SELLAS Life Sciences Adds $44.1M, Lifts Cash to $107.1M — Sls Stock

SLS stock now sits on a sharper cash footing after SELLAS Life Sciences Group, Inc. raised $44.1 million from warrant exercises in the quarter ended March 31, 2026, lifting cash and cash equivalents to $107.1 million. The same quarter still produced an $8.4 million net loss. For shareholders, the trade-off is plain: more runway, but continued operating losses.

SELLAS Life Sciences cash reaches $107.1 million

$107.1 million in cash and cash equivalents was the clearest headline from the quarter. That balance rose after the company received $44.1 million from the exercise of 28.2 million warrants during the period, giving SELLAS more room to keep advancing its programs while it is still spending more than it brings in.

$8.4 million in net loss shows the other side of the ledger. Operating expenses climbed to $9.3 million, and the loss reflected $5.1 million of higher research and development spending plus $4.1 million in general and administrative costs. The quarter therefore added cash at the same time it widened the gap between spending and revenue-generating capacity.

REGAL and SLS009 drive spending

The company is advancing the Phase 3 REGAL trial of GPS in acute myeloid leukemia and says that study is approaching its final overall-survival analysis. It is also moving a randomized Phase 2 trial of SLS009 in newly diagnosed AML after positive Phase 2a results in relapsed/refractory AML. Those two programs explain why research spending remains elevated even as cash improved.

$150 million in at-the-market equity capacity gives SELLAS another financing tool if it chooses to use it, and management believes current liquidity will fund planned operations for at least twelve months. That cushion matters because the company still has an ongoing arbitration with 3D Medicines over GPS milestones, a dispute that adds another layer of risk to the cash story.

Warrant cash after March 31

$7.5 million more came in from warrant exercises after March 31, extending the cash build beyond the quarter-end balance. If that pace continues, the company can keep financing development without leaning entirely on the at-the-market program, but the core issue stays the same: SELLAS must turn a stronger balance sheet into progress in REGAL and SLS009 before operating losses eat into that cushion.