SELLAS Life Sciences Reports $8.4 Million Net Loss in Q1 2026, Increases Cash Reserves to $107.1 Million

SELLAS Life Sciences Group, Inc. reported a net loss of $8.4 million for the first quarter of 2026, an increase from a net loss of $5.8 million during the same period in 2025. The company's total operating expenses rose to $9.3 million, compared to $6.1 million in the prior year, driven primarily by increased research and development costs, which amounted to $5.1 million, up from $3.2 million. General and administrative expenses also increased to $4.1 million from $2.9 million, reflecting higher legal fees and consulting costs associated with ongoing arbitration proceedings and preparations for potential commercialization.

In terms of financial position, SELLAS reported cash and cash equivalents of approximately $107.1 million as of March 31, 2026, a significant increase from $71.8 million at the end of 2025. This increase was bolstered by approximately $44.1 million received from the exercise of warrants during the quarter. The company has also entered into a sales agreement with TD Securities to raise up to $150 million through an at-the-market equity offering program, although no shares have been sold under this program to date.

Operationally, SELLAS is advancing its lead product candidate, galinpepimut-S (GPS), which is currently undergoing a Phase 3 clinical trial for acute myeloid leukemia (AML). The trial, known as the REGAL study, has completed patient enrollment and is expected to provide data for a potential Biologics License Application (BLA) submission. The company has also made progress with its second candidate, SLS009, a CDK9 inhibitor, which is in a Phase 2 clinical trial for AML and has shown promising results in earlier studies.

The company continues to face challenges, including an accumulated deficit of $283.4 million as of March 31, 2026, and the need for additional funding to support ongoing operations and clinical trials. Management anticipates that cash reserves, along with recent warrant exercises, will be sufficient to fund operations for at least the next twelve months. However, they acknowledge the potential need for further capital resources through equity or debt financing, as well as the importance of successful clinical outcomes and regulatory approvals for future revenue generation.