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Why Salarius Pharmaceuticals, Inc. (SLRX) stock is gloomy today?

Shares of the Salarius Pharmaceuticals, Inc. (SLRX) stock were gloomy today in the pre-market without any obvious reason. SLRX stock saw a downtrend of 6.36% to drop at $1.03 a share at the time of this writing. The stock was performing high in the previous trade and went up by 7.84% at closing. Let’s explore more about this stock.

Salarius Pharmaceuticals, Inc is the clinical-stage biotech stock that operates by developing epigenetic-based cancer treatments. Its lead product candidate is Seclidemstat (SP-2577) that treats advanced solid tumors and is in the Phase I/II clinical trial.

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SLRX stock Presentation at the Virtual Life Science Investor Platform:

On September 16, 2021, SLRX stock’s CEO, David Arthur presented at the Virtual Life Science Investor Platform. He provided the overview of Salarius stock and discussed recent financial and corporate achievements. Mr. Arthur also talked about the anticipated milestones in the clinical programs for seclidemstat which is an oral, reversible LSD1 inhibitor. He further discussed Phase 1/2 clinical trial to study the combination of seclidemstat and azacytidine to treat hematologic cancers. SLRX stock is advancing its Phase 1/2 dose-expansion clinical trial in which it is evaluating seclidemstat combined with chemotherapy agents topotecan and cyclophosphamide.

For those who do not know Life Science Investor Forum, it is an interactive platform where investors ask questions to companies in real-time.

Financial View of SLRX stock:

SLRX stock on August 5, 2021, announced second-quarter 2021 financial results according to which

Net loss reached $3.1 million in the reported quarter as compared to $1.8 million in the same quarter of last year. This represents a net loss of $0.07 per basic and diluted share compared to $0.13 per basic and diluted share in the prior-year same period.
The operating expenses were $3.2 million in the second quarter of 2021. This represents an increase of $0.7 million as compared to operating expenses in the previous year’s same quarter. The increase was attributable to high spending in the second quarter of the current year.
By the end of the second quarter, Salarius stock had $36.8 million for working capital.

Development of SLRX stock:

Salarius stock progressed well in terms of its clinical trials and ended the Q2,2021 with sufficient cash. It had added the Fox Chase Cancer Center as its sarcoma ninth sarcoma clinical trial site. Salarius recruited and treated patients in clinical trials with seclidemstat across five patient groups.

Conclusion:

The decline of Salarius stock today is not associated with any obvious reason. Sometimes it happens due to profit takers as they try to generate maximum profit when the stock price reaches to certain heights. It is better practice to do through research before making any decision.