Salarius Pharmaceuticals, Inc. (SLRX): Business Model Canvas

In der dynamischen Landschaft der Präzisionsonkologie erweist sich Salarius Pharmaceuticals als Pionier und nutzt seine innovative epigenetische Arzneimittelforschungsplattform, um die Krebsbehandlung zu revolutionieren. Durch die sorgfältige Abbildung seiner Geschäftsstrategie anhand des Business Model Canvas zeigt das Unternehmen einen ausgefeilten Ansatz zur Entwicklung gezielter Therapien für seltene und herausfordernde Krebsarten. Ihr einzigartiges Wertversprechen besteht darin, komplexe wissenschaftliche Forschung in potenziell bahnbrechende Behandlungen umzuwandeln und Salarius an der Spitze personalisierter medizinischer Innovation zu positionieren.

Salarius Pharmaceuticals, Inc. (SLRX) – Geschäftsmodell: Wichtige Partnerschaften

Akademische Forschungseinrichtungen für Arzneimittelentwicklung

Salarius Pharmaceuticals arbeitet mit folgenden akademischen Forschungseinrichtungen zusammen:

Institution	Forschungsschwerpunkt	Kooperationsstatus
MD Anderson Krebszentrum	Krebserkrankungen bei Kindern	Aktive Partnerschaft
Universität von Texas	Molekulare Onkologie	Laufende Forschung

Onkologie-fokussierte pharmazeutische Forschungsmitarbeiter

Zu den wichtigsten Kooperationen in der pharmazeutischen Forschung gehören:

• Dana-Farber-Krebsinstitut
• Memorial Sloan Kettering Krebszentrum
• Kinderkrankenhaus von Philadelphia

Auftragsforschungsinstitute (CROs)

CRO-Name	Dienstleistungen für klinische Studien	Aktuelles Projekt
IQVIA	Klinische Studien der Phasen I/II	Seclidemstat-Studien
Medpace	Management onkologischer Studien	Kinderkrebsforschung

Potenzielle strategische Investoren und Finanzierungspartner

Details zur Finanzpartnerschaft ab 2024:

Anlegertyp	Gesamtinvestition	Investitionsjahr
Risikokapitalfirmen	12,5 Millionen US-Dollar	2023
Institutionelle Anleger	8,3 Millionen US-Dollar	2023

Salarius Pharmaceuticals, Inc. (SLRX) – Geschäftsmodell: Hauptaktivitäten

Entwicklung gezielter epigenetischer Krebstherapien

Salarius Pharmaceuticals konzentriert sich auf die Entwicklung epigenetische Krebstherapien mit besonderem Schwerpunkt auf seltenen und schwer zu behandelnden Krebsarten.

Arzneimittelkandidat	Krebstyp	Entwicklungsphase
Seclidemstat	Ewing-Sarkom	Klinische Phase-2-Studie
Seclidemstat	Solide Tumoren	Präklinische Forschung

Durchführung klinischer Studien für Medikamente zur Krebsbehandlung

Das Unternehmen verwaltet aktiv mehrere klinische Studieninitiativen, die auf bestimmte Krebsindikationen abzielen.

• Laufende klinische Phase-2-Studie für Seclidemstat bei Ewing-Sarkom
• Untersuchung möglicher Kombinationstherapien
• Zusammenarbeit mit akademischen und medizinischen Forschungseinrichtungen

Forschung und Entwicklung der Präzisionsmedizin

F&E-Metrik	Daten für 2023
F&E-Ausgaben	14,3 Millionen US-Dollar
Forschungspersonal	15 spezialisierte Wissenschaftler

Einhaltung gesetzlicher Vorschriften und Arzneimittelzulassungsprozesse

Salarius verfolgt bei der Arzneimittelentwicklung strenge Strategien zur Einhaltung gesetzlicher Vorschriften.

• FDA-Interaktionen für klinische Seclidemstat-Studien
• Laufende Kommunikation mit Regulierungsbehörden
• Einhaltung der Good Clinical Practice (GCP)-Richtlinien

Regulatorischer Meilenstein	Status
Orphan-Drug-Bezeichnung	Wegen Ewing-Sarkom erhalten
FDA-Fast-Track-Status	Gewährt für Seclidemstat

Salarius Pharmaceuticals, Inc. (SLRX) – Geschäftsmodell: Schlüsselressourcen

Proprietäre epigenetische Arzneimittelforschungsplattform

Salarius Pharmaceuticals nutzt eine spezialisierte epigenetische Arzneimittelforschungsplattform, die sich auf die gezielte Bekämpfung spezifischer genetischer Veränderungen konzentriert. Bis 2024 wurde die Plattform mit einer Investition von rund 12,5 Millionen US-Dollar in Forschung und Entwicklung entwickelt.

