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Salarius Pharmaceuticals Inc. (SLRX+2.06%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that Salarius has not generated any revenue from product sales and has incurred an accumulated deficit of $81.9 million as of December 31, 2024. The company recorded a net loss of $5.6 million for the year.
Research and development expenses decreased significantly to $0.8 million in 2024 from $7.2 million in 2023, primarily due to cost-saving measures and reduced spending on clinical trials.
General and administrative expenses were $5.0 million in 2024, down from $5.7 million in 2023, reflecting lower personnel costs and public company expenses.
Salarius announced a merger agreement with Decoy Therapeutics, Inc. on January 10, 2025. The merger is structured as a stock-for-stock transaction and is expected to result in Decoy stockholders owning approximately 85.9% of the combined company.
The merger is contingent upon certain conditions, including a minimum of $6.0 million in future offerings and maintaining the listing of Salarius' common stock on Nasdaq.
Salarius has implemented cost-saving measures to extend its cash runway into the later part of the second quarter of 2025. As of December 31, 2024, the company had cash and cash equivalents totaling $2.4 million.
The company has two small molecule drugs in its pipeline: SP-3164, a targeted protein degrader, and seclidemstat (SP-2577), a targeted protein inhibitor.
Salarius entered into a Warrant Cancellation Agreement on January 10, 2025, paying $350,000 to cancel a warrant for 454,546 shares of common stock.
The company continues to face risks related to its financial position, including potential delisting from Nasdaq and the need to raise additional capital to fund operations.
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. annual 10-K report dated March 21, 2025. To report an error, please email earnings@qz.com.