Business Context and Reporting Period
This Form 8-K is filed by Salarius Pharmaceuticals, Inc. (not Decoy Therapeutics Inc.) on July 10, 2025. The report addresses regulatory compliance issues with The Nasdaq Stock Market regarding listing standards.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on regulatory status and listing compliance deadlines.
Material Changes and Regulatory Status
- Nasdaq Compliance Extension: The Nasdaq Hearings Panel granted an additional extension to regain compliance with the Equity Standard (Listing Rule 5550(b)(1)) by late July 2025.
- Minimum Bid Price Requirement: The company must regain compliance with the Minimum Bid Price Requirement (Listing Rule 5550(a)(2)) by early August 2025.
- Historical Context: Non-compliance with the Minimum Bid Price was triggered on April 23, 2025, due to a closing bid price below $1.00 for 30 consecutive days. A prior reverse stock split within the last year disqualified the company from the standard 180-day compliance period.
- Equity Standard: Non-compliance with the Equity Standard was identified on March 26, 2025, based on the 2024 Form 10-K.
Outlook, Risks, and Contingencies
- Delisting Risk: Failure to meet the extended deadlines for the Equity Standard and Minimum Bid Price Requirement may result in delisting from The Nasdaq Capital Market.
- Contingency: The extension is contingent upon Salarius achieving scheduled milestones and notifying Nasdaq of such achievements.
- Management Action: The company exercised its right to request a hearing, which stayed any suspension or delisting action pending the conclusion of the process.
Investor Verification Checklist
- Verify the current trading price of Salarius Pharmaceuticals (SLRX) to assess proximity to the $1.00 minimum bid price requirement.
- Confirm the company's market capitalization and equity metrics to determine compliance with the Equity Standard by late July 2025.
- Monitor for any press releases or subsequent filings regarding the achievement of the milestones required for the extension.
- Review the company's capital structure and recent stock split history to understand the constraints on future compliance periods.