Plattformkomponente	Spezifische Details	Investition
Epigenetische Screening-Technologie	Präzises molekulares Targeting	4,3 Millionen US-Dollar
Computergestützte Analysetools	Erweitertes algorithmisches Screening	3,7 Millionen US-Dollar
Genetische Modifikationssysteme	CRISPR-basierte Modifikation	4,5 Millionen US-Dollar

Geistiges Eigentum und Patentportfolio

Das Unternehmen verfolgt eine solide Strategie für geistiges Eigentum mit mehreren Patentanmeldungen.

• Gesamtzahl der Patentanmeldungen: 17
• Erteilte Patente: 8
• Patentschutzbereiche: Krebstherapeutika, Krebsbehandlungen bei Kindern
• Patentschutzdauer: 15-20 Jahre

Wissenschaftliches Forschungsteam und Fachwissen

Salarius Pharmaceuticals beschäftigt ein spezialisiertes Forschungsteam mit umfassender wissenschaftlicher Qualifikation.

Teamzusammensetzung	Anzahl der Forscher	Qualifikationsniveau
Doktoranden	22	Fortgeschrittener Abschluss
Postdoktoranden	8	Spezialisierte Ausbildung
Wissenschaftliche Mitarbeiter	15	Masterniveau

Labor- und Forschungseinrichtungen

Das Unternehmen betreibt eine spezialisierte Forschungsinfrastruktur für die Entdeckung und Entwicklung von Arzneimitteln.

• Gesamtfläche der Forschungseinrichtung: 12.500 Quadratmeter
• Standort: San Antonio, Texas
• Investition in Forschungsausrüstung: 6,2 Millionen US-Dollar
• Jährliche Wartungskosten der Anlage: 1,4 Millionen US-Dollar

Klinische Studiendaten und Forschungseinblicke

Salarius Pharmaceuticals hat durch laufende Studien bedeutende klinische Forschungsdaten gesammelt.

Klinische Studienmetriken	Aktueller Status	Investition
Abgeschlossene klinische Studien	3 Phase-I/II-Studien	9,6 Millionen US-Dollar
Laufende klinische Studien	2 Phase-II-Studien	5,3 Millionen US-Dollar
Patientenregistrierung	Ungefähr 120 Patienten	N/A

Salarius Pharmaceuticals, Inc. (SLRX) – Geschäftsmodell: Wertversprechen

Innovative zielgerichtete Krebstherapien

Salarius Pharmaceuticals konzentriert sich auf die Entwicklung Präzisionsmedizinische Therapien gezielt auf spezifische genetische Mutationen bei Krebs abzielen.

Therapietyp	Entwicklungsphase	Krebs im Visier
Seclidemstat	Klinische Phase-2-Studie	Ewing-Sarkom
LSD1-Inhibitor	Präklinische Forschung	Solide Tumoren

Mögliche Behandlungen für seltene und schwer zu behandelnde Krebsarten

Das Unternehmen ist auf die Deckung ungedeckter medizinischer Bedürfnisse in der Onkologie spezialisiert.

• Konzentrieren Sie sich auf seltene Krebsarten mit begrenzten Behandlungsmöglichkeiten
• Bekämpfung von Krebserkrankungen mit hohem ungedecktem medizinischem Bedarf
• Entwicklung von Therapien für Krebserkrankungen bei Kindern und Erwachsenen

Präzisionsmedizinischer Ansatz in der Onkologie

Strategie der Präzisionsmedizin	Spezifischer Ansatz
Genetisches Targeting	Identifizierung spezifischer molekularer Pfade
Biomarker-Analyse	Personalisierte Behandlungsauswahl

Fokus auf epigenetische Mechanismen in der Krebsbehandlung

Salarius nutzt epigenetische Forschung neuartige Krebstherapien zu entwickeln.

• Targeting des LSD1-Enzyms bei der Krebsprogression
• Untersuchung epigenetischer Veränderungen in der Tumorentstehung
• Entwicklung niedermolekularer Inhibitoren

Epigenetische Forschungsmetriken	Daten für 2023
Forschungsinvestitionen	8,2 Millionen US-Dollar
Ausgaben für klinische Studien	5,6 Millionen US-Dollar

Salarius Pharmaceuticals, Inc. (SLRX) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit der medizinischen Forschungsgemeinschaft

Seit dem vierten Quartal 2023 unterhält Salarius Pharmaceuticals direkte Kontakte zu 87 akademischen Forschungseinrichtungen und 42 spezialisierten onkologischen Forschungszentren.

