SLS Stock Holds Steady After Q2 Update — Investors Eye End Of GPS Quiet Period

• Final analysis in the REGAL trial will follow the company recording the 80th patient death. 
• In a LinkedIn post in early July, when the trial stood at 78 of the required 80 events to commence analysis, Stergiou had written that it would likely be his last brief update on REGAL. 
• If the REGAL trial is successful, it would pave the way for a Biologics License Application for the company’s Galinpepimut-S. 

Shares of SELLAS Life Sciences traded flat after-hours on Tuesday despite reporting a narrower per-share loss, as investors continue to await the end of the “quiet period” regarding details of the company’s late-stage trial of Galinpepimut-S (GPS).

The biotech, focused on novel cancer therapies, reported a net loss of $9.6 million, or $0.05 per share, for the quarter ended June 30, compared with a $6.6 million loss, or $0.07 per share, a year earlier. Cash and cash equivalents stood at $138.3 million.

Research and development expenses rose to $6.3 million from $3.9 million a year ago, driven by manufacturing, clinical, and regulatory costs tied to GPS. General and administrative expenses increased to $4.4 million, compared with $3.0 million a year earlier.

Pipeline Progress In AML

CEO Angelos Stergiou highlighted steady execution on the company’s two lead programs. Galinpepimut-S (GPS) is advancing in the late-stage REGAL trial for acute myeloid leukemia patients in second complete remission. The final analysis will follow the company recording the 80th death in the trial, potentially clearing the way for a Biologics License Application if the trial is successful. The company, however, did not provide a timeline as to when the data is expected. 

In a LinkedIn post in early July, when the trial stood at 78 of the required 80 events to commence analysis, Stergiou had written that it would likely be his last brief update on REGAL before the company approaches the critical 80th event and enters “an official quiet period until topline results.” During this time, management will not discuss study-specific details, he said, and will instead focus on progressing its second program- SLS009. 

SLS009 (tambiciclib) has enrolled 28 patients in an ongoing mid-stage trial in newly diagnosed first-line AML. Topline data are expected in the fourth quarter of 2026. Preclinical work also showed encouraging activity against advanced pancreatic cancer cells resistant to RAS inhibitors, with clinical plans under discussion. 

How Did Retail Traders React?

On Stocktwits, retail sentiment around SLS stock rose from ‘neutral’ to ‘bullish’ over the past 24 hours, while message volume stayed at ‘normal’ levels. 

“No News is the News!!!!!!,” a Stocktwits user wrote about Sellas’s REGAL trial. Delay in reaching the 80th event implies the drug is prolonging the patient’s lifespan, they noted.

Another user attributed the company’s quiet period to buyout negotiations behind the scenes. “While I’m more impatient than ever, I am also more bullish than ever,” they said. 

SLS stock has gained nearly 200% year-to-date. 

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