SELLAS Life Sciences Group (SLS) investor relations material

Executive summary

• Lead candidates GPS (immunotherapy) and SLS009 (CDK9 inhibitor) are advancing in pivotal trials for AML, with GPS in Phase 3 REGAL trial nearing final analysis at 78 of 80 required events as of May 2026.

• SLS009 Phase 2 trial in AML met all primary endpoints and is advancing to first-line therapy studies, with topline data in newly diagnosed, high-risk AML expected Q4 2026.

• Preclinical data for SLS009 presented at AACR showed potent activity in AML, including high-risk genetic subtypes.

• No product sales revenue; licensing revenue potential remains from 3D Medicines agreement, with $191.5 million in future milestones possible.

Financial highlights

• Net loss of $8.4 million for Q1 2026, compared to $5.8 million in Q1 2025, driven by increased R&D and legal expenses.

• Operating expenses rose to $9.3 million from $6.1 million year-over-year, with R&D at $5.1 million and G&A at $4.1 million.

• Interest income increased to $0.8 million from $0.3 million year-over-year.

• Cash and cash equivalents totaled $107.1 million as of March 31, 2026, up from $71.8 million at year-end 2025, with an additional $7.5 million received post-quarter from warrant exercises.

• $44.1 million raised from warrant exercises in Q1 2026.

Outlook and guidance

• Cash on hand, plus recent warrant proceeds, expected to fund operations for at least the next twelve months.

• Final REGAL trial analysis and topline results expected soon after the 80th event, a key milestone.

• Topline Phase 2 SLS009 data in newly diagnosed AML anticipated in Q4 2026.

• Anticipates increased R&D spending as GPS approaches BLA filing and SLS009 advances in clinical trials.

• May seek additional capital through equity, debt, or partnerships if needed.