Highbridge reports 3.7% SELLAS (NASDAQ: SLS) stake via warrants

Rhea-AI Filing Summary

SELLAS Life Sciences Group, Inc. received an updated institutional ownership report from Highbridge Capital Management, LLC. Highbridge, as investment adviser to certain funds, reports beneficial ownership of 6,514,658 shares of common stock issuable upon exercise of warrants, representing 3.7% of the common stock.

This percentage is calculated using 170,282,026 shares of common stock outstanding as of January 7, 2026. The filing notes that as of December 31, 2025, Highbridge may have been deemed to beneficially own 9,014,658 warrant shares, or 6.0%, based on 142,442,239 shares then outstanding. Highbridge certifies the holdings are in the ordinary course of business and not for influencing control.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

SELLAS Life Sciences Group, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

81642T209

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 81642T209

1

Names of Reporting Persons

Highbridge Capital Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 6,514,658.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,514,658.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,514,658.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.7 %

12

Type of Reporting Person (See Instructions)

IA, OO

Comment for Type of Reporting Person: The information set forth on this cover page reflects information as of the date hereof. The 6,514,658 shares of Common Stock (as defined in Item 2(a)) are issuable upon exercise of warrants reported herein. As of December 31, 2025, the Reporting Person may have been deemed to beneficially own 9,014,658 shares of Common Stock issuable upon exercise of warrants, representing 6.0% of the shares of Common Stock outstanding on such date.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SELLAS Life Sciences Group, Inc.
(b)	Address of issuer's principal executive offices: 7 Times Square, Suite 2503, New York, NY 10036
Item 2.
(a)	Name of person filing: This statement is filed by Highbridge Capital Management, LLC ("Highbridge" or the "Reporting Person"), a Delaware limited liability company and the investment adviser to certain funds and accounts (the "Highbridge Funds"), with respect to the shares of common stock, par value $0.0001 per share ("Common Stock"), of SELLAS Life Sciences Group, Inc., a Delaware corporation (the "Issuer"), issuable upon exercise of warrants directly held by the Highbridge Funds. The filing of this statement should not be construed as an admission that any of the foregoing persons or the Reporting Person is, for the purposes of Section 13 of the Securities Exchange Act of 1934, the beneficial owner of the securities reported herein.
(b)	Address or principal business office or, if none, residence: The address of the business office of the Reporting Person is 390 Madison Avenue, 28th Floor, New York, NY 10017.
(c)	Citizenship: Highbridge is a Delaware limited liability company.
(d)	Title of class of securities: Common Stock, par value $0.0001 per share
(e)	CUSIP No.: 81642T209
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Item 4(a) is set forth in Row 9 of the cover page for the Reporting Person and is incorporated herein by reference. The percentage set forth in this Schedule 13G as of December 31, 2025 is calculated based upon an aggregate of 142,442,239 shares of Common Stock outstanding as of November 11, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed with the Securities and Exchange Commission on November 12, 2025, and assumes the exercise of the warrants held by the Highbridge Funds. The percentage set forth in this Schedule 13G as of the date hereof is calculated based upon an aggregate of 170,282,026 shares of Common Stock outstanding as of January 7, 2026, as reported in the Issuer's Current Report on Form 8-K, filed with the Securities and Exchange Commission on January 8, 2026, and assumes the exercise of the warrants held by the Highbridge Funds.
(b)	Percent of class: 3.7%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for the Reporting Person and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for the Reporting Person and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for the Reporting Person and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for the Reporting Person and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 2(a). The Highbridge Funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock reported herein.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Highbridge Capital Management, LLC

Signature:	/s/ Kirk Rule
Name/Title:	Kirk Rule, Executive Director
Date:	01/30/2026

FAQ

What stake in SELLAS Life Sciences (SLS) does Highbridge report?

Highbridge Capital Management reports beneficial ownership of 6,514,658 SELLAS common shares issuable upon exercise of warrants, equal to 3.7% of the company’s common stock. This percentage is based on 170,282,026 shares outstanding as of January 7, 2026, as referenced in the filing.

How did Highbridge’s percentage ownership in SLS change by December 31, 2025?

As of December 31, 2025, Highbridge may have been deemed to beneficially own 9,014,658 SELLAS warrant shares, representing 6.0% of common stock. That percentage used 142,442,239 shares outstanding as of November 11, 2025, as disclosed in SELLAS’s previously filed quarterly report.

What type of securities does Highbridge hold in SELLAS Life Sciences (SLS)?

Highbridge’s reported position in SELLAS consists of common stock issuable upon exercise of warrants held by funds it advises. The filing specifies 6,514,658 shares of common stock are currently counted on an as-converted basis, reflecting potential shares if those warrants are exercised.

Does Highbridge’s Schedule 13G/A indicate control intent over SELLAS (SLS)?

No. Highbridge certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of SELLAS. It also states they are not held in connection with any transaction having that control-related purpose or effect.

Who actually receives dividends or sale proceeds from Highbridge’s SLS position?

The filing explains that certain funds and accounts advised by Highbridge, referred to as the Highbridge Funds, have the right to receive or direct the receipt of dividends and sale proceeds from the SELLAS common stock underlying the reported warrants, rather than Highbridge personally.

What voting and dispositive power does Highbridge report over SLS shares?

Highbridge reports sole voting power and sole dispositive power over 6,514,658 SELLAS common shares issuable upon exercise of warrants, with no shared voting or dispositive power. This means it alone can direct how those warrant shares are voted and whether, or how, they are sold.