SELLAS Life Sciences Group, Inc. reported its financial results for the first quarter of 2025, revealing a net loss of $5.8 million, a significant improvement compared to a net loss of $9.6 million in the same period of 2024. The company’s total operating expenses decreased to $6.1 million from $9.6 million year-over-year, primarily due to reduced research and development costs, which fell from $5.1 million to $3.2 million. This reduction was attributed to the completion of enrollment in the REGAL study, a Phase 3 clinical trial for its lead product candidate, galinpepimut-S (GPS), in patients with acute myeloid leukemia.
In terms of liquidity, SELLAS reported cash and cash equivalents of approximately $28.4 million as of March 31, 2025, up from $13.9 million at the end of 2024. The increase was bolstered by a registered direct offering completed in January 2025, which generated net proceeds of about $23.1 million. The company also noted that it had an accumulated deficit of $253.9 million, indicating ongoing financial challenges as it continues to invest heavily in clinical trials and product development.
Operationally, SELLAS is focused on advancing its clinical programs, particularly GPS and SLS009, a CDK9 inhibitor. The REGAL study for GPS has completed enrollment, and the company anticipates an interim analysis based on 80 events later this year. Additionally, the company is engaged in a binding arbitration with 3D Medicines regarding milestone payments related to the licensing agreement for GPS in Greater China, which could impact future revenue streams.
Looking ahead, SELLAS expects to continue incurring operating losses and negative cash flows as it progresses through its clinical trials. The company has indicated that it will require substantial additional financing to support its operations and product development efforts. Management is exploring various strategies for funding, including potential partnerships and public or private placements of equity. The successful commercialization of its product candidates remains contingent on achieving regulatory approvals and market acceptance, which are critical for transitioning to profitability.
About SELLAS Life Sciences Group, Inc.
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