SLS Stock Tracks Worst Month Since March: Investor Slashes Stake By Over 30% As Quiet Period Begins Ahead Of AML Readout

• Fulcrum Wealth Advisors reduced its Sellas stake by 33%, selling 35,998 shares and retaining 73,253 shares worth about $1.08 million.
• Sellas’ Phase 3 Regal trial is nearing the 80th event required to trigger its final analysis after previously reaching 78 events.
• CEO Angelos Stergiou warned investors not to treat slower event accumulation as proof of better survival as the company remains blinded.

Shares of Sellas Life Sciences (SLS) are tracking their worst monthly performance since March as an investor trimmed more than 30% of its stake and Sellas enters a quiet period before key acute myeloid leukemia (AML) results.

SLS stock rose 3% on Tuesday to close at $12.90, though shares remain down 13% so far this month. 

SLS Investor Cuts Stake Ahead Of Regal Readout

Fulcrum Wealth Advisors reported holding 73,253 SLS shares as of June 30, valued at $1.08 million. The investor sold 35,998 shares during the period, cutting its position by 33%, according to data from Quiver Quantitative.   

The stake reduction comes as Sellas approaches a major clinical milestone in Regal, its Phase 3 trial evaluating Galinpepimut-S, or GPS, as a maintenance therapy for AML patients in second complete remission. CEO Angelos Stergiou has said that the study is nearing the 80th event required to trigger its final analysis. Regal had previously recorded 78 of the required events.

As the milestone approaches, Sellas has stopped providing trial-specific updates and is focusing on preparations for database lock, regulatory work for a potential biologics license application (BLA), and the continued development of SLS009, its second AML candidate. The company has entered a quiet period ahead of the Regal readout. 

Sellas’ Regal Trial Nears Its Final Test 

Sellas has said that Regal would meet its objective if GPS delivers a median overall survival of 12.6 months, compared with eight months for patients receiving the best available therapy. The slower pace of event accumulation has become a major talking point among retail investors, with some interpreting it as a possible sign of stronger survival in one of the trial arms.

Stergiou has cautioned against that conclusion, emphasizing that Sellas remains blinded and cannot determine whether the slower event rate is being driven by GPS patients, the control group or both.

He has also rejected calls to stop the study before the 80th event, arguing that completing the required event count is necessary to protect the trial’s statistical integrity and avoid timing bias or regulatory concerns.

The institutional stake cut also comes amid persistent takeover speculation. Retail investors have pointed to the company’s references to strategic partners, changes to executive change-of-control provisions and the potential commercial value of both GPS and SLS009 as reasons a larger pharma company could eventually show interest.

How Do Retail Traders Feel About SLS?

On Stocktwits, retail sentiment for SLS was ‘bearish’ amid ‘normal’ message volume.

One user said, “$SLS It is officially too risky to try and swing trade this.  Hold for gold.  Any of these AH or PM’s could unlock the key to an instant 2-3x, if not more.  There are at least 4 PR’s to choose from that will trigger a rerate!”

Another user said, “$SLS This move is laughable.  Stock should be $20 right now before 80th.  $13+ is a joke compared to real value of this stock.”

SLS stock has surged 597% over the past year. 

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