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A Look At SELLAS Life Sciences Group (SLS) Valuation As REGAL Phase 3 Trial Nears Final Event Trigger

Simply Wall St · 5d ago

REGAL trial event trigger draws attention to SELLAS Life Sciences Group

SELLAS Life Sciences Group (SLS) is back in focus after its latest update on the Phase 3 REGAL trial in acute myeloid leukemia, with investors closely watching for the final overall survival event trigger.

The company reported that 72 of the 80 required events had occurred as of December 26, 2025. This means the final analysis for its GPS maintenance therapy study now depends on a small number of additional patient outcomes.

Because REGAL is an event driven overall survival trial, the timing of the last few events is uncertain. SELLAS has said it will announce when the 80th event is reached and the final analysis can start.

See our latest analysis for SELLAS Life Sciences Group.

The REGAL update comes after a sharp shift in sentiment, with a 30 day share price return of 187.36% and a 1 year total shareholder return of over 3.7x, suggesting strong recent momentum after a mixed multi year record.

If REGAL has put biotech back on your radar, this could be a useful moment to scan other healthcare stocks that are catching investor interest.

After a roughly 188% 30 day gain and a 1 year total return of about 3.8x, with shares still around 37% below the average analyst target of US$6.83, is there still a potential opportunity here, or is the market already pricing in future growth?

Price to book of 15.6x, is it justified?

With SELLAS Life Sciences Group closing at US$5.00, the current P/B of 15.6x sits well above both biotech peers and the wider industry. This suggests investors are already paying a premium relative to the company’s book value.

P/B compares a company’s market value to its net assets, which can matter a lot for pre revenue biopharma where earnings are not yet in focus. In this case, SLS has minimal revenue and is currently loss making, with a reported net income loss of US$25.94m, so the P/B ratio is one of the few traditional valuation anchors investors can look at.

Against that backdrop, the P/B of 15.6x stands out as expensive compared to the US Biotechs industry average of 2.7x and a peer average of 3.7x. That is a steep premium, and it implies the market is assigning substantially higher expectations to SLS than to many of its sector peers on a balance sheet basis.

See what the numbers say about this price — find out in our valuation breakdown.

Result: Price to book of 15.6x (OVERVALUED).

However, you are still tying a rich P/B and recent share price surge to binary clinical outcomes, as well as to a company with US$0 revenue and a US$25.94m net loss.

Find out about the key risks to this SELLAS Life Sciences Group narrative.

Build Your Own SELLAS Life Sciences Group Narrative

If you look at the numbers and reach a different conclusion, or simply prefer to build your own case from scratch, you can create a full narrative in just a few minutes by starting with Do it your way.

A great starting point for your SELLAS Life Sciences Group research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision.

Looking for more investment ideas?

If you are assessing SELLAS today, it is worth lining it up against other ideas so you can see where the trade offs really sit.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.