Summary by Moomoo AI
Seelos Therapeutics reported Q2 2024 financial results with net income of $1.7 million compared to a net loss of $29.5 million in Q2 2023. Total revenue was $0.4 million, while operating expenses decreased significantly to $3.5 million from $11.3 million year-over-year. The company ended the quarter with $0.3 million in cash and an accumulated deficit of $253.6 million.The company announced a strategic focus on mental health initiatives and ketamine expertise with SLS-002 in suicidality. In March 2024, Seelos reported topline data from the Phase 2/3 HEALEY ALS Platform trial of SLS-005, showing a 22% improvement in ALSFRS-R assessment in a pre-specified subgroup. Additionally, the company implemented a workforce reduction affecting 33% of employees to reduce operating expenses.Seelos faces near-term challenges including Nasdaq listing compliance requirements and debt covenants. The company must regain compliance with Nasdaq's minimum bid price requirement of $1.00 by October 28, 2024, and the minimum market value requirement of $35 million by August 30, 2024. The company is actively exploring financing options and strategic partnerships to strengthen its financial position.
