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SLS

SELLAS Life Sciences Group, Inc.

SLS

SELLAS Life Sciences Group, Inc. • NASDAQ
$1.64 ▲ 11.99% (+0.17)
Market Cap $172.34 M
52w High $2.48
52w Low $0.77
Dividend Yield 0%
P/E -5.84
Volume 2.14M
Outstanding Shares 105.40M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $7.083M ▲ $-6.791M ▼ 0% $-0.06 ▲ $292K ▲
Q2-2025 $0 $6.873M ▲ $-6.601M ▼ 0% $-0.067 ▼ $-6.601M ▼
Q1-2025 $0 $6.063M ▼ $-5.813M ▲ 0% $-0.066 ▼ $-6.063M ▲
Q4-2024 $0 $6.918M ▼ $-6.737M ▲ 0% $-0.011 ▲ $-16.382M ▼
Q3-2024 $0 $7.329M $-7.108M 0% $-0.1 $-7.329M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $44.42M ▲ $51.555M ▲ $5.925M ▼ $45.63M ▲
Q2-2025 $25.297M ▼ $32.305M ▼ $6.156M ▼ $26.149M ▼
Q1-2025 $28.397M ▲ $34.956M ▲ $7.197M ▼ $27.759M ▲
Q4-2024 $13.886M ▼ $19.432M ▼ $9.967M ▼ $9.465M ▼
Q3-2024 $21.031M $26.505M $10.613M $15.892M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-6.791M ▼ $-7.068M ▲ $0 $26.091M ▲ $19.023M ▲ $-7.068M ▲
Q2-2025 $-6.601M ▼ $-7.33M ▲ $0 $4.23M ▼ $-3.1M ▼ $-7.33M ▲
Q1-2025 $-5.813M ▲ $-9.07M ▼ $0 $23.581M ▲ $14.511M ▲ $-9.07M ▼
Q4-2024 $-6.737M ▲ $-7.153M ▲ $0 $8K ▼ $-7.145M ▼ $-7.153M ▲
Q3-2024 $-7.108M $-7.806M $0 $19.69M $11.884M $-7.806M

Five-Year Company Overview

Income Statement

Income Statement SELLAS is essentially a research-stage company with no meaningful product revenue yet. Its income statement is driven almost entirely by research and operating expenses, which result in steady losses each year. The size of those losses appears broadly stable over time rather than exploding, but the business is clearly not self-funding. Reported earnings per share have swung sharply, likely reflecting changes in share count and reverse splits more than any real shift in the underlying economics. Overall, this is a classic pre-commercial biotech profile: spending to advance the pipeline, with all upside dependent on future approvals rather than current sales.

Balance Sheet

Balance Sheet The balance sheet is very small and lean, with a modest cash position and minimal other assets. There is effectively no financial debt, which reduces interest burden and default risk, but equity has been thin and even dipped negative at one point, indicating accumulated losses and recapitalizations. The company depends on raising new equity or securing partnerships to keep funding operations. The lack of hard assets and the tiny scale of the balance sheet are typical for a clinical-stage biotech, and they underscore how exposed SELLAS is to capital market conditions and trial outcomes.

Cash Flow

Cash Flow Cash flow is consistently negative, driven by spending on research, clinical trials, and overhead, with only modest investment in physical assets. Free cash flow is also negative, meaning the company consumes cash rather than generating it, and must periodically refill its coffers. There is no indication yet of internal cash generation from product sales. This pattern is normal for a late-stage biotech but highlights ongoing financing needs and the importance of timing between cash burn and potential catalysts like trial results or partnership deals.

Competitive Edge

Competitive Edge SELLAS occupies a focused niche in oncology, centered on a cancer vaccine and a targeted therapy aimed at difficult-to-treat blood cancers and some solid tumors. Its strengths include late-stage programs, orphan drug designations, and differentiated science targeting well-validated cancer pathways. The combination of an immunotherapy and a CDK9 inhibitor gives it a distinct story and potential for synergistic use and combination strategies. However, it competes in a crowded and rapidly evolving cancer field dominated by much larger companies with deeper resources, broad pipelines, and commercial footprints. SELLAS’s competitive position is therefore promising but fragile, heavily reliant on strong clinical data and its ability to secure strategic partners.

Innovation and R&D

Innovation and R&D Innovation is the core of SELLAS’s value. The WT1-targeting GPS cancer vaccine uses a proprietary technology designed to stimulate a broad and durable immune response, potentially letting one product apply across several cancer types and in the maintenance setting to prolong remission. The SLS009 CDK9 inhibitor aims to shut down key survival signals in cancer cells with high selectivity, which could translate into better efficacy and tolerability, especially for high-risk and treatment-resistant patients. The company is also leaning into combination regimens with existing therapies, which is where much of oncology is heading. The flip side is that both programs are still in clinical development, so there is significant scientific, regulatory, and execution risk, and further R&D spending will be needed to reach any commercial stage.

Summary

SELLAS is a small, late-stage biotech that lives and dies by its pipeline. Financially, it has no real revenue, runs recurring losses, and relies on external funding, but carries little or no debt. Strategically, it has carved out a differentiated position in oncology with two advanced assets, supported by encouraging trial signals and regulatory incentives in niche, high-need patient groups. The story is highly binary: major value creation depends on successful Phase 3 results, regulatory approvals, and commercialization or partnerships. Until then, the company remains a pre-revenue, clinically driven enterprise with meaningful scientific upside but also substantial financing and execution risk, which is typical for a company at this stage in biotech.

NEWS

October 27, 2025 · 8:30 AM UTC

SELLAS Life Sciences Group Announces Exercise of Existing Warrants Held by a Current Institutional Investor for $31 Million in Gross Proceeds

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