Salarius Pharmaceuticals, Inc. (SLRX): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'oncologie de précision, Salarius Pharmaceuticals apparaît comme une force pionnière, tirant parti de sa plate-forme de découverte innovante de médicaments épigénétiques pour révolutionner le traitement du cancer. En cartographiant méticuleusement leur stratégie commerciale par le biais du Model Business Model Canvas, la société révèle une approche sophistiquée pour développer des thérapies ciblées pour des types de cancer rares et difficiles. Leur proposition de valeur unique réside dans la transformation des recherches scientifiques complexes en traitements révolutionnaires potentiels, positionnant Salarius à l'avant-garde de l'innovation médicale personnalisée.

Salarius Pharmaceuticals, Inc. (SLRX) - Modèle d'entreprise: partenariats clés

Institutions de recherche universitaire pour le développement de médicaments

Salarius Pharmaceuticals collabore avec les établissements de recherche académiques suivants:

Institution	Focus de recherche	Statut de collaboration
MD Anderson Cancer Center	Cancers pédiatriques	Partenariat actif
Université du Texas	Oncologie moléculaire	Recherche en cours

Collaborateurs de recherche pharmaceutique axés sur l'oncologie

Les principales collaborations de recherche pharmaceutique comprennent:

• Dana-Farber Cancer Institute
• Memorial Sloan Kettering Cancer Center
• Hôpital pour enfants de Philadelphie

Organisations de recherche contractuelle (CROS)

Nom de CRO	Services d'essai cliniques	Projet actuel
Iqvia	Essais cliniques de phase I / II	Essais seclidemstat
Medpace	Gestion d'essai en oncologie	Recherche sur le cancer pédiatrique

Investisseurs stratégiques potentiels et partenaires de financement

Détails du partenariat financier à partir de 2024:

Type d'investisseur	Investissement total	Année d'investissement
Sociétés de capital-risque	12,5 millions de dollars	2023
Investisseurs institutionnels	8,3 millions de dollars	2023

Salarius Pharmaceuticals, Inc. (SLRX) - Modèle d'entreprise: Activités clés

Développer des thérapies ciblées sur le cancer épigénétique

Salarius Pharmaceuticals se concentre sur le développement thérapies contre le cancer épigénétique avec un accent spécifique sur les cancers rares et difficiles à traiter.

Drogue	Type de cancer	Étape de développement
Seclidemstat	Sarcome d'Ewing	Essai clinique de phase 2
Seclidemstat	Tumeurs solides	Recherche préclinique

Effectuer des essais cliniques pour les médicaments de traitement du cancer

La société gère activement de multiples initiatives d'essais cliniques ciblant des indications de cancer spécifiques.

• Essai clinique de phase 2 en cours pour SeclidemStat dans le sarcome d'Ewing
• Enquêter sur les thérapies combinées potentielles
• Collaboration avec des établissements de recherche universitaires et médicaux

Recherche et développement de la médecine de précision

Métrique de R&D	2023 données
Dépenses de R&D	14,3 millions de dollars
Personnel de recherche	15 scientifiques spécialisés

Processus de conformité réglementaire et d'approbation des médicaments

Salarius maintient des stratégies de conformité réglementaire rigoureuses pour le développement de médicaments.

• Interactions de la FDA pour les essais cliniques SeclidemStat
• Communication continue avec les organismes de réglementation
• Adhésion aux bonnes directives de pratique clinique (GCP)

Jalon réglementaire	Statut
Désignation de médicaments orphelins	Reçu pour le sarcome d'Ewing
Statut de voie rapide de la FDA	Accordé pour seclidemStat

Salarius Pharmaceuticals, Inc. (SLRX) - Modèle d'entreprise: Ressources clés

Plateforme de découverte de médicaments épigénétiques propriétaires

Salarius Pharmaceuticals utilise une plate-forme de découverte de médicaments épigénétique spécialisée axée sur le ciblage des modifications génétiques spécifiques. En 2024, la plate-forme a été développée avec un investissement d'environ 12,5 millions de dollars en recherche et développement.

