SELLAS Life Sciences Group Inc
SLSHealthcare|Biotechnology|USA
$12.76
-0.74 (-5.52%)
Tangible Book
$0.58
Earnings Power
$6.03
Financials
Financial Snapshot
Market Cap
$2.51B
Enterprise Value
$106.2M
Revenue (TTM)
$0.00
Net Income (TTM)
$-29.5M
Cash & Equivalents
—
Net Cash/Share
$0.55
Free Cash Flow (TTM)
$-28.2M
Operating CF (TTM)
$-28.2M
Debt/Equity
0.01
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$7.0M
Monthly Burn
$2.3M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $6.0M | $2.3M | $5.3M | $7.3M | $35.3M | $21.4M | $17.1M | $2.5M | $13.9M | $71.8M | $107.1M | |
| Operating Cash Flow | $-11.8M | $-11.0M | $-30.4M | $-17.6M | $-10.4M | $-26.0M | $-23.8M | $-31.4M | $-35.4M | $-28.4M | $-28.2M | |
| Free Cash Flow | $-11.9M | $-11.0M | $-30.4M | $-17.6M | $-10.4M | $-26.0M | $-28.3M | $-36.9M | $-35.4M | $-28.4M | $-28.2M | |
| Capital Expenditure | $-6.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-4.5M | $-5.5M | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $16.5M | $5.5M | $23.1M | $19.6M | $38.4M | $12.1M | $24.1M | $22.3M | $46.8M | $86.3M | $106.9M |
R&D Spending
R&D (TTM)
$17.9M
R&D Intensity
—
R&D Growth YoY
+12.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $1.9M | $7.6M | $1.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $11.4M | $6.1M | $8.8M | $7.3M | $9.3M | $15.7M | $20.3M | $24.0M | $19.1M | $16.0M | $17.9M | |
| R&D % of Revenue | — | — | — | — | 488.5% | 206.2% | 2026.8% | — | — | — | — | |
| SG&A | $4.6M | $15.1M | $12.8M | $9.9M | $9.6M | $11.3M | $12.6M | $13.9M | $12.4M | $12.3M | $13.5M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $1.9M | $7.6M | $1.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $200.0K | $100.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $1.9M | $7.4M | $900.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $11.4M | $6.1M | $8.8M | $7.3M | $9.3M | $15.7M | $20.3M | $24.0M | $19.1M | $16.0M | $17.9M | |
| SG&A | $4.6M | $15.1M | $12.8M | $9.9M | $9.6M | $11.3M | $12.6M | $13.9M | $12.4M | $12.3M | $13.5M | |
| Operating Income | $-16.0M | $-21.2M | $-21.5M | $-17.2M | $-17.0M | $-19.6M | $-31.9M | $-37.9M | $-31.5M | $-28.3M | $-31.5M | |
| Interest Expense | $-1.2M | $-462.0K | $-266.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | $-17.7M | $-23.5M | $-29.0M | $-19.4M | $-16.8M | $-20.9M | $-41.3M | $-37.3M | $-30.9M | $-26.9M | $-29.5M | |
| Net Income | $-17.7M | $-23.8M | $-27.7M | $-19.3M | $-16.8M | $-20.7M | $-41.3M | $-37.3M | $-30.9M | $-26.9M | $-29.5M | |
| EPS (Diluted) | -933.00 | -522.00 | -157.72 | -10.92 | -2.11 | -1.34 | -2.13 | -1.34 | -0.50 | -0.25 | -0.23 | |
| EBITDA | $-16.0M | $-20.9M | $-21.5M | $-17.2M | $-17.0M | $-19.6M | $-31.9M | $-37.9M | $-31.5M | $-28.3M | $-31.5M | |
| Shares Out. (M) | 0.02 | 0.05 | 0.26 | 2.56 | 7.98 | 15.48 | 19.40 | 27.78 | 61.20 | 109.05 | 172.48 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $6.0M | $2.3M | $5.3M | $7.3M | $35.3M | $21.4M | $17.1M | $2.5M | $13.9M | $71.8M | $107.1M | |
| Marketable Securities | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $6.4M | $13.1M | $5.8M | $8.2M | $36.9M | $23.0M | $17.8M | $3.2M | $16.3M | $75.2M | $111.2M | |
| Total Assets | $6.4M | $33.5M | $16.9M | $16.6M | $46.0M | $26.3M | $20.9M | $6.2M | $19.4M | $78.3M | $114.2M | |
| Total Current Liabilities | $5.8M | $24.6M | $6.0M | $5.3M | $12.3M | $5.0M | $15.5M | $13.7M | $9.5M | $7.0M | $6.5M | |
| Long-Term Debt | $5.7M | $2.6M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $11.4M | $31.5M | $11.7M | $10.5M | $18.1M | $5.9M | $16.1M | $14.2M | $10.0M | $7.5M | $6.8M | |
| Stockholders' Equity | $-5.0M | $2.1M | $5.2M | $6.1M | $28.0M | $20.3M | $4.9M | $-8.0M | $9.5M | $70.9M | $107.4M | |
| Retained Earnings | $-30.4M | $-54.2M | $-81.9M | $-101.1M | $-117.9M | $-138.6M | $-179.9M | $-217.2M | $-248.1M | $-275.0M | $-283.4M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-11.8M | $-11.0M | $-30.4M | $-17.6M | $-10.4M | $-26.0M | $-23.8M | $-31.4M | $-35.4M | $-28.4M | $-28.2M | |
