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Salarius Pharmaceuticals, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in cash and cash equivalents to $3,284,029 from $5,899,910 at the end of 2023. The decrease is attributed to cash used in operating activities.
Research and development expenses decreased to $137,234 for the quarter, compared to $1,036,354 in the same quarter the previous year. This decrease is primarily due to cost-saving measures implemented in the third quarter of 2023.
General and administrative expenses were $869,237 for the quarter, down from $1,495,831 in the previous year, reflecting reduced personnel costs and facility expenses.
Net loss for the quarter was $972,121, compared to $2,442,816 in the previous year. The decrease in net loss is attributed to reduced operating expenses.
The company reported an accumulated deficit of $80,459,685 as of September 30, 2024, with a total stockholders' equity of $2,924,583.
Salarius continues to explore strategic alternatives to maximize shareholder value, including potential mergers, acquisitions, or asset sales.
The company has implemented cost-saving measures to extend its cash runway into the first half of 2025, including the cessation of employment of its CEO, who continues in a part-time consulting role.
Salarius is focused on developing treatments for cancers caused by dysregulated gene expression, with its current pipeline including SP-3164, a targeted protein degrader, and seclidemstat (SP-2577), a targeted protein inhibitor.
The company acknowledges the risk of delisting from Nasdaq if it does not maintain compliance with listing requirements, and it is actively monitoring its financial position.
Salarius has no products approved for commercial sale and has not generated any revenue from product sales to date, raising substantial doubt about its ability to continue as a going concern.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Salarius Pharmaceuticals Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.