Salarius Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company focused on developing cancer treatments, reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. The company’s cash and cash equivalents decreased to $3.3 million from $5.9 million at the end of 2023, reflecting a broader decline in total current assets, which fell from $6.5 million to $3.8 million. Total assets also decreased to $3.9 million, while total liabilities were reduced to $934,581 from $1.3 million, resulting in a decline in stockholders' equity from $5.3 million to $2.9 million.

For the three months ended September 30, 2024, Salarius reported a net loss of $972,121, a notable improvement compared to a net loss of $2.4 million for the same period in 2023. This trend continued for the nine-month period, with net losses decreasing from $11.7 million in 2023 to $4.1 million in 2024. The loss per share also improved significantly, from $(5.21) to $(0.76) for the three-month period and from $(30.71) to $(5.13) for the nine-month period.

Operating expenses saw a substantial reduction, with total operating expenses for the three months ending September 30, 2024, at $1 million, down from $2.5 million in the prior year. This decrease was attributed to a cost-savings plan implemented in Q3 2023, which included significant reductions in personnel costs. General and administrative expenses also fell from $1.5 million to $0.9 million during the same period.

Despite these improvements, Salarius continues to face challenges, including a lack of revenue generation, as it has no products approved for commercial sale. The company has incurred recurring losses since its inception, leading to substantial doubt about its ability to continue as a going concern. The accumulated deficit reached $80.5 million as of September 30, 2024.

In terms of strategic developments, Salarius announced a strategic review in August 2023 to explore alternatives such as acquisitions or mergers to enhance shareholder value. The company has also implemented cost-saving measures to extend its cash runway into the first half of 2025. However, it remains reliant on raising additional capital to sustain operations, with potential plans to sell or out-license its drug programs, SP-3164 and seclidemstat, which are currently in development for cancer treatment. The company’s stock is listed on the Nasdaq Capital Market, where it must meet specific requirements to maintain its listing.