SELLAS Life Sciences Group (SLS) AI Stock Analysis

• Market Cap: $537.01M
• Dividend Yield: N/A
• Average Volume (3M): 11.05M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.58
• Revenue Growth: N/A
• EPS Growth: 59.04%
• Country: US
• Employees: 15
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.06
• Shares Outstanding: 142,442,250
• 10 Day Avg. Volume: 6,103,942
• 30 Day Avg. Volume: 11,054,327
• PEG Ratio: 0.31
• Price to Book (P/B): 67.25
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -17.98
• Enterprise Value/Market Cap: 0.66
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -12.30
• 1Y Price Target: $7.25
• Price Target Upside: 76.40% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): -0.32
• Revenue Forecast (FY): $36.13M

• Rating: 56 Neutral
• Price Target: $4.50 ▲(9.49% Upside)

The score is held back primarily by weak financial performance (ongoing losses, minimal revenue, and persistent cash burn). This is partially offset by strong technical momentum (uptrend across major moving averages with positive MACD) and a liquidity boost from the recent financing event, though dilution risk remains. Valuation is constrained by negative earnings and no dividend support.

Positive Factors

European collaboration for SLS009

Securing IMPACT-AML access creates a durable operational advantage: it expands multi-site European enrollment, leverages established trial infrastructure, and improves capital efficiency. This materially speeds patient recruitment and regulatory footprints versus building sites internally.

Low financial leverage

A low debt profile reduces mandatory interest and refinancing risk, giving management flexibility to prioritize clinical development. For a clinical-stage biotech, limited leverage preserves optionality for timing financings around milestones and lessens bankruptcy risk from trial delays.

Recent cash infusion from warrants

The $26.5M proceeds materially extend near-term runway, allowing continued clinical programs without immediate debt issuance. For a pre-revenue biotech, such capital raises can sustain trials to key data readouts, reducing short-term financing pressure and enabling milestone-focused execution.

Negative Factors

Persistent cash burn

Consistent negative operating and free cash flow forces repeated external financing, increasing dilution risk and constraining strategic choices. Over the medium term, ongoing burn without revenue stresses the balance sheet and can delay or curtail development if capital markets tighten.

No material recurring revenue; sustained losses

As a clinical-stage company with near-zero revenue, profitability depends entirely on successful clinical outcomes or partner deals. The absence of product cash flows makes long-term viability contingent on binary development milestones, heightening execution and financing risk over several quarters.

Dilution and equity volatility

Significant share issuance and historical negative equity indicate recurring dilution as a structural financing mechanism. This erodes existing shareholders' ownership and can complicate future raises or partnerships, making per-share returns highly sensitive to clinical success rather than operational improvements.

SELLAS Life Sciences Group Business Overview & Revenue Model

Company Description

SELLAS Life Sciences Group, Inc., a late-stage biopharmaceutical company, focuses on the development of novel cancer immunotherapies for various cancer indications in the United States. Its lead product candidate is galinpepimut-S (GPS), a cancer immunotherapeutic agent that targets Wilms tumor 1, which is in Phase III clinical trials for the treatment of acute myeloid leukemia; and in Phase 1/2 clinical trials for the treatment for ovarian cancer. The company also develops nelipepimut-S, a cancer immunotherapy that targets human epidermal growth factor receptor 2, which is in Phase 2b clinical trials for the treatment of early-stage breast cancer. It has a strategic collaboration with Merck & Co., Inc. to evaluate GPS as it is administered in combination with PD1 blocker pembrolizumab in a Phase 1/2 clinical trial enrolling patients in up to five cancer indications, including hematologic malignancies and solid tumors. The company was founded in 2012 and is headquartered in New York, New York.

How the Company Makes Money

SELLAS Life Sciences Group makes money primarily through the development and commercialization of its proprietary cancer immunotherapy products. Revenue streams include licensing agreements, strategic partnerships, and collaborations with other biopharmaceutical companies, which often involve upfront payments, milestone payments, and royalties on sales of commercialized products. The company may also receive government grants or funding from research institutions to support its clinical trials and research activities. Additionally, SELLAS might generate income through potential product sales if its therapies receive regulatory approval.

