SELLAS Life Sciences Group, Inc.'s 10-K, read.

SELLAS is a preclinical-to-late-stage oncology biotech burning ~$19M cash per half-year with no product revenue, reliant on dilutive equity raises (48.8M warrants exercised in H1 2026 alone) to fund operations. Lead asset GPS is in a Phase 3 pivotal trial (REGAL) now at 72/80 events, with final read-out timing uncertain; SLS009 shows encouraging Phase 2 data but faces long development timelines. Arbitration loss against 3D Medicines (July 2026) forecloses ~$191.5M in potential GPS milestone revenue from Greater China, materially weakening the value proposition.

• REGAL Phase 3 trial for GPS approaching final analysis (72 of 80 events) with unpredictable timing and unknown efficacy; failure or negative results would be existential
• Arbitration loss to 3D Medicines in July 2026 eliminates $191.5M in future milestone payments and removes Greater China commercialization rights; company also liable for ~$1M in opposing fees
• Accumulated deficit of $293M as of June 30, 2026; net losses accelerating ($18M in H1 2026 vs. $12.4M in H1 2025); cash runway dependent on continued dilutive warrant/equity exercises and ATM facility not yet deployed
• Massive share dilution: common shares outstanding increased 32% from 153M (Dec 2025) to 202M (June 2026) via warrant exercises; 9.7B warrants still outstanding represent further dilution risk
• SLS009 remains early-stage (Phase 2a data only); first-line AML trial just began Q1 2026; no near-term revenue catalysts and multi-year regulatory path

Not investment advice — general research, the same for every reader. You make your own calls.