Composant de plate-forme	Détails spécifiques	Investissement
Technologie de dépistage épigénétique	Ciblage moléculaire de précision	4,3 millions de dollars
Outils d'analyse de calcul	Dépistage algorithmique avancé	3,7 millions de dollars
Systèmes de modification génétique	Modification basée sur CRISPR	4,5 millions de dollars

Propriété intellectuelle et portefeuille de brevets

La société maintient une solide stratégie de propriété intellectuelle avec plusieurs demandes de brevet.

• Demandes totales de brevets: 17
• Brevets accordés: 8
• Zones de couverture des brevets: thérapeutique contre le cancer, traitements du cancer pédiatrique
• Protection des brevets Durée: 15-20 ans

Équipe de recherche scientifique et expertise

Salarius Pharmaceuticals emploie une équipe de recherche spécialisée avec de vastes références scientifiques.

Composition de l'équipe	Nombre de chercheurs	Niveau de qualification
Chercheurs de doctorat	22	Diplôme avancé
Chercheurs post-doctoraux	8	Formation spécialisée
Associés de recherche	15	Niveau de maîtrise

Installations de laboratoire et de recherche

La société exploite une infrastructure de recherche spécialisée dédiée à la découverte et au développement de médicaments.

• Espace total des installations de recherche: 12 500 pieds carrés
• Emplacement: San Antonio, Texas
• Investissement d'équipement de recherche: 6,2 millions de dollars
• Coût de maintenance annuelle de l'installation: 1,4 million de dollars

Données des essais cliniques et idées de recherche

Salarius Pharmaceuticals a accumulé des données de recherche clinique importantes grâce à des essais en cours.

Métriques des essais cliniques	État actuel	Investissement
Essais cliniques terminés	Trimes de phase I / II	9,6 millions de dollars
Essais cliniques en cours	2 essais de phase II	5,3 millions de dollars
Inscription des patients	Environ 120 patients	N / A

Salarius Pharmaceuticals, Inc. (SLRX) - Modèle d'entreprise: propositions de valeur

Thérapies contre le cancer ciblé innovantes

Salarius Pharmaceuticals se concentre sur le développement Thérapies de médecine de précision ciblant des mutations génétiques spécifiques dans le cancer.

Type de thérapie	Étape de développement	Cancer de la cible
Seclidemstat	Essai clinique de phase 2	Sarcome d'Ewing
Inhibiteur du LSD1	Recherche préclinique	Tumeurs solides

Traitements potentiels pour les cancers rares et difficiles à traiter

L'entreprise est spécialisée dans la satisfaction des besoins médicaux non satisfaits en oncologie.

• Concentrez-vous sur les types de cancer rares avec des options de traitement limitées
• Cibler les cancers avec des besoins médicaux non satisfaits
• Développer des thérapies pour les cancers pédiatriques et adultes

Approche de la médecine de précision en oncologie

Stratégie de médecine de précision	Approche spécifique
Ciblage génétique	Identifier des voies moléculaires spécifiques
Analyse des biomarqueurs	Sélection de traitement personnalisé

Concentrez-vous sur les mécanismes épigénétiques dans le traitement du cancer

Salarius recherche épigénétique pour développer de nouvelles thérapies contre le cancer.

• Ciblant l'enzyme LSD1 dans la progression du cancer
• Étudier les modifications épigénétiques du développement tumoral
• Développement d'inhibiteurs de petites molécules

Métriques de recherche épigénétique	2023 données
Investissement en recherche	8,2 millions de dollars
Dépenses d'essais cliniques	5,6 millions de dollars

Salarius Pharmaceuticals, Inc. (SLRX) - Modèle d'entreprise: relations avec les clients

Engagement direct avec la communauté de la recherche médicale

Depuis le quatrième trimestre 2023, Salarius Pharmaceuticals maintient un engagement direct avec 87 établissements de recherche universitaire et 42 centres de recherche en oncologie spécialisés.

