The company remains a pre-revenue entity, consistently reporting quarterly operating losses that fluctuated between $6.1 million and $9.6 million over the last ten quarters.
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 1M | 7.6M | 1.9M | 0 | 0 | 0 | 0 | 0 | 9.32M | 2.49M | 2.04M | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | -100% | -86.84% | 300% | - | - | - | - | - | -100% | 274.71% | 22.03% | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 100K | 200K | 0 | 0 | 0 | 0 | 3K | 355K | 1.4M | 520K | 49K | 163K | 0 | 0 | 0 | 11.41M | 0 |
| COGS % of Revenue | - | - | - | - | 10% | 2.63% | - | - | - | - | - | - | 15.06% | 20.91% | 2.4% | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 900K | 7.4M | 1.9M | 0 | 0 | 0 | -3K | -355K | 7.92M | 1.97M | -49K | -20.79M | 0 | 0 | 0 | -11.41M | 0 |
| Gross Margin % | - | - | - | - | 90% | 97.37% | 100% | - | - | - | - | - | 84.94% | 79.09% | -2.4% | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | -100% | -87.84% | 289.47% | - | - | - | 100% | 99.15% | -104.48% | 302.44% | 4114.29% | 99.76% | - | - | - | 100% | - | - |
| Operating Expenses | 31.46M | 28.27M | 31.51M | 37.87M | 42.85M | 32.69M | 18.88M | 20.04M | 31.59M | 21.16M | 31.87M | 33.87M | 60.14M | 35.81M | 21.2M | 20.79M | 16.45M | 17.52M | 14.55M | 11.41M | 2.4M |
| OpEx % of Revenue | - | - | - | - | 4285% | 430.18% | 993.79% | - | - | - | - | - | 645.33% | 1439.77% | 1040.19% | - | - | - | - | - | - |
| Selling, General & Admin | 13.52M | 12.25M | 12.42M | 13.86M | 12.58M | 11.32M | 9.6M | 9.92M | 12.77M | 15.09M | 12.01M | 10.25M | 31.34M | 14.6M | 6.58M | 9.25M | 8.75M | 8.63M | 4.87M | 4.67M | 633K |
| SG&A % of Revenue | - | - | - | - | 1258.2% | 148.95% | 505.26% | - | - | - | - | - | 336.35% | 587.05% | 323.11% | - | - | - | - | - | - |
| Research & Development | 17.95M | 16.02M | 19.1M | 24.01M | 30.27M | 21.37M | 9.28M | 10.12M | 18.32M | 6.07M | 19.86M | 23.61M | 28.35M | 21.08M | 14.61M | 11.54M | 7.87M | 8.89M | 7.05M | 6.75M | 1.3M |
| R&D % of Revenue | - | - | - | - | 3026.8% | 281.24% | 488.53% | - | - | - | - | - | 304.26% | 847.45% | 717.08% | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.03M | 0 | 0 | 0 | 170K | 37K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -31.46M | -28.27M | -31.51M | -37.87M | -41.95M | -25.29M | -16.98M | -20.04M | -31.59M | -15.71M | -15.99M | -34.22M | -36.61M | -33.84M | -21.2M | -20.79M | -16.63M | -17.52M | -14.55M | -11.41M | -2.4M |
| Operating Margin % | - | - | - | - | -4195% | -332.82% | -893.79% | - | - | - | - | - | -392.81% | -1360.68% | -1040.19% | - | - | - | - | - | - |
| Operating Income Growth % | - | 10.28% | 16.78% | 9.73% | -65.85% | -48.95% | 15.26% | 36.56% | -101.02% | 1.71% | 53.28% | 6.52% | -8.17% | -59.63% | -1.98% | -25.03% | 5.11% | -20.39% | -27.51% | -374.55% | - |
| EBITDA | -24.11M | -28.27M | 0 | 0 | -41.49M | -24.02M | -16.61M | -2.83M | -9.55M | -15.71M | -15.98M | -33.87M | -36.17M | -33.39M | -21.15M | -20.62M | -16.45M | -17.36M | -14.42M | -11.38M | -2.4M |
| EBITDA Margin % | - | - | - | - | -4149.3% | -316.07% | -873.95% | - | - | - | - | - | -388.09% | -1342.5% | -1037.78% | - | - | - | - | - | - |
| EBITDA Growth % | 35.84% | - | - | 100% | -72.74% | -44.66% | -486.13% | 70.34% | 39.21% | 1.71% | 52.8% | 6.36% | -8.32% | -57.86% | -2.55% | -25.35% | 5.21% | -20.36% | -26.76% | -373.06% | - |
