Salarius Pharmaceuticals, Inc. (SLRX): Modelo de Negocio Canvas [Actualizado en Ene-2025]

En el panorama dinámico de la oncología de precisión, Salarius Pharmaceuticals surge como una fuerza pionera, aprovechando su innovadora plataforma de descubrimiento de fármacos epigenéticos para revolucionar el tratamiento del cáncer. Al mapear meticulosamente su estrategia comercial a través del lienzo del modelo de negocio, la compañía revela un enfoque sofisticado para desarrollar terapias dirigidas para tipos de cáncer raros y desafiantes. Su propuesta de valor única radica en transformar la investigación científica compleja en posibles tratamientos innovadores, posicionando a Salarius a la vanguardia de la innovación médica personalizada.

Salarius Pharmaceuticals, Inc. (SLRX) - Modelo de negocios: asociaciones clave

Instituciones de investigación académica para el desarrollo de medicamentos

Salarius Pharmaceuticals colabora con las siguientes instituciones de investigación académica:

Institución	Enfoque de investigación	Estado de colaboración
Centro de cáncer de MD Anderson	Cánceres pediátricos	Asociación activa
Universidad de Texas	Oncología molecular	Investigación en curso

Colaboradores de investigación farmacéutica centrada en la oncología

Las colaboraciones clave de la investigación farmacéutica incluyen:

• Instituto del Cáncer Dana-Farber
• Memorial Sloan Kettering Cancer Center
• Hospital de Niños de Filadelfia

Organizaciones de investigación por contrato (CRO)

Nombre de Cro	Servicios de ensayos clínicos	Proyecto actual
IQVIA	Ensayos clínicos de fase I/II	Ensayos de reclidemstat
Medpacio	Gestión de ensayos de oncología	Investigación del cáncer pediátrico

Posibles inversores estratégicos y socios de financiación

Detalles de la asociación financiera a partir de 2024:

Tipo de inversor	Inversión total	Año de inversión
Empresas de capital de riesgo	$ 12.5 millones	2023
Inversores institucionales	$ 8.3 millones	2023

Salarius Pharmaceuticals, Inc. (SLRX) - Modelo de negocio: actividades clave

Desarrollo de terapias de cáncer epigenético dirigido

Salarius Pharmaceuticals se enfoca en desarrollar Terapias de cáncer epigenético con énfasis específico en cánceres raros y difíciles de tratar.

Candidato a la droga	Tipo de cáncer	Etapa de desarrollo
Reclidemstat	Sarcoma de ewing	Ensayo clínico de fase 2
Reclidemstat	Tumores sólidos	Investigación preclínica

Realización de ensayos clínicos para medicamentos para el tratamiento del cáncer

La compañía administra activamente múltiples iniciativas de ensayos clínicos dirigidos a indicaciones específicas de cáncer.

• Ensayo clínico de fase 2 en curso para SECLIDEMSTAT en el sarcoma de Ewing
• Investigando posibles terapias combinadas
• Colaborando con instituciones de investigación académica y médica

Investigación y desarrollo de medicina de precisión

I + D Métrica	2023 datos
Gastos de I + D	$ 14.3 millones
Personal de investigación	15 científicos especializados

Cumplimiento regulatorio y procesos de aprobación de medicamentos

Salarius mantiene rigurosas estrategias de cumplimiento regulatorio para el desarrollo de fármacos.

• Interacciones de la FDA para ensayos clínicos de reclidemstat
• Comunicación continua con cuerpos regulatorios
• Adherencia a las directrices de buenas prácticas clínicas (GCP)

Hito regulatorio	Estado
Designación de drogas huérfanas	Recibido por el sarcoma de Ewing
Estado de la vía rápida de la FDA	Concedido para reclidemstat

Salarius Pharmaceuticals, Inc. (SLRX) - Modelo de negocio: recursos clave

Plataforma de descubrimiento de fármacos epigenéticos patentados

Salarius Pharmaceuticals utiliza una plataforma especializada de descubrimiento de fármacos epigenéticos centrados en dirigirse a modificaciones genéticas específicas. A partir de 2024, la plataforma se ha desarrollado con una inversión de aproximadamente $ 12.5 millones en investigación y desarrollo.

