SELLAS Life Sciences receives $23.6 million from warrant exercise

SELLAS Life Sciences Group Inc. (NASDAQ: SLS) announced that an institutional investor exercised warrants to purchase 19,685,040 shares of common stock, generating approximately $23.6 million in gross proceeds for the biopharmaceutical company.

The warrants were originally issued in January 2025. In exchange for the immediate exercise, the investor will receive new unregistered warrants to purchase up to 19,685,040 shares at an exercise price of $1.88 per share through a private placement. The new warrants are exercisable immediately and expire five years and six months from issuance.

The transaction is expected to close on or about September 12, 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 from the original warrant exercise were registered under an effective Form S-3 registration statement. The new warrants and underlying shares were issued under Securities Act exemptions and cannot be publicly traded until registered. SELLAS agreed to file a registration statement with the SEC within 30 days of closing to cover resale of shares underlying the new warrants.

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

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