Anson Reports 5.23M Shares, Including Warrants, Representing 4.9% of Sellas (SLS)

Rhea-AI Filing Summary

Sellas Life Sciences Group, Inc. (SLS) received a Schedule 13G/A showing that Anson Funds Management LP and related Anson entities and principals collectively report beneficial ownership of 5,225,948 shares, representing 4.9% of the outstanding common stock on a fully diluted basis that includes shares underlying warrants. The reported share count uses 99,777,487 outstanding shares plus 4,950,948 shares issuable upon exercise of warrants to reach a 104,728,435 share denominator. The filing states the securities are held in the ordinary course of business and not for the purpose of changing or influencing control, and that exercise of warrants is subject to beneficial ownership limitations.

Positive

• Complete disclosure of collective beneficial ownership across related Anson entities and individuals
• Transparent inclusion of warrants and the denominator used to calculate the 4.9% beneficial ownership
• Certification that holdings are in the ordinary course of business and not for control purposes

Negative

• None.

Insights

Securities Analyst

Anson group holds a sub-5% stake with warrants subject to ownership caps; disclosure suggests passive intent.

The filing documents a collective 4.9% beneficial position in Sellas including warrants, with shared voting and dispositive power across Anson entities and named individuals. Because the position remains below 5%, the filing is made on Schedule 13G/A rather than 13D, consistent with a passive investor stance. The inclusion of warrants and the stated ownership limitation (preventing exercise beyond 4.99% in some warrants) is material for dilution and potential future ownership ceiling analyses.

Corporate Governance Expert

Filing indicates coordinated group reporting and affirms no intent to influence control; governance impact appears limited.

The named reporting persons—Anson Funds Management LP, Anson Management GP LLC, Anson Advisors Inc., and three individuals—report identical beneficial amounts and shared control over 5,225,948 shares. Signatures from managers and directors certify ordinary-course holding and comparability of non-U.S. regulatory oversight for Anson Advisors Inc. For governance, the sub-5% stake and the certification reduce near-term likelihood of proxy or control actions by this group based on the disclosed facts.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Sellas Life Sciences Group, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

81642T209

(CUSIP Number)

06/30/2025

(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

Anson Funds Management LP

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

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,225,948.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,225,948.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,225,948.00

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)

4.9 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 81642T209

1

Names of Reporting Persons

Anson Management GP 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

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,225,948.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,225,948.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,225,948.00

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)

4.9 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 81642T209

1

Names of Reporting Persons

Tony Moore

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,225,948.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,225,948.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,225,948.00

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)

4.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No. 81642T209

1

Names of Reporting Persons

Anson Advisors Inc.

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

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,225,948.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,225,948.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,225,948.00

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)

4.9 %

12

Type of Reporting Person (See Instructions)

FI, CO

SCHEDULE 13G

CUSIP No. 81642T209

1

Names of Reporting Persons

Amin Nathoo

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

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,225,948.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,225,948.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,225,948.00

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)

4.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No. 81642T209

1

Names of Reporting Persons

Moez Kassam

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

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,225,948.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,225,948.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,225,948.00

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)

