COVER PAGE
COVER PAGE - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 07, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-36812 | |
Entity Registrant Name | SALARIUS PHARMACEUTICALS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-5087339 | |
Entity Address, Address Line One | 2450 Holcombe Blvd | |
Entity Address, Address Line Two | Suite X | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77021 | |
City Area Code | 832 | |
Local Phone Number | 804-9144 | |
Title of 12(b) Security | Common Stock, $0.0001 par value | |
Trading Symbol | SLRX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,441,157 | |
Entity Central Index Key | 0001615219 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 3,272,823 | $ 5,899,910 |
Prepaid expenses and other current assets | 241,068 | 619,763 |
Total current assets | 3,513,891 | 6,519,673 |
Other assets | 39,931 | 66,850 |
Total assets | 3,553,822 | 6,586,523 |
Current liabilities: | ||
Accounts payable | 643,051 | 602,853 |
Accrued expenses and other current liabilities | 535,418 | 406,745 |
Notes payable | 0 | 289,643 |
Total liabilities | 1,178,469 | 1,299,241 |
Commitments and contingencies (Note 5) | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; 0 issued and outstanding | 0 | 0 |
Common stock, $0.0001 par value; 100,000,000 shares authorized; 641,177 and 492,304 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively | 64 | 49 |
Additional paid-in capital | 81,862,853 | 81,635,074 |
Accumulated deficit | (79,487,564) | (76,347,841) |
Total stockholders' equity | 2,375,353 | 5,287,282 |
Total liabilities and stockholders' equity | $ 3,553,822 | $ 6,586,523 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollar per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollar per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 641,177 | 492,304 |
Common stock, shares outstanding (in shares) | 641,177 | 492,304 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Operating expenses: | |||||
Research and development | $ 214,447 | $ 2,351,852 | $ 457,449 | $ 6,077,440 | |
General and administrative | 1,253,070 | 1,619,543 | 2,781,683 | 3,314,618 | |
Total operating expenses | 1,467,517 | 3,971,395 | 3,239,132 | 9,392,058 | |
Loss before other income (expense) | (1,467,517) | (3,971,395) | (3,239,132) | (9,392,058) | |
Interest income, net and other | 43,084 | 94,087 | 99,409 | 173,977 | |
Loss from continuing operations | (1,424,433) | (3,877,308) | (3,139,723) | (9,218,081) | |
Net loss | $ (1,424,433) | $ (3,877,308) | $ (3,139,723) | $ (9,218,081) | |
Loss per common share, basic ( in dollar per share) | [1] | $ (2.37) | $ (11.45) | $ (5.62) | $ (27.61) |
Loss per common share, diluted ( in dollar per share) | [1] | $ (2.37) | $ (11.45) | $ (5.62) | $ (27.61) |
Weighted average number of shares outstanding, basic (in shares) | 600,417 | 338,638 | 558,518 | 333,894 | |
Weighted average number of shares outstanding, diluted (in shares) | 600,417 | 338,638 | 558,518 | 333,894 | |
[1]Share and per share amounts have been restated to reflect the 1-for-8 reverse stock split effected in June 14, 2024 on retroactive basis for all periods presented. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) | Jun. 14, 2024 | Oct. 14, 2022 |
Income Statement [Abstract] | ||
Conversion ratio | 0.125 | 0.04 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating activities | ||
Net loss | $ (3,139,723) | $ (9,218,081) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,213 | 3,338 |
Equity-based compensation expense | 162,676 | 326,804 |
Changes in operating assets and liabilities: | ||
Grants receivable | 0 | 1,480,490 |
Prepaid expenses and other assets | 403,401 | 546,681 |
Accounts payable | 16,613 | (671,506) |
Accrued expenses and other current liabilities | 128,673 | (53,608) |
Net cash used in operating activities | (2,426,147) | (7,585,882) |
Financing activities | ||
Proceeds from issuance of equity securities, net | 88,703 | 7,020,890 |
Payments on note payable | (289,643) | 0 |
Net cash (used in) provided by financing activities | (200,940) | 7,020,890 |
Net decrease in cash, cash equivalents and restricted cash | (2,627,087) | (564,992) |
Cash, cash equivalents and restricted cash at beginning of period | 5,899,910 | 12,106,435 |
Cash, cash equivalents and restricted cash at end of period | 3,272,823 | 11,541,443 |
Non-cash investing and financing activities: | ||
Cash paid for interest | 4,816 | 0 |
Accrued issuance costs for issuance of equity securities | $ 23,585 | $ 100,419 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | ||
Beginning balance (in shares) at Dec. 31, 2022 | [1] | 281,987 | ||||
Beginning balance at Dec. 31, 2022 | $ 10,384,608 | $ 28 | [1] | $ 74,189,728 | $ (63,805,148) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of equity securities, net (in shares) | [1] | 17,812 | ||||
Issuance of equity securities, net | 311,681 | $ 2 | [1] | 311,679 | ||
Equity-based compensation expense (in shares) | [1] | 8,737 | ||||
Equity-based compensation expense | 203,345 | $ 1 | [1] | 203,344 | ||
Net loss | (5,340,773) | (5,340,773) | ||||
Ending balance (in shares) at Mar. 31, 2023 | [1] | 308,536 | ||||
Ending balance at Mar. 31, 2023 | 5,558,861 | $ 31 | [1] | 74,704,751 | (69,145,921) | |
Beginning balance (in shares) at Dec. 31, 2022 | [1] | 281,987 | ||||
Beginning balance at Dec. 31, 2022 | 10,384,608 | $ 28 | [1] | 74,189,728 | (63,805,148) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (9,218,081) | |||||
Ending balance (in shares) at Jun. 30, 2023 | [1] | 419,008 | ||||
Ending balance at Jun. 30, 2023 | 8,413,802 | $ 42 | [1] | 81,436,989 | (73,023,229) | |
Beginning balance (in shares) at Mar. 31, 2023 | [1] | 308,536 | ||||
Beginning balance at Mar. 31, 2023 | 5,558,861 | $ 31 | [1] | 74,704,751 | (69,145,921) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of equity securities, net (in shares) | [1] | 110,472 | ||||
Issuance of equity securities, net | 6,608,790 | $ 11 | [1] | 6,608,779 | ||
Equity-based compensation expense | 123,459 | 123,459 | ||||
Net loss | (3,877,308) | (3,877,308) | ||||
