SELLAS Life Sciences

SELLAS is right at the doorstep of a make-or-break study result. The company said in its August 2026 update that it is approaching the 80th patient event that triggers the final analysis of its big REGAL trial, after which the results get unblinded and shared. If that data is strong, management has said it could go straight to the FDA for approval, which is the moment this entire company has been built around.

SELLAS just posted its strongest balance sheet ever, ending June 2026 with 138.3 million dollars in cash, up from 71.8 million dollars at the end of 2025. That cash also earns real money now, kicking off 1 million dollars of interest income in the quarter alone. With spending running near 10.6 million dollars a quarter, that is years of breathing room to see both drugs through.

This is one of the most binary bets you can make. SELLAS is valued around 2.2 billion dollars and still sells nothing, posting a 9.6 million dollar loss in the second quarter of 2026 with no revenue at all. Spending is climbing fast too, with research costs jumping from 3.9 million to 6.3 million dollars year over year. If the trial disappoints, there is no soft landing.

To fund all of this, SELLAS keeps printing new shares. The count jumped from 153 million shares at the end of 2025 to nearly 202 million by June 2026, more than doubling from the roughly 98 million average a year earlier. Every new share makes each existing investor's piece a little smaller, and with no product sales, that dilution is the only way the lights stay on.