SELLAS Life Sciences Group Financial Statement Overview

Summary

Financial profile is weak: the company is firmly loss-making with near-zero recent revenue and persistent cash burn/negative free cash flow, implying continued reliance on external funding. A modest offset is low leverage, but equity has been volatile (including a negative equity period), keeping financing/dilution risk elevated.

Income Statement

The company remains firmly loss-making with deeply negative operating profit and net income across the full period, and TTM (Trailing-Twelve-Months) shows continued large losses. Revenue is inconsistent and has fallen to near-zero in recent years (including 2023–TTM), limiting visibility into a path toward scale. A positive item is that operating losses narrowed versus 2022–2023, but profitability is still far from breakeven.

Balance Sheet

Leverage is low, with total debt small relative to equity in the most recent periods (including TTM (Trailing-Twelve-Months)), which reduces financial risk. However, shareholder value has been volatile: equity was negative in 2023 and returns on equity are materially negative in most years, reflecting ongoing losses and dilution/recapitalization risk. Overall, the balance sheet is not highly levered, but it is pressured by persistent deficits.

Cash Flow

Cash burn is substantial and persistent: operating cash flow and free cash flow are negative in every period shown, including TTM (Trailing-Twelve-Months). Free cash flow has not stabilized (TTM shows a sharp deterioration versus the prior period), and cash generation does not cover operating needs, implying continued reliance on external funding. A relative positive is that cash outflow has at times improved year-over-year, but the trend is not consistent.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	1.00M	7.60M	1.90M
Gross Profit	0.00	0.00	0.00	900.00K	7.40M	1.90M
EBITDA	-28.75M	632.00K	529.00K	-31.49M	-18.32M	-16.40M
Net Income	-25.94M	-30.88M	-37.34M	-41.30M	-20.70M	-16.76M
Balance Sheet
Total Assets	51.55M	19.43M	6.22M	20.94M	26.43M	46.05M
Cash, Cash Equivalents and Short-Term Investments	44.42M	13.89M	2.53M	17.13M	21.45M	35.30M
Total Debt	599.00K	1.00M	906.00K	945.00K	808.00K	991.00K
Total Liabilities	5.92M	9.97M	14.20M	16.09M	6.08M	18.09M
Stockholders Equity	45.63M	9.46M	-7.98M	4.85M	20.35M	27.96M
Cash Flow
Free Cash Flow	-30.62M	-35.40M	-36.91M	-28.31M	-26.02M	-10.42M
Operating Cash Flow	-30.62M	-35.40M	-31.41M	-23.81M	-26.02M	-10.42M
Investing Cash Flow	0.00	0.00	-5.50M	-4.50M	0.00	0.00
Financing Cash Flow	53.91M	46.76M	22.32M	24.08M	12.07M	38.44M

SELLAS Life Sciences Group Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 4.11
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SLS, the sentiment is Positive. The current price of 4.11 is below the 20-day moving average (MA) of 4.15, above the 50-day MA of 2.91, and above the 200-day MA of 2.03, indicating a neutral trend. The MACD of 0.30 indicates Positive momentum. The RSI at 50.65 is Neutral, neither overbought nor oversold. The STOCH value of 16.29 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SLS.

SELLAS Life Sciences Group Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BDTX	59 Neutral	$141.87M	6.86	19.23%	―	―	―
SLS	56 Neutral	$537.01M	-13.14	-84.33%	―	―	59.04%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
DMAC	49 Neutral	$418.70M	-11.21	-64.12%	―	―	-29.73%
GALT	46 Neutral	$182.48M	-4.79	―	―	―	18.82%
VYGR	46 Neutral	$216.84M	-1.80	-46.09%	―	-80.88%	-388.61%

SELLAS Life Sciences Group Corporate Events

SELLAS Raises $26.5 Million Through Warrant Exercises

Subsequent to December 31, 2025, SELLAS Life Sciences Group, a biopharmaceutical company, received approximately $26.5 million in cash proceeds from the exercise of common stock warrants, strengthening its capital position and potentially extending its operating runway. As of January 7, 2026, the company had 170,282,026 shares of common stock outstanding, reflecting a meaningful increase in share count that may have implications for existing shareholders’ ownership dilution and future capital markets activity.

The most recent analyst rating on (SLS) stock is a Hold with a $4.00 price target. To see the full list of analyst forecasts on SELLAS Life Sciences Group stock, see the SLS Stock Forecast page.