Salarius Pharmaceuticals, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Salarius Pharmaceuticals, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial data and corporate history.</b>

AI Summary

Salarius Pharmaceuticals, Inc. (DCOY) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Salarius Pharmaceuticals, Inc. filed a 10-Q report for the period ending March 31, 2024. The company's business address is 2450 Holcombe Blvd, Suite J-608, Houston, TX 77021. The company was formerly known as Flex Pharma, Inc., with a name change effective July 30, 2014. The filing includes data related to common stock, additional paid-in capital, and retained earnings for various periods in 2023 and 2024. Specific financial instruments like CPRIT grants, At-The-Market offerings, and warrants are referenced for different periods.

Why It Matters

For investors and stakeholders tracking Salarius Pharmaceuticals, Inc., this filing contains several important signals. This filing provides investors and analysts with the latest financial performance and operational updates for Salarius Pharmaceuticals, Inc. Understanding the details within this 10-Q is crucial for assessing the company's current financial health, strategic direction, and potential future performance.

Risk Assessment

Risk Level: medium — Salarius Pharmaceuticals, Inc. shows moderate risk based on this filing. The company's financial disclosures are limited in this extract, making a full assessment of its financial health challenging without the complete filing.

Analyst Insight

Review the full 10-Q filing to understand the company's revenue, expenses, cash flow, and any significant changes in its financial position.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-13 — Filing Date (Filed as of Date)
• 2014-07-30 — Name Change Date (Date of name change from Flex Pharma, Inc.)

Key Players & Entities

• Salarius Pharmaceuticals, Inc. (company) — Filer name
• Flex Pharma, Inc. (company) — Former company name
• 2450 Holcombe Blvd, Suite J-608, Houston, TX 77021 (company) — Business address
• 2024-03-31 (date) — Conformed period of report
• 2024-05-13 (date) — Filed as of date
• 2834 (industry_code) — Standard Industrial Classification
• HC Wainwright (company) — Mentioned in relation to warrants

FAQ

Industry Context

Salarius Pharmaceuticals operates in the pharmaceutical preparations industry, focusing on developing therapies.

Regulatory Implications

The filing is a standard 10-Q report, adhering to SEC regulations for quarterly financial disclosures.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue, net income, and cash flow.
2. Examine any management discussion and analysis (MD&A) sections for insights into operational performance and future outlook.
3. Review risk factors and legal proceedings sections for potential challenges and liabilities.

Key Dates

• 2024-03-31: Quarterly Period End — Reporting period for the 10-Q
• 2024-05-13: Filing Date — Date the 10-Q was officially filed with the SEC

Year-Over-Year Comparison

This is a 10-Q filing, representing a quarterly update, which typically contains more detailed financial information than a 10-K annual report.

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value SLRX The Nasdaq Stock Market

Filing Documents

• flks-20240331.htm (10-Q) — 428KB
• slrx20240331ex-311.htm (EX-31.1) — 9KB
• slrx20240331ex-312.htm (EX-31.2) — 8KB
• slrx20240331ex-321.htm (EX-32.1) — 6KB
• 0001615219-24-000040.txt (&nbsp;) — 2556KB
• flks-20240331.xsd (EX-101.SCH) — 19KB
• flks-20240331_cal.xml (EX-101.CAL) — 23KB
• flks-20240331_def.xml (EX-101.DEF) — 79KB
• flks-20240331_lab.xml (EX-101.LAB) — 273KB
• flks-20240331_pre.xml (EX-101.PRE) — 180KB
• flks-20240331_htm.xml (XML) — 198KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 5 Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Operations 6 Condensed Consolidated Statements of Cash Flows 7 Condensed Consolidated Statement s of Stockholders' Equity 8 Notes to Condensed Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 20 Item 4.

Controls and Procedures

Controls and Procedures 20 PART II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 21 Item 1A.

Unregistered Sales of Equity Securities and Use of Proceeds 21

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 21

Defaults Upon Senior Securities

Item 3 Defaults Upon Senior Securities 21

Mine Safety Disclosures 21

Item 4 Mine Safety Disclosures 21

Other Information 21

Item 5 Other Information 21 Item 6. Exhibits 23

SIGNATURES

SIGNATURES 24 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Various statements made in this Quarterly Report on Form 10-Q are forward-looking and involve risks and uncertainties. All statements that address activities, events or developments that we intend, expect or believe may occur in the future are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements give our current expectations or forecasts of future events and are not statements of historical or current facts. These statements include, among others, statements about: the Company's ability to continue as a going concern and its ability to support it operations into the first half of 2025; the Company's expectations regarding the exploration of strategic alternatives; the Company's strategy, including significantly reducing its expenditures on operational and research and development activities and taking other cost savings measures in connection with the Company's ongoing review of strategic alternatives; the Company's expectations regarding the benefits of its cost-saving measures; the Company's ability to preserve capital while it continues to await clinical data and assess potential strategic alternatives; the expected timing for incurring costs associated with the cost savings measures; the Company's expectations regarding its clinical trials and any investigator-initiated clinical trials, including expected costs, goals, timing and other expectations related thereto; the potential advantages of its lead compound, seclidemstat or SP-2577, as a treatment for Ewing sarcoma, and other cancers and its ability to improve the life of patients; the potential for seclidemstat to target the epigenetic dysregulation underlying Ewing sarcoma; the potential advantages of protein degraders including the value of SP-3164 as a cancer treatment; the c

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements SALARIUS PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (Unaudited) (Audited) Assets Current assets: Cash and cash equivalents $ 4,373,205 $ 5,899,910 Prepaid expenses and other current assets 457,064 619,763 Total current assets 4,830,269 6,519,673 Other assets 53,390 66,850 Total assets $ 4,883,659 $ 6,586,523 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 713,957 $ 602,853 Accrued expenses and other current liabilities 403,309 406,745 Notes payable 116,855 289,643 Total liabilities 1,234,121 1,299,241 Commitments and contingencies (Note 5) Stockholders' equity: Preferred stock, $ 0.0001 par value; 10,000,000 shares authorized; 0 issued and outstanding — — Common stock, $ 0.0001 par value; 100,000,000 shares authorized; 4,314,433 and 3,938,433 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 431 393 Additional paid-in capital 81,712,238 81,634,730 Accumulated deficit ( 78,063,131 ) ( 76,347,841 ) Total stockholders' equity 3,649,538 5,287,282 Total liabilities and stockholders' equity $ 4,883,659 $ 6,586,523 See accompanying notes to condensed consolidated financial statements. 5 Table of Contents SALARIUS PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31 2024 2023 Operating expenses: Research and development $ 243,002 $ 3,725,588 General and administrative 1,528,613 1,695,075 Total operating expenses 1,771,615 5,420,663 Loss before other income (expense) ( 1,771,615 ) ( 5,420,663 ) Interest income, net and other 56,325 79,890 Loss from continuing operations ( 1,715,290 ) ( 5,340,773 ) Net loss $ ( 1,715,290 ) $ ( 5,340,773 ) Loss per common share — basic and diluted $ ( 0.41 ) $ ( 2.23 ) Weighted-average number of common shares outstanding — basic and diluted 4,194,609 2,391,964 See accompanying notes to co

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View this 10-Q filing on SEC EDGAR