Business Context and Reporting Period
This Form 8-K is filed by Salarius Pharmaceuticals, Inc. (not Decoy Therapeutics Inc.) on July 28, 2025. The report addresses a critical corporate governance event regarding the company's listing status on The Nasdaq Capital Market.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on regulatory compliance status rather than financial performance metrics.
Material Changes and Events
- Nasdaq Compliance Extension: The Nasdaq Hearings Panel granted Salarius an additional extension to regain compliance with two listing standards:
- Equity Standard (Rule 5550(b)(1)): Deadline extended to mid-August 2025.
- Minimum Bid Price Requirement (Rule 5550(a)(2)): Deadline extended to late August 2025.
- Background of Non-Compliance:
- Minimum Bid Price: On April 23, 2025, Salarius received notice that its stock closed below $1.00 for 30 consecutive days. Due to a reverse stock split within the prior year, the company was ineligible for the standard 180-day compliance period.
- Equity Standard: On March 26, 2025, Nasdaq notified Salarius of non-compliance based on its 2024 Form 10-K.
- Procedural History: Salarius requested a hearing on June 11, 2025, which stayed delisting actions. Previous extensions were granted in June and July 2025, contingent on achieving specific milestones.
Guidance, Outlook, and Risks
- Delisting Risk: The company faces potential delisting if it fails to meet the new mid-to-late August 2025 deadlines for the Equity Standard and Minimum Bid Price Requirement.
- Contingencies: The current extension is contingent upon Salarius achieving scheduled milestones and notifying Nasdaq of such achievements.
- Management Commentary: The filing confirms the company is actively engaging with the Hearings Panel to maintain its listing status.
Investor Verification Checklist
- Verify the current trading price of Salarius common stock (SLRX) to assess proximity to the $1.00 Minimum Bid Price Requirement.
- Review the company's most recent financial statements (Form 10-K/10-Q) to understand the specific metrics causing non-compliance with the Equity Standard.
- Monitor upcoming announcements from Salarius regarding the achievement of the milestones required to maintain the August 2025 extensions.
- Confirm the exact dates for "mid-August" and "late-August" 2025 as defined in subsequent correspondence with Nasdaq.