Dilution profile // every instrument, one screen, from SEC filings

SELLAS Life Sciences Group, Inc. (SLS)

CIK 1390478 · all EDGAR filings →

Overall dilution risk
HIGHworst of 4 computed sub-ratings (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
Offering ability
HIGH$187M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
one or more live registrations had no structured fee data, so the true total is AT LEAST this
Overhead supply
LOWwarrants = 5% of O/S
= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)
warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this
Historical dilution
HIGH+530% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
a reverse-split-sized cliff is in this window; read the chart
Cash need
LOW~58.5 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)
the company itself flagged going-concern doubt

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2020-11-132026-08-10

Latest: 201.9M shares as of Aug 10, 2026 (10-Q).

⊙
EVIDENCE — filed/published fact
SourceSEC XBRL, cover-page share count
Fielddei:EntityCommonStockSharesOutstanding
As of2026-08-10
HowThe newest cover-page count as filed, whatever its age. The float checker applies a 200-day freshness rule and sets this beside the balance-sheet count.
Open the source document →
Share count fell from 226.5M to 4.9M between Aug 14, 2019 and Nov 14, 2019, a pattern consistent with a reverse split (roughly 1-for-47); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

Going-concern warning

auditor flagged substantial doubt

The company itself flagged going-concern doubt in a filing.

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
September2025 Inducement19.7M$1.88——
March2024 Registered Direct Offering4.7M$1.41——
October2025 Inducement4.1M$2——
Other Warrant Issues985,000$1.73——

Tranches exactly as the company dimensioned them in its 10-Q filed Aug 11, 2026 →. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Warrants outstanding: 9.7M underlying shares, as reported Jun 30, 2026 (10-Q).

Reported exercise price: $1.7 (aggregate figure as tagged; individual tranches vary).

Balance-sheet fair value of warrants: $11.9M as of Jun 30, 2011.

Down-round (price protection) accounting has been tagged in this filer’s XBRL: some instrument carries repricing protection. Which tranche requires reading the exhibits.

Rough fully diluted estimate: 211.7M = 201.9M O/S + 9.7M warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

No convertible-note facts tagged in the 10-Q filed Aug 11, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding201.9MAug 10, 2026
+ September2025 Inducement (if exercised)19.7MDec 31, 2025
+ March2024 Registered Direct Offering (if exercised)4.7MJun 30, 2026
+ October2025 Inducement (if exercised)4.1MJun 30, 2026
+ Other Warrant Issues (if exercised)985,000Jun 30, 2026
Fully diluted estimate231.3M+14.6% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Registered offering capacity on live registrations: $186.7Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3ASRMar 20, 2026$150.0M registeredfiling →
S-3Oct 10, 2025$36.7M registeredfiling →
S-3Mar 28, 2024no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 1 executed · 1 registered.

REGISTEREDMar 20, 2026Automatic shelf registration — effective immediately (large filers)S-3ASR →
EFFECTIVENov 25, 2025SEC declared a registration effective — selling can beginEFFECT →
EXECUTEDOct 27, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
REGISTEREDOct 10, 2025S-3 registration — capacity to sell shares, not a sale yetS-3 →
EXECUTEDSep 11, 2025Unregistered share sale disclosed (8-K item 3.02)8-K →
EXECUTEDJan 29, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EXECUTEDAug 1, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EFFECTIVEMay 1, 2024SEC declared a registration effective — selling can beginEFFECT →
EFFECTIVEMay 1, 2024SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDApr 29, 2024S-3/A registration — capacity to sell shares, not a sale yetS-3/A →
REGISTEREDMar 28, 2024S-3 registration — capacity to sell shares, not a sale yetS-3 →
REGISTEREDMar 28, 2024S-3 registration — capacity to sell shares, not a sale yetS-3 →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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