| Capital Expenditure | $-6.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-4.5M | $-5.5M | $0.00 | $0.00 | $0.00 | |
| Free Cash Flow | $-11.9M | $-11.0M | $-30.4M | $-17.6M | $-10.4M | $-26.0M | $-28.3M | $-36.9M | $-35.4M | $-28.4M | $-28.2M | |
| Investing Cash Flow | $-85.0K | $12.2M | $0.00 | $0.00 | $0.00 | $0.00 | $-4.5M | $-5.5M | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $16.5M | $5.5M | $23.1M | $19.6M | $38.4M | $12.1M | $24.1M | $22.3M | $46.8M | $86.3M | $106.9M | |
| Issuance of Stock | $0.00 | $6.0M | $21.6M | $16.0M | $29.6M | $9.0M | $24.0M | $22.2M | $46.2M | $23.1M | $21.0K | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $16.5M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $-473.0K | $-7.6M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $354.0K | $3.2M | $395.0K | $573.0K | $578.0K | $1.0M | $1.7M | $2.1M | $1.6M | $2.0M | $2.2M | |
| Net Change in Cash | $4.6M | $6.7M | $-7.3M | $1.9M | $28.0M | $-13.9M | $-4.2M | $-14.6M | $11.4M | $57.9M | $78.7M |
Dilution Tracker
Shares outstanding grew 1014.2% over 5 years — significant dilution
Shares Outstanding
172M
5-Year Share Growth
+1014.2%
Stock Issuance (TTM)
$21.0K
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.02 | 0.05 | 0.26 | 2.56 | 7.98 | 15.48 | 19.40 | 27.78 | 61.20 | 109.05 | 172.48 | |
| YoY Change % | — | 147.4% | 457.4% | 876.7% | 211.7% | 94.1% | 25.3% | 43.2% | 120.3% | 78.2% | 58.2% | |
| Stock Issuance | $0.00 | $6.0M | $21.6M | $16.0M | $29.6M | $9.0M | $24.0M | $22.2M | $46.2M | $23.1M | $21.0K | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $354.0K | $3.2M | $395.0K | $573.0K | $578.0K | $1.0M | $1.7M | $2.1M | $1.6M | $2.0M | $2.2M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 97.4% | 90.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | 0.0% | 0.0% | 0.0% | 0.0% | -893.8% | -257.8% | -3195.0% | 0.0% | 0.0% | 0.0% | - | |
| Net Margin % | 0.0% | 0.0% | 0.0% | 0.0% | -881.9% | -272.4% | -4130.1% | 0.0% | 0.0% | 0.0% | - | |
| EBITDA Margin % | 0.0% | 0.0% | 0.0% | 0.0% | -893.8% | -257.8% | -3195.0% | 0.0% | 0.0% | 0.0% | - | |
| FCF Margin % | 0.0% | 0.0% | 0.0% | 0.0% | -548.3% | -342.4% | -2830.9% | 0.0% | 0.0% | 0.0% | 0.0% | |
| ROE % | -415.2% | 0.0% | -756.5% | -340.3% | -98.4% | -85.7% | -327.8% | 0.0% | -4147.9% | -66.9% | -53.0% | |
| ROA % | -39.9% | -118.9% | -109.7% | -115.1% | -53.5% | -57.2% | -174.9% | -274.9% | -240.8% | -54.9% | -47.3% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.51
P/S—
Historical8.03 / 22.70 / 237.78
Industry Med.9.49
P/B21.55
Historical2.19 / 5.58 / 64.85
Industry Med.2.93
EV/EBITDA-76.37
Historical-76.37 / -0.70 / 0.18
Industry Med.13.02
EV/Revenue—
Historical-5.66 / 14.79 / 295.18
Industry Med.8.59
P/FCF—
Historical— / — / —
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$0.58
Net Current Assets
$0.580
Net-Net Working Capital
$0.55
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | - | - | - | - | 24.41 | 11.26 | 45.38 | - | - | - | 0.00 | |
| PB Ratio | 0.00 | 21.83 | 5.17 | 3.59 | 2.96 | 4.32 | 10.22 | 0.00 | 8.13 | 8.14 | 21.55 | |
| EV/EBITDA | -1.91 | -2.58 | -1.01 | -0.86 | -2.86 | -3.44 | -1.05 | -0.86 | -2.03 | -17.91 | -76.37 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 25.53 | 8.86 | 33.39 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
—
Distress
Piotroski F-Score
4
Moderate
Beneish M-Score
—
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $21.68M | $53.09M | $122.04M |
| Net Income | $-37.98M | $-29.83M | $-11.76M |
| EPS | -0.21 | -0.15 | 0.02 |
| Book Value per Share | 0.00 | 0.00 | 0.00 |
| Operating Cash Flow per Share | 0.00 | 0.00 | 0.00 |
| Operating CF | $0.00M | $0.00M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2022 |
|---|---|
| Development of novel therapeutics for a broad range of cancer indications | $1.0M |
By Geography
| Segment | 2022 |
|---|---|
| United States | $1.0M |