Ending balance (in shares) at Jun. 30, 2023 | [1] | 419,008 | ||||
Ending balance at Jun. 30, 2023 | $ 8,413,802 | $ 42 | [1] | 81,436,989 | (73,023,229) | |
Beginning balance (in shares) at Dec. 31, 2023 | 492,304 | 492,304 | [1] | |||
Beginning balance at Dec. 31, 2023 | $ 5,287,282 | $ 49 | [1] | 81,635,074 | (76,347,841) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of equity securities, net (in shares) | [1] | 47,000 | ||||
Issuance of equity securities, net | 38 | $ 5 | [1] | 33 | ||
Equity-based compensation expense | 77,508 | 77,508 | ||||
Net loss | (1,715,290) | (1,715,290) | ||||
Ending balance (in shares) at Mar. 31, 2024 | [1] | 539,304 | ||||
Ending balance at Mar. 31, 2024 | $ 3,649,538 | $ 54 | [1] | 81,712,615 | (78,063,131) | |
Beginning balance (in shares) at Dec. 31, 2023 | 492,304 | 492,304 | [1] | |||
Beginning balance at Dec. 31, 2023 | $ 5,287,282 | $ 49 | [1] | 81,635,074 | (76,347,841) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | $ (3,139,723) | |||||
Ending balance (in shares) at Jun. 30, 2024 | 641,177 | 641,177 | [1] | |||
Ending balance at Jun. 30, 2024 | $ 2,375,353 | $ 64 | [1] | 81,862,853 | (79,487,564) | |
Beginning balance (in shares) at Mar. 31, 2024 | [1] | 539,304 | ||||
Beginning balance at Mar. 31, 2024 | 3,649,538 | $ 54 | [1] | 81,712,615 | (78,063,131) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of equity securities, net (in shares) | [1] | 101,873 | ||||
Issuance of equity securities, net | 65,080 | $ 10 | [1] | 65,070 | ||
Equity-based compensation expense | 85,168 | 85,168 | ||||
Net loss | $ (1,424,433) | (1,424,433) | ||||
Ending balance (in shares) at Jun. 30, 2024 | 641,177 | 641,177 | [1] | |||
Ending balance at Jun. 30, 2024 | $ 2,375,353 | $ 64 | [1] | $ 81,862,853 | $ (79,487,564) | |
[1]Share and per share amounts have been restated to reflect the 1-for-8 reverse stock split effected in June 14, 2024 on retroactive basis for all periods presented. |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) | Jun. 14, 2024 | Oct. 14, 2022 |
Statement of Stockholders' Equity [Abstract] | ||
Conversion ratio | 0.125 | 0.04 |
ORGANIZATION AND OPERATIONS
ORGANIZATION AND OPERATIONS | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND OPERATIONS | ORGANIZATION AND OPERATIONS Nature of Business Salarius Pharmaceuticals, Inc. (“Salarius” or the “Company”), together with its subsidiaries, Salarius Pharmaceuticals, LLC, Flex Innovation Group LLC, and TK Pharma, Inc., is a clinical-stage biopharmaceutical company focused on developing effective treatments for cancers with high, unmet medical need. Specifically, the Company is concentrated on developing treatments for cancers caused by dysregulated gene expression, i.e., genes that are incorrectly turned on or off. The Company has two classes of drugs that address gene dysregulation: targeted protein inhibitors and targeted protein degraders. The Company's technologies have the potential to work in both liquid and solid tumors. The Company's current pipeline consists of two small molecule drugs: 1) SP-3164, a targeted protein degrader, and 2) seclidemstat (SP-2577), a targeted protein inhibitor. The Company is located in Houston, Texas. On August 8, 2023, the Company announced that it retained Canaccord Genuity, LLC to lead a comprehensive review of strategic alternatives focusing on maximizing stockholder value, including but not limited to, an acquisition, merger, reverse merger, divestiture of assets, licensing, or other strategic transactions involving the Company. In connection with the evaluation of strategic alternatives and in order to extend Company resources, the Company implemented multiple cost-savings plans to extend the Company’s expected cash runway into the first half of 2025. Going Concern Salarius has no products approved for commercial sale, has not generated any revenue from product sales to date and has suffered recurring losses from operations since its inception. The lack of revenue from product sales to date and recurring losses from operations since its inception raise substantial doubt as to the Company's ability to continue as a going concern. The accompanying financial statements are prepared using accounting principles generally accepted in the United States applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities should the Company be unable to continue as a going concern. Based on Salarius’ expected cash requirements, Salarius believes that there is substantial doubt that its existing cash and cash equivalents, will be sufficient to fund its operations through one year from the financial statements' issuance date. The Company may attempt to obtain additional capital through the sale of equity securities in one or more offerings or through issuances of debt instruments, and may also consider new collaborations or selectively partnering its technology. However, the Company cannot provide any assurance that it will be successful in accomplishing any of its plans. Although the Company is currently exploring various strategic alternatives, these strategic alternatives may not be successful in the next several months prior to its cash position getting to the point that it will need to pursue the winding down and dissolution of the Company. If the Company does not raise capital or successfully engage a strategic partner before the first half of 2025, it will be forced to cease operations, liquidate assets and possibly seek bankruptcy protection or engage in a similar process. Reverse Stock Splits On June 14, 2024, the Company filed a Certificate of Amendment to the Company’s restated certificate of incorporation, as amended, with the Secretary of State of the State of Delaware to effect a 1-for-8 reverse stock split of the Company’s issued and outstanding shares of common stock, par value $0.0001 per share (the “Reverse Stock Split”) which became effective as of June 14, 2024. All historical share and per share amounts reflected throughout this report have been adjusted to reflect the Reverse Stock Split. On October 14, 2022, the Company filed a Certificate of Amendment to the Company’s restated certificate of incorporation with the Secretary of State of the State of Delaware to effect a 1-for-25 reverse stock split of the Company’s issued and outstanding shares of common stock, par value $0.0001 per share (the “Reverse Stock Split”) which became effective as of October 14, 2022. All historical share and per share amounts reflected throughout this report have been adjusted to reflect the Reverse Stock Split. |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standard Codification ("ASC") and Accounting Standards Update ("ASU") of the Financial Accounting Standards Board ("FASB"). Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Unaudited Interim Financial Information The accompanying interim financial statements are unaudited. These unaudited interim financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. These unaudited interim financial statements should be read in conjunction with the audited financial statements and accompanying notes for the year ended December 31, 2023 included elsewhere in the Company's Annual Report on Form 10-K filed with the SEC on March 22, 2024, as amended on April 22, 2024. In the opinion of management, the unaudited interim financial statements reflect all the adjustments (consisting of normal recurring adjustments) necessary to state fairly the Company’s financial position as of June 30, 2024 and the results of operations for the three and six months ended June 30, 2024 and 2023. The interim results of operations are not necessarily indicative of the results that may occur for the full fiscal year. The December 31, 2023 balance sheet included herein was derived from the audited financial statements, but does not include all disclosures, including notes, required by GAAP for complete financial statements. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America as defined by the FASB ASC requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Cash and Cash Equivalents Salarius considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Financial Instruments and Credit Risks Financial instruments that potentially subject the Company to credit risk include cash and cash equivalents and restricted cash. Cash is deposited in demand accounts in federally insured domestic institutions to minimize risk. Insurance is provided through the Federal Deposit Insurance Corporation. Although the balances in these accounts exceed the federally insured limit from time to time, the Company has not incurred losses related to these deposits. Warrants The Company determines whether warrants should be classified as a liability or equity. For warrants classified as liabilities, the Company estimates the fair value of the warrants at each reporting period using Level 3 inputs with changes in fair value recorded in the Condensed Consolidated Statement of Operations within change in fair value of warrant liability. The estimates in valuation models are based, in part, on subjective assumptions, including but not limited to stock price volatility, the expected life of the warrants, the risk-free interest rate and the fair value of the common stock underlying the warrants, and could differ materially in the future. The Company will continue to adjust the fair value of the warrant liability at the end of each reporting period for changes in fair value from the prior period until the earlier of the exercise or expiration of the applicable warrant. For warrants classified as equity contracts, the Company allocates the transaction proceeds to the warrants and any other free-standing instruments issued in the transaction based on an allowable allocation method. Clinical Trial Accruals The Company’s preclinical and clinical trials are performed by third party contract research organizations ("CROs") and/or clinical investigators, and clinical supplies are manufactured by contract manufacturing organizations ("CMOs"). Invoicing from these third parties may be monthly based upon services performed or based upon milestones achieved. The Company accrues these expenses based upon its assessment of the status of each clinical trial and the work completed, and upon information obtained from the CROs and CMOs. The Company’s estimates are dependent upon the timeliness and accuracy of data provided by the CROs and CMOs regarding the status and cost of the studies, and may not match the actual services performed by the organizations. This could result in adjustments to the Company’s research and development expenses in future periods. To date the Company has had no significant adjustments. Grants Receivable and Revenue Salarius’ source of revenue had been from a grant received from CPRIT. Grant revenue is recognized when qualifying costs are incurred and there is reasonable assurance that conditions of the grant have been met. Cash received from grants in advance of incurring qualifying costs is recorded as deferred revenue and recognized as revenue when qualifying costs are incurred. Final reimbursement from the grant was received in the first quarter of 2023. The Company's CPRIT grant expired during 2023 and no additional amounts are expected to be recognized or received. Research and Development Costs Research and development costs consist of expenses incurred in performing research and development activities, including pre-clinical studies and clinical trials. Research and development costs include salaries and personnel-related costs, consulting fees, fees paid for contract research services, the costs of laboratory equipment and facilities, license fees and other external costs. Research and development costs are expensed when incurred. Equity-Based Compensation Salarius measures equity-based compensation based on the grant date fair value of the awards and recognizes the associated expense in the financial statements over the requisite service period of the award, which is generally the vesting period. The Company uses the Black-Scholes option valuation model to estimate the fair value of stock options granted to employees and directors. Assumptions utilized in these