Financial Performance - The company reported a net loss of $1.4 million for the three months ended June 30, 2024, a decrease of 63.2% compared to a net loss of $3.9 million for the same period in 2023[78]. - The company has not generated any revenue from product sales and has incurred operating losses since inception[70]. - The company anticipates continuing to incur operating losses for the foreseeable future and is exploring strategic alternatives to enhance shareholder value[88]. - The company has incurred operating losses since inception and expects significant fluctuations in operating losses from quarter to quarter[92]. Research and Development - Research and development expenses decreased to $214,447 for the three months ended June 30, 2024, down from $2.4 million in the same period of 2023, reflecting a reduction of $2.1 million[79]. - Total research and development costs for the six months ended June 30, 2024, were $244,589, a decrease of approximately 89.9% from $2,418,955 in the same period of 2023[86]. - The ongoing Phase 1/2 clinical trial for seclidemstat in Ewing sarcoma was closed to conserve cash while exploring strategic alternatives[66]. - A clinical trial for seclidemstat in combination with azacitidine is on partial clinical hold due to a serious adverse event, with no new patients being enrolled[65]. - The company plans to continue supporting the clinical trial at MDACC while evaluating options for the future development of its drug candidates[66]. Cash Position and Financing - The company had an accumulated deficit of $79.5 million as of June 30, 2024, with cash and cash equivalents of $3.3 million[70]. - As of June 30, 2024, cash and cash equivalents totaled $3.3 million, with working capital at $2.3 million, indicating a decrease primarily due to cash used in operating activities[90]. - Net cash used in operating activities was $2.4 million for the six months ended June 30, 2024, a decrease of approximately $5.2 million from the same period in 2023[97]. - Net cash used by financing activities was $0.2 million for the six months ended June 30, 2024, compared to $7.0 million provided in the same period of 2023[98]. - The company believes its current cash position, along with additional proceeds from stock sales, is sufficient to fund operations into the first half of 2025[90]. - If the company fails to raise capital or engage a strategic partner in the coming months, it may be forced to cease operations and liquidate assets[94]. Strategic Alternatives - The company is exploring strategic alternatives, including potential acquisitions or partnerships, to maximize shareholder value[69]. - The company may consider various strategic transactions, including mergers or collaborations, to fund future operations and modulate liquidity needs[91]. - General and administrative expenses decreased to $1.3 million for the three months ended June 30, 2024, compared to $1.6 million for the same period in 2023[82]. - General and administrative expenses decreased to $2.8 million for the six months ended June 30, 2024, down from $3.3 million in the same period of 2023, reflecting cost-saving measures[87]. - The company sold 564,730 shares of common stock in July 2024, generating gross proceeds of $1.5 million[67].
Salarius Pharmaceuticals(SLRX) - 2024 Q2 - Quarterly Report