The countdown to a potentially transformative data readout is on at Sellas Life Sciences. The biotech group’s Phase 3 REGAL trial, testing Galinpepimut-S in acute myeloid leukemia (AML), has recorded 78 out of the 80 clinical events required for final analysis. With only two events outstanding, investors are betting that the results, expected in summer 2026, will show a meaningful improvement over the standard of care.
The study target is a median overall survival of 12.6 months, compared with the typical eight months for AML patients. Success would position Sellas to shake up the oncology market. In the meantime, the company has locked in its financial runway, and shareholders have backed a new equity compensation plan that initially stirred some dilution fears — fears that have since faded.
At the annual general meeting, stockholders approved a pool of 20 million new shares for employee compensation. CEO Angelos Stergiou received roughly 1.1 million stock options, while an additional 1.065 million restricted stock units were granted to him, vesting over four years. The move was designed to tie management’s incentives to long-term performance during a high-stakes clinical period.
Should investors sell immediately? Or is it worth buying Sellas Life Sciences?
Shares initially reacted with caution but have since marched higher. The stock recently traded at €8.00, gaining more than 7% on the session and bringing the 12-month advance to approximately 446%. Earlier in the week, the stock was at €7.46, still a staggering 510% above its 52-week low of €1.22 set in November 2025. The relative strength index stands at 60.2, pointing to moderate upward momentum. Nonetheless, the stock remains about 8% below its recent high of €8.12.
Sellas’s cash position is robust. At the end of the first quarter of 2026, it held $107.1 million in cash and equivalents. An additional $28.7 million flowed in during April and May through the exercise of warrants, ensuring the company can fund its ongoing studies deep into the year. The market capitalization, which stood at just $73 million at the start of 2024, has since exploded to over $1.5 billion.
Beyond REGAL, another catalyst is on the horizon: Phase 2 data for the drug candidate SLS009, also targeting AML, are expected later in 2026. This twin pipeline event could provide further upside for a stock already riding a massive wave of investor enthusiasm. With financing secured and key data approaching, both management and the market are now waiting for those last two events to tip the scales.
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