| D&A (Non-Cash Add-back) | 7.08M | 0 | 31.51M | 37.87M | 457K | 1.27M | 377K | 17.21M | 22.04M | 3K | 3K | 355K | 440K | 452K | 49K | 163K | 172K | 162K | 131K | 36K | 0 |
| EBIT | -30.9M | -28.27M | -30.88M | -37.34M | -31.95M | -19.59M | -16.77M | -17.21M | -28.78M | -23.04M | -15.99M | -37.83M | -35.5M | -74.82M | -34.34M | -11.48M | -11.99M | -18.38M | -14.37M | -10.96M | 0 |
| Net Interest Income | 2.01M | 1.41M | 632K | 525K | 317K | 6K | 26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.01M | 1.41M | 632K | 525K | 317K | 6K | 26K | 118K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 180K | 448K | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 118K | 266K | 462K | 3.51M | 760K | 1.11M | 807K | 33K | 0 | 5K | -5K | 0 | 0 | 0 |
| Other Income/Expense | 2.01M | 1.41M | 632K | 529K | 649K | 4.36M | 208K | 668K | 2.54M | -7.79M | 5.13M | -4.37M | 13.62M | -41.79M | -13.18M | 9.3M | 4.63M | -867K | 180K | 448K | 0 |
| Pretax Income | -29.46M | -26.86M | -30.88M | -37.34M | -41.3M | -20.94M | -16.77M | -19.37M | -29.05M | -23.5M | -17.68M | -38.59M | -36.61M | -75.63M | -34.38M | -11.48M | -11.99M | -18.39M | -14.37M | -10.96M | -2.4M |
| Pretax Margin % | - | - | - | - | -4130.1% | -275.47% | -882.84% | - | - | - | - | - | -392.81% | -3040.85% | -1686.8% | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | -237K | -17K | -81K | -1.38M | 253K | 243K | 365K | -15.45M | 1.05M | -1.05M | 0 | 0 | 0 | 0 | 25K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 1.13% | 0.1% | 0.42% | 4.74% | -1.08% | -1.37% | -0.95% | 42.2% | -1.39% | 3.06% | 0% | 0% | 0% | 0% | -0.23% | 0% |
| Net Income | -29.46M | -26.86M | -30.88M | -37.34M | -41.3M | -20.7M | -16.76M | -19.29M | -27.67M | -23.75M | -23.55M | -63.9M | -36.61M | -76.68M | -34.97M | -11.48M | -11.99M | -18.39M | -14.37M | -10.99M | -2.4M |
| Net Margin % | - | - | - | - | -4130.1% | -272.36% | -881.95% | - | - | - | - | - | -392.81% | -3083.15% | -1715.85% | - | - | - | - | - | - |
| Net Income Growth % | -8.59% | 13.01% | 17.3% | 9.59% | -99.53% | -23.52% | 13.14% | 30.28% | -16.49% | -0.87% | 63.15% | -74.57% | 52.26% | -119.27% | -204.48% | 4.24% | 34.77% | -27.93% | -30.78% | -356.96% | - |
| Net Income (Continuing) | -29.46M | -26.86M | -30.88M | -37.34M | -41.3M | -20.7M | -16.76M | -19.29M | -27.67M | -23.75M | -17.68M | -38.96M | -36.61M | -76.68M | -33.33M | -11.48M | -11.99M | -18.39M | -14.37M | -10.99M | -2.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -20.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 |
| EPS (Diluted) | -0.17 | -0.25 | -0.50 | -1.34 | -2.13 | -1.34 | -2.11 | -10.92 | -157.72 | -521.91 | -933.13 | -411.55 | -1022.20 | -25500.26 | -1866.21 | -1053.77 | -2177.38 | -3783.33 | -3486.90 | -2893.63 | -636.24 |
| EPS Growth % | 40.28% | 50% | 62.69% | 37.09% | -58.96% | 36.49% | 80.68% | 93.08% | 69.78% | 44.07% | -126.74% | 59.74% | 95.99% | -1266.42% | -77.1% | 51.6% | 42.45% | -8.5% | -20.5% | -354.8% | - |
| EPS (Basic) | - | -0.25 | -0.50 | -1.34 | -2.13 | -1.34 | -2.11 | -10.92 | -157.72 | -521.91 | -933.13 | -411.55 | -1022.20 | -25500.26 | -1866.21 | -1053.77 | -2177.38 | -3783.33 | -3486.90 | -2893.63 | -636.24 |
| Diluted Shares Outstanding | 172.48M | 109.05M | 61.2M | 27.78M | 19.4M | 15.48M | 7.98M | 2.56M | 261.54K | 46.81K | 18.95K | 20K | 35.81K | 27.05K | 18.74K | 10.9K | 5.51K | 4.86K | 4.12K | 3.8K | 3.78K |
