The firm has successfully improved its liquidity position, with total assets increasing to $114.2 million in 2026Q1, while maintaining a conservative debt-to-equity ratio of 0.01.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Total Current Assets | 111.17M | 75.21M | 16.33M | 3.17M | 17.76M | 23.04M | 36.92M | 8.24M | 5.84M | 13.09M | 37.5M | 53.62M | 29.02M | 53.45M | 36.12M | 11.81M | 7.04M | 5.8M | 9.93M | 11.74M | 2K |
| Cash & Short-Term Investments | 107.2M | 71.89M | 13.89M | 2.53M | 17.13M | 21.45M | 35.3M | 7.28M | 5.34M | 2.32M | 18.08M | 29.73M | 23.65M | 47.79M | 35.48M | 11.43M | 6.89M | 5.68M | 9.86M | 11.71M | 2K |
| Cash Only | 107.2M | 71.89M | 13.89M | 2.53M | 17.13M | 21.45M | 35.3M | 7.28M | 5.34M | 2.32M | 18.08M | 29.73M | 23.65M | 47.79M | 32.81M | 11.43M | 6.89M | 5.68M | 9.86M | 1.76M | 2K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.68M | 0 | 0 | 0 | 0 | 9.95M | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 1.13M | 308K | 0 | 0 | 0 | 0 | 1.84M | 3.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | 216.69 | - | - | - | - | - | 72.03 | 540.53 | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19.51M | 655K | 386K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | 170.4 | 270.94 | - | - | - | - | - | - | - |
| Other Current Assets | 3.97M | 3.32M | 100K | 100K | 330K | 27K | 130K | 184K | 291K | 10.43M | 85K | 22.49M | 1.64M | 200K | 101K | 101K | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 3.01M | 3.13M | 3.31M | 3.05M | 3.19M | 3.38M | 9.12M | 8.37M | 11.08M | 20.44M | 28.31M | 28.52M | 51.46M | 34.52M | 18.86M | 19.16M | 435K | 448K | 430K | 410K | 0 |
| Property, Plant & Equipment | 839K | 963K | 925K | 858K | 874K | 723K | 896K | 217K | 0 | 0 | 199K | 335K | 555K | 665K | 29K | 393K | 419K | 432K | 414K | 344K | 0 |
| Fixed Asset Turnover | 0.00x | - | - | - | 1.14x | 10.51x | 2.12x | - | - | - | - | - | 16.79x | 3.74x | 70.28x | - | - | - | - | - | - |
| Goodwill | 1.91M | 1.91M | 1.91M | 1.91M | 1.91M | 1.91M | 1.91M | 1.91M | 1.91M | 1.91M | 5.9M | 5.9M | 6.07M | 5.9M | 5.9M | 5.9M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 5.7M | 5.7M | 8.5M | 17.6M | 22.12M | 22.12M | 44.75M | 27.84M | 12.86M | 12.86M | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | -184K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 74K | 3K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 255K | 257K | 466K | 275K | 399K | 594K | 614K | 536K | -765K | 925K | 96K | 171K | 87K | 115K | 74K | 13.26M | 16K | 16K | 16K | 66K | 0 |
| Total Assets | 114.18M | 78.34M | 19.43M | 6.22M | 20.94M | 26.43M | 46.05M | 16.61M | 16.91M | 33.53M | 65.81M | 82.14M | 80.49M | 87.98M | 54.99M | 30.97M | 7.48M | 6.25M | 10.36M | 12.15M | 2K |
| Asset Turnover | 0.00x | - | - | - | 0.05x | 0.29x | 0.04x | - | - | - | - | - | 0.12x | 0.03x | 0.04x | - | - | - | - | - | - |
| Asset Growth % | 737.99% | 303.18% | 212.46% | -70.31% | -20.75% | -42.61% | 177.25% | -1.81% | -49.55% | -49.06% | -19.88% | 2.06% | -8.51% | 60% | 77.56% | 314.23% | 19.58% | -39.65% | -14.72% | 607250% | - |
| Total Current Liabilities | 6.46M | 7.02M | 9.51M | 13.73M | 15.52M | 4.98M | 12.34M | 5.29M | 5.97M | 24.57M | 30.4M | 57.07M | 27.23M | 62.45M | 15.92M | 11.2M | 5.03M | 5.47M | 1.39M | 1.32M | 0 |
| Accounts Payable | 3.63M | 2.95M | 3.5M | 5.64M | 3.36M | 2.14M | 4.66M | 3.9M | 3.75M | 11.69M | 0 | 1.6M | 2.27M | 2.66M | 1.98M | 2.15M | 724K | 625K | 394K | 55K | 0 |
| Days Payables Outstanding | - | - | - | - | 12.25K | 3.91K | - | - | - | - | - | 1.64K | 590.82 | 1.87K | 14.72K | 4.83K | - | - | - | 1.76 | - |
