SELLAS Life Sciences — Third Quarter 2026 Earnings Summary

Financial Performance:

• Research and development expenses for the quarter ended September 30, 2026, were $7.0 million, an increase from $4.2 million in the same period in 2025; for the nine months ended September 30, 2026, R&D expenses were $18.4 million compared to $11.3 million in 2025.
• General and administrative expenses for the third quarter of 2026 were $4.3 million, compared to $2.9 million in 2025; for the nine months ended September 30, 2026, G&A expenses were $12.8 million compared to $8.7 million in 2025.
• Net loss for the third quarter of 2026 was $10.1 million ($0.05 per share), compared to a net loss of $6.8 million ($0.06 per share) in 2025; for the nine months ended September 30, 2026, net loss was $28.1 million ($0.15 per share) compared to $19.2 million ($0.20 per share) in 2025.
• Cash and cash equivalents totaled approximately $134.7 million as of September 30, 2026, an increase from $71.8 million as of December 31, 2025.
• Total assets were $141.1 million as of September 30, 2026, compared to $78.3 million as of December 31, 2025.
• Total stockholders' equity was $131.8 million as of September 30, 2026, compared to $70.9 million as of December 31, 2025.
• Interest income for the quarter ended September 30, 2026, was $1.2 million, compared to $0.3 million in 2025; for the nine months ended September 30, 2026, interest income was $3.1 million compared to $0.8 million in 2025.

Business Segments and Product Lines:

• The Phase 3 REGAL trial of Galinpepimut-S (GPS) in Acute Myeloid Leukemia (AML) reached the required 80th event in October 2026, triggering database lock and unblinding procedures, with topline primary endpoint results expected in November 2026.
• Enrollment and dosing continue in the Phase 2 trial of tambiciclib (SLS009) in newly diagnosed first-line AML, with 40 patients enrolled out of a planned 80; preliminary topline data is expected in Q4 2026.
• Data from the completed Phase 2 study of SLS009 in combination with azacitidine and venetoclax in relapsed/refractory AML will be presented at the 2026 ASH Annual Meeting; patients with relapsed/refractory monocytic AML achieved a 54% overall response rate (ORR) and median overall survival (mOS) of 5.8 months, while patients with TP53-mutated AML achieved a 57% ORR and mOS of 8.8 months.
• Preclinical data presented at the 2026 AACR Conference on Pancreatic Cancer demonstrated SLS009 activity in MYC-amplified PDAC models, including models resistant to the RAS inhibitor daraxonrasib, and showed potential for combination with BET inhibitors.

Management Commentary and Tone:

• CEO Angelos Stergiou stated the company is executing across both clinical programs as it approaches important milestones and feels well-positioned with $134.7 million in cash to advance programs.
• Management expressed belief that GPS could be a transformative new immunotherapy for AML patients in second complete remission if the Phase 3 trial is successful.
• Management noted encouragement regarding preclinical data in pancreatic cancer models and is continuing preparations for clinical development in that indication.

Other Key Points:

• The company is preparing for a potential Biologics License Application (BLA) for GPS following the final analysis of the REGAL study.
• The Phase 2 trial of SLS009 in newly diagnosed AML utilizes extensive transcriptomics, genomics, and proteomics models to identify patients who become refractory early to AZA/VEN treatment.
• The company holds 203,527,833 shares of common stock issued and outstanding as of September 30, 2026, compared to 153,103,459 shares as of December 31, 2025.
• GPS is licensed from Memorial Sloan Kettering Cancer Center and targets the WT1 protein.
• SLS009 is described as a highly selective CDK9 inhibitor with potential for reduced toxicity and increased potency compared to other CDK9 inhibitors.