| Basic Shares Outstanding | 172.48M | 109.05M | 61.2M | 27.78M | 19.39M | 15.48M | 7.94M | 1.77M | 175K | 45K | 18K | 20K | 35.81K | 27.05K | 18.74K | 10.9K | 5.51K | 4.86K | 4.12K | 3.8K | 3.78K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Binary clinical trial failure
As indicated by the company's financial statements, SELLAS Life Sciences remains a pre-revenue entity, with zero reported sales across the last ten quarters, underscoring a total dependence on clinical milestones rather than commercial product adoption to drive future top-line growth and long-term shareholder value creation.
The absence of revenue confirms that the company's trajectory is entirely tethered to the regulatory and clinical progress of its lead candidate, galinpepimut-S. Investors should monitor the lack of commercial inflows as a primary indicator that the firm remains in a high-risk developmental phase where growth is measured by trial enrollment rather than market penetration.
According to the provided income statement data, R&D expenses have fluctuated between $3.2 million and $5.2 million per quarter, reflecting the intensive capital requirements of the ongoing Phase 3 REGAL trial and the company's commitment to advancing its pipeline despite the absence of recurring revenue.
The cost structure is heavily skewed toward clinical execution, which appears to be the primary driver of the firm's quarterly operating losses. Management's expense discipline is difficult to assess in isolation, but the consistent R&D investment suggests a strategic focus on reaching critical data readouts as quickly as possible.
Based on reported figures, the company consistently records negative operating income, with quarterly losses ranging from $6.1 million to $9.6 million, demonstrating that the firm lacks the operating leverage necessary to offset its fixed research and administrative overheads in the current pre-commercial environment.
The widening gap between R&D spending and the lack of revenue indicates that the company is currently in a period of maximum cash consumption. This operational profile suggests that any potential for positive operating leverage is entirely contingent upon successful commercialization and the subsequent transition to a revenue-generating business model.
As reported in financial filings, the company's net losses have remained persistent, with quarterly figures fluctuating between $5.8 million and $9.6 million, a trend that necessitates frequent capital raises and potentially dilutes existing shareholders to sustain the firm's ongoing clinical development and operational activities.
The quality of earnings is effectively non-existent given the lack of revenue, making the net income line a reflection of burn rate rather than operational performance. Investors should be wary of the impact of stock-based compensation and potential warrant exercises, which may further complicate the earnings per share trajectory as the company continues to fund its operations through equity markets.
Quick answers to the most common questions about buying SLS stock.
For fiscal year 2025, SELLAS Life Sciences Group, Inc. (SLS) reported total revenue of $0.0M.
SELLAS Life Sciences Group, Inc. (SLS) reported a net loss of $26.9M for the fiscal year ending 2025.