SELLAS Life Sciences Group, Inc.
- Growing?
- No: revenue went from $1M in FY22 to $0 in FY25.
- Analysts?
- 100% of 2 say buy; average 12-month target $32.50, 305% above today's price.
- Risky?
- Much swingier than most large companies: its price swung 110% over the past year (the S&P 500's 14%), and it fell as much as 95% since Nov 2021.
SELLAS Life Sciences Group, Inc. (NASDAQ: SLS) is a late-stage clinical biopharmaceutical company developing oncology therapeutics, led by galinpepimut-S (GPS) (a WT1-targeting cancer immunotherapeutic licensed from Memorial Sloan Kettering Cancer Center) and SLS009 (tambiciclib) (a selective small-molecule CDK9 inhibitor licensed for territories outside Greater China).
More about SELLAS Life Sciences Group
Market Position
SELLAS is a small-cap, pipeline-stage oncology developer differentiated by its WT1-directed immunotherapy (GPS) and targeted CDK9 inhibition program (SLS009), competing primarily with other clinical-stage oncology biotechs pursuing novel immunotherapies and targeted agents in AML and other hematologic malignancies.
How has the stock done?
Over the past month SLS fell 32.7%; the biotech ETF (XBI) fell 0.1% and the S&P 500 fell 2.7%.
Over the past six months SLS rose 53.8%; the biotech ETF (XBI) rose 12.1% and the S&P 500 rose 2.6%.
Over the past year SLS rose 438.9%; the biotech ETF (XBI) rose 32.5% and the S&P 500 rose 10.8%.
Over five years SLS rose 11.8%; the biotech ETF (XBI) rose 19.5% and the S&P 500 rose 62.0%.
From Nov 8, 2021 to Jan 18, 2024, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 2.3% the same way
Show the earnings releases
| Released | Quarter | Revenue | EPS vs estimate | Stock, day after | 5 days after |
|---|---|---|---|---|---|
| Aug 11, 2026 | ended Jun 2026 | — | −$0.05 vs −$0.04 (missed) | +6.6% | +18.7% |
| May 12, 2026 | ended Mar 2026 | — | — | +24.4% | +44.6% |
| Mar 19, 2026 | ended Dec 2025 | — | −$0.05 vs −$0.06 (beat) | −3.8% | 0.0% |
| Nov 12, 2025 | ended Sep 2025 | — | −$0.06 vs −$0.08 (beat) | −3.3% | +0.7% |
| Aug 12, 2025 | ended Jun 2025 | — | — | +0.6% | +10.4% |
| May 13, 2025 | ended Mar 2025 | — | — | −1.9% | +26.0% |
| Mar 20, 2025 | ended Dec 2024 | — | — | −0.8% | −4.1% |
| Nov 13, 2024 | ended Sep 2024 | — | — | −5.9% | −8.1% |
| Aug 13, 2024 | ended Jun 2024 | — | — | +1.7% | +11.0% |
| May 14, 2024 | ended Mar 2024 | — | — | +7.3% | +3.6% |
| Mar 28, 2024 | ended Dec 2023 | — | — | +3.9% | +30.1% |
| Nov 9, 2023 | ended Sep 2023 | — | — | −3.2% | −2.1% |
| Aug 10, 2023 | ended Jun 2023 | — | — | −1.3% | −9.6% |
| May 11, 2023 | ended Mar 2023 | — | — | −12.6% | −2.3% |
| Mar 16, 2023 | ended Dec 2022 | — | — | −2.2% | −11.6% |
| Nov 14, 2022 | ended Sep 2022 | — | — | −50.8% | −43.3% |
| Aug 11, 2022 | ended Jun 2022 | — | — | −8.3% | −1.2% |
| May 12, 2022 | ended Mar 2022 | $1.0M (−82% vs a year earlier) | — | +24.3% | +68.2% |
| Nov 12, 2021 | ended Sep 2021 | — | — | −15.2% | −20.4% |
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.
Is the business growing?
Revenue went from $1M in FY22 to $0 in FY25; net income from −$41M to −$27M.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY22 | $1M | −$41M |
| FY23 | $0 | −$37M |
| FY24 | $0 | −$31M |
| FY25 | $0 | −$27M |
A year earlier −$0.07
Diluted, from SEC filings
Fiscal years: SELLAS Life Sciences Group, Inc.'s annual reports to the SEC; FY24, FY25: Yahoo Finance.
How it makes money
Margins over the past years, from the annual income statement.
Each margin is that line of the income statement divided by revenue. Fiscal year: SELLAS Life Sciences Group, Inc.'s annual reports to the SEC; FY24, FY25: Yahoo Finance, operating income as filed with the SEC where its quarters cover the year.
Customers and suppliers
In its latest annual report SELLAS Life Sciences Group buys from GenFleet, Polypeptide Group, PCI Pharma Services; sells to 3D Medicines.
