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Seelos Therapeutics | 10-K: FY2023 Annual Report

SEC ·  Mar 6 17:02

Summary by Moomoo AI

Seelos Therapeutics, a clinical-stage biopharmaceutical company, has not declared or paid cash dividends on its common stock and does not anticipate doing so in the foreseeable future. The company's financial condition and other business factors will influence the payment of dividends. During the quarter ended December 31, 2023, Seelos issued shares of common stock to satisfy principal and interest payments under the 2021 Note. Seelos focuses on developing products for Central Nervous System (CNS) disorders and other rare disorders. Its pipeline includes SLS-002 for Acute Suicidal Ideation and Behavior in Major Depressive Disorder, which completed Phase II enrollment, and SLS-005 for Amyotrophic Lateral Sclerosis, with a data readout expected in Q1 2024. The company has temporarily paused additional spend on certain preclinical programs...Show More
Seelos Therapeutics, a clinical-stage biopharmaceutical company, has not declared or paid cash dividends on its common stock and does not anticipate doing so in the foreseeable future. The company's financial condition and other business factors will influence the payment of dividends. During the quarter ended December 31, 2023, Seelos issued shares of common stock to satisfy principal and interest payments under the 2021 Note. Seelos focuses on developing products for Central Nervous System (CNS) disorders and other rare disorders. Its pipeline includes SLS-002 for Acute Suicidal Ideation and Behavior in Major Depressive Disorder, which completed Phase II enrollment, and SLS-005 for Amyotrophic Lateral Sclerosis, with a data readout expected in Q1 2024. The company has temporarily paused additional spend on certain preclinical programs due to financial considerations. Seelos reported grant revenue of $2.2 million for the year ended December 31, 2023, compared to none in 2022. Operating expenses decreased by 40% year-over-year to $42.7 million in 2023. Research and development expenses decreased by 49% to $30.1 million, primarily due to the winding down of clinical trials. General and administrative expenses increased slightly by 2%. Other income and expenses showed a net positive change of $5.2 million. Seelos raised funds through the issuance of common stock and warrants, with net proceeds intended for general corporate purposes. As of December 31, 2023, Seelos had $3.0 million in cash and an accumulated deficit of $252.6 million. The company acknowledges substantial doubt about its ability to continue as a going concern within the next year without additional financing.

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