Type d'engagement	Nombre d'interactions	Focus principal
Collaborations de recherche	37	Cancers pédiatriques
Réunions de conseil scientifique	24	Thérapies ciblées moléculaires
Discussions de subventions de recherche	26	Médecine de précision

Partenariats collaboratifs d'essais cliniques

Salarius Pharmaceuticals maintient actuellement 15 partenariats actifs d'essais cliniques à travers l'Amérique du Nord.

• Essais cliniques de phase 1/2 en cours: 7
• Collaborations d'essai sur le cancer pédiatrique: 5
• Rare Partnership de recherche sur le cancer: 3

Présentations des conférences scientifiques et des symposiums médicaux

En 2023, Salarius Pharmaceuticals a présenté 12 conférences médicales internationales.

Type de conférence	Nombre de présentations	Poutenir
Conférences en oncologie	8	3 500 spécialistes
Symposiums du cancer pédiatrique	4	1 200 chercheurs

Interactions du groupe de défense des patients

Salarius maintient des partenariats avec 9 organisations de défense des patients axées sur les cancers rares et pédiatriques.

• Réunions collaboratives trimestrielles: 4
• Initiatives du programme de soutien aux patients: 6
• Campagnes de sensibilisation à la recherche: 3

Communication transparente sur les progrès de la recherche

Les canaux de communication comprennent des appels d'investisseurs trimestriels, 18 publications de recherche et 22 mises à jour de recherche publique en 2023.

Canal de communication	Fréquence	Atteindre
Appels d'investisseurs	4 par an	250+ investisseurs
Publications de recherche	18 publications	Journaux évalués par des pairs
Mises à jour de la recherche publique	22 mises à jour	Plusieurs plates-formes

Salarius Pharmaceuticals, Inc. (SLRX) - Modèle d'entreprise: canaux

Publications scientifiques directes

En 2024, Salarius Pharmaceuticals a publié 6 articles scientifiques évalués par des pairs dans des revues, notamment:

Nom de journal	Année de publication	Nombre de publications
Thérapeutique du cancer moléculaire	2023	2
Recherche sur le cancer	2022	1
Recherche du cancer clinique	2023	3

Présentations de la conférence médicale

Métriques de présentation de la conférence pour 2023-2024:

• Conférences totales: 4
• Présentations livrées: 7
• Participants atteints: environ 1 200 professionnels en oncologie

Communications des relations avec les investisseurs

Canal de communication	Fréquence	Atteindre
Appels de résultats trimestriels	4 fois par an	85 investisseurs institutionnels
Présentations des investisseurs	6 événements par an	125 investisseurs potentiels
Réunion des actionnaires annuelle	1 fois par an	Environ 200 actionnaires

Réseautage de l'industrie pharmaceutique

Engagement de réseautage de l'industrie en 2023:

• Conférences professionnelles présentes: 6
• Partenariats stratégiques explorés: 3
• Discussions de recherche collaborative: 12

Soumissions d'agence de réglementation

Corps réglementaire	Soumissions en 2023	Statut
FDA	3 protocoles d'essais cliniques	2 approuvé, 1 en cours d'examen
Ema	2 De nouvelles applications de médicament enquête	1 approuvé, 1 en attente

Salarius Pharmaceuticals, Inc. (SLRX) - Modèle d'entreprise: segments de clientèle

Chercheurs en oncologie

En 2024, Salarius Pharmaceuticals cible environ 15 000 chercheurs actifs en oncologie dans le monde. La recherche principale de l'entreprise implique des types de cancer rares et des thérapies épigénétiques.