Suppliers
SLSSELLAS Life Sciences GroupCustomers
Partners
3D Medicines 1244.HKLicenses GPS and GPS+ in Greater China$10.5 million received through December 31, 2025; $191.5 million potential future milestonesGenFleetLicenses SLS009 rights outside Greater China
Merck MRKEvaluates GPS combined with pembrolizumabShow the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| 3D Medicines | partner · licensing deal with it | “As of December 31, 2025, we have received an aggregate of $10.5 million in upfront and milestone payments under our license agreement with 3D Medicines, or the 3D Medicines Agreement, and a total of $191.5 million in potential future development, regulatory and sales milestones, not including future royalties, remains under the license agreement, which milestones are variable in nature and not under our control.” |
| 3D Medicines | customer | “As of December 31, 2025, we have received an aggregate of $10.5 million in upfront and milestone payments under our license agreement with 3D Medicines, or the 3D Medicines Agreement, and a total of $191.5 million in potential future development, regulatory and sales milestones, not including future royalties, remains under the license agreement, which milestones are variable in nature and not under our control.” |
| GenFleet | partner · licensing deal with it | “On March 31, 2022, we entered into an exclusive license agreement, or the GenFleet Agreement, with GenFleet Therapeutics (Shanghai), Inc., or GenFleet, a clinical-stage biotechnology company developing cutting-edge therapeutics in oncology and immunology, that grants rights to us for the development and commercialization of SLS009, a highly selective small molecule CDK9 inhibitor, across all therapeutic and diagnostic uses worldwide, except for Greater China.” |
| GenFleet | supplier | “In October 2022, we entered into a Clinical Supply Agreement with GenFleet pursuant to which GenFleet will manufacture and/or have manufactured through third parties (with which GenFleet entered into agreements and to which we have access, as necessary), and supply SLS009 and any back-up molecule or intermediary related to SLS009 (including all methods, forms, presentations, dosage strengths, dosage forms, and formulations), for our use in all research and development activities necessary to obtain, maintain or expand regulatory approval worldwide, except Greater China.” |
| Polypeptide Group | supplier | “Our sole CMO for GPS drug substance peptides is Polypeptide Group.” |
| PCI Pharma Services | supplier | “Our sole CMO for GPS drug product is Lyophilization Services of New England, Inc. (PCI Pharma Services).” |
| Merck | partner · co-develops with it | “In September 2017, we entered into a clinical trial collaboration and supply agreement through a Merck subsidiary, whereby we agreed with the Merck subsidiary to collaborate on a clinical program to evaluate GPS as it is administered in combination with their PD-1 inhibitor pembrolizumab in a Phase 1/2 clinical trial enrolling patients in up to five cancer indications, including both hematologic malignancies and solid tumors.” |
Only the companies SELLAS Life Sciences Group names in its 10-K filed Mar 19, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.
What analysts expect
The average analyst price target is $32.50, 305% above the current price; 100% of 2 analysts rate it a buy; earnings beat estimates in 2 of the last 3 quarters.
Buy or Strong Buy: 2 analysts (100%). Sell or Strong Sell: 0.
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Sep ’25 | −$0.08 | −$0.06 | +25.0% |
| Dec ’25 | −$0.06 | −$0.05 | +16.7% |
| Jun ’26 | −$0.04 | −$0.05 | −25.0% |
The day after each of these reports the stock moved −3.3% (Sep 2025, beat); −3.8% (Dec 2025, beat); +6.6% (Jun 2026, missed).
For the quarter ending Sep 2026, analysts expect an adjusted loss of $0.05 a share, against a loss of $0.06 a year earlier. For the fiscal year ending Dec 2026, they expect an adjusted loss of $0.20 a share.
Adjusted. Sep 2025: a loss of $0.06; range −$0.05 to −$0.05; 1 analysts
Adjusted. Range −$0.20 to −$0.20; 1 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Sep 2026 | EPS (adjusted) | −$0.05 | −$0.05 to −$0.05 | 1 | −$0.06 (Sep 2025) | — |
| Quarter ending Dec 2026 | EPS (adjusted) | −$0.05 | −$0.05 to −$0.05 | 1 | −$0.05 (Dec 2025) | — |
| Year ending Dec 2026 | EPS (adjusted) | −$0.20 | −$0.20 to −$0.20 | 1 | — | — |
| Year ending Dec 2027 | EPS (adjusted) | −$0.10 | −$0.20 to $0.00 | 2 | −$0.20 (expected, year to Dec 2026) | — |
Targets, ratings and earnings estimates: Yahoo Finance. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Financial health
Current ratio 10.7, no pressure to repay short-term debt; debt-to-equity 0.0, debt is very low and the balance sheet is solid.
Assets that can be turned into cash soon are 10.7x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
For every $1 of shareholder funds, there is $0.0 of debt (leases not counted). The higher the number, the more pressure when the economy weakens.
Cash and short-term investments of $72M and no debt. Lease obligations of $1M are not counted: they are rent owed, not money borrowed.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 1 fund whose copy leaves SLS out (on the exchange, not in the app yet): Swiss National Bank.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 1 held SLS at the end of their latest quarter, Q3 2026. Over that quarter 1 added shares and 1 sold all. The largest of them is Swiss National Bank, 397,600 shares worth $4.9M at Sep 30, 2026, 10.3% more than a quarter earlier.
Over their latest quarter
1 of them sold all
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Swiss National Bank | Q3 2026 | 397,600 | $4.9M | +37,200 | +10% | Nov 12, 2026 |
| Renaissance Technologies | Q3 2026 | 0 | — | −310,364 | Sold all | Nov 12, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of SLS at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.
Are insiders buying or selling?
Officers and directors bought $101K of SLS on the open market in the 12 months to Nov 12, 2026; none sold. The largest was Katherine Bach Kalin (Director), who bought $101K in 1 purchase.
0 sales
1 purchase
Show every trade
| Date | Insider | Role | Trade | Shares | Price | Value | Filed |
|---|---|---|---|---|---|---|---|
| Nov 19, 2025 | Katherine Bach Kalin | Director | Buy | 63,400 | $1.59 | $101K | Nov 21, 2025 |
From the Form 4s filed with the SEC about SELLAS Life Sciences Group, Inc. (12 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 11 other transactions (grants and other transfers).