Salarius Pharmaceuticals, Inc. (SLRX): Business Model Canvas [Dec-2025 Updated]

You're looking at Salarius Pharmaceuticals, Inc. (SLRX) right after a massive pivot, and honestly, it's a fascinating moment to catch them in the act. They just closed their definitive merger with Decoy Therapeutics in November 2025, fundamentally shifting their game from a pure oncology play-focused on seclidemstat-to a broader peptide conjugate platform using Decoy's IMP3ACT™ technology. That's a big strategic move, especially when you see they are operating with about $\text{4.5 million}$ in cash post their November $\text{7 million}$ public offering, while still reporting $\text{0.00}$ in product sales revenue for the trailing twelve months ending September 30, 2025. This canvas breaks down exactly how Salarius Pharmaceuticals, Inc. (SLRX) is structuring itself to fund this new direction and what the immediate risks and opportunities look like now.

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

You're looking at the structure of the newly combined entity, now operating as Decoy Therapeutics following the merger, and the critical external relationships supporting its pipeline advancement as of late 2025. These partnerships are essential for bridging preclinical work to clinical validation and securing necessary capital.

Definitive Merger and Financial Partnerships

The definitive merger between Salarius Pharmaceuticals, Inc. and Decoy Therapeutics Inc. was consummated on November 13, 2025. This strategic transaction immediately bolstered the balance sheet; the combined company reported pro forma cash of $14 million following the merger and the closing of a concurrent public offering.

Financing was secured through an underwritten public offering managed by Ladenburg Thalmann & Co. Inc., which acted as the sole book-running manager. This offering priced for gross proceeds of approximately $7 million before fees. The structure involved:

The intended use of the net proceeds includes advancing the clinical development programs from both legacy Salarius and Decoy, plus paying off certain of Decoy's outstanding promissory notes. To be fair, securing this capital was contingent on the merger closing, which happened right around November 12, 2025.

Clinical and Research Collaborations

The development strategy relies heavily on external academic and specialized research institutions to execute testing and trials. The focus is now heavily on advancing Decoy's pipeline, which leverages the IMP3ACT platform.

The Investigator-initiated Phase 1/2 clinical trial at the University of Texas MD Anderson Cancer Center (MDACC), evaluating seclidemstat in combination with azacitidine for hematologic cancers, saw patient enrollment resume on February 3, 2025. Interim data from MDACC researchers reported a 43% overall response rate among 14 patients, with a median overall survival of 18.5 months. This trial is tracked as NCT04734990.

A very recent partnership involves the Texas Biomedical Research Institute (Texas Biomed). This collaboration, announced on December 1, 2025, is for in vitro testing of Decoy's peptide conjugate fusion inhibitors against various influenza strains, specifically including H5N1 avian flu. Texas Biomed provides the leading in vitro virology testing capabilities for this effort.

While the prompt mentions Clinical Research Organizations (CROs) for outsourced trial execution, the most concrete examples of outsourced specialized testing involve the following key entities:

• MD Anderson Cancer Center (MDACC): Conducting investigator-initiated Phase 1/2 trial for seclidemstat.
• Texas Biomedical Research Institute: Providing in vitro virology testing for influenza inhibitors.
• Pre-merger, Decoy also secured non-dilutive capital from the Google AI startup program and NVIDIA Inception program, indicating reliance on specialized tech partners for platform development.

The company anticipates filing an Investigational New Drug application for its lead pan-coronavirus antiviral within 12 months (from December 2025).

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

You're looking at the core actions the company is taking right now, post-merger, which is a massive shift in focus for Salarius Pharmaceuticals, Inc. The key activities are centered on integrating the new technology and managing the immediate financial and clinical realities.

Integrating Decoy Therapeutics' preclinical pipeline and IMP3ACT™ platform.

The definitive merger with Decoy Therapeutics, Inc. was completed on November 13, 2025. This activity is about baking Decoy's AI-driven platform into the combined entity, now operating under the Decoy Therapeutics name. Post-closing, Decoy investors are expected to hold approximately 92.4% of the combined company, while former Salarius stockholders retain around 7.6%. The combined organization is prioritizing the development of peptide conjugate therapeutics. The plan is to progress the lead antiviral candidate toward an Investigational New Drug (IND) filing with the U.S. Food and Drug Administration within 12 months of the January 13, 2025, merger announcement. Salarius's oral small molecule protein degrader, SP-3164, is being incorporated into a peptide-based proteolysis targeting chimera (PROTAC) drug candidate.

Advancing seclidemstat (SP-2577) in the MDACC Phase 1/2 hematologic cancer trial.

Patient enrollment in the investigator-initiated Phase 1/2 clinical trial evaluating seclidemstat in combination with azacitidine for myelodysplastic syndrome (MDS) and chronic myelomonocytic leukemia (CMML) resumed on February 3, 2025, after the partial clinical hold was lifted. Interim data from 14 predominantly higher-risk MDS and CMML patients showed a 43% overall response rate. The median overall survival reported was 18.5 months (95% CI, range 6.1-30.9 months), compared to a typical survival of four to six months after failing hypomethylating agents. Median event-free survival was reported at 7.2 months (95% CI, range 6.3-8.2 months).

Preclinical development of peptide conjugate therapeutics for respiratory viruses and GI oncology.

This activity is now the primary focus, driven by the acquired Decoy technology. The pipeline targets include:

• A broad pan-coronavirus therapeutic aiming for an IND filing in the coming year.
• An antiviral targeting flu, COVID-19, and RSV.
• A peptide drug conjugate for gastrointestinal (GI) cancers.

Securing financing and maintaining Nasdaq compliance.

The company has been actively managing its listing status while raising capital. Here's a snapshot of the recent financial and compliance milestones:

The company confirmed its common stock continues to trade on the Nasdaq Capital Market under the ticker "SLRX" following the merger, despite some third-party data platforms incorrectly reporting a delisting effective November 13, 2025.

Managing intellectual property for small-molecule inhibitors and protein degraders.

The IP management covers both legacy and newly integrated assets. Seclidemstat (SP-2577), the LSD1 inhibitor, holds several key designations from the U.S. Food and Drug Administration for Ewing sarcoma:

• Fast Track Designation
• Orphan Drug Designation
• Rare Pediatric Disease Designation

The company is also managing the IP for SP-3164, its oral small-molecule protein degrader, which is being leveraged into the new peptide conjugate programs.

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

You're looking at the core assets Salarius Pharmaceuticals, Inc. (SLRX), now operating under the Decoy Therapeutics banner post-merger, is relying on as of late 2025. It's all about the cash runway and the science they hold.

The financial foundation, as of the September 30, 2025, 10-Q filing, showed cash and cash equivalents of $4,809,680. This was against a third quarter net loss of $873,467. The company bolstered this post-quarter, closing a public offering in November 2025 that brought in approximately $6.3 million in net proceeds. This capital structure is critical, especially given the company flagged substantial doubt about its ability to continue as a going concern in that same Q3 filing.

The tangible pipeline assets are centered on two main small-molecule programs, now integrated with the acquired technology:

• The lead candidate, seclidemstat (SP-2577), an LSD1 inhibitor, is being evaluated in an investigator-initiated Phase 1/2 clinical study at MD Anderson Cancer Center for myelodysplastic syndrome (MDS) and chronic myelomonocytic leukemia (CMML).
• SP-3164, a targeted protein degrader, is a next-generation molecular glue.

The scientific foundation is now anchored by the acquired technology, which you mentioned as Decoy's proprietary IMP3ACT™ platform for peptide conjugate engineering. This technology underpins the combined entity's focus on engineering therapeutics, which complements the existing LSD1 inhibition and protein degrader chemistries.

Here's a quick look at the key pipeline and financial metrics as of the latest reporting period:

The intellectual property is a portfolio covering LSD1 inhibition, which has shown a 60% ORR in first-relapse Ewing sarcoma patients in prior data, and the novel protein degrader chemistries, including targets like IKZF1 and IKZF3. The management team is now the combined entity's experienced oncology and regulatory leadership, tasked with executing on the integrated pipeline following the November 12, 2025, merger closing.

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:

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:

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:

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:

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.

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.

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.