HOUSTON, TX – Salarius Pharmaceuticals, Inc. (NASDAQ:SLRX), a company specializing in pharmaceutical preparations, has filed a prospectus supplement for a new stock offering, according to a recent 8-K filing with the U.S. Securities and Exchange Commission. Today, the company announced the registration of shares of common stock worth up to $335,921.
The offering is being made pursuant to an At the Market Offering Agreement with Ladenburg Thalmann & Co. Inc., dated February 5, 2021. This move follows the effective registration statement on Form S-3 (File No. 333-266589) filed on August 5, 2022, and declared effective by the SEC on August 16, 2022.
The shares involved in this offering are of common stock with a par value of $0.0001 per share. The legal opinion regarding the validity of the shares being offered has been provided by Hogan Lovells US LLP, and is included within the filing as Exhibit 5.1.
Salarius Pharmaceuticals, previously known as Flex (NASDAQ:FLEX) Pharma, Inc., is headquartered in Houston, Texas, and operates under the legal jurisdiction of Delaware. The company's fiscal year-end is December 31, and it is listed on The Nasdaq Capital Market under the ticker symbol SLRX.
In other recent news, Salarius Pharmaceuticals has registered a new stock offering, aiming to raise up to $810,973 by making its common stock available. This move is part of an At the Market Offering Agreement with Ladenburg Thalmann & Co. Inc., following the effective registration statement filed and declared effective by the U.S. Securities and Exchange Commission. Additionally, Salarius decided to discontinue its Phase 1/2 clinical trial of seclidemstat for Ewing sarcoma, as part of a strategy to conserve cash while seeking strategic alternatives.
The company also experienced a serious setback when a patient in another trial had a grade 4 adverse event, leading to a partial clinical hold on the trial by the U.S. Food and Drug Administration. Despite this, Salarius will continue to support a separate clinical trial conducted by The University of Texas MD Anderson Cancer Center. In a bid to meet Nasdaq's minimum bid price requirement, Salarius announced a 1-for-8 reverse stock split, reducing the number of issued and outstanding common stock shares.
InvestingPro Insights
As Salarius Pharmaceuticals aims to raise capital through its latest stock offering, investors might consider the current financial health and market performance of the company. According to InvestingPro data, Salarius Pharmaceuticals has a market capitalization of just $2.03 million, reflecting its position as a small-cap company in the pharmaceutical industry. The stock's price-to-book ratio as of Q1 2024 stands at 0.35, suggesting that the market values the company at a fraction above its accounting net worth.
InvestingPro Tips highlight that Salarius Pharmaceuticals holds more cash than debt, which is a positive sign for potential investors concerned about the company's financial stability. However, the company is expected to see a drop in net income this year, and analysts do not anticipate profitability within the year. Additionally, the stock has experienced significant volatility and a notable decline in price over various time frames, including a 69.25% drop in the one-year total return as of Q1 2024.
For those considering an investment in Salarius Pharmaceuticals, it's important to weigh these financial metrics and market performance indicators carefully. For a more comprehensive analysis, including additional InvestmentPro Tips on Salarius Pharmaceuticals, visit InvestingPro. There are over 13 additional tips available to guide your investment decision. Remember to use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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