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Latest Ratios: P/E Ratio -55.8x · EV/EBITDA N/A · ROE -66.9%. (2006–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.6B | $411M | $64M | $29M | $46M | $86M | $46M | $11M | $16M | $18M | $55M |
| Enterprise Value | $2.5B | $340M | $51M | $28M | $30M | $65M | $12M | $4M | $11M | $27M | $53M |
| P/E Ratio → | -55.84 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | 45.77 | 11.26 | 24.39 | — | — | — | — |
| P/B Ratio | 21.48 | 5.80 | 6.72 | — | 9.44 | 4.21 | 1.66 | 1.81 | 3.07 | 8.82 | 1.92 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | 29.59 | 8.55 | 6.33 | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | 90.0% | 97.4% | 100.0% | — | — | — | — |
| Operating Margin | — | — | — | — | -4195.0% | -332.8% | -893.8% | — | — | — | — |
| Net Profit Margin | — | — | — | — | -4130.1% | -272.4% | -881.9% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -66.9% | -66.9% | -4147.9% | — | -327.8% | -85.7% | -98.4% | -340.3% | -756.5% | -154.6% | -111.7% |
| ROA | -54.9% | -54.9% | -240.8% | -274.9% | -174.4% | -57.1% | -53.5% | -115.1% | -109.7% | -47.8% | -31.8% |
| ROIC | — | — | — | — | — | — | — | — | -445.0% | -62.5% | -154.8% |
| ROCE | -69.6% | -69.6% | -2619.5% | — | -312.2% | -91.7% | -75.4% | -180.1% | -317.5% | -70.8% | -52.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.11 | — | 0.19 | 0.04 | 0.04 | 0.04 | — | 5.31 | 0.57 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.00 | -1.36 | — | -3.34 | -1.01 | -1.23 | -1.16 | -1.02 | 4.19 | -0.06 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | -145.83 | -108.20 | -49.87 | -4.56 |
Net cash position: cash ($72M) exceeds total debt ($1M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.72 | 10.72 | 1.72 | 0.23 | 1.14 | 4.63 | 2.99 | 1.56 | 0.98 | 0.53 | 1.23 |
| Quick Ratio | 10.72 | 10.72 | 1.72 | 0.23 | 1.14 | 4.63 | 2.99 | 1.56 | 0.98 | 0.53 | 1.23 |
| Cash Ratio | 10.25 | 10.25 | 1.46 | 0.18 | 1.10 | 4.31 | 2.86 | 1.38 | 0.89 | 0.09 | 0.59 |
| Asset Turnover | — | — | — | — | 0.05 | 0.29 | 0.04 | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | 216.69 | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | 3.0% | 3.7% | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.0% | 3.7% | 0.0% |
| Shares Outstanding | — | $109M | $61M | $28M | $19M | $15M | $8M | $3M | $261542 | $46807 | $18948 |
Includes 30+ ratios · 20 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying SLS stock.
SELLAS Life Sciences Group, Inc.'s current P/E ratio is -55.8x. This places it at the 50th percentile of its historical range.
SELLAS Life Sciences Group, Inc.'s return on equity (ROE) is -66.9%. The historical average is -210.6%.
Based on historical data, SELLAS Life Sciences Group, Inc. is trading at a P/E of -55.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Key Metrics
Top Statement Risk
Cash burn sustainability
Metrics are mathematically derived from official filings.
Liquidity Buffer Strengthens but Burn Persists
Current ratio surged from 1.49 in 2024Q1 to 18.83 in 2026Q2, per SEC filings, as cash reached $138.4M, yet quarterly burn remains $7-9M, suggesting a runway of roughly 15 quarters.
The dramatic improvement in the current ratio, driven by equity raises, masks the underlying operational burn. With cash and equivalents comprising over 95% of assets, the liquidity position appears robust, but the absence of revenue means this buffer is finite. Investors should monitor the burn rate relative to cash reserves, as the current ratio's strength is entirely dependent on external financing.
Minimal Debt Masks Equity Dependence
Debt-to-equity stands at 0.01 with total debt of $737K in 2026Q2, as reported in financial statements, indicating negligible leverage, but the company's reliance on equity funding underscores a fragile capital structure.
The near-zero leverage suggests no immediate refinancing risk, but it also highlights that SELLAS has no debt cushion to absorb operational shocks. The absence of interest coverage data is consistent with minimal debt, yet the company's negative equity returns imply that external financing is the sole driver of balance sheet growth. This reliance on equity raises dilution concerns, which may pressure future valuation.
Returns Decay as Losses Outpace Capital
ROIC deteriorated from -15.4% in 2026Q2 to -3.1% in 2025Q3, based on reported figures, while ROE improved from -118.6% to -7.8%, indicating that capital raises are diluting returns but not yet reversing losses.
The improvement in ROE and ROIC is largely a denominator effect from massive equity infusions, not operational progress. As retained earnings deepen to -$293.0M, the company is not compounding capital but rather consuming it. The negative returns suggest that clinical development has not yet translated into revenue-generating assets, and investors should assess whether future milestones can justify the capital deployed.
Asset-Light Model Shows No Working Capital Leverage
Asset turnover and cash conversion cycle data are unavailable, but with zero capex and cash dominating assets, as per financial statements, SELLAS's efficiency is purely a function of cash burn, not operational productivity.
The absence of receivables, inventory, and payables data indicates a pre-revenue biotech with no working capital cycle to analyze. The zero capex profile suggests all spending is directed to R&D and SG&A, which is typical for clinical-stage firms. However, the lack of asset turnover means efficiency metrics are not meaningful, and the focus should remain on cash runway and clinical milestones.
Peer Comparison Highlights Pre-Revenue Disparity
SELLAS's P/B of 19.66 exceeds peers like Immunovant (8.95) and Celldex (5.29), as per market data, while its ROE of -7.8% is less negative than peers, suggesting the market prices in a higher probability of success.
The elevated P/B relative to peers may indicate investor optimism about SELLAS's pipeline, but it also implies a higher bar for clinical success. Compared to ADMA Biologics, which is profitable with a 39.6% ROE, SELLAS's negative returns underscore its early-stage status. The valuation gap suggests that SELLAS is priced for a binary outcome, and any clinical setback could lead to significant multiple compression.
P/B Misleads for Pre-Revenue Biotech
Price-to-book is commonly misapplied to SELLAS, as its book value is dominated by cash from equity raises, not productive assets, per SEC filings, obscuring the true value of its clinical pipeline.
For a company with no revenue and minimal tangible assets, P/B is a poor valuation metric because it fails to capture the value of intellectual property and clinical trial progress. A more appropriate measure would be EV/Invested Capital or a risk-adjusted NPV of the pipeline, which accounts for the probability of regulatory approval. Investors should rely on cash runway and clinical catalysts rather than book value multiples.