SEELAS Life Sciences (US:SLS)2024-05-14 20:06Financial Performance - SELLAS reported a net loss of $9.6 million for Q1 2024, a decrease from a net loss of $11.1 million in Q1 2023, resulting in a loss per share of $0.21 compared to $0.47 in the prior year[10]. - General and administrative expenses increased slightly to $4.5 million in Q1 2024 from $4.1 million in Q1 2023, mainly due to a one-time severance charge[9]. - Total operating expenses for Q1 2024 were $9.6 million, down from $11.3 million in Q1 2023[16]. Research and Development - Research and development expenses for Q1 2024 were $5.1 million, down from $7.2 million in Q1 2023, primarily due to timing of clinical drug supply purchases and reduced personnel-related expenses[8]. - The Phase 3 REGAL study of Galinpepimut-S (GPS) has completed enrollment of 127 patients, with the Independent Data Monitoring Committee recommending the trial continue without modifications[3]. - Positive Phase 2 data for SLS009 showed a 100% response rate in patients with ASXL1 mutation at a 30 mg BIW dose, with 62% anti-leukemic activity across all dose levels[4]. - The company plans to expand the cohort for SLS009 to include more participants with ASXL1 mutations, which are associated with poor prognosis in AML[2]. - SELLAS filed a provisional patent application based on the efficacy data of SLS009 in r/r AML patients with ASXL1 mutation[5]. Cash Position - Cash and cash equivalents as of March 31, 2024, totaled approximately $18.4 million, significantly up from $2.5 million at the end of 2023[10]. Upcoming Events - The next IDMC meeting for the REGAL study is scheduled for June 2024 to review safety and efficacy data[2].