TL;DR: I randomly came across SLS recently, knew basically nothing about it, started reading because the chart looked weirdly strong, and somehow ended up all in.
This is 100% a gamble for me.
The company is basically approaching the result of a Phase 3 leukemia trial where the difference between success and failure could completely change what this company is worth. They were already at 78 of the 80 deaths required to trigger the final analysis back in May.
They also have \~$138M cash, another leukemia drug producing some legitimately interesting early data, and around 55 million shares are still short.
I have no biotech credentials whatsoever.
I have, however, apparently developed the confidence required to put all my gambling money into one.
So here we are.
How I found this thing
I wish I had some impressive story about screening thousands of clinical-stage biotech companies and finding an overlooked statistical anomaly.
I don't.
I saw SLS moving.
That's basically it.
I'd never seriously looked at the company before. I saw the chart, wondered why the hell this random cancer stock kept going up, and started Googling.
Usually this ends with me discovering that the company has $14 in cash, 900 million warrants and a drug that cured three mice in 2017.
This one was annoyingly different.
The more I read, the more interesting it got.
Then I bought it.
Then I kept reading.
Then I bought more.
Eventually I looked at my account and realized I had achieved the sophisticated portfolio allocation strategy known as:
SLS.
So before anyone interprets this as investment advice: don't.
I am literally gambling on a Phase 3 biotech trial.
So what the hell is SLS?
SELLAS Life Sciences is a cancer biotech.
The main thing that matters right now is a drug called galinpepimut-S, or GPS.
GPS is being tested in a Phase 3 trial called REGAL in patients with acute myeloid leukemia, or AML.
I didn't know what half of those words meant when I started looking at this.
AML is an aggressive blood cancer.
REGAL is testing GPS in patients who have managed to reach a second complete remission after salvage therapy.
And the important part is that the primary endpoint isn't some weird surrogate endpoint I need six medical papers to understand.
It's overall survival.
Do the patients live longer?
That's the game.
And we're apparently almost at the end of the game
REGAL is event driven.
The final analysis gets triggered after 80 deaths occur in the study.
SELLAS reported:
72 events in December 2025.
Then on May 11:
78 events.
So as of the company's last disclosed update, the trial was literally two events away from triggering final analysis.
The company remains blinded.
That part is extremely important.
SELLAS does not know whether the patients surviving longer are receiving GPS or the control treatment.
Neither do I.
Neither does some guy on Twitter with seventeen rocket emojis in his username.
So the fact that the final events have taken a while to happen is interesting, but it is absolutely not proof that GPS works.
Still, naturally, I wanted to know why anyone thought GPS had a chance in the first place.
That's where I went further down the rabbit hole.
The old GPS data is kind of ridiculous
There's earlier clinical data behind this thing.
In an independent study at Moffitt involving AML patients in second complete remission, the reported median overall survival was:
21 months for GPS
versus
5.4 months for best standard care.
I had to read that number twice.
Now calm down.
This does NOT mean REGAL is going to reproduce 21 vs 5.4.
Different study.
Smaller numbers.
Earlier-stage evidence.
This is exactly the kind of shit that can look incredible and then get murdered by Phase 3.
But it explains why somebody bothered running a Phase 3 trial.
The final REGAL hurdle is much less insane than reproducing 21 vs 5.4.
SELLAS has previously described the f