Sellas Approves 20M Share Increase and Hits 78 of 80 Trial Events
SLS•Investors approved a 20 million share increase to Sellas’ equity incentive plan and granted CEO Angelos Stergiou 1.065 million RSUs, fueling dilution concerns as shares dipped nearly 2%. The Phase 3 Regal AML trial has logged 78 of 80 events and the company had $107.1 million cash.
1. Shareholder Approval and CEO RSU Grant
At the June 16 annual meeting, holders voted 42.9 million for and 27.3 million against amending the 2023 Equity Incentive Plan, enabling 20 million additional shares. CEO Angelos Stergiou received 1.065 million RSUs that vest 25% in December and annually thereafter, bringing his total stake to 1.76 million shares.
2. Phase 3 Regal Trial Progress
The Phase 3 Regal AML maintenance study for GPS has recorded 78 of 80 events needed for the final analysis, with slower event accumulation viewed as a positive indicator of extended patient survival. Sellas aims to extend median overall survival to 12.6 months versus 8 months under standard care.
3. Cash Position and Warrant Proceeds
Sellas exited Q1 with $107.1 million in cash and secured $28.7 million from warrant exercises during April and May, providing funding runway ahead of the expected Regal trial readout.