models including expected volatility calculated based on implied volatility from traded stocks of peer companies, dividend yield and risk-free interest rate. Additionally, forfeitures are accounted for in compensation cost as they occur. Restricted stock and restricted stock units granted to employees and directors are measured at fair value based upon the closing price of the Company's common stock on the grant date. Loss Per Share Basic net loss per share is calculated by dividing the net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Since the Company was in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods, as the inclusion of all potential common shares outstanding is anti-dilutive. The number of anti-dilutive shares, consisting of common shares underlying (i) common stock options, (ii) stock purchase warrants, (iii) rights entitling holders to receive warrants to purchase the Company's common shares, and (iv) restricted stock units which have been excluded from the computation of diluted loss per share, was approximately 1,282,535 and 1,443,812 shares as of June 30, 2024 and 2023, respectively. Income Taxes Income taxes are recorded in accordance with FASB ASC Topic 740, Income Taxes ("ASC 740"), which provides for deferred taxes using an asset and liability approach. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and the tax reporting basis of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The Company provides a valuation allowance against net deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax assets will be realized. The Company has evaluated available evidence and concluded that the Company may not realize the benefit of its deferred tax assets; therefore, a valuation allowance has been established for the full amount of the deferred tax assets. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. As of June 30, 2024 and December 31, 2023, the Company did not have any significant uncertain tax positions and no interest or penalties have been charged. The Company's practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company is subject to routine audits by taxing jurisdictions. |
GRANT RECEIVABLE FROM CPRIT
GRANT RECEIVABLE FROM CPRIT | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
GRANT RECEIVABLE FROM CPRIT | GRANT RECEIVABLE FROM CPRIT Grants receivable balances are zero at June 30, 2024 and December 31, 2023. During the six months ended June 30, 2024 and 2023, the Company received $0.1 million and $1.5 million from CPRIT, respectively. Since inception, the Company has received approximately $16.1 million under the grant. The grant was closed in 2023. |
PREPAID EXPENSES AND OTHER CURR
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 6 Months Ended |
Jun. 30, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets at June 30, 2024 and December 31, 2023 consisted of the following: June 30, 2024 December 31, 2023 Insurance $ 89,497 $ 468,495 Other prepaid and current assets 151,571 151,268 Total prepaid expenses and other current assets $ 241,068 $ 619,763 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Cancer Prevention and Research Institute of Texas In June 2016, the Company entered into a Cancer Research Grant Contract with CPRIT. Pursuant to the contract, CPRIT awarded the Company a grant up to $18.7 million, further modified to $16.1 million to fund development of LSD 1 inhibitor. The grant expired in 2023. The Company will retain ownership over any intellectual property developed under the contract ("Project Result"). With respect to non-commercial use of any Project Result, the Company agreed to grant to CPRIT a nonexclusive, irrevocable, royalty-free, perpetual, worldwide license with right to sublicense any necessary additional intellectual property rights to exploit all Project Results by CPRIT, other governmental entities and agencies of the State of Texas, and private or independent institutions of higher education located in Texas, for education, research and other non-commercial purposes. The Company is obligated to make revenue-sharing payments to CPRIT with respect to net sales of any product covered by the contract, up to a maximum repayment of certain percentage of the aggregate amount paid to the Company by CPRIT under the CPRIT contract. The payments are determined as a percentage of net sales, which may be reduced if the Company is required to obtain a license from a third party to sell any such product. In addition, upon meeting the foregoing limitation on revenue-sharing payments, the Company agreed to make continued revenue-sharing payments to CPRIT of less than 1% of net sales. License Agreement with the University of Utah Research Foundation In 2011, the Company entered into a license agreement with the University of Utah, under which the Company acquired an exclusive license to an epigenetic enzyme lysine specific demethylase 1 ("LSD1"). In exchange for the license, the Company issued 2% equity ownership in the Company on a fully diluted basis at the effective date of the agreement subject to certain adjustments specified in the agreement, such as granted revenue sharing rights on any resulting products or processes to commence on first commercial sale, and milestone payments based upon regulatory approval of any resulting product or process as well as on the second anniversary of first commercial sale. Lease Agreement The Company presently leases office space under operating lease agreements on a month-to-month basis. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. A fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last is considered unobservable, are used to measure fair value: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Significant unobservable inputs including Salarius’ own assumptions in determining fair value. The Company believes the recorded values of its financial instruments, including cash and cash equivalents, accounts payable and note payable approximate their fair values due to the short-term nature of these instruments. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY Common Stock - Issuances During the six months ended June 30, 2024 , the Company sold 44,219 shares of common stock in an "at the market offering" ("ATM") with gross proceeds of $0.1 million. During the six months ended June 30, 2023, the Company sold 87,034 ATM shares with gross proceeds of $1.7 million. On May 11, 2023, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with an accredited investor (the “Investor”), pursuant to which the Company agreed to issue and sell to the Investor in a private placement (the “Offering”) (i) 41,250 shares (the “Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to 413,296 shares of Common Stock, (iii) Series A-1 warrants (the “Series A-1 Warrants”) to purchase up to 454,546 shares of Common Stock and (iv) Series A-2 warrants (the “Series A-2 Warrants”) and together with the Series A-1 Warrants, the “Common Stock Warrants,” and together with the Pre-Funded Warrants, the “Warrants”) to purchase up to 454,546 shares of Common Stock, at a purchase price of (a) $13.20 per Share and accompanying Common Stock Warrants and (b) $13.1992 per Pre-Funded Warrant and accompanying Common Stock Warrants. The aggregate gross proceeds from the Offering were approximately $6.0 million, exclusive of placement agent fees and expenses and other offering expenses. The Offering closed on May 16, 2023. During the six months ended June 30, 2024, the Company issued 104,750 shares of its Common Stock upon the exercise of Pre-Funded Warrants. Warrants Exercisable for Cash The Company has five-year (5) warrants outstanding that were issued in February 2020 and subsequently modified in December 2020 in connection with the issuance of additional inducement warrants. The warrants are exercisable at a price per share of $ 230.00 . The inducement warrants expire on June 11, 2026, and are exercisable at a price per share of $ 236.40 . The Company has five-and-one-half-year (5.5) year warrants outstanding that were issued in April 2022, with an exercise price of $ 67.98 per share. The warrants became exercisable six months following the issuance date and will expire five and one-half years from the issuance date. The Company's Series A-1 Warrants are exercisable for a period of five and one-half (5.5) years from the issuance date at an exercise price of $11.20 per share. Series A-2 Warrants are exercisable for a period of eighteen (18) months from the issuance date at an exercise price of $11.20 per share. Each Pre-Funded Warrant was sold in lieu of shares of Common Stock, are exercisable immediately upon issuance, have an exercise price of $0.0008 per share and expire when exercised in full. In connection with the above mentioned Offering, the Company issued warrants to representatives to purchase up to 31,818 shares of common stock at an exercise price per share of $16.5 and a term of five and one-half (5.5) years. As of June 30, 2024 and 2023, approximately 1,250,850 and 1,428,896 warrants remain outstanding (235,250 and 413,296 are Pre-Funded Warrants), respectively. The terms of the outstanding warrants require the Company, upon the consummation of any fundamental transaction to, among other obligations, cause any successor entity resulting from the fundamental transaction to assume the Company's obligations under the warrants and the associated transaction documents. In addition, holders of warrants are entitled to participate in any fundamental transaction on an as-converted or as-exercised basis, which could result in the holders of the Company's common stock receiving a lesser portion of the consideration from a fundamental transaction. In addition, certain of our outstanding warrants provide that, in the event of a fundamental transaction that is approved by our board of directors, the holders of such warrants have the option to require us to pay to such holders an amount of cash equal to the Black-Scholes value of the warrants. Such amount could be significantly more than the warrant holders would otherwise receive if they were to exercise their warrants and receive the same consideration as the other holders of common stock, which in turn could reduce the consideration that holders of common stock would be concurrently entitled to receive in such fundamental transaction. The terms of the warrants could also impede the Company's ability to enter into certain transactions or obtain additional financing in the future. |
EQUITY-BASED COMPENSATION
EQUITY-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
EQUITY-BASED COMPENSATION | EQUITY-BASED COMPENSATION Equity Incentive Plans The Company has granted options to employees, directors, and consultants under the 2015 Equity Incentive Plan (the "2015 Plan"). The 2015 Plan provides for the grant of incentive stock options ("ISOs"), nonstatutory stock options, restricted stock awards, restricted stock units, stock appreciation rights, performance-based stock awards and other stock-based awards. Additionally, the 2015 Plan provides for the grant of performance-based cash awards. ISOs may be granted only to the Company's employees. All other awards may be granted to the Company's employees, including officers, and to non-employee directors and consultants. As of June 30, 2024, there were approximately 9,844 shares remaining available for grant awards under the 2015 Plan. During the six-month periods ended June 30, 2024 and 2023, the Company awarded 21,125 and 0 stock options to its employees and directors, pursuant to the plan described above. Stock options generally vest over one awarded during the six - month period ended June 30, 2024 was $0.1 million, which has been estimated with the following assumptions on the grant date. Six Months Ended June 30 2024 Risk-free interest rate 4.25%-4.61% Volatility 106.07% - 123.31% Expected life (years) 5.00-6.00 Expected dividend yield 0% During the six months ended June 30, 2023, the Company awarded 1,525 restricted stock units to its employees and 4,580 restricted stock awards to its officers and directors, pursuant to the plan described above. Both the restricted stock units and restricted stock awards are valued at the closing