Second quarter 2026
Filed Aug 11, 2026SELLAS Life Sciences Reports Second Quarter 2026 Financial Results and Provides Corporate Update
SELLAS reported continued clinical execution and approximately $138.3 million in cash and cash equivalents, but quarterly research and development expense, general and administrative expense, operating loss, and net loss were all higher than the comparable 2025 quarter.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Research and development expensesGAAP | $6.3 million | – | – |
| General and administrative expensesGAAP | $4.4 million | – | – |
| Total operating expensesGAAP | $ 10,629 (Amounts in thousands) | – | – |
| Loss from operationsGAAP | $ (10,629) (Amounts in thousands) | – | – |
| Interest incomeGAAP | $ 1,024 (Amounts in thousands) | – | – |
| Total non-operating incomeGAAP | $ 1,024 (Amounts in thousands) | – | – |
| Net lossGAAP | $9.6 million | – | – |
| Net loss per common share, basic and dilutedGAAP | $ (0.05) | – | – |
| Weighted-average common shares outstanding, basic and dilutedGAAP | 189,183,620 | – | – |
| Research and development expenses, six months ended June 30GAAP | $ 11,401 (Amounts in thousands) | – | – |
| General and administrative expenses, six months ended June 30GAAP | $ 8,480 (Amounts in thousands) | – | – |
| Total operating expenses, six months ended June 30GAAP | $ 19,881 (Amounts in thousands) | – | – |
| Loss from operations, six months ended June 30GAAP | $ (19,881) (Amounts in thousands) | – | – |
| Interest income, six months ended June 30GAAP | $ 1,869 (Amounts in thousands) | – | – |
| Total non-operating income, six months ended June 30GAAP | $ 1,869 (Amounts in thousands) | – | – |
| Net loss, six months ended June 30GAAP | $ (18,012) (Amounts in thousands) | – | – |
| Net loss per common share, basic and diluted, six months ended June 30GAAP | $ (0.10) | – | – |
| Weighted-average common shares outstanding, basic and diluted, six months ended June 30GAAP | 180,878,720 | – | – |
| Cash and cash equivalentsGAAP | approximately $138.3 million | – | – |
Q4 2026 and ongoing clinical-program milestones outlook
- NoteTopline data expected in Q4 2026 for the ongoing 80-patient Phase 2 trial of SLS009 in newly diagnosed AML patients.
- NoteThe Company will announce when the required pre-specified 80th event occurs in the Phase 3 REGAL trial of GPS.
- Note28 patients have been enrolled in the ongoing 80-patient Phase 2 trial in newly diagnosed AML patients.
- NoteThe data from preclinical PDAC experiments are expected to be presented at an upcoming medical conference.
What drove it
- Research and development expense increased primarily due to increases in manufacturing costs, clinical and regulatory consulting, and clinical trial expenses in preparation for a potential Biologics License Application for GPS following the final analysis of the REGAL study.
- General and administrative expense increased primarily due to increases in professional fees and non-cash stock-based compensation.
- The Phase 3 REGAL trial is approaching the pre-specified 80th event, which will trigger database lock, blinded data review procedures, statistical analysis, unblinding, and disclosure of topline results.
- Enrollment and dosing continue in the Phase 2 SLS009 frontline AML study, with 28 patients enrolled.
- SLS009 demonstrated activity as a single agent in PDAC cells largely resistant to leading RAS inhibitors and synergized with the RAS inhibition mechanism of action in preclinical experiments.
Concerns
- Quarterly net loss was $9.6 million, compared with $6.6 million for the second quarter of 2025.
- Research and development expenses were $6.3 million, compared with $3.9 million for the same period in 2025.
- General and administrative expenses were $4.4 million, compared with $3.0 million for the same period in 2025.
- The final efficacy analysis of the Phase 3 REGAL trial remains contingent on occurrence of the pre-specified 80th event and subsequent database lock, review, analysis, and unblinding.
- The SLS009 PDAC results described in the filing are preclinical, and the Company stated that clinical development preparations are ongoing.
What to watch
- Announcement of the required pre-specified 80th event in the Phase 3 REGAL trial of GPS and the subsequent disclosure of topline results.
- Topline data expected in Q4 2026 from the Phase 2 SLS009 trial in newly diagnosed AML patients.
- Continued enrollment and dosing in the ongoing 80-patient Phase 2 SLS009 AML trial.
- Presentation of preclinical PDAC data at an upcoming medical conference.
- Research and development spending associated with potential BLA preparation for GPS.
Balance sheet and cash flow
- Cash and cash equivalents were $ 138,343 (Amounts in thousands) at June 30, 2026, compared with $ 71,793 (Amounts in thousands) at December 31, 2025.
