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SLS:US is $204M market cap currently, up 37% this year. It has no revenue, losses and negative cash flow. It has about $44M cash, but cash burn in the last 12 months was $31M. It will likely need to raise more money in the short term, certainly before the end of 2026. late-stage clinical biopharmaceutical company focused on developing novel therapeutics for various cancer indications, particularly in the areas of immunotherapy and targeted oncology. The company is headquartered in New York and was founded in 2012, with a small team of around 15 employees. Its main drug candidates are: Galinpepimut-S (GPS): A peptide immunotherapy targeting the Wilms tumor1 (WT1) protein, which is overexpressed in a range of cancers, including acute myeloid leukemia (AML) and ovarian cancer. GPS is currently in Phase III clinical trials for AML and Phase1/2 for ovarian cancer, with ongoing combination studies with Merck’s PD1 blocker pembrolizumab; and SLS009 (tambiciclib/GFH009): A selective small molecule cyclin-dependent kinase9 (CDK9) inhibitor licensed from GenFleet Therapeutics. SLS009 is being developed for hematologic malignancies, including relapsed/refractory AML and other cancers, with promising preclinical and clinical data showing efficacy in high-risk AML subtypes. Insiders own 1% but have been small buyers this year. The Phase II trial had good results and Phase III is expected to be completed by year end upon an event criteria (number of deaths). There is potential here, but also very high risk. The stock may be binary based on trial outcomes. We think investors can wait here; with another financing and more (good) clinical results the stock will be higher, but far less risky, rather than what may be a 'coin toss' right now.