
Identical closing prices result in drastically different valuations:
| Share-count basis | Shares used | Implied equity value |
|---|---|---|
| Live-feed method, aligned with Q1 weighted average | 172.5 million | $2.275 billion |
| Outstanding shares as of May 11 | 186.0 million | $2.454 billion |
| Outstanding shares as of June 2 | 196.6 million | $2.594 billion |
Initial estimates based on rounded data and Friday’s closing price.
The lower number does not represent a snapshot share count. SELLAS had 181.3 million shares outstanding as of March 31. The weighted average takes into account share issuance throughout the quarter.
The updated basis further alters peer comparisons. SELLAS’s initial valuation stands 29% higher than Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX), and is 2.7 times higher than Kura Oncology, Inc. (NASDAQ:KURA).
Both rivals possess FDA-approved therapies for AML. SELLAS is still in the clinical development stage, with its primary catalyst forthcoming.
SELLAS reported that as of May 11, 78 out of the required 80 deaths had taken place. The company remains blinded. The 80th death will trigger database lock, data review, analysis, and subsequent unblinding.
Chief Executive Angelos Stergiou described the upcoming results as “an important milestone for the Company.” SELLAS’s investor site shows no more recent press releases. Sellas Life Sciences
Friday saw shares rebound after declines of 4.5% on Wednesday and 8.1% on Thursday. Despite this volatility, the stock finished 3.4% higher compared to the prior Friday’s close. Trading volume was 11.3 million, exceeding the 65-day average by 23%.
Share issuance expanded at a similar pace. The number of outstanding shares increased by 97% from May 2025 to June 2026. Cash stood at $107.1 million in March, with an additional $28.7 million coming from warrant proceeds.
Based on the same preliminary analysis, Friday’s $283 million increase was significant, amounting to 2.1 times the cash held in March together with those gross warrant proceeds. This comparison highlights how responsive the shares are to trial-related expectations.
No dated SELLAS event appears on the calendar for next week. Standard trading is set to restart on Monday, July 20, at 9:30 a.m. EDT. Investors are alert for any announcement regarding the unscheduled 80th-event notice.
Risks: REGAL may yield disappointing or ambiguous outcomes. The results may also be delayed. Additional warrant exercises or use of the $150 million ATM could further increase the number of shares.
