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.

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.