SELLAS Life Sciences (SLS) Stock Jumps 20% After Q1 Beat and Trial Update

TLDR

• SELLAS Life Sciences posted a Q1 adjusted loss per share of $0.05, beating the $0.07 analyst estimate
• SLS stock jumped 20.4% in after-hours trading following the results
• The pivotal Phase 3 REGAL trial of Galinpepimut-S in AML has hit 78 of the 80 events needed to trigger final analysis
• Net loss widened to $8.4 million from $5.8 million year-over-year, with R&D expenses climbing to $5.1 million
• SELLAS holds $107.1 million in cash and has a $150 million at-the-market facility in place with TD Cowen

SELLAS Life Sciences (SLS) stock surged 20.4% in after-hours trading Tuesday after the company reported first quarter results that came in better than expected and revealed its Phase 3 cancer trial is on the verge of a critical milestone.

SELLAS Life Sciences Group, Inc., SLS

The stock was trading up around 15% in regular hours the following day, per available data.

For Q1 2026, SELLAS posted an adjusted loss per share of $0.05, clearing the $0.07 analyst consensus. That beat was enough to get the market’s attention.

The net loss for the quarter widened to $8.4 million, up from $5.8 million in Q1 2025.

Research and development expenses rose to $5.1 million from $3.2 million year-over-year. The company attributed the increase to manufacturing costs and clinical trial expenses tied to preparation for a potential Biologics License Application.

General and administrative expenses also increased, moving to $4.1 million from $2.9 million in the same quarter last year.

REGAL Trial Approaching Final Analysis

The bigger headline may be the REGAL trial update. The Phase 3 study of Galinpepimut-S in acute myeloid leukemia has now recorded 78 events as of May 11, 2026. The trial requires 80 events to trigger final analysis.

SELLAS remains blinded to the outcome, meaning the company does not yet know the results.

SLS009 Also Advancing

Alongside the REGAL trial, SELLAS is progressing its second candidate, SLS009. Preclinical findings presented at the American Association for Cancer Research showed activity in AML through suppression of survival pathways, including in high-risk genetic subtypes like TP53 and ASXL1 mutations.

The company has also begun dosing patients in a Phase 2 study of SLS009 in newly diagnosed, first-line AML. The target population includes patients unlikely to benefit from standard therapies, including venetoclax.

The cash position looks solid heading into these readouts. SELLAS reported $107.1 million in cash and equivalents as of March 31, 2026.

An additional $7.5 million came in during Q2 through warrant exercises.

The company also has an at-the-market equity offering facility with TD Cowen, allowing it to raise up to $150 million in capital. No stock has been sold through that facility yet.

With the REGAL trial just two events away from triggering its final data readout, the next update from the company is the one investors are watching.

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