4.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

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: Anson Funds Management LP, Anson Management GP LLC, Mr. Tony Moore, Anson Advisors Inc., Mr. Amin Nathoo and Mr. Moez Kassam
(b)	Address or principal business office or, if none, residence: For Anson Funds Management LP, Anson Management GP LLC and Mr. Moore: 16000 Dallas Parkway, Suite 800 Dallas, Texas 75248 For Anson Advisors Inc., Mr. Nathoo and Mr. Kassam: 181 Bay Street, Suite 4200 Toronto, ON M5J 2T3
(c)	Citizenship: Anson Funds Management LP is a limited partnership organized under the laws of the State of Texas. Anson Management GP LLC is a limited liability company organized under the laws of the State of Texas. Mr. Moore is a United States citizen. Anson Advisors Inc. is a corporation organized under the laws of Ontario, Canada. Mr. Nathoo and Mr. Kassam are each Canadian citizens.
(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).
	Canadian Investment Advisor
Item 4.	Ownership
(a)	Amount beneficially owned: Anson Funds Management LP, Anson Management GP LLC, Mr. Moore, Anson Advisors Inc., Mr. Nathoo and Mr. Kassam are the beneficial owners of 5,225,948 shares of Common Stock held by the Fund.
(b)	Percent of class: Anson Funds Management LP, Anson Management GP LLC, Mr. Moore, Anson Advisors Inc., Mr. Nathoo and Mr. Kassam are the beneficial owners of 4.9% of the outstanding shares of Common Stock, which include shares of Common Stock underlying outstanding warrants (each, a "Warrant," and collectively, the "Warrants") held by Anson Funds Management LP, Anson Management GP LLC, Mr. Moore, Anson Advisors Inc., Mr. Nathoo and Mr. Kassam. Each Warrant includes a beneficial ownership limititation. The Warrants may not be exercised to the extent the Reporting Persons would, in the case of some of the Warrants, beneficially own more than 4.99% of the outstanding Common Stock. The beneficial ownership set forth herein takes into account the foregoing limitation. This percentage is determined by dividing 5,225,948 by 104,728,435, which is the sum of: (i) 99,777,487 shares of Common Stock issued and outstanding, as reported in the Issuer's Quarterly Report on form 10-Q filed with the Securities and Exchange Commission (the "SEC") on May 13, 2025; and (ii) 4,950,948, the number of shares of Common Stock receivable by the Fund upon exercise of the Warrants.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Section 4(a)
	(ii) Shared power to vote or to direct the vote: See Section 4(a)
	(iii) Sole power to dispose or to direct the disposition of: See Section 4(a)
	(iv) Shared power to dispose or to direct the disposition of: See Section 4(a)
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.
	Not Applicable
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. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Anson Advisors Inc. is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

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.

Anson Funds Management LP

Signature:	/s/ Tony Moore
Name/Title:	Tony Moore, Manager
Date:	08/14/2025

Anson Management GP LLC

Signature:	/s/ Tony Moore
Name/Title:	Tony Moore, Manager
Date:	08/14/2025

Tony Moore

Signature:	/s/ Tony Moore
Name/Title:	Tony Moore, Manager
Date:	08/14/2025

Anson Advisors Inc.

Signature:	/s/ Amin Nathoo
Name/Title:	Amin Nathoo, Director
Date:	08/14/2025

Signature:	/s/ Moez Kassam
Name/Title:	Moez Kassam, Director
Date:	08/14/2025

Amin Nathoo

Signature:	/s/ Amin Nathoo
Name/Title:	Amin Nathoo, Director
Date:	08/14/2025

Moez Kassam

Signature:	/s/ Moez Kassam
Name/Title:	Moez Kassam, Director
Date:	08/14/2025

FAQ

How many Sellas (SLS) shares do the Anson reporting persons beneficially own?

They report beneficial ownership of 5,225,948 shares, representing 4.9% of the class on a fully diluted basis used in the filing.

Does the Schedule 13G/A indicate Anson intends to influence control of Sellas (SLS)?

No. The filing certifies the securities are held in the ordinary course of business and not for the purpose of changing or influencing control.

Are warrants included in the reported ownership for SLS?

Yes. The calculation includes 4,950,948 shares issuable upon exercise of warrants, and some warrants contain a 4.99% beneficial ownership limitation.

Who are the reporting persons on the SLS Schedule 13G/A?

Reporting persons are Anson Funds Management LP, Anson Management GP LLC, Tony Moore, Anson Advisors Inc., Amin Nathoo, and Moez Kassam.

What voting and dispositive power does Anson report for these SLS shares?

The filing reports 0 sole voting/dispositive power and 5,225,948 shared voting and shared dispositive power.