SLS Stock Slips Overnight: Shareholders Approve 20M New Shares, CEO Awarded 1M RSUs

• Investors approved an amendment to Sellas’ equity incentive plan, expanding the share pool by 20 million shares.
• The key catalyst remains the Phase 3 Regal trial, which has reached 78 of the 80 events needed to trigger final analysis.
• Sellas ended Q1 with $107.1 million in cash and received another $28.7 million from warrant exercises in April and May.

Shares of Sellas Life Sciences (SLS) fell nearly 2% overnight late Sunday after investors approved 20 million new shares for employee compensation and CEO Angelos Stergiou received a share equity award worth 1.07 million, raising dilution concerns ahead of its highly anticipated Regal trial readout. 

SLS stock is eyeing a monthly loss, set to snap two straight months of gains after declining nearly 14% so far in June. 

SLS Shareholders Approve 20M New Shares

In a fresh filing on Thursday, details of the company’s June 16 annual shareholder meeting were disclosed, at which investors approved an amendment to Sellas’ 2023 Equity Incentive Plan, increasing the number of shares available under the program by 20 million. The proposal passed with 42.9 million votes in favor and 27.3 million votes against, while over 44 million broker non-votes were recorded.

Shareholders also approved executive compensation, re-elected directors Robert Van Nostrand and Jane Wasman, and ratified Baker Tilly as the company’s independent auditor for 2026.

Additionally, CEO Angelos Stergiou was awarded 1.065 million restricted stock units (RSUs) last week. The award will vest over four years, with 25% vesting in December and the remainder vesting annually through 2029, contingent on continued service with the company. The filing showed that Stergiou owned 1.76 million shares after the grant.

All Eyes on the SLS Regal Trial

While investors digest the equity-related developments, the main focus is Sellas’ upcoming Phase 3 Regal readout for GPS (galinpepimut-S) in acute myeloid leukemia (AML). The study has reached 78 of the 80 events required to trigger its final analysis, bringing the company closer to one of the most anticipated catalysts in its history.

Stergiou has repeatedly pointed to the slower-than-expected event accumulation as an encouraging sign: “Crucially, the delay in reaching this 80th event is a profoundly positive signal—it suggests patients are living longer than projected. GPS has the potential to become the true standard of care in AML maintenance,” the CEO said in a LinkedIn post last week. Sellas has previously said that the trial would be considered successful if GPS extends median overall survival to 12.6 months from 8 months under standard treatment.

The CEO noted in his LinkedIn post that the company’s market cap grew from $73 million at the beginning of 2024 to over $1.5 billion by mid-2026, while its share price climbed from a 52-week low of $1.39 to around $8. He also noted $107.1 million in cash at the end of the first quarter and an additional $28.7 million raised through warrant exercises in April and May. 

More SLS Catalysts On Deck

Beyond Regal, investors are also watching SLS009, the company’s Phase 2 CDK9 inhibitor for AML, with topline data expected later this year. “SLS009 (CDK9 Inhibitor) – we are rapidly advancing this asset, pairing it with proprietary predictive biomarkers and cutting-edge AI-assisted precision medicine. Thanks to our capital-efficient partnership with IMPACT-AML, we have expanded into Europe and look forward to reporting topline data for our frontline AML trial later this year,” Stergiou said.

He added that the second half of the year is poised to be one of the “most catalyst-rich” periods in Sellas’ history.

How Do Retail Traders Feel About SLS?

On Stocktwits, retail sentiment for SLS was ‘neutral’ amid a 42% jump in message volumes over the past week.

One bullish user said, “$SLS The energy around the company is fantastic right now!!!”

Another user said, “$SLS One of the days in the next few days, someone will wake up and feel like a dream, others will feel like a nightmare. The price could potentially jump to $20+ on the 80th news alone with the high short interest. We need to decide, how do we want to feel.”

SLS stock has surged 413% over the past year. 

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