SELLAS Life Sciences shares fell sharply after a session with no publicly disclosed failed trial update or new filing in the record. Traders appear to be repricing the stock ahead of binary clinical catalysts including the REGAL Phase 3 event-driven analysis of galinpepimut-S for AML maintenance, with timing remaining a key uncertainty for investors. In separate market action, Alzheon outlined plans for a major fundraising round despite a Phase 3 miss for its Alzheimer’s drug candidate. The company’s capital plan suggests it is preparing runway and options for next steps after the setback. The moves reflect continued investor focus on timing and catalyst sequencing as pre-revenue biotechs manage execution risk.