SELLAS raises $31 million through warrant exercise by institutional investor

SELLAS Life Sciences Group Inc. (NASDAQ: SLS) announced that an institutional investor exercised warrants to purchase 22,363,714 shares of common stock for gross proceeds of approximately $31 million.

The warrants were originally issued in March and August 2024. In exchange for exercising these warrants immediately, the investor will receive new warrants to purchase up to 22,363,714 shares at an exercise price of $2.00 per share. The new warrants are exercisable immediately and expire five years from issuance.

The transaction is expected to close on or about October 28, 2025, subject to customary closing conditions. A.G.P./Alliance Global Partners and Maxim Group LLC served as financial advisors for the transaction.

The shares issuable upon exercise of the original warrants were registered under effective registration statements on Form S-3. The offering is being conducted pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission.

SELLAS is a late-stage clinical biopharmaceutical company developing cancer therapies. The company's lead product candidate, GPS, is licensed from Memorial Sloan Kettering Cancer Center and targets the WT1 protein found in various tumor types. SELLAS is also developing SLS009, a small molecule CDK9 inhibitor for acute myeloid leukemia treatment.

The company will host a virtual research and development day on October 29, 2025, focusing on acute myeloid leukemia treatment landscape with key opinion leaders and company management.

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