SELLAS Life Sciences (SLS)

Base Case

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Bull Case

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Platform Acquisition

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Model Assumptions

GPS · AML CR2 Phase 3

Addressable Patients (US/yr) 3,500

Annual Drug Price $200K

Peak Market Penetration 35%

Probability of Approval (PoA) 75%

Global Revenue Multiplier 1.6x

GPS · Additional Indications

Add'l Indication Value ($M) $350M

SLS009 CDK9 Phase 2

Peak Revenue Potential ($M) $500M

SLS009 Probability of Approval 45%

Financial Parameters

Discount Rate 12%

Operating Margin 65%

Shares Outstanding (M) 8.5M

Acquisition Revenue Multiple 8x

Valuation Output

GPS AML CR2 NPV
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Risk-adjusted, post-tax

GPS Add'l Indications

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Risk-adjusted at 50% PoA

SLS009 CDK9 Value

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Risk-adjusted, post-tax

Total Enterprise Value

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Sum of pipeline assets

NPV Per Share
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Peak Annual Revenue

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GPS global (US × multiplier)

Value Attribution

GPS · AML CR2

GPS · Add'l Indications

SLS009 CDK9

Acquisition Scenario — Peak Revenue × Multiple

GPS Peak Revenue (Global)—

SLS009 Peak Revenue—

Add'l Indications Value—

Revenue Multiple Applied—

Implied Acquisition Value—

Per Share (Acquisition)—

SELLAS Life Sciences NPV Dashboard — interactive risk-adjusted valuation model for GPS (Phase 3) and SLS009 (Phase 2) pipeline assets

SELLAS Life Sciences (SLS) — NPV Dashboard