Financial Performance - The company reported an accumulated deficit of $80.5 million as of September 30, 2024, with cash and cash equivalents of $3.3 million[65]. - The net loss for the three months ended September 30, 2024, was $972,121, significantly lower than the $2,442,816 loss reported for the same period in 2023, a reduction of approximately 60%[78]. - For the nine months ended September 30, 2024, the net loss was $4,111,844, compared to $11,660,897 for the same period in 2023, indicating a decrease of about 65%[83]. - The company has incurred operating losses since inception and expects this trend to continue for the foreseeable future[91]. Expenses - Research and development expenses decreased to $137,234 for the three months ended September 30, 2024, compared to $1,036,354 for the same period in 2023, a reduction of approximately 87%[78]. - General and administrative expenses were $869,237 for the three months ended September 30, 2024, down from $1,495,831 in the same period in 2023, reflecting a decrease of about 42%[78]. - Net cash used in operating activities was $3.8 million for the nine months ended September 30, 2024, a decrease of approximately $7.6 million from the same period last year[95]. - The company anticipates continuing to incur operating losses and significant expenses while exploring strategic alternatives[91]. Cash Flow and Capital Needs - As of September 30, 2024, cash and cash equivalents totaled $3.3 million, with working capital at $2.9 million[88]. - The company anticipates needing substantial additional capital within the next several months to continue operations beyond the first half of 2025[68]. - Net cash provided by financing activities for the nine months ended September 30, 2024 was $1.2 million, compared to $6.8 million for the same period in 2023[96]. - The net decrease in cash and cash equivalents for the nine months ended September 30, 2024 was $2.6 million[94]. Strategic Alternatives - The ongoing Phase 1/2 clinical trial for seclidemstat for Ewing sarcoma has been closed to conserve cash while exploring strategic alternatives[63]. - The company is exploring strategic alternatives, including potential acquisitions, mergers, or divestitures, to maximize shareholder value[64]. - The company may consider various strategic transactions, including mergers or licensing arrangements, to fund future operations[89]. - The company has reduced expenditures and is exploring opportunities to extend its resources[90]. - If the company fails to raise capital or engage a strategic partner in the coming months, it may need to cease operations and liquidate assets[93]. Stockholder Information - The company sold 564,730 shares of common stock in an ATM offering, generating gross proceeds of $1.5 million during the three months ended September 30, 2024[65]. - Stockholders' equity balance was $2.9 million as of September 30, 2024[88]. - The company has no products approved for commercial sale and has not generated any revenue from product sales to date[65].
Salarius Pharmaceuticals(SLRX) - 2024 Q3 - Quarterly Report