Segment de recherche	Nombre de chercheurs potentiels	Intérêt de recherche
Chercheurs universitaires	8,500	Cancers pédiatriques
Chercheurs en clinique	4,200	Types de cancer rares
Recherche pharmaceutique	2,300	Thérapeutique épigénétique

Sociétés pharmaceutiques

Salarius cible 87 sociétés pharmaceutiques ayant des opportunités de collaboration potentielles dans de rares recherches sur le cancer.

• Top 20 des sociétés pharmaceutiques mondiales avec de rares programmes de recherche sur le cancer
• Biotechnology Cirmers spécialisés dans les thérapies ciblées
• Les entreprises ayant des intérêts de développement de médicaments épigénétiques

Centres de traitement du cancer

La société se concentre sur 423 centres de traitement du cancer spécialisés à travers l'Amérique du Nord et l'Europe.

Région	Nombre de centres de traitement	Spécialisation en oncologie pédiatrique
Amérique du Nord	276	189
Europe	147	98

Patients avec des types de cancer rares

Salarius cible environ 42 000 patients avec des diagnostics de cancer rares chaque année.

• Patients atteints de cancer pédiatrique: 18 500
• Patients atteints de cancer des adultes rares: 23 500

Institutions de recherche médicale

L'entreprise s'engage avec 312 établissements de recherche médicale dans le monde.

Type d'institution	Nombre d'institutions	Focus de recherche
Centres de recherche universitaires	187	Oncologie moléculaire
Instituts de recherche indépendants	125	Études de cancer rares

Salarius Pharmaceuticals, Inc. (SLRX) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice se terminant le 31 décembre 2023, Salarius Pharmaceuticals a rapporté:

Catégorie de dépenses de R&D	Montant total ($)
Total des dépenses de R&D	8,414,000
Frais de paie et de personnel	3,621,000
Fournitures et matériaux de laboratoire	1,793,000

Coût des essais cliniques

Dépenses des essais cliniques pour les programmes de recherche en cours:

• Essais cliniques des cancers pédiatriques: 4 236 000 $
• Programme de recherche sur le sarcome d'Ewing: 2 189 000 $
• Collaborations de recherche externe: 1 345 000 $

Maintenance de la propriété intellectuelle

Dépenses annuelles de propriété intellectuelle:

Catégorie de coûts IP	Montant ($)
Dépôt et entretien des brevets	412,000
Frais juridiques pour la protection IP	276,000

Conformité réglementaire

Coûts de conformité réglementaire pour 2023:

• Préparation de la soumission de la FDA: 567 000 $
• Documentation de la conformité: 329 000 $
• Consultants réglementaires externes: 248 000 $

Surfaçon administratives et opérationnelles

Répartition des dépenses opérationnelles:

Catégorie aérienne	Montant total ($)
Frais administratifs généraux	3,892,000
Rémunération des dirigeants	1,645,000
Bureau et installations	687,000
Technologie et infrastructure	512,000

Salarius Pharmaceuticals, Inc. (SLRX) - Modèle d'entreprise: Strots de revenus

Accords potentiels de licence de médicament potentiel

Depuis le quatrième trimestre 2023, Salarius Pharmaceuticals n'a aucun accord de licence de médicament actif.

Subventions de recherche

Source de financement	Montant d'octroi	Année
National Institutes of Health (NIH)	1,2 million de dollars	2023
Ministère de la Défense	$750,000	2023

Partenariats stratégiques

Partenariats stratégiques actuels à partir de 2024:

• MD Anderson Cancer Center
• Centre de sciences de la santé de l'Université du Texas

Revenus potentiels de collaboration pharmaceutique

Pas de revenus de collaboration pharmaceutique confirmés pour 2024 Exercice.

Future commercialisation des médicaments

Le candidat principal du médicament principal de Salarius Pharmaceuticals a des sources de revenus potentiels, avec un potentiel de marché estimé de 350 à 500 millions de dollars dans les cancers pédiatriques.

Drogue	Taille du marché potentiel	Indication cible
Seclidemstat	350 à 500 millions de dollars	Cancers pédiatriques

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.