price $12.56 of the Company's common stock on the grant date, and generally vest over one The following table summarizes stock option activity for employees and non-employees for the six months ended June 30, 2024 and 2023: Shares Weighted-Average Weighted-Average Outstanding at December 31, 2022 13,391 $ 189.36 8.29 Granted — Exercised — Forfeited — Expired — Outstanding at June 30, 2023 13,391 $ 189.36 8.04 Exercisable at June 30, 2023 7,484 $ 226.40 7.83 Outstanding at December 31, 2023 11,164 $ 190.24 7.26 Granted 21,125 $ 3.02 Exercised — Forfeited 735 Expired — Outstanding at June 30, 2024 31,554 $ 66.75 8.71 Exercisable at June 30, 2024 8,692 $ 209.91 6.64 As of June 30, 2024 and 2023, there was approximately $0.2 million and $0.6 million, respectively, of total unrecognized compensation cost related to unvested stock options. Total unrecognized compensation cost will be adjusted for future changes in employee and non-employee forfeitures, if any. The Company expects to recognize that cost over a remaining weighted-average period of 0.99 years. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTSIn July 2024, the Company sold 564,730 shares of its common stock in its ATM program with gross proceeds of $1.5 million, and issued 235,250 shares of its common stock upon the exercise of Pre-Funded Warrants |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standard Codification ("ASC") and Accounting Standards Update ("ASU") of the Financial Accounting Standards Board ("FASB"). |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America as defined by the FASB ASC requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Financial Instruments and Credit Risks | Financial Instruments and Credit Risks Financial instruments that potentially subject the Company to credit risk include cash and cash equivalents and restricted cash. Cash is deposited in demand accounts in federally insured domestic institutions to minimize risk. Insurance is provided through the Federal Deposit Insurance Corporation. Although the balances in these accounts exceed the federally insured limit from time to time, the Company has not incurred losses related to these deposits. |
Warrants | Warrants The Company determines whether warrants should be classified as a liability or equity. For warrants classified as liabilities, the Company estimates the fair value of the warrants at each reporting period using Level 3 inputs with changes in fair value recorded in the Condensed Consolidated Statement of Operations within change in fair value of warrant liability. The estimates in valuation models are based, in part, on subjective assumptions, including but not limited to stock price volatility, the expected life of the warrants, the risk-free interest rate and the fair value of the common stock underlying the warrants, and could differ materially in the future. The Company will continue to adjust the fair value of the warrant liability at the end of each reporting period for changes in fair value from the prior period until the earlier of the exercise or expiration of the applicable warrant. For warrants classified as equity contracts, the Company allocates the transaction proceeds to the warrants and any other free-standing instruments issued in the transaction based on an allowable allocation method. |
Grants Receivable and Revenue | Grants Receivable and Revenue Salarius’ source of revenue had been from a grant received from CPRIT. Grant revenue is recognized when qualifying costs are incurred and there is reasonable assurance that conditions of the grant have been met. Cash received from grants in advance of incurring qualifying costs is recorded as deferred revenue and recognized as revenue when qualifying costs are incurred. Final reimbursement from the grant was received in the first quarter of 2023. The Company's CPRIT grant expired during 2023 and no additional amounts are expected to be recognized or received. |
Research and Development Costs | Research and Development Costs Research and development costs consist of expenses incurred in performing research and development activities, including pre-clinical studies and clinical trials. Research and development costs include salaries and personnel-related costs, consulting fees, fees paid for contract research services, the costs of laboratory equipment and facilities, license fees and other external costs. Research and development costs are expensed when incurred. |
Equity-Based Compensation | Equity-Based Compensation Salarius measures equity-based compensation based on the grant date fair value of the awards and recognizes the associated expense in the financial statements over the requisite service period of the award, which is generally the vesting period. The Company uses the Black-Scholes option valuation model to estimate the fair value of stock options granted to employees and directors. Assumptions utilized in these models including expected volatility calculated based on implied volatility from traded stocks of peer companies, dividend yield and risk-free interest rate. Additionally, forfeitures are accounted for in compensation cost as they occur. Restricted stock and restricted stock units granted to employees and directors are measured at fair value based upon the closing price of the Company's common stock on the grant date. |
Loss Per Share | Loss Per Share Basic net loss per share is calculated by dividing the net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Since the Company was in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods, as the inclusion of all potential common shares outstanding is anti-dilutive. |
