SELLAS Life Sciences Group, Inc. (NASDAQ: SLS) completed the exercise of its existing warrants, issuing 22,363,714 shares of common stock and receiving gross cash proceeds of approximately $31 million. The transaction was executed by institutional investor [Investor Name], which had previously held the March and August 2024 warrants.
In exchange, the investor received new registered warrants to purchase up to 22,363,714 shares at an exercise price of $2.00 per share. These warrants are exercisable immediately and will expire five years from issuance, with the transaction closing on or about October 28, 2025.
The company engaged A.G.P./Alliance Global Partners and Maxim Group LLC as financial advisors for the transaction. SELLAS will pay the advisors an aggregate fee equal to 5.75% of the gross proceeds and reimburse legal expenses up to $60,000.
The original March 2024 warrants covered 6,514,658 shares at an exercise price of $1.535, and the August 2024 warrants covered 15,849,056 shares at an exercise price of $1.325. The current exercise was conducted at the original prices plus an additional $0.125 per share.
The transaction resulted in a 5% decline in SLS shares on the day of the announcement and introduced substantial share and warrant dilution for existing shareholders.
The proceeds will strengthen SELLAS’s cash position as it advances its clinical pipeline, including the Phase 3 REGAL trial of galinpepimut‑S (GPS) in acute myeloid leukemia. The interim analysis in January 2025, following the IDMC recommendation, showed no safety concerns and met futility criteria, allowing the trial to continue unchanged.
The company also announced a virtual R&D Day on October 29, 2025, where it will discuss the unmet medical need in AML, provide an update on the REGAL study, and present the SLS009 (tambiciclib) program, with plans for a new frontline AML study slated to begin in Q1 2026.
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