The stock is a binary event play on the REGAL trial readout. With 78 of 80 events reached, the data release could come any day. A positive result would be transformative; a negative result would likely devastate the stock. The ATM facility adds overhang risk. Monitor for the 80th event announcement.
Price Chart
Executive Summary
SELLAS reported Q1 2026 results with a net loss of $8.4M ($-0.05 EPS) vs consensus $-0.06, a 16.7% beat. The key catalyst is the Phase 3 REGAL trial approaching its 80th event (78 events as of May 11), which will trigger the final data readout. Cash position strengthened to $107.1M, and the company established a $150M ATM facility (no shares sold yet).
Key Financial Metrics
Key Facts
- Q1 2026 net loss of $8.4M ($-0.05 EPS) vs $5.8M ($-0.07 EPS) in Q1 2025
- Cash and cash equivalents of $107.1M as of March 31, 2026, up from $71.8M at year-end 2025
- Phase 3 REGAL trial of GPS in AML: 78 events recorded as of May 11, 2026; final analysis triggered at 80th event
- Established $150M ATM equity offering facility (no shares sold to date)
- Received $7.5M additional proceeds from warrant exercises in Q2 2026 to date
- R&D expenses increased to $5.1M from $3.2M YoY, driven by BLA preparation costs
Financial Impact
No revenue; net loss widened to $8.4M from $5.8M YoY; cash burn rate increased
Risk Factors
- REGAL trial failure would eliminate the primary pipeline value
- ATM equity facility creates dilution risk if utilized
- Widening net loss and increasing cash burn rate
- No approved products or revenue streams
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001390478-26-000009 |
| Document: sls-20260512.htm | 0001390478-26-000009 |
| Document: 0001390478-26-000009-index-headers.html | 0001390478-26-000009 |
| Document: 0001390478-26-000009-index.html | 0001390478-26-000009 |
| Document: 0001390478-26-000009.txt | 0001390478-26-000009 |
| 8-K Data (Synthetic) | 0001390478-26-000009 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 25, 2026 4w ago | Press Release | $11.61 | awaiting T+60 | — | $11.34 (−2.33%) |
Jun 2, 2026 20w ago | 8-K | $8.33 $13.73 | ▲ +64.83% | ▲ +63.71% | $11.34 (+36.13%) |
May 12, 2026 23w ago | 8-K | $6.53 $12.01 | ▲ +83.92% | ▲ +79.48% | $11.34 (+73.66%) |
Apr 23, 2026 26w ago | DEFA14A | $4.46 $12.90 | ▲ +189.24% | ▲ +184.16% | $11.34 (+154.26%) |
Mar 19, 2026 31w ago | Press Release | $4.76 $7.83 | ▲ +64.50% | ▲ +50.08% | $11.34 (+138.24%) |
Mar 17, 2026 31w ago | Press Release | $4.95 $7.75 | ▲ +56.57% | ▲ +45.04% | $11.34 (+129.09%) |
Mar 12, 2026 32w ago | Press Release | $5.03 $8.23 | ▲ +63.62% | ▲ +52.92% | $11.34 (+125.45%) |
US Market Status
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