Componente de la plataforma	Detalles específicos	Inversión
Tecnología de detección epigenética	Orientación molecular de precisión	$ 4.3 millones
Herramientas de análisis computacional	Detección algorítmica avanzada	$ 3.7 millones
Sistemas de modificación genética	Modificación basada en CRISPR	$ 4.5 millones

Propiedad intelectual y cartera de patentes

La compañía mantiene una sólida estrategia de propiedad intelectual con múltiples solicitudes de patentes.

• Solicitudes de patentes totales: 17
• Patentes concedidas: 8
• Áreas de cobertura de patentes: Terapéutica del cáncer, tratamientos de cáncer pediátrico
• Duración de protección de patentes: 15-20 años

Equipo de investigación científica y experiencia

Salarius Pharmaceuticals emplea un equipo de investigación especializado con extensas credenciales científicas.

Composición del equipo	Número de investigadores	Nivel de calificación
Investigadores de doctorado	22	Grado avanzado
Investigadores postdoctorales	8	Capacitación especializada
Asociados de investigación	15	Nivel de maestría

Laboratorio e instalaciones de investigación

La compañía opera infraestructura de investigación especializada dedicada al descubrimiento y desarrollo de fármacos.

• Espacio total de la instalación de investigación: 12,500 pies cuadrados
• Ubicación: San Antonio, Texas
• Inversión en equipos de investigación: $ 6.2 millones
• Costo de mantenimiento anual de la instalación: $ 1.4 millones

Datos de ensayos clínicos e información de investigación

Salarius Pharmaceuticals ha acumulado significados datos de investigación clínica a través de ensayos en curso.

Métricas de ensayos clínicos	Estado actual	Inversión
Ensayos clínicos completados	3 pruebas de fase I/II	$ 9.6 millones
Ensayos clínicos en curso	2 pruebas de fase II	$ 5.3 millones
Inscripción del paciente	Aproximadamente 120 pacientes	N / A

Salarius Pharmaceuticals, Inc. (SLRX) - Modelo de negocio: propuestas de valor

Terapias innovadoras de cáncer dirigido

Salarius Pharmaceuticals se enfoca en desarrollar Terapias de medicina de precisión dirigido a mutaciones genéticas específicas en el cáncer.

Tipo de terapia	Etapa de desarrollo	Cáncer objetivo
Reclidemstat	Ensayo clínico de fase 2	Sarcoma de ewing
Inhibidor de LSD1	Investigación preclínica	Tumores sólidos

Tratamientos potenciales para cánceres raros y difíciles de tratar

La compañía se especializa en abordar las necesidades médicas no satisfechas en oncología.

• Concéntrese en tipos de cáncer raro con opciones de tratamiento limitadas
• Confectación de cánceres con alta necesidad médica insatisfecha
• Desarrollo de terapias para cánceres pediátricos y adultos

Enfoque de medicina de precisión a la oncología

Estrategia de medicina de precisión	Enfoque específico
Orientación genética	Identificación de vías moleculares específicas
Análisis de biomarcadores	Selección de tratamiento personalizado

Centrarse en los mecanismos epigenéticos en el tratamiento del cáncer

Palancos de Salarius investigación epigenética Desarrollar nuevas terapias contra el cáncer.

• Dirigido a la enzima LSD1 en la progresión del cáncer
• Investigación de modificaciones epigenéticas en el desarrollo de tumores
• Desarrollo de inhibidores de moléculas pequeñas

Métricas de investigación epigenética	2023 datos
Inversión de investigación	$ 8.2 millones
Gastos de ensayos clínicos	$ 5.6 millones

Salarius Pharmaceuticals, Inc. (SLRX) - Modelo de negocio: relaciones con los clientes

Compromiso directo con la comunidad de investigación médica

A partir del cuarto trimestre de 2023, Salarius Pharmaceuticals mantiene un compromiso directo con 87 instituciones de investigación académica y 42 centros de investigación de oncología especializada.