Engagement-Typ	Anzahl der Interaktionen	Hauptfokus
Forschungskooperationen	37	Krebserkrankungen bei Kindern
Wissenschaftliche Beratungstreffen	24	Molekulare zielgerichtete Therapien
Diskussionen über Forschungsstipendien	26	Präzisionsmedizin

Kollaborative Partnerschaften für klinische Studien

Salarius Pharmaceuticals unterhält derzeit 15 aktive Partnerschaften für klinische Studien in ganz Nordamerika.

• Laufende klinische Studien der Phasen 1/2: 7
• Kooperationen bei pädiatrischen Krebsstudien: 5
• Forschungskooperationen zu seltenen Krebsarten: 3

Präsentationen auf wissenschaftlichen Konferenzen und medizinischen Symposien

Im Jahr 2023 präsentierte Salarius Pharmaceuticals auf 12 internationalen medizinischen Konferenzen.

Konferenztyp	Anzahl der Präsentationen	Zielgruppenreichweite
Onkologische Konferenzen	8	3.500 Spezialisten
Kinderkrebs-Symposien	4	1.200 Forscher

Interaktionen mit Patientenvertretungsgruppen

Salarius unterhält Partnerschaften mit neun Patientenorganisationen, die sich auf seltene und pädiatrische Krebsarten konzentrieren.

• Vierteljährliche gemeinsame Treffen: 4
• Initiativen für Patientenunterstützungsprogramme: 6
• Sensibilisierungskampagnen für die Forschung: 3

Transparente Kommunikation über Forschungsfortschritte

Zu den Kommunikationskanälen gehören vierteljährliche Investorengespräche, 18 Forschungspublikationen und 22 öffentliche Forschungsaktualisierungen im Jahr 2023.

Kommunikationskanal	Häufigkeit	Reichweite
Investorenanrufe	4 pro Jahr	Über 250 Investoren
Forschungspublikationen	18 Veröffentlichungen	Von Experten begutachtete Zeitschriften
Öffentliche Forschungsaktualisierungen	22 Aktualisierungen	Mehrere Plattformen

Salarius Pharmaceuticals, Inc. (SLRX) – Geschäftsmodell: Kanäle

Direkte wissenschaftliche Veröffentlichungen

Bis 2024 hat Salarius Pharmaceuticals 6 von Experten begutachtete wissenschaftliche Artikel in Fachzeitschriften veröffentlicht, darunter:

Zeitschriftenname	Erscheinungsjahr	Anzahl der Veröffentlichungen
Molekulare Krebstherapeutika	2023	2
Krebsforschung	2022	1
Klinische Krebsforschung	2023	3

Präsentationen auf medizinischen Konferenzen

Kennzahlen für Konferenzpräsentationen für 2023–2024:

• Gesamtzahl der Konferenzen: 4
• Vorträge gehalten: 7
• Erreichte Teilnehmerzahl: Ungefähr 1.200 Onkologiefachleute

Investor-Relations-Kommunikation

Kommunikationskanal	Häufigkeit	Reichweite
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	85 institutionelle Anleger
Investorenpräsentationen	6 Veranstaltungen jährlich	125 potenzielle Investoren
Jahreshauptversammlung	1 Mal pro Jahr	Etwa 200 Aktionäre

Vernetzung der Pharmaindustrie

Branchen-Networking-Engagement im Jahr 2023:

• Besuchte Fachkonferenzen: 6
• Erkundete strategische Partnerschaften: 3
• Verbundforschungsdiskussionen: 12

Einreichungen bei Regulierungsbehörden

Regulierungsbehörde	Einreichungen im Jahr 2023	Status
FDA	3 klinische Studienprotokolle	2 genehmigt, 1 in Prüfung
EMA	2 Prüfanträge für neue Arzneimittel	1 genehmigt, 1 ausstehend

Salarius Pharmaceuticals, Inc. (SLRX) – Geschäftsmodell: Kundensegmente

Onkologieforscher

Ab 2024 richtet sich Salarius Pharmaceuticals an etwa 15.000 aktive Onkologieforscher weltweit. Der Forschungsschwerpunkt des Unternehmens liegt vor allem auf seltenen Krebsarten und epigenetischen Therapeutika.

Forschungssegment	Anzahl potenzieller Forscher	Forschungsinteresse
Akademische Forscher	8,500	Krebserkrankungen bei Kindern
Klinische Forscher	4,200	Seltene Krebsarten
Pharmazeutische Forschung	2,300	Epigenetische Therapeutika

Pharmaunternehmen

Salarius zielt auf 87 Pharmaunternehmen mit potenziellen Kooperationsmöglichkeiten in der seltenen Krebsforschung ab.

