$SLS – thoughts on timing to Event 80, realistic readout scenarios and buyout optionality?

Been digging deeper into SELLAS and wanted to get some grounded perspectives from others following the story. REGAL (Phase 3, GPS in AML CR2) is an event-driven OS study with final analysis at 80 events. Company last disclosed \~72 events as of December, so we’re clearly approaching the endgame. What I find constructively bullish (but not conclusive): • No stop for futility or safety • Event accumulation looks steady, not chaotic • OS in AML CR2 is unforgiving → events will happen, question is timing • No obvious red flags in company updates At the same time, trying to stay realistic: • Event 80 ≠ results • Delay ≠ guaranteed efficacy • OS endpoints are binary and brutal Curious how others are thinking about: 1) Timing When do you realistically expect Event 80? • Faster case: spring 2026 • Base case: summer 2026 • Slower? 2) Readout scenarios How do you handicap: • Fail / borderline / clear success • And what each scenario implies for valuation short- and mid-term? 3) Buyout / partnership optionality (realistically) Not talking $10–15B moon numbers — but: • Does a clear Phase 3 OS win put SELLAS on strategic radars? • More likely path: partnership first vs outright buyout? • If buyout were to happen post-readout, what range feels realistic to you and why? 4) Trading into Event 80 Do you expect: • Gradual anticipation bid? • Mostly range-bound until data? • Or volatility without direction? Not here for squeeze talk or guarantees — genuinely interested in how others frame risk vs reward and strategic outcomes at this stage. Appreciate thoughtful input, especially from those with AML, clinical trial, or biotech M&A experience.