Summary by Futu AI
Seelos Therapeutics, Inc. reported a challenging financial quarter ending March 31, 2024, with a decrease in cash from $2.996 million to $524,000. The company's total assets also declined from $5.418 million to $3.612 million. Operating expenses saw a reduction, with research and development costs dropping from $5.668 million to $3.525 million, and general and administrative expenses from $4.072 million to $3.109 million. The net loss for the quarter was $2.664 million, an improvement from the previous year's $13.431 million. The company's future plans include focusing resources on the Phase II study of SLS-002 for acute suicidal ideation and behavior in major depressive disorder patients and the fully enrolled Phase II/III study of SLS-005 in ALS. Seelos also announced a strategic focus on mental health initiatives and a workforce reduction affecting 33% of its employees to reduce operating expenses and extend cash runway. The company faces challenges with maintaining NASDAQ listing requirements, with a recent notice indicating potential delisting due to non-compliance with the minimum bid price requirement and market value of listed securities rule.