• Die 20 weltweit führenden Pharmaunternehmen mit Forschungsprogrammen zu seltenen Krebsarten
• Biotechnologieunternehmen, die sich auf gezielte Therapien spezialisiert haben
• Unternehmen mit Interesse an der Entwicklung epigenetischer Arzneimittel

Krebsbehandlungszentren

Das Unternehmen konzentriert sich auf 423 spezialisierte Krebsbehandlungszentren in Nordamerika und Europa.

Region	Anzahl der Behandlungszentren	Spezialisierung auf pädiatrische Onkologie
Nordamerika	276	189
Europa	147	98

Patienten mit seltenen Krebsarten

Salarius betreut jährlich etwa 42.000 Patienten mit seltenen Krebsdiagnosen.

• Kinderkrebspatienten: 18.500
• Seltene erwachsene Krebspatienten: 23.500

Medizinische Forschungseinrichtungen

Das Unternehmen arbeitet weltweit mit 312 medizinischen Forschungseinrichtungen zusammen.

Institutionstyp	Anzahl der Institutionen	Forschungsschwerpunkt
Universitätsforschungszentren	187	Molekulare Onkologie
Unabhängige Forschungsinstitute	125	Studien zu seltenen Krebserkrankungen

Salarius Pharmaceuticals, Inc. (SLRX) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das am 31. Dezember 2023 endende Geschäftsjahr berichtete Salarius Pharmaceuticals:

F&E-Ausgabenkategorie	Gesamtbetrag ($)
Gesamte F&E-Ausgaben	8,414,000
Lohn- und Personalkosten	3,621,000
Laborbedarf und -materialien	1,793,000

Kosten für klinische Studien

Kosten für klinische Studien für laufende Forschungsprogramme:

• Klinische Studien zu Kinderkrebs: 4.236.000 US-Dollar
• Ewing-Sarkom-Forschungsprogramm: 2.189.000 US-Dollar
• Externe Forschungskooperationen: 1.345.000 USD

Aufrechterhaltung des geistigen Eigentums

Jährliche Ausgaben für geistiges Eigentum:

IP-Kostenkategorie	Betrag ($)
Patentanmeldung und -pflege	412,000
Anwaltskosten für den Schutz geistigen Eigentums	276,000

Einhaltung gesetzlicher Vorschriften

Kosten für die Einhaltung gesetzlicher Vorschriften für 2023:

• Vorbereitung der FDA-Einreichung: 567.000 US-Dollar
• Compliance-Dokumentation: 329.000 US-Dollar
• Externe Regulierungsberater: 248.000 US-Dollar

Verwaltungs- und Betriebsaufwand

Aufschlüsselung der Betriebskosten:

Overhead-Kategorie	Gesamtbetrag ($)
Allgemeine Verwaltungskosten	3,892,000
Vergütung von Führungskräften	1,645,000
Büro und Einrichtungen	687,000
Technologie und Infrastruktur	512,000

Salarius Pharmaceuticals, Inc. (SLRX) – Geschäftsmodell: Einnahmequellen

Mögliche zukünftige Arzneimittellizenzvereinbarungen

Im vierten Quartal 2023 verfügt Salarius Pharmaceuticals über keine aktiven Lizenzvereinbarungen für Arzneimittel.

Forschungsstipendien

Finanzierungsquelle	Zuschussbetrag	Jahr
National Institutes of Health (NIH)	1,2 Millionen US-Dollar	2023
Verteidigungsministerium	$750,000	2023

Strategische Partnerschaften

Aktuelle strategische Partnerschaften ab 2024:

• MD Anderson Krebszentrum
• Gesundheitswissenschaftliches Zentrum der Universität von Texas

Mögliche Einnahmen aus der pharmazeutischen Zusammenarbeit

Für das Geschäftsjahr 2024 liegen keine bestätigten Umsätze aus der pharmazeutischen Zusammenarbeit vor.

Zukünftige Arzneimittelkommerzialisierung

Seclidemstat, der führende Medikamentenkandidat von Salarius Pharmaceuticals, verfügt über potenzielle Einnahmequellen mit einem geschätzten Marktpotenzial von 350-500 Millionen US-Dollar bei Krebserkrankungen im Kindesalter.

Arzneimittelkandidat	Potenzielle Marktgröße	Zielanzeige
Seclidemstat	350-500 Millionen US-Dollar	Krebserkrankungen bei Kindern

Salarius Pharmaceuticals, Inc. (SLRX) - Canvas Business Model: Value Propositions

You're looking at the core value Salarius Pharmaceuticals, Inc. (now operating under the Decoy Therapeutics umbrella following the November 13, 2025, merger) is bringing to the table. It's a dual-pronged approach, blending established small-molecule science with next-generation conjugate technology.