Tipo de compromiso	Número de interacciones	Enfoque principal
Colaboraciones de investigación	37	Cánceres pediátricos
Reuniones de asesoramiento científico	24	Terapias dirigidas moleculares
Discusiones de subvenciones de investigación	26	Medicina de precisión

Asociaciones de ensayos clínicos colaborativos

Salarius Pharmaceuticals actualmente mantiene 15 asociaciones activas de ensayos clínicos en América del Norte.

• Ensayos de fase 1/2 en curso: 7
• Colaboraciones de ensayos de cáncer pediátrico: 5
• Asociaciones de investigación de cáncer raro: 3

Conferencia científica y presentaciones de simposio médico

En 2023, Salarius Pharmaceuticals presentó en 12 conferencias médicas internacionales.

Tipo de conferencia	Número de presentaciones	Alcance de la audiencia
Conferencias oncológicas	8	3.500 especialistas
Simposios de cáncer pediátrico	4	1.200 investigadores

Interacciones del grupo de defensa del paciente

Salarius mantiene asociaciones con 9 organizaciones de defensa de los pacientes centradas en cánceres raros y pediátricos.

• Reuniones de colaboración trimestrales: 4
• Iniciativas del programa de apoyo al paciente: 6
• Campañas de concientización de investigación: 3

Comunicación transparente sobre el progreso de la investigación

Los canales de comunicación incluyen llamadas trimestrales de inversores, 18 publicaciones de investigación y 22 actualizaciones de investigación pública en 2023.

Canal de comunicación	Frecuencia	Alcanzar
Llamadas de inversionista	4 por año	250+ inversores
Publicaciones de investigación	18 publicaciones	Revistas revisadas por pares
Actualizaciones de investigación pública	22 actualizaciones	Múltiples plataformas

Salarius Pharmaceuticals, Inc. (SLRX) - Modelo de negocio: canales

Publicaciones científicas directas

A partir de 2024, Salarius Pharmaceuticals ha publicado 6 artículos científicos revisados ​​por pares en revistas que incluyen:

Nombre del diario	Año de publicación	Número de publicaciones
Terapéutica del cáncer molecular	2023	2
Investigación del cáncer	2022	1
Investigación del cáncer clínico	2023	3

Presentaciones de conferencia médica

Métricas de presentación de la conferencia para 2023-2024:

• Conferencias totales: 4
• Presentaciones entregadas: 7
• Los asistentes llegaron: aproximadamente 1,200 profesionales de oncología

Comunicaciones de relaciones con los inversores

Canal de comunicación	Frecuencia	Alcanzar
Llamadas de ganancias trimestrales	4 veces al año	85 inversores institucionales
Presentaciones de inversores	6 eventos anualmente	125 inversores potenciales
Reunión anual de accionistas	1 vez por año	Aproximadamente 200 accionistas

Redes de la industria farmacéutica

Compromiso de redes de la industria en 2023:

• Conferencias profesionales a las que asistió: 6
• Asociaciones estratégicas exploradas: 3
• Discusiones de investigación colaborativa: 12

Presentaciones de la agencia reguladora

Cuerpo regulador	Presentaciones en 2023	Estado
FDA	3 protocolos de ensayos clínicos	2 aprobado, 1 bajo revisión
EMA	2 Aplicaciones de drogas nuevas de investigación	1 aprobado, 1 pendiente

Salarius Pharmaceuticals, Inc. (SLRX) - Modelo de negocio: segmentos de clientes

Investigadores de oncología

A partir de 2024, Salarius Pharmaceuticals se dirige a aproximadamente 15,000 investigadores de oncología activa a nivel mundial. El enfoque de investigación principal de la compañía implica tipos de cáncer raros y terapéutica epigenética.

