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Seelos Therapeutics | 10-Q: Q2 2024 Earnings Report

SEC ·  Aug 14, 2024 13:14

Summary by Moomoo AI

Seelos Therapeutics, Inc., a clinical-stage biopharmaceutical company, reported financial results for the quarter ended June 30, 2024. The company experienced a net loss of $954,000, with a notable gain of $1.7 million from the change in fair value of convertible notes and an $8.6 million gain from the change in fair value of warrant liabilities. Research and development expenses decreased by $9.7 million compared to the same period in the previous year, primarily due to reduced clinical trial and manufacturing expenses. General and administrative expenses also saw a decrease of $1.2 million. The company's cash position stood at $0.3 million, with an accumulated deficit of $253.6 million. Seelos continues to focus on its lead programs, SLS-002 for acute suicidal ideation and behavior in major depressive disorder and...Show More
Seelos Therapeutics, Inc., a clinical-stage biopharmaceutical company, reported financial results for the quarter ended June 30, 2024. The company experienced a net loss of $954,000, with a notable gain of $1.7 million from the change in fair value of convertible notes and an $8.6 million gain from the change in fair value of warrant liabilities. Research and development expenses decreased by $9.7 million compared to the same period in the previous year, primarily due to reduced clinical trial and manufacturing expenses. General and administrative expenses also saw a decrease of $1.2 million. The company's cash position stood at $0.3 million, with an accumulated deficit of $253.6 million. Seelos continues to focus on its lead programs, SLS-002 for acute suicidal ideation and behavior in major depressive disorder and SLS-005 for amyotrophic lateral sclerosis and spinocerebellar ataxia. The company's strategic focus on mental health initiatives and a recent workforce reduction are part of efforts to streamline operations and reduce expenses. Seelos faces challenges including the need for additional funding, potential patent litigation, and maintaining compliance with Nasdaq's minimum bid price requirement. The company's common stock has experienced volatility, with a significant price range during the reported period.

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