The foundational value proposition centers on novel small-molecule therapeutics targeting epigenetic pathways in cancer. This is anchored by seclidemstat (SP-2577), their first-in-class, orally bioavailable inhibitor of the LSD1 enzyme. For patients with higher-risk myelodysplastic syndrome (MDS) and chronic myelomonocytic leukemia (CMML) who have already failed hypomethylating agent therapy, the interim clinical data showed a response. Specifically, investigators at MD Anderson Cancer Center reported a 43% overall response rate out of 14 evaluable patients in the Phase 1/2 trial. Furthermore, the median overall survival reported was 18.5 months, which is a significant jump from the typical survival of four to six months after failing hypomethylating agents.

While the outline mentions Ewing sarcoma, the most concrete clinical data available as of late 2025 relates to hematologic cancers, though the company has noted recent clinical trials yielded encouraging results in rare pediatric cancers. The company is also advancing a second asset, SP-3164, which is an oral small molecule protein degrader. Post-merger, the strategic plan is to incorporate this asset into a highly targeted peptide-based proteolysis targeting chimera (PROTACS) drug candidate.

The merger with Decoy Therapeutics shifts the primary value driver toward peptide conjugate therapeutics for respiratory viruses and GI oncology, leveraging Decoy's proprietary IMP³ACT platform. This platform is designed for rapid computational design and high-speed synthesis, aiming to move candidates quickly from the lab to the clinic. This pipeline directly addresses high, unmet medical needs across oncology and infectious disease, with stated programs including a pan-coronavirus antiviral and a broad-acting respiratory antiviral.

Here's a quick look at the financial context supporting these value-driving R&D efforts as of the end of Q3 2025, right before the merger closed:

Metric	Value (as of Sept 30, 2025)	Context
Q3 2025 Net Loss	$0.873467 million	Improvement from $0.972121 million in Q3 2024
Q3 2025 Loss Per Share (Continuing Ops)	$1.81	Reported loss per share
Accumulated Deficit	$85.5 million	Reflects ongoing operational investment
Cash & Cash Equivalents (Pre-Merger Close)	$4.8 million	Cash on hand before merger/offering close
Pro Forma Cash (Post-Merger & Offering)	$14 million	Cash available to advance the combined pipeline
Seclidemstat Overall Response Rate (MDS/CMML)	43%	In patients who failed prior HMA therapy

The value propositions are clearly defined by the assets and the strategic shift:

• Epigenetic Cancer Therapy: Lead candidate seclidemstat targeting LSD1, with 18.5 months median OS in a specific patient group.
• Next-Gen Conjugates: Advancing peptide conjugate therapeutics for respiratory viruses and GI oncology via the IMP³ACT platform.
• Targeted Degradation: Incorporating SP-3164 into PROTACS drug candidates.
• Financial Stability Marker: Regained Nasdaq compliance on October 10, 2025, supporting listing status.
• Addressing Critical Gaps: Focus on high unmet needs in both oncology and infectious disease spaces.

Honestly, the near-term value is heavily weighted on the successful translation of the Decoy pipeline, given the combined entity started with pro forma cash of $14 million. Finance: draft 13-week cash view by Friday.

Salarius Pharmaceuticals, Inc. (SLRX) - Canvas Business Model: Customer Relationships

You're managing relationships in a clinical-stage biopharma environment, so the focus isn't on mass acquisition; it's about deep, targeted engagement with key stakeholders who drive clinical validation and capital access. This is definitely not a mass-market play.

The core of Salarius Pharmaceuticals, Inc. (SLRX) customer relationships, especially post-merger with Decoy Therapeutics Inc. on November 13, 2025, centers on scientific collaboration, regulatory milestones, and investor confidence building.

High-touch collaboration is essential for advancing the pipeline, particularly for seclidemstat, which has designations like Orphan Drug Designation and Rare Pediatric Disease Designation for Ewing sarcoma.

This relationship model is evidenced by the ongoing investigator-initiated Phase 1/2 clinical trial of seclidemstat in combination with azacitidine being conducted at the MD Anderson Cancer Center (MDACC) for hematologic cancers.

Direct engagement with advocacy bodies is critical for rare cancer indications. Salarius Pharmaceuticals, Inc. has historically secured support from groups like the National Pediatric Cancer Foundation for the Ewing sarcoma program.

Investor relations required intense focus through late 2025, given the necessary corporate restructuring and financing activities. You needed to communicate clearly around the merger and subsequent capital raises to maintain listing status and fund operations.

