Shares of SELLAS Life Sciences Group (NASDAQ: SLS) were in a downward spiral on Monday morning as the late-stage clinical biopharmaceutical company announced a business update.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
SELLAS announced that it was postponing the interim analysis of its Phase 3 registrational clinical trial for its lead asset galinpepimut-S (GPS) to late next year or early 2024 from its earlier timeline of early next year.
GPS is the company’s novel therapy used in the treatment of patients with acute myeloid leukemia (AML).
The company stated that it was postponing the interim analysis as a review of the early pooled data indicated “that the median OS [overall survival] in the pooled study population is likely considerably longer, by approximately two-fold, than originally anticipated and upon which the SAP [statistical analysis plan] was based. Accordingly, the overall duration of the REGAL study is now expected to be longer than initially predicted.”
In addition, SELLAS also announced its Q3 results. While the company did not generate any licensing revenues in Q3, the loss narrowed to $0.34 per share, versus a loss of $0.45 in the same period last year.
At the end of Q3, SLS had cash and cash equivalents of $21.3 million.
