SLS Part II – Follow-up: from “discounted entry” to early re-rating (and we are still early)

First of all, congratulations to everyone who entered around $1.40–$1.50 after my post less than two months ago, and also to those who joined later. We are still early in what increasingly looks like a structural re-rating rather than a short-lived hype move. Tonight, SLS briefly crossed the $5 level. It’s important to separate noise from substance. Over the past week, SLS has gone viral across social media. That often triggers comparisons to hype-driven names, but SELLAS is fundamentally different. This move is not driven by slogans or vague promises. It is driven by trial math, survival timelines, capital structure, and two clinical programs approaching meaningful inflection points. ⸻ Trial 1: GPS (REGAL Phase 3 – AML maintenance) The REGAL trial is an overall-survival Phase 3 study that ends at 80 events. In CR2 AML, historical median survival is ~6–8 months, which is why the 80th event was originally expected much earlier. As of late December, we now know the trial was still at approximately 72 out of 80 events. That is highly unusual for a control-driven outcome and strongly suggests prolonged survival in at least one arm. This aligns with prior disclosures: • Pooled median OS already exceeded ~13.5 months • Phase 2 data showed ~21 months median OS • Long-term dosing extended out to three years, suggesting durability This is exactly what you would expect from an effective maintenance immunotherapy targeting WT1 in remission, not from a failed “cancer vaccine” narrative. ⸻ Trial 2: SLS009 (second, independent value driver) What often gets overlooked in recent discussions is that SELLAS is not a single-asset company. SLS009 is a novel CDK9 inhibitor being developed for relapsed/refractory AML, including high-risk populations such as venetoclax-refractory disease. Key points: • Phase 2 data showed meaningful response rates in very difficult-to-treat AML • Favorable safety profile relative to historical CDK9 attempts • Clear mechanistic rationale in AML biology • Program is positioned for further clinical advancement and partnering potential Importantly, this means: • SELLAS does not rely solely on one binary readout • Platform and pipeline value exist beyond REGAL • Strategic buyers are evaluating a portfolio, not a single drug This materially changes downside risk and upside optionality. ⸻ This is not “hype biotech” SELLAS now has: • Two clinical-stage oncology programs • One Phase 3 OS trial nearing completion • One Phase 2 asset with expansion and partnering potential • A clean, biologically coherent platform (WT1 + transcriptional dependency) • Strong cash position after warrant exercises, with runway into 2027 • A lean organization, typical of companies approaching strategic outcomes rather than standalone commercialization This is why the last 30 days show steady higher lows, not a single parabolic spike. What we are seeing looks much more like risk being repriced, not retail speculation. ⸻ Current market mechanics (secondary, but relevant) The current setup also includes technical pressure: • Very high borrow costs (CTB still >400%) • Persistent high volume • Limited share availability • Significant options positioning This could evolve into a squeeze, but that is not the thesis. It is simply fuel layered on top of improving fundamentals. If you are holding shares: TURN OFF SHARE LENDING AND DON’T USE STOP LOSS IF THAT FITS YOUR RISK MANAGEMENT. WE’RE STILL VOLATILE SO STOP LOSS RAIDS ARE STILL HAPPENING. ⸻ Looking ahead We are entering a window where multiple catalysts can converge: • Final approach to the 80th REGAL event • Potential trial halt for exceptional efficacy • Continued advancement of SLS009 • Increasing strategic and institutional attention. A BO might happen soon. Whether this plays out over weeks or months, the direction is driven by data, not social media trends. If REGAL confirms what the timeline already implies, GPS becomes a first-in-class maintenance therapy in AML and combined with SLS009, SELLAS transitions from a “binary biotech” to a platform oncology company. Do your own research. Understand the risks. But don’t confuse hype with what increasingly looks like a justified re-valuation. Not financial advice.