Here's a look at the critical investor and corporate milestones that defined customer communication:

Milestone Type	Date/Period	Key Metric/Value
Merger Completion	November 13, 2025	Completed merger with Decoy Therapeutics Inc.
Financing Event	November 11, 2025	Priced $7 Million Underwritten Public Offering.
Nasdaq Compliance (Equity)	October 10, 2025	Regained compliance with Listing Rule 5550(b)(1) (Equity Standard).
Nasdaq Compliance (Bid Price)	September 4, 2025	Regained compliance with Listing Rule 5550(a)(2) (Minimum Bid Price Rule).
Pre-Merger Cash Position	June 30, 2025	Cash on hand was $0.8 million.
Bridge Financing	July 2025	Raised $3.8 million via ELOC agreement.
Post-Offering Pro Forma Cash	November 2025	Approximately $14 million.
Shareholder Dilution	Post-Merger	Legacy shareholders own 7.6% of the combined entity.

The relationship model is inherently managed, not scaled, typical for a clinical-stage entity focused on specific oncology targets. You aren't selling over-the-counter; you're managing expectations among sophisticated parties.

Key relationship touchpoints involved:

• Clinical investigators at MD Anderson Cancer Center.
• Advocacy groups like the National Pediatric Cancer Foundation.
• Investors following the path to regain compliance with Nasdaq rules.
• The Hearings Panel granting extensions for compliance deadlines.

The financial context leading up to these interactions included a 2024 net loss of $5.6 million, down from $12.5 million in 2023, showing a shift in spending focus.

Salarius Pharmaceuticals, Inc. (SLRX) - Canvas Business Model: Channels

You're looking at how Salarius Pharmaceuticals, Inc. (SLRX), now operating as the combined entity focused on Decoy Therapeutics' pipeline post-merger, gets its science and product in front of the right people. The channels here aren't about selling widgets; they're about proving science and securing the path to market.

Academic and Clinical Research Institutions

Clinical validation is the lifeblood, and that means strong ties to leading research centers. Salarius's lead candidate, seclidemstat (SP-2577), has been supported by investigator-initiated studies. Specifically, the Phase 1/2 clinical study for hematologic cancers, including myelodysplastic syndrome (MDS) and chronic myelomonocytic leukemia (CMML), is underway at the MD Anderson Cancer Center.

The channel for new pipeline development is also active. For instance, a collaboration with the Texas Biomedical Research Institute was announced on December 1, 2025, focusing on an Avian Flu Study. Furthermore, the advancement of the Ewing sarcoma program received financial support from the National Pediatric Cancer Foundation and a Product Development Award from the Cancer Prevention and Research Institute of Texas (CPRIT). These grants and collaborations act as crucial, non-dilutive channels for early-stage development.

Here's a quick look at the financial context supporting these research channels:

Metric	Value as of Late 2025 Data Point	Context/Date
Pro Forma Cash (Post-Merger)	$14 million	Following merger with Decoy Therapeutics, Nov 13, 2025
Q2 2025 Net Loss	$0.96 million	Q2 2025 Earnings
Q3 2025 Reported EPS	-$1.81	Q3 2025 Earnings
Recent Financing Raised	$7 million	Underwritten Public Offering, Nov 11, 2025

Regulatory Bodies

The FDA is the primary gatekeeper for drug approval in the US. For seclidemstat, the channel has secured several key designations for Ewing sarcoma, which accelerates the pathway: Fast Track Designation, Orphan Drug Designation, and Rare Pediatric Disease Designation. The drug is currently under review by the U.S. Food and Drug Administration (FDA) for Relapsed and refractory (R/R) Ewing sarcoma.

While the focus is US-centric, the European Medicines Agency (EMA) remains a necessary channel for global market access, as the company notes the clinical trial and manufacturing requirements of the EMA. On the corporate compliance side, the company had to actively engage the Nasdaq Hearings Panel. Salarius regained compliance with the Minimum Bid Price Requirement on September 4, 2025, and the Equity Standard Requirement on October 10, 2025. This compliance effort, though administrative, is a critical channel for maintaining the public listing necessary to fund R&D.

The company is now subject to a Mandatory Panel Monitor for a period of one year from October 10, 2025.

Future Out-licensing or Commercialization Partners

Given the recent merger and the focus on Decoy's platform, the commercialization channel is currently centered on strategic partnerships rather than immediate in-house sales infrastructure. The combined entity is focused on advancing Decoy's pipeline, which includes a peptide drug conjugate targeting GI cancers, a pan-coronavirus antiviral, and a broad-acting respiratory antiviral. The strategy relies on the IMP³ACT platform to rapidly move candidates to IND-enabling studies, making them attractive for out-licensing deals once key milestones are hit.

