Salarius Pharmaceuticals Reports Decreased Losses and Pursues Merger with Decoy Therapeutics

Salarius Pharmaceuticals, Inc. reported its financial results for the second quarter of 2025, revealing a net loss of $957,825, a decrease from a loss of $1,424,433 in the same period of 2024. For the six months ending June 30, 2025, the company recorded a net loss of $2,667,358, down from $3,139,723 in the prior year. The reduction in losses is attributed to a significant decrease in operating expenses, particularly in research and development, which fell to $116,383 from $214,447 year-over-year, and general and administrative expenses, which decreased to $849,182 from $1,253,070.

The company’s total assets as of June 30, 2025, were reported at $1,392,778, a decline from $3,022,974 at the end of 2024. This decrease was primarily driven by a reduction in cash and cash equivalents, which fell to $794,886 from $2,434,528. Current liabilities increased significantly to $2,222,502 from $1,511,279, largely due to higher accounts payable and accrued expenses. Salarius’ accumulated deficit reached $84,590,976, reflecting ongoing operational losses since its inception.

Strategically, Salarius is pursuing a merger with Decoy Therapeutics, Inc., which was formalized in a merger agreement on January 10, 2025. The merger is contingent upon achieving a minimum of $6 million in financing and maintaining compliance with Nasdaq listing requirements. The company has faced challenges in meeting these requirements, including a delisting notice from Nasdaq due to its stock price falling below the minimum bid requirement. Salarius has appealed this decision and is working to regain compliance.

Operationally, Salarius has implemented cost-saving measures, including a reduction in personnel, which has contributed to lower research and development expenses. The company has curtailed its sponsored clinical trials and is relying on data from investigator-initiated trials to inform future development plans. As of June 30, 2025, Salarius had two full-time employees and is focused on maintaining operations with limited resources.

Looking ahead, Salarius anticipates needing substantial additional capital to fund its operations beyond the second quarter of 2026. The company has indicated that it may pursue further equity financing or strategic partnerships to secure necessary funding. However, there is significant uncertainty regarding its ability to raise capital on favorable terms, and failure to do so could lead to a wind-down of operations. The outcome of the merger with Decoy and the ability to meet Nasdaq's compliance requirements will be critical for the company's future.