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Seelos Therapeutics (SEEL.Q) investor relations material
Seelos Therapeutics Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Seelos Therapeutics is a clinical-stage biopharmaceutical company focused on CNS and rare disorders, with lead programs SLS-002 (intranasal ketamine for suicidality in MDD) and SLS-005 (IV trehalose for ALS and SCA).
The company announced a strategic focus on mental health and a 33% workforce reduction in April 2024 to reduce costs and extend cash runway.
SLS-005 Phase 2/3 ALS trial did not meet primary endpoints but showed efficacy signals in a pre-specified subgroup; SLS-002 Phase II topline data released in September 2023.
Ongoing business development efforts include exploring partnerships and collaborations, especially leveraging ketamine expertise.
Financial highlights
As of June 30, 2024, cash was $0.3 million, down from $3.0 million at December 31, 2023; accumulated deficit reached $253.6 million.
Net income for Q2 2024 was $1.7 million, compared to a net loss of $29.5 million in Q2 2023; net loss for the six months ended June 30, 2024 was $1.0 million, versus $42.9 million loss in the prior year period.
Operating expenses for Q2 2024 were $3.5 million, down 69% year-over-year, driven by an 89% reduction in R&D expenses and 8% decrease in G&A.
Cash used in operations for the six months ended June 30, 2024 was $5.6 million, compared to $16.3 million in the prior year period.
Financing activities provided $2.9 million in the first half of 2024, mainly from equity and warrant issuances.
Outlook and guidance
Management believes current cash is insufficient to fund operations for one year beyond the filing date, raising substantial doubt about going concern.
The company must raise additional capital to meet obligations, including a minimum cash covenant on its convertible note by October 31, 2024.
Strategic focus remains on advancing SLS-002 and SLS-005, with non-essential preclinical work paused.
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