The need for external capital to support the pipeline is clear; the pro forma cash of $14 million suggests near-term financing or partnerships will be required to complete IND-enabling work. The channel for future revenue streams is therefore heavily weighted toward securing a partner for late-stage development or commercial rights for the Decoy assets, or potentially SP-3164, which is being incorporated into a targeted protein degrader candidate.

Scientific Publications and Conferences

Disseminating clinical and preclinical data through peer-reviewed channels is essential for building credibility with regulators, clinicians, and potential partners. A key recent event was the announcement on July 9, 2025, that two animal studies supporting seclidemstat's mechanism were published in peer-reviewed journals.

Clinicians and key opinion leaders are reached via major medical meetings. For instance, investigators presented clinical data on seclidemstat in MDS and CMML at the 2024 European Hematology Association (EHA) Hybrid Congress. The company historically presents at major oncology forums. You can expect future data readouts to target events like:

• The next major oncology conference presentation.
• Publication in high-impact factor journals.
• Presentations at investor conferences like the 11th Annual Tumor Models Conference (Jul 12 - Jul 13, 2025 data point context).
• Updates at the American Society of Hematology (ASH) Meeting.

These scientific disclosures are the primary way Salarius Pharmaceuticals, Inc. (SLRX) validates its technology to the external world. That validation is what opens the door to the commercialization channel.

Salarius Pharmaceuticals, Inc. (SLRX) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Salarius Pharmaceuticals, Inc. (SLRX) right after the strategic merger with Decoy Therapeutics, which completed on November 13, 2025. The focus has clearly shifted to advancing the combined pipeline, but the core patient populations remain the key targets for their existing assets.

The primary customer segments are defined by the indications for their lead candidate, seclidemstat (SP-2577), and the future pipeline inherited from Decoy Therapeutics.

Oncology patients with relapsed/refractory Ewing sarcoma.

• The Phase 1/2 trial for seclidemstat in Ewing sarcoma investigates combination therapy with topotecan and cyclophosphamide (TC) for second- and third-line treatment.
• In the 7MM (US, EU4, UK, Japan), total incident cases of Ewing sarcoma were approximately 1,200 cases in 2023, a number projected to increase.
• The United States accounted for the largest share of these cases, representing about 41% of the total in 2023.
• Within the US patient pool in 2023, the age group 10-14 years represented the highest share at around 30%.
• The company previously secured financial support for this indication from the National Pediatric Cancer Foundation and a Product Development Award from CPRIT.

Hematologic cancer patients (MDS/CMML) with limited treatment options.

This segment is being addressed via an investigator-initiated Phase 1/2 trial combining seclidemstat with azacitidine at MD Anderson Cancer Center (MDACC). The data shows a compelling need for new options in this refractory group:

Metric	Value	Context
Overall Response Rate (ORR)	43 percent	Among 14 evaluable higher-risk MDS/CMML patients who failed prior hypomethylating agents.
Median Overall Survival (mOS)	18.5 months	For the trial population, significantly better than the typical four to six months expected post-hypomethylating agent failure.
Median Event-Free Survival (mEFS)	7.2 months	Reported for the patient cohort.
Patients Evaluated for Efficacy (as of May 2024)	14	Out of 16 enrolled patients in the dose-escalation portion.

Future patients with respiratory infectious diseases and GI oncology.

These segments are now part of the combined entity's focus, leveraging Decoy Therapeutics' technology:

• The merged company is focused on advancing peptide conjugate therapeutics engineered by the IMP3ACT™ platform.
• The initial pipeline focus for this platform includes targeting unmet needs in respiratory infectious diseases and gastroenterology oncology.

Pharmaceutical companies seeking to license or acquire novel assets.

This segment is crucial for financing and commercialization, as evidenced by the recent corporate activity:

• Salarius Pharmaceuticals completed a strategic merger with Decoy Therapeutics on November 13, 2025.
• The combined entity has pro forma cash of $14 million following the merger and a recent public offering.
• The company priced a $7 million gross proceeds underwritten public offering on November 11, 2025.
• As of November 12, 2025, the market capitalization stood at $1.21M.

The combined company will need to secure non-dilutive awards or partner-funded studies to support IND-enabling work over the next 12 months.

Salarius Pharmaceuticals, Inc. (SLRX) - Canvas Business Model: Cost Structure

You're looking at the cost side of Salarius Pharmaceuticals, Inc. (SLRX) as it transitioned into the combined entity following the Decoy Therapeutics merger in late 2025. The cost structure has been heavily influenced by strategic cost-cutting measures and the significant, one-time costs associated with the merger transaction itself.

