NEW YORK, June 25, 2026, 15:07 EDT
- SELLAS jumped 12.6% to $10.33. Volume topped 12 million shares.
- With the company’s June 2 share count, the stock implied an equity value around $2.03 billion.
- The 8-K filed today focused on executive severance and change-of-control terms. It did not have any trial results.
- The REGAL Phase 3 AML trial had counted 78 of the 80 needed events as of May 11.
SELLAS Life Sciences Group Inc NASDAQ:SLS is up 12.6% at $10.33 in Thursday afternoon action, trading 12.2 million shares. The stock opened at $9.21, hit $11.05, and last traded at $10.33 at 2:51 p.m. EDT. Previous close was $9.17.
The real market cap isn’t the one being shown. SELLAS said on June 2 it has 196.6 million shares out, after it got about $28.7 million from warrant exercises in April and May. With shares at $10.33, that makes the equity value around $2.03 billion.
The move matters because the stock’s intraday range could shift implied equity value by around $409 million. That’s based on the June 2 share count and the $8.98 to $11.06 session range seen on trading app data. That’s close to triple the $135.8 million in March 31 cash and April-May warrant proceeds the company had, not counting any cash spent after quarter-end.
SELLAS filed an 8-K on June 24. The company changed CEO Angelos Stergiou’s employment contract, and revised severance and change-of-control terms for CFO John Burns and development lead Dragan Cicic. If Burns or Cicic lose their job in connection with a change of control, they get 15 months pay, the target bonus, COBRA paid up to 18 months, and all unvested stock awards vest in full.
There’s no new clinical data in the filing. Action is still centered on SELLAS’s May update for REGAL, the Phase 3 galinpepimut-S (GPS) study in AML. Back in May, SELLAS said 78 out of 80 required deaths had happened as of May 11. Final analysis is set to come after the 80th event. CEO Stergiou said the company was “preparing for the anticipated pivotal Phase 3 REGAL trial data readout” and talked about the “upcoming results.” Sellas Life Sciences
SELLAS said in May it started giving SLS009 to patients in a Phase 2 trial for newly diagnosed AML. The study will enroll 80 patients, with topline results seen in the fourth quarter. For the first quarter, SELLAS posted a net loss of $8.4 million and reported $107.1 million in cash and cash equivalents as of March 31.
Heavy short interest is leaning on the stock. MarketWatch put short interest at 61 million shares as of May 29, which is 33.19% of the float. Average volume sits at 7.49 million shares. By mid-afternoon Thursday, volume was about 20% of all shares reported short.
The jump sent shares over the $10 12-month price target average on Google Finance. Both Jason McCarthy at Maxim Group and James Molloy at Alliance Global Partners had Buy ratings and $10 targets in May, according to the site.
SELLAS put together a $150 million at-the-market equity program via TD Cowen, saying in May it hadn’t used it to sell any common shares yet. With the stock price up, that financing option matters more for investors who are already tracking dilution from exercised warrants.
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