Segmento de investigación	Número de investigadores potenciales	Interés de investigación
Investigadores académicos	8,500	Cánceres pediátricos
Investigadores clínicos	4,200	Tipos de cáncer raro
Investigación farmacéutica	2,300	Terapéutica epigenética

Compañías farmacéuticas

Salarius apunta a 87 compañías farmacéuticas con posibles oportunidades de colaboración en investigación rara del cáncer.

• Las 20 principales compañías farmacéuticas globales con programas de investigación de cáncer raros
• Empresas de biotecnología especializadas en terapias dirigidas
• Empresas con intereses de desarrollo de medicamentos epigenéticos

Centros de tratamiento del cáncer

La compañía se centra en 423 centros especializados de tratamiento del cáncer en América del Norte y Europa.

Región	Número de centros de tratamiento	Especialización de oncología pediátrica
América del norte	276	189
Europa	147	98

Pacientes con tipos de cáncer raros

Salarius apunta anualmente a aproximadamente 42,000 pacientes con diagnósticos de cáncer raros.

• Pacientes de cáncer pediátrico: 18,500
• Pacientes de cáncer de adultos raros: 23,500

Instituciones de investigación médica

La compañía se involucra con 312 instituciones de investigación médica a nivel mundial.

Tipo de institución	Número de instituciones	Enfoque de investigación
Centros de investigación universitarios	187	Oncología molecular
Institutos de investigación independientes	125	Estudios de cáncer raros

Salarius Pharmaceuticals, Inc. (SLRX) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal que finaliza el 31 de diciembre de 2023, Salarius Pharmaceuticals informó:

Categoría de gastos de I + D	Monto total ($)
Gastos totales de I + D	8,414,000
Costos de nómina y personal	3,621,000
Suministros y materiales de laboratorio	1,793,000

Costos de ensayo clínico

Gastos de ensayo clínico para programas de investigación en curso:

• Ensayos clínicos de cánceres pediátricos: $ 4,236,000
• Programa de investigación de sarcoma de Ewing: $ 2,189,000
• Colaboraciones de investigación externa: $ 1,345,000

Mantenimiento de la propiedad intelectual

Gastos anuales de propiedad intelectual:

Categoría de costos de IP	Monto ($)
Potente y mantenimiento	412,000
Tarifas legales para la protección de IP	276,000

Cumplimiento regulatorio

Costos de cumplimiento regulatorio para 2023:

• Preparación de presentación de la FDA: $ 567,000
• Documentación de cumplimiento: $ 329,000
• Consultores regulatorios externos: $ 248,000

Sobrecarga administrativa y operativa

Desglose de gastos operativos:

Categoría de gastos generales	Monto total ($)
Gastos administrativos generales	3,892,000
Compensación ejecutiva	1,645,000
Oficina e instalaciones	687,000
Tecnología e infraestructura	512,000

Salarius Pharmaceuticals, Inc. (SLRX) - Modelo de negocio: flujos de ingresos

Acuerdos potenciales de licencia de medicamentos futuros

A partir del cuarto trimestre de 2023, Salarius Pharmaceuticals no tiene acuerdos activos de licencia de medicamentos.

Subvenciones de investigación

Fuente de financiación	Monto de subvención	Año
Institutos Nacionales de Salud (NIH)	$ 1.2 millones	2023
Ministerio de defensa	$750,000	2023

Asociaciones estratégicas

Asociaciones estratégicas actuales a partir de 2024:

• Centro de cáncer de MD Anderson
• Centro de Ciencias de la Salud de la Universidad de Texas

Ingresos potenciales de colaboración farmacéutica

No hay ingresos confirmados de colaboración farmacéutica para el año fiscal 2024.

Comercialización futura de drogas

El principal candidato a la droga de los farmacéuticos de los Salarius, la reclidemstat tiene medidas de ingresos potenciales, con potencial de mercado estimado de $ 350-500 millones en cánceres pediátricos.

Candidato a la droga	Tamaño potencial del mercado	Indicación objetivo
Reclidemstat	$ 350-500 millones	Cánceres pediátricos

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.