MeritValue

SELLAS Life Sciences Group, Inc.

SLSdata completeness 63%16 fiscal years on file
The thesis, from the filings

SELLAS Life Sciences Group, Inc. earns about -329% on equity, but has diluted owners by 604% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$7.6M1$1M2$02——
Net income−$20.7M3−$41.3M4−$37.3M5−$30.9M6−$26.9M6
Operating cash flow−$26M7−$23.8M8−$31.4M9−$35.4M10−$28.4M10
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$21.4M11$17.1M12$2.53M13$13.9M14$71.8M14
Diluted shares15.5M19.4M27.8M61.2M109.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$6.5
your share of equity
Profit it earned you last year
−$2.46
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $6.5 of net worth that earned you −$2.46 last year.

iii. Is this a good business?
Moat signal · return on equity
-329% avg · 5y
FY21 -102%FY22 -851%FY23 —FY24 -326%FY25 -38%

It earned an average -329% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+604% shares · 5y

Share count is up 604% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001390478-23-000005 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001390478-24-000004 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0001390478-23-000005 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001390478-24-000004 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001390478-25-000003 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001390478-26-000003 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001390478-23-000005 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001390478-24-000004 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001390478-25-000003 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001390478-26-000003 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0001390478-23-000005 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-12-31 · accession 0001390478-24-000004 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0001390478-25-000003 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001390478-26-000003 (CashAndCashEquivalentsAtCarryingValue)