Bullish Outlook

On June 23, SLS shares traded at $9.07, and analysts highlighted a bullish thesis that the REGAL study’s final unblinding—expected after the last two events—could remove primary uncertainty and support a regulatory submission by late 2026. A valuation model projects a post‑data target price of $16.50, implying approximately 129.8% upside from the then‑price of $7.18. This potential re‑rating hinges on successful trial outcomes, capital‑light strategy, and strong intellectual property protection. Sellas maintains over $107 million in cash, providing a runway into 2028 and limiting near‑term dilution risk.