Salarius Pharmaceuticals, Inc. (SLRX) Stock Plunged 8.98% Pre-Market, Here’s Why

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Salarius Pharmaceuticals, Inc. (SLRX) is down 8.98% in the pre-market trading session at the price of $0.82 despite any recent news.

SLRX Presented at the Virtual Diamond Equity Research Emerging Growth Invitational

SLRX CEO David Arthur presented virtually at the Diamond Equity Research Emerging Growth Invitational Conference on 17th August 2021. The conference details were initially announced on 12th August 2021. SLRX revealed that Registered conference attendees can access the presentation through the conference’s virtual platform. Conference registration was available free of cost.

In the conference, Mr. Arthur presented a review of Salarius’ business and highlighted recent corporate and clinical accomplishments. Besides, he provided data about expected milestones in the clinical programs for seclidemstat. Moreover, Mr. Arthur has discussed the Phase ½ clinical trial initiated by MD Anderson Cancer Center to study seclidemstat combined with azacytidine.

Second Quarter 2021 Financial Results

On 5th August 2021, SLRX published corporate events and financial results for the second quarter ended 30th June 2021. CEO David Arthur remarked that the second quarter was a period of substantial growth for Salarius. Notably due to progress in clinical programs driving to multiple data readouts. Importantly, they ended the quarter with $33.1 million in cash and cash equivalents. They believe it is sufficient to support the achievement of the readouts in 2021 and 2022, he added.

For the three months ended 30th June 2021, SLRX reported a net loss of $3.1 million or $0.07 per basic and diluted share. A net loss of $1.8 million or $0.13 per basic and diluted share was reported for the same period of 2020. The loss before other income for the quarter ended 30th June 2021 grew by $1.2 million compared to the loss before other income for the same period last year. It is primarily due to lower grant revenue and overall higher operating expenses. Net cash used for operating activities during this quarter of 2021 totaled $3.2 million. An increment of approximately $0.7 million compared to the same span last year. It is primarily due to higher overall spending during the second quarter of 2021.

Addition of Fox Chase Cancer Center to Ongoing Trial of Seclidemstat

On 13th July 2021, SLRX published that it had added Fox Chase Cancer Center to the ongoing trial of Seclidemstat. Seclidemstat is a novel, oral, and reversible inhibitor of lysine-specific histone demethylase 1. It plays a vital role in the development and progression of several cancers. It works to treat Ewing Sarcoma and FET-Rearranged Sarcomas. SLRX is developing a Phase ½ dose-expansion clinical trial. It is evaluating seclidemstat combined with the chemotherapy agents: topotecan and cyclophosphamide.

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