- Restricted cash and cash equivalents were $ 100 (Amounts in thousands) at June 30, 2026 and $ 100 (Amounts in thousands) at December 31, 2025.
- Total current assets were $ 142,505 (Amounts in thousands) at June 30, 2026, compared with $ 75,211 (Amounts in thousands) at December 31, 2025.
- Total assets were $ 145,382 (Amounts in thousands) at June 30, 2026, compared with $ 78,345 (Amounts in thousands) at December 31, 2025.
- Total liabilities were $ 7,726 (Amounts in thousands) at June 30, 2026, compared with $ 7,474 (Amounts in thousands) at December 31, 2025.
- Total stockholders’ equity was $ 137,656 (Amounts in thousands) at June 30, 2026, compared with $ 70,871 (Amounts in thousands) at December 31, 2025.
- Cash flow from operations and free cash flow were not reported in the provided filing text.
Analysis
SELLAS reported a clinical-execution update alongside a larger quarterly loss. Research and development expenses were $6.3 million versus $3.9 million in the comparable 2025 quarter, while general and administrative expenses were $4.4 million versus $3.0 million. The company attributed the research and development increase to manufacturing, clinical and regulatory consulting, and clinical-trial costs associated with preparation for a potential BLA for GPS after final REGAL analysis. Professional fees and non-cash stock-based compensation drove the general and administrative increase.
The higher expense base resulted in a $9.6 million net loss, compared with $6.6 million in the second quarter of 2025. Loss from operations was $ 10,629 (Amounts in thousands), compared with $ 6,873 (Amounts in thousands), while interest income was $ 1,024 (Amounts in thousands), compared with $ 272 (Amounts in thousands). Basic and diluted net loss per share was $ (0.05), compared with $ (0.07), alongside weighted-average common shares outstanding of 189,183,620, compared with 98,558,567.
The central operating catalyst is GPS. SELLAS stated that the Phase 3 REGAL study is approaching the required pre-specified 80th event. That event begins the process of database lock, blinded review, statistical analysis, unblinding, and eventual topline disclosure. The company also continued dosing in the SLS009 Phase 2 study in newly diagnosed AML, where 28 patients have been enrolled in the ongoing 80-patient trial and topline data are expected in Q4 2026.
Liquidity was the principal financial support for these development activities. Cash and cash equivalents totaled approximately $138.3 million as of June 30, 2026. The balance sheet reported $ 138,343 (Amounts in thousands) of cash and cash equivalents, compared with $ 71,793 (Amounts in thousands) at December 31, 2025. The filing did not provide operating cash flow, free cash flow, debt, revenue guidance, expense guidance, or a stated capital-return program.
The quarter therefore combines progress toward discrete clinical milestones with a substantially higher development and overhead cost base. Investors should focus on timing of the REGAL 80th event and final analysis, the Q4 2026 SLS009 topline data, enrollment progress in the 80-patient study, and whether spending continues to rise as the company prepares for a potential GPS BLA submission. The PDAC opportunity remains an earlier-stage preclinical program, with data expected at an upcoming medical conference.
Management, verbatim
The second quarter was an important period of execution for SELLAS as we continued to advance both of our lead clinical programs, GPS and SLS009.
Angelos Stergiou, MD, ScD h.c., President and Chief Executive Officer of SELLAS
For GPS, we are approaching the pre-specified 80th event in the Phase 3 REGAL trial marking a critical step toward the final efficacy analysis and, if successful, a potential BLA submission to the FDA.
Angelos Stergiou, MD, ScD h.c., President and Chief Executive Officer of SELLAS
At the same time, we are making meaningful progress with SLS009 in our ongoing Phase 2 frontline AML study, where dosing continues and enrollment is tracking ahead of industry standards, with topline data expected in the fourth quarter of 2026.
Angelos Stergiou, MD, ScD h.c., President and Chief Executive Officer of SELLAS
Not in the filing
stated, not guessed- Total revenue was not reported in the provided filing text.
- Revenue by segment was not reported.
- Gross profit and gross margin were not reported.
- Non-GAAP financial metrics, including non-GAAP operating income, net income, and EPS, were not reported.
- Prior-quarter comparisons for quarterly operating expenses, operating loss, interest income, net loss, EPS, and weighted-average shares were not reported.
- Percentage year-over-year and quarter-over-quarter changes for the reported financial metrics were not printed.
- Operating cash flow and free cash flow were not reported.
- Debt was not reported.
- Share repurchases, dividends, and other capital-return activity were not reported.
- Financial guidance for revenue, gross margin, operating expenses, and tax rate was not reported.
- Previous-quarter outlook was not provided.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.