| Short-Term Debt | 562K | 544K | 0 | 0 | 0 | 198K | 0 | 0 | 0 | 8.38M | 1.71M | 4.74M | 3.91M | 2.15M | 6K | 500K | 51K | 52K | 17K | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 5.6M | 0 | 0 | 4.31M | 5.24M | 30.29M | 15.67M | 8.67M | 935K | 816K | 1.11M | 1.08M | 974K | 0 | 0 |
| Other Current Liabilities | 2.26M | 3.52M | 1.82M | 1.53M | 5.5M | 1.65M | 1.01M | 606K | 8K | 1.49M | 2.01M | 24.2M | 18.85M | 55.63M | 11.18M | 6.31M | 3.46M | 4.09M | 428K | 232K | 0 |
| Current Ratio | 17.22x | 10.72x | 1.72x | 0.23x | 1.14x | 4.63x | 2.99x | 1.56x | 0.98x | 0.53x | 1.23x | 0.94x | 1.07x | 0.86x | 2.27x | 1.05x | 1.40x | 1.06x | 7.16x | 8.86x | - |
| Quick Ratio | 17.22x | 10.72x | 1.72x | 0.23x | 1.14x | 4.63x | 2.99x | 1.56x | 0.98x | 0.53x | 1.23x | 1.28x | 1.04x | 0.85x | 2.27x | 1.05x | 1.40x | 1.06x | 7.16x | 8.86x | - |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | -348.38 | -1.06K | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 309K | 457K | 457K | 460K | 577K | 1.1M | 5.75M | 5.23M | 5.7M | 6.89M | 6.76M | 11.56M | 16.2M | 19.64M | 11.31M | 9.65M | 20K | 36K | 4K | 0 | 0 |
| Long-Term Debt | 309K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.61M | 5.66M | 0 | 4.49M | 7.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 157K | 457K | 457K | 460K | 573K | 610K | 825K | 0 | 0 | 0 | 0 | 0 | 0 | 26K | 51K | 32K | 20K | 36K | 4K | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 184K | 152K | 239K | 262K | 357K | 1.67M | 5.66M | 5.42M | 5.05M | 5.05M | 5.05M | 5.05M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 4K | 336K | 4.69M | 4.96M | 5.34M | 2.6M | -5.66M | 6.14M | 6.65M | 6.82M | 6.21M | 4.57M | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 6.76M | 7.47M | 9.97M | 14.2M | 16.09M | 6.08M | 18.09M | 10.52M | 11.67M | 31.46M | 37.15M | 68.63M | 43.43M | 82.09M | 27.23M | 20.86M | 5.05M | 5.51M | 1.39M | 1.32M | 0 |
| Total Debt | 871K | 1M | 1M | 906K | 945K | 808K | 991K | 217K | 0 | 10.99M | 16.4M | 4.74M | 8.4M | 9.92M | 57K | 567K | 71K | 88K | 21K | 0 | 0 |
| Net Debt | -106.33M | -70.89M | -12.88M | -1.62M | -16.18M | -20.65M | -34.31M | -7.06M | -5.34M | 8.67M | -1.69M | -24.99M | -15.25M | -37.86M | -32.75M | -10.87M | -6.82M | -5.6M | -9.84M | -1.76M | -2K |
| Debt / Equity | 0.01x | 0.01x | 0.11x | - | 0.19x | 0.04x | 0.04x | 0.04x | - | 5.31x | 0.57x | 0.35x | 0.23x | 1.69x | 0.00x | 0.06x | 0.03x | 0.12x | 0.00x | - | - |
| Debt / EBITDA | -0.04x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 4.41x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | -145.83x | -108.20x | -49.87x | -4.56x | -49.78x | -31.98x | -92.71x | -1040.73x | - | -2398.60x | -3676.40x | - | - | - |
| Total Equity | 107.41M | 70.87M | 9.46M | -7.98M | 4.85M | 20.35M | 27.96M | 6.09M | 5.25M | 2.07M | 28.66M | 13.51M | 37.06M | 5.89M | 27.76M | 10.11M | 2.43M | 741K | 8.97M | 10.82M | 2K |
| Equity Growth % | 1920.51% | 648.77% | 218.67% | -264.42% | -76.16% | -27.23% | 358.9% | 16.17% | 153.38% | -92.78% | 112.07% | -63.54% | 529.61% | -78.79% | 174.49% | 316.13% | 227.94% | -91.74% | -17.14% | 541050% | - |
| Book Value per Share | 0.62 | 0.65 | 0.15 | -0.29 | 0.25 | 1.31 | 3.51 | 2.38 | 20.05 | 44.22 | 1512.40 | 675.65 | 1034.85 | 217.56 | 1481.27 | 927.79 | 441.18 | 152.47 | 2175.64 | 2849.66 | 0.53 |
| Total Shareholders' Equity | 107.41M | 70.87M | 9.46M | -7.98M | 4.85M | 20.35M | 27.96M | 6.09M | 5.25M | 2.07M | 28.66M | 13.51M | 37.06M | 5.89M | 27.76M | 10.11M | 2.43M | 741K | 8.97M | 10.82M | 2K |
| Common Stock | 18K | 15K | 7K | 3K | 2K | 2K | 1K | 1K | 2K | 1K | 15K | 15K | 12K | 10K | 8K | 5K | 2K | 2K | 1K | 1K | 0 |
| Retained Earnings | -283.39M | -274.99M | -248.13M | -217.24M | -179.9M | -138.6M | -117.9M | -101.15M | -81.86M | -54.19M | -302.93M | -279.38M | -215.48M | -178.88M | -102.2M | -67.23M | -55.74M | -43.75M | -25.36M | -10.99M | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.85M | -3.85M | -3.85M | -3.85M | -3.85M | -3.85M | -3.85M | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.63M | -657K | -491K | -320K | -158K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial failure
As reported in recent financial statements, SLS has significantly bolstered its balance sheet, with total assets rising from $19.4 million in 2024Q4 to $114.2 million by 2026Q1, primarily driven by successful equity financing rounds that have temporarily mitigated the firm's persistent negative equity trajectory.
The dramatic expansion in total assets suggests a strategic effort to extend the company's operational runway ahead of critical clinical data readouts. While this strengthens the immediate balance sheet, investors should monitor whether this capital is deployed efficiently toward trial completion or if it merely delays the necessity for further dilutive financing.
Based on the company's reported figures, the cash position reached $107.2 million in 2026Q1, representing a substantial improvement from the $2.5 million low observed in 2023Q4, which provides a critical liquidity buffer for the ongoing Phase 3 REGAL trial and associated research expenditures.
The current ratio of 17.22 indicates a high level of short-term liquidity, which is essential for a pre-revenue biotech firm managing high fixed costs. This liquidity profile appears to reduce immediate insolvency risk, though the burn rate remains the primary determinant of how long this capital will actually last.
According to historical balance sheet data, the company's equity position has been highly volatile, swinging from negative $8.0 million in 2023Q4 to $107.4 million in 2026Q1, a trend that underscores the firm's heavy reliance on equity issuance to offset accumulated deficits.
The persistent negative retained earnings of $283.4 million highlight the significant capital consumption required to advance the pipeline. This reliance on equity markets suggests that shareholders should remain cautious regarding the potential for future dilution, as the company lacks internal cash generation to fund its development programs.
As indicated by the provided balance sheet, the company's asset base is almost entirely composed of cash and cash equivalents, with net PPE remaining negligible at $839,000, which confirms the firm's status as a pure-play research entity with minimal physical infrastructure or tangible collateral.
The lack of significant tangible assets implies that the company's valuation is entirely tied to the intangible value of its clinical pipeline. Investors should be aware that this structure leaves little recovery value in the event of clinical failure, making the balance sheet highly sensitive to regulatory and trial outcomes.
Quick answers to the most common questions about buying SLS stock.
As of 2025, SELLAS Life Sciences Group, Inc. (SLS) had total assets of $78.3M including $75.2M in current assets.
SELLAS Life Sciences Group, Inc. (SLS) carries total debt of $1.0M, offset by $71.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
SELLAS Life Sciences Group, Inc. (SLS) has total shareholders' equity (book value) of $70.9M ($0.65 book value per share). Book value represents the net worth of the company belonging to common stock holders.
SELLAS Life Sciences Group, Inc. (SLS) reported a current ratio of 10.72x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.