Sellas Life Sciences Reports Full Year 2020 Financial Results
Sellas Life Sciences Group, Inc. (NASDAQ: SLS) recently reported its financial results for the full year of 2020. The company is a clinical-stage biopharmaceutical company focused on the development of novel cancer immunotherapies for a variety of different cancers.
Overview of 2020 Financial Results
Sellas reported total revenues of $2.2 million for the full year of 2020, compared to $1.2 million for the full year of 2019. The increase in revenues was primarily due to the recognition of $1.0 million in milestone payments from its collaboration with Merck KGaA, Darmstadt, Germany.
The company reported a net loss of $30.2 million for the full year of 2020, compared to a net loss of $20.2 million for the full year of 2019. The increase in net loss was primarily due to higher research and development expenses related to the advancement of its clinical programs.
Research and Development Expenses
Research and development expenses for the full year of 2020 were $25.3 million, compared to $15.3 million for the full year of 2019. The increase in research and development expenses was primarily due to higher costs associated with the advancement of its clinical programs, including the initiation of a Phase 2 clinical trial for its lead product candidate, galinpepimut-S, in combination with Merck KGaA, Darmstadt, Germany’s anti-PD-L1 therapy, avelumab, in patients with metastatic melanoma.
Cash Position
As of December 31, 2020, Sellas had cash and cash equivalents of $19.3 million. The company believes that its existing cash and cash equivalents, together with the proceeds from its recent public offering, will be sufficient to fund its operations into the second half of 2022.
Recent Developments
In January 2021, Sellas announced that it had completed enrollment in its Phase 2 clinical trial of galinpepimut-S in combination with avelumab in patients with metastatic melanoma. The company expects to report top-line data from the trial in the second half of 2021.
In February 2021, Sellas announced that it had entered into a collaboration and license agreement with Merck KGaA, Darmstadt, Germany to develop and commercialize galinpepimut-S in combination with Merck KGaA, Darmstadt, Germany’s anti-PD-L1 therapy, avelumab, for the treatment of multiple solid tumors. Under the terms of the agreement, Sellas will receive an upfront payment of $50 million and is eligible to receive up to $1.3 billion in potential development, regulatory, and commercial milestone payments.
Outlook
Sellas is focused on advancing its clinical programs and expanding its pipeline of novel cancer immunotherapies. The company is currently conducting a Phase 2 clinical trial of galinpepimut-S in combination with avelumab in patients with metastatic melanoma and expects to report top-line data from the trial in the second half of 2021.
In addition, Sellas is advancing its preclinical programs, including its T-cell receptor (TCR) platform, which is focused on the development of novel TCR-based immunotherapies for the treatment of solid tumors. The company is also exploring the potential of its TCR platform to develop novel immunotherapies for the treatment of hematological malignancies.
Sellas is also focused on expanding its pipeline of novel cancer immunotherapies through strategic collaborations and partnerships. The company recently entered into a collaboration and license agreement with Merck KGaA, Darmstadt, Germany to develop and commercialize galinpepimut-S in combination with Merck KGaA, Darmstadt, Germany’s anti-PD-L1 therapy, avelumab, for the treatment of multiple solid tumors.
Conclusion
Sellas Life Sciences Group, Inc. reported its financial results for the full year of 2020, which included total revenues of $2.2 million and a net loss of $30.2 million. The company is focused on advancing its clinical programs and expanding its pipeline of novel cancer immunotherapies. Sellas is currently conducting a Phase 2 clinical trial of galinpepimut-S in combination with avelumab in patients with metastatic melanoma and expects to report top-line data from the trial in the second half of 2021. The company is also exploring the potential of its TCR platform to develop novel immunotherapies for the treatment of hematological malignancies and is expanding its pipeline of novel cancer immunotherapies through strategic collaborations and partnerships.