SELLAS Life Sciences Group, Inc. reported a net loss of $26.9 million for the year ended December 31, 2025, compared to a net loss of $30.9 million for the previous year. The company's operating expenses totaled $28.3 million, which included $16.0 million in research and development and $12.3 million in general and administrative costs. This compares to $31.5 million in operating expenses for 2024, which included $19.1 million in research and development and $12.4 million in general and administrative costs. The decrease in research and development expenses was primarily due to the completion of enrollment in the REGAL study for GPS and the Phase 2a trial for SLS009.
The company's research and development expenses for GPS were $4.3 million in 2025, down from $6.7 million in 2024, while SLS009 research and development expenses were $3.5 million, down from $4.5 million in the previous year. General and administrative expenses decreased slightly from $12.4 million in 2024 to $12.3 million in 2025. Non-operating income, consisting of interest income, increased from $0.6 million in 2024 to $1.4 million in 2025. As of December 31, 2025, SELLAS had cash and cash equivalents of $71.8 million, compared to $13.9 million at the end of 2024.
Key operational developments for SELLAS in 2025 included the ongoing Phase 3 REGAL study for GPS in AML patients, with the IDMC recommending continuation without modifications after an interim analysis. The company also announced positive data from the Phase 2 trial of SLS009 in r/r AML, meeting all primary endpoints and receiving FDA guidance to advance into a first-line therapy study. In January 2026, SELLAS announced an agreement with IMPACT-AML to conduct a clinical study evaluating SLS009 in Europe. The company also announced preclinical data identifying ASXL1 mutation as a key predictor of SLS009 response in solid cancers and data for pediatric acute lymphoblastic leukemia patients derived xenografts.
SELLAS anticipates that research and development expenses will increase in the future as it prepares for a potential BLA filing for GPS and proceeds into a randomized Phase 2 clinical trial for SLS009. The company's future success depends on obtaining regulatory approval for its product candidates, achieving market acceptance, and securing adequate reimbursement from third-party payors. SELLAS also faces competition from other companies developing cancer therapies and relies on third-party manufacturers and suppliers for its product candidates.
About SELLAS Life Sciences Group, Inc.
Sellas Life Sciences Group is a biopharmaceutical company developing novel cancer immunotherapies and targeted treatments. Its core focus includes peptide-based vaccines and small molecule inhibitors targeting cancers such as AML, solid tumors, and lymphomas. The company’s products aim to activate the immune system against tumor-specific antigens, leveraging proprietary technology and strategic licensing to address unmet medical needs in oncology markets worldwide.
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