Income Taxes | Income Taxes Income taxes are recorded in accordance with FASB ASC Topic 740, Income Taxes ("ASC 740"), which provides for deferred taxes using an asset and liability approach. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and the tax reporting basis of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The Company provides a valuation allowance against net deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax assets will be realized. The Company has evaluated available evidence and concluded that the Company may not realize the benefit of its deferred tax assets; therefore, a valuation allowance has been established for the full amount of the deferred tax assets. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. As of June 30, 2024 and December 31, 2023, the Company did not have any significant uncertain tax positions and no interest or penalties have been charged. The Company's practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company is subject to routine audits by taxing jurisdictions. |
Fair Value of Financial Instruments | Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. A fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last is considered unobservable, are used to measure fair value: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Significant unobservable inputs including Salarius’ own assumptions in determining fair value. The Company believes the recorded values of its financial instruments, including cash and cash equivalents, accounts payable and note payable approximate their fair values due to the short-term nature of these instruments. |
PREPAID EXPENSES AND OTHER CU_2
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets at June 30, 2024 and December 31, 2023 consisted of the following: June 30, 2024 December 31, 2023 Insurance $ 89,497 $ 468,495 Other prepaid and current assets 151,571 151,268 Total prepaid expenses and other current assets $ 241,068 $ 619,763 |
EQUITY-BASED COMPENSATION (Tabl
EQUITY-BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Fair Value Assumptions | The fair value of the option grants awarded during the six - month period ended June 30, 2024 was $0.1 million, which has been estimated with the following assumptions on the grant date. Six Months Ended June 30 2024 Risk-free interest rate 4.25%-4.61% Volatility 106.07% - 123.31% Expected life (years) 5.00-6.00 Expected dividend yield 0% |
Schedule of Stock Option Activity | The following table summarizes stock option activity for employees and non-employees for the six months ended June 30, 2024 and 2023: Shares Weighted-Average Weighted-Average Outstanding at December 31, 2022 13,391 $ 189.36 8.29 Granted — Exercised — Forfeited — Expired — Outstanding at June 30, 2023 13,391 $ 189.36 8.04 Exercisable at June 30, 2023 7,484 $ 226.40 7.83 Outstanding at December 31, 2023 11,164 $ 190.24 7.26 Granted 21,125 $ 3.02 Exercised — Forfeited 735 Expired — Outstanding at June 30, 2024 31,554 $ 66.75 8.71 Exercisable at June 30, 2024 8,692 $ 209.91 6.64 |
ORGANIZATION AND OPERATIONS (De
ORGANIZATION AND OPERATIONS (Details) | Jun. 14, 2024 $ / shares | Oct. 14, 2022 $ / shares | Jun. 30, 2024 $ / shares | Dec. 31, 2023 $ / shares |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Common stock, par value (in dollar per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Conversion ratio | 0.125 | 0.04 |
BASIS OF PRESENTATION AND SIG_3
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) - shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Accounting Policies [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,282,535 | 1,443,812 |
GRANT RECEIVABLE FROM CPRIT (De
GRANT RECEIVABLE FROM CPRIT (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Award amount | $ 18,700,000 | $ 16,100,000 | ||
Grant | CPRIT | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Grants receivable from CPRIT | $ 0 | $ 0 | ||
Award amount | 100,000 | $ 1,500,000 | ||
Grants received | $ 16,100,000 |
PREPAID EXPENSES AND OTHER CU_3
PREPAID EXPENSES AND OTHER CURRENT ASSETS - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Insurance | $ 89,497 | $ 468,495 |
Other prepaid and current assets | 151,571 | 151,268 |
Total prepaid expenses and other current assets | $ 241,068 | $ 619,763 |
PREPAID EXPENSES AND OTHER CU_4
PREPAID EXPENSES AND OTHER CURRENT ASSETS - Narrative (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | Jul. 31, 2023 |
Short-term Debt [Line Items] | |||
Notes payable | $ 0 | $ 289,643 | |
Note Payable | |||
Short-term Debt [Line Items] | |||
Principal amount | $ 600,000 | ||
Interest rate | 7.87% |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2023 | Jun. 30, 2024 | Dec. 31, 2011 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Award amount | $ 18.7 | $ 16.1 | ||
Continued payments, percent of net sales | 1% | |||
University of Utah Research Foundation | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Ownership percentage by noncontrolling owner | 2% |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||||||
May 11, 2023 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 14, 2024 | Dec. 31, 2023 | Oct. 14, 2022 | Apr. 30, 2022 | Dec. 31, 2020 | ||
Class of Stock [Line Items] | |||||||||||||
Shares issued, value | $ 65,080 | $ 38 | $ 6,608,790 | $ 311,681 | |||||||||
Common stock, par value (in dollar per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
Warrants outstanding (in shares) | 1,250,850 | 1,428,896 | 1,250,850 | 1,428,896 | |||||||||
Warrants and rights outstanding, term | 5 years 6 months | 5 years | |||||||||||
Exercise price (in dollar per share) | $ 236.40 | ||||||||||||
Warrants and rights exercisable, term | 6 months | ||||||||||||
Maximum | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Exercise price (in dollar per share) | $ 230 | ||||||||||||
Pre Funded Warrant | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Warrants outstanding (in shares) | 235,250 | 413,296 | 235,250 | 413,296 | |||||||||
Exercise price (in dollar per share) | $ 0.0008 | $ 0.0008 | |||||||||||
Series A-1 Warrants | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Warrants and rights outstanding, term | 5 years 6 months | 5 years 6 months | |||||||||||
Exercise price (in dollar per share) | $ 11.20 | $ 11.20 | |||||||||||
Series A-2 Warrants | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Warrants and rights outstanding, term | 18 months | 18 months | |||||||||||
Exercise price (in dollar per share) | $ 11.20 | $ 11.20 | |||||||||||
H.C Wainwright & Co., LLC Warrants | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of shares called by warrants (in shares) | 31,818 | 31,818 | |||||||||||
Warrants and rights outstanding, term | 5 years 6 months | 5 years 6 months | |||||||||||
Exercise price (in dollar per share) | $ 16.5 | $ 16.5 | |||||||||||
Private Placement | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Issuance of equity securities, net (in shares) | 41,250 | ||||||||||||
Common stock, par value (in dollar per share) | $ 0.0001 | ||||||||||||
Proceeds from issuance or sale of equity | $ 6,000,000 | ||||||||||||
Private Placement | Pre Funded Warrant | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Warrants outstanding (in shares) | 413,296 | ||||||||||||
Private Placement | Series A-1 Warrants | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of shares called by warrants (in shares) | 454,546 | ||||||||||||
Private Placement | Series A-2 Warrants | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of shares called by warrants (in shares) | 454,546 | ||||||||||||
Private Placement | Share And Accompanying Common Stock Warrants | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of warrant or right purchase price per warrant or right (in dollar per share) | $ 13.20 | ||||||||||||
Private Placement | Pre-Funded Warrant And Accompanying Common Stock Warrants | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of warrant or right purchase price per warrant or right (in dollar per share) | $ 13.1992 | ||||||||||||
Common Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Issuance of equity securities, net (in shares) | [1] | 101,873 | 47,000 | 110,472 | 17,812 | ||||||||
Shares issued, value | [1] | $ 10 | $ 5 | $ 11 | $ 2 | ||||||||
Common Stock | Pre Funded Warrant | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Issuance of equity securities, net (in shares) | 104,750 | ||||||||||||
Common Stock | ATM | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Issuance of equity securities, net (in shares) | 44,219 | 87,034 | |||||||||||
Shares issued, value | $ 100,000 | $ 1,700,000 | |||||||||||
Warrant | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Exercise price (in dollar per share) | $ 67.98 | ||||||||||||
[1]Share and per share amounts have been restated to reflect the 1-for-8 reverse stock split effected in June 14, 2024 on retroactive basis for all periods presented. |
EQUITY-BASED COMPENSATION - Nar
EQUITY-BASED COMPENSATION - Narrative (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of stock options granted (in shares) | 21,125 | 0 |
Fair value | $ 100,000 | |
Unrecognized compensation cost, options | $ 200,000 | $ 600,000 |
Restricted Stock and Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Issued, weighted average grant date fair value (in dollar per share) | $ 12.56 | |
Fair value of awards | $ 76,679 | |
Restricted Stock and Restricted Stock Units | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 1 year | |
Restricted Stock and Restricted Stock Units | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 4 years | |
Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options, contractual term | 10 years | |
Unrecognized compensation cost, recognition period | 11 months 26 days | |
Employee Stock Option | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 1 year | |
Employee Stock Option | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 4 years | |
Employees | Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted (in shares) | 1,525 | |
Officers and Directors | Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted (in shares) | 4,580 | |
2015 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares remaining available for grant of stock awards (in shares) | 9,844 |
EQUITY-BASED COMPENSATION - Sch
EQUITY-BASED COMPENSATION - Schedule of Fair Value Assumptions (Details) | 6 Months Ended |
Jun. 30, 2024 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate, minimum | 4.25% |
Risk-free interest rate, maximum | 4.61% |
Volatility, minimum | 106.07% |
Volatility, maximum | 123.31% |
Expected dividend yield | 0% |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life (years) | 5 years |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life (years) | 6 years |
EQUITY-BASED COMPENSATION - S_2
EQUITY-BASED COMPENSATION - Schedule of Stock Option Activity (Details) - $ / shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Shares | ||||
Outstanding, beginning balance (in shares) | 11,164 | 13,391 | 13,391 | |
Granted (in shares) | 21,125 | 0 | ||
Exercised (in shares) | 0 | 0 | ||
Forfeited (in shares) | 735 | 0 | ||
Expired (in shares) | 0 | 0 | ||
Outstanding, ending balance (in shares) | 31,554 | 13,391 | 11,164 | 13,391 |
Exercisable (in shares) | 8,692 | 7,484 | ||
Weighted-Average Exercise Price | ||||
Weighted-average exercise price, beginning balance (in dollar per share) | $ 190.24 | $ 189.36 | $ 189.36 | |
Granted, weighted-average exercise price (in dollar per share) | 3.02 | |||
Exercised, weighted-average exercise price (in dollar per share) | ||||
Forfeited, weighted-average exercise price (in dollar per share) | ||||
Expired, weighted-average exercise price (in dollar per share) | ||||
Weighted-average exercise price, ending balance (in dollar per share) | 66.75 | 189.36 | $ 190.24 | $ 189.36 |
Exercisable, weighted-average exercise price (in dollar per share) | $ 209.91 | $ 226.40 | ||
Weighted-Average Remaining Contractual Term (in years) and Aggregate Intrinsic Value | ||||
Outstanding, weighted-average remaining contractual term | 8 years 8 months 15 days | 8 years 14 days | 7 years 3 months 3 days | 8 years 3 months 14 days |
Exercisable, weighted-average remaining contractual term | 6 years 7 months 20 days | 7 years 9 months 29 days |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event - ATM $ in Millions | 1 Months Ended |
Jul. 31, 2024 USD ($) shares | |
Subsequent Event [Line Items] | |
Number of shares issued (in shares) | 564,730 |
Proceeds from sale of stock | $ | $ 1.5 |
Warrant | |
Subsequent Event [Line Items] | |
Issuance of equity securities, net (in shares) | 235,250 |