Shares of Sellas Life Sciences Group (SLS) moved into the green on Wednesday after three straight declines, with five investors increasing or establishing stakes as the company’s closely watched acute myeloid leukemia (AML) trial approaches its final trigger.
SLS stock edged up 0.1% on Wednesday, snapping a three-session losing streak. Shares are still on track for a second straight weekly decline and their worst monthly performance since January 2024.
ALPS Advisors reported a new 188,107-share stake worth $2.78 million, the largest of the five newly disclosed stakes. The New York State Common Retirement Fund held 66,300 shares after adding 27,300, a 70% increase, valuing the position at $979,000.
Swiss Life Asset Management reported a new position of 12,124 shares worth about $180,000. Commonwealth Equity Services increased its stake by 6,617 shares, or 17%, to 45,087 shares valued at $665,000, while Axxcess Wealth Management added 6,003 shares, or nearly 17%, bringing its stake to 41,373 shares worth $611,000.
The bigger catalyst remains Sellas’ Phase 3 Regal trial of Galinpepimut-S (GPS) in AML. The study has reached 78 of the 80 events required to trigger final analysis, leaving it just two events short of the pivotal readout. Since the trial’s primary endpoint is overall survival, CEO Angelos Stergiou has said the slower pace of event accumulation is potentially encouraging.
Sellas has said Regal would meet its target if GPS extends median survival to 12.6 months from eight months under standard treatment.
Sellas also entered the second half with an estimated $138.3 million in cash and equivalents as of June 30, up from $107.1 million at the end of the first quarter. This included $28.7 million raised through warrant exercises in April and May.
At the same time, retail investors have focused on updated change-of-control provisions for senior executives as possible takeover clues. Stergiou’s amended agreement shifts certain severance payments to a lump sum, while other executives could receive salary, bonus, benefits and accelerated equity following qualifying change-of-control terminations. Stergiou added to the speculation in a recent LinkedIn post, thanking “strategic partners” and shareholders while saying he was “incredibly optimistic about the future.”
The bullish backdrop for SLS comes with a fresh legal setback. An arbitrator recently dismissed Sellas’ claims against China partner 3D Medicines and ordered the company to pay about $1 million toward the biotech’s legal fees and costs. The dispute is based on $13 million in milestone payments for GPS. Sellas had argued that the payments became due after the program entered Phase 3 and accused 3D Medicines of underinvesting in Greater China.
The broader partnership remains intact, however, with 3D Medicines continuing to develop and commercialize GPS in the region. Sellas says $191.5 million in potential future milestone payments remain under the agreement, including the disputed $13 million.
On Stocktwits, retail sentiment for SLS has been ‘bearish’ over the past week amid ‘normal’ message volume.
One user said, “Institutional Holders will own 80% of the float before Data and BO. SLS will do over 400 Million plus volume on day of GPS Regal Pivotal Registrational Curative data= $120.00+”
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Another user said, “$SLS 80th was expected to happen before the end of 2025 now we're one day away from August 2026 and Patients are still living and without the horrible side effects from BAT”
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SLS stock has surged 498% over the past year.
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