Shares of Salarius Pharmaceuticals Inc (NASDAQ:SLRX) plunged 45.8% on Tuesday after the clinical-stage biopharmaceutical firm announced a $7 million underwritten public offering priced well below its prior closing level.

The offering was priced at $1.50 per share of common stock with accompanying warrants, marking a steep discount. It includes 2,514,335 common shares and pre-funded warrants to purchase 2,152,331 additional shares, along with Series A and Series B warrants to acquire up to 4,666,666 shares each.

Ladenburg Thalmann & Co. Inc. is acting as the sole book-running manager, and the deal is expected to close around November 12, 2025, pending customary conditions — including the completion of Salarius’ planned merger with Decoy Therapeutics Inc.

The company said it will use the proceeds to advance clinical development programs across both Salarius and Decoy, repay certain Decoy promissory notes, and support general corporate purposes, such as working capital and research expenses.

The Series A warrants will be exercisable for five years at $1.50 per share, while the Series B warrants will be exercisable for one year at the same price. The pre-funded warrants, priced at $0.0001 per share, are immediately exercisable.

Salarius also granted underwriters a 45-day