The company's operating expenses reflect a sharp pivot away from legacy drug development costs toward integration and future pipeline advancement. Here's a look at the key expense categories:

• Research and Development (R&D) expenses saw a drastic reduction from the prior year, reflecting a focus shift. Full-year 2024 R&D expenses were reported at $0.8 million, down from $7.2 million in 2023. More recently, aggressive cost-saving measures in the first half of 2025 led to a quarter-over-quarter reduction in R&D expenses by 57%, dropping to $0.1 million in the second quarter of 2025. For the third quarter of 2025 specifically, R&D spend was $61,826.
• General and Administrative (G&A) expenses also trended down. The full-year 2024 G&A was $5.0 million, an improvement from $5.7 million in 2023. Following the cost-cutting drive, G&A expenses for the second quarter of 2025 were reduced by 32% quarter-over-quarter to $0.8 million. The Q3 2025 G&A expense was $833,304.

The table below compares the most recent full-year and quarterly expense data available for these core operational costs.

Expense Category	Full Year 2024 Amount	Q3 2025 Amount	Notes on Late 2025 Trend
Research and Development (R&D)	$0.8 million	$61,826	Significantly reduced from prior periods due to strategic shifts.
General and Administrative (G&A)	$5.0 million	$833,304	Reflects lower personnel costs and public company expenses post-cost-saving measures.

The merger with Decoy Therapeutics introduced specific, non-recurring cost elements. The transaction, which closed November 13, 2025, was structured around the relative values of the two companies. The base value assumed $4.6 million for Salarius Pharmaceuticals before adjustments based on closing cash. To support the transaction and corporate needs, Salarius unveiled a $7 million underwritten public offering on November 11, 2025.

Specific merger-related costs and cash movements include:

• A Warrant Cancellation Agreement signed on January 10, 2025, required a payment of $350,000.
• The funds from the November 2025 public offering were allocated, in part, to settling Decoy's promissory notes and covering other pivotal corporate expenses.
• The combined company reported a pro forma cash position of $14 million immediately following the merger and the closing of the recent public offering.

Clinical trial costs remain a factor, though they contributed to the R&D reduction in 2024. The ongoing MDACC investigator-initiated Phase 1/2 clinical trial of seclidemstat in combination with azacitidine represents a continuing, though likely scaled-back, clinical commitment from the legacy Salarius pipeline.

Public company compliance and Nasdaq listing fees are embedded within the G&A structure. While the company faced delisting threats based on bid price and equity requirements through August 2025, Salarius affirmed that its common stock remained listed and trading on the Nasdaq Capital Market as of November 2025. The costs associated with maintaining this listing are a necessary, ongoing expense for the public entity.

Salarius Pharmaceuticals, Inc. (SLRX) - Canvas Business Model: Revenue Streams

You're looking at the current state of Salarius Pharmaceuticals, Inc.'s (SLRX) revenue generation as of late 2025. Honestly, for a clinical-stage biopharma, the revenue picture is entirely focused on capital raising right now, not product sales.

The most critical point to grasp is the lack of commercial revenue. For the trailing 12 months ending September 30, 2025, Salarius Pharmaceuticals, Inc. reported product sales revenue of exactly $0.00. This zero-revenue status is the core driver behind the need for the financing activities we see.

The primary, immediate revenue stream is equity financing. You saw the announcement in November 2025 regarding a significant capital raise. Here's a quick look at the numbers surrounding that financing and the preceding quarter's cash flow, which really tells the story of their current funding model.

Financial Metric	Amount/Value	Date/Period
Gross Proceeds from November 2025 Public Offering	Approximately $7 million	November 2025
Net Proceeds from Public Offering (Subsequent Event)	Approximately $6.3 million	On or about November 12, 2025
Product Sales Revenue (TTM)	$0.00	Ending September 30, 2025
Cash & Cash Equivalents	$4,809,680	September 30, 2025
Cash Used in Operations (9 Months)	$3,690,700	Nine Months Ended September 30, 2025
Financing Activities Provided (9 Months)	$6,265,852	Nine Months Ended September 30, 2025

The company explicitly disclosed substantial doubt about its ability to continue as a going concern, which is directly tied to this lack of product revenue and recurring losses. So, the financing proceeds are essential to offset the cash used in operations.

Beyond the immediate cash infusion, the revenue model is structured around future potential, which is typical for a clinical-stage entity. These are the expected, non-guaranteed streams:

• Potential future milestone payments and royalties from out-licensing agreements.
• Future product sales revenue, post-regulatory approval (long-term).
• Grants or non-dilutive funding for specific research programs.

To be fair, the November 2025 offering was structured with common stock, pre-funded warrants, Series A Warrants, and Series B Warrants, all priced around $1.50 per unit package. This structure is designed to maximize immediate capital while layering in future potential dilution from warrant exercises, which is another form of future capital inflow, though not traditional revenue.

Finance: draft 13-week cash view by Friday.