Seelos Therapeutics (SEEL.Q) Registration Filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company focused on CNS and rare disorders, advancing late-stage therapeutic candidates with proven mechanisms of action targeting unmet medical needs.

• Lead programs include SLS-002 (intranasal racemic ketamine) for acute suicidal ideation in MDD and SLS-005 (IV trehalose) for ALS and SCA, with additional preclinical programs in Parkinson’s and other neurodegenerative diseases.

• Business strategy centers on advancing lead assets, expanding indications, and pursuing partnerships, collaborations, and licensing opportunities in CNS therapies.

Financial performance and metrics

• As of June 30, 2024, cash and cash equivalents were approximately $0.5 million, with a convertible note principal of $10.8 million outstanding at 12% interest.

• Net tangible book value as of June 30, 2024, was $(28.1) million, with significant dilution expected for new investors.

• Ongoing principal and interest payments on the convertible note have been made through frequent share issuances.

Use of proceeds and capital allocation

• Net proceeds from the offering will be used for general corporate purposes, advancing product candidates, and making principal and interest payments on the convertible note.

• Management has broad discretion in the application of proceeds, with a focus on extending cash runway and supporting R&D.