SELLAS Life Sciences Group (SLS) Q4 2025 earnings summary

Executive summary

• Advanced pivotal Phase 3 REGAL trial of GPS in AML, with final analysis pending upon reaching 80 events.

• First patient dosed in Phase 2 trial of SLS009 in newly diagnosed AML; positive Phase 2 data in relapsed/refractory AML presented at ASH 2025.

• Entered European collaboration to expand SLS009 clinical program, with enrollment of 40 patients anticipated in Q2 2026.

Financial highlights

• Cash and cash equivalents totaled $71.8 million as of December 31, 2025; an additional $42.6 million received in Q1 2026 from warrant exercises.

• Research and development expenses were $16.0 million for 2025, down from $19.1 million in 2024.

• General and administrative expenses were $12.3 million for 2025, slightly down from $12.4 million in 2024.

• Net loss for 2025 was $26.9 million, or $0.25 per share, compared to $30.9 million, or $0.50 per share, in 2024.

• Received $67.2 million in gross proceeds from warrant exercises in 2025.

Outlook and guidance

• 2026 expected to be a pivotal year with REGAL trial final analysis and expansion of SLS009 into earlier AML treatment settings.

• Additional clinical milestones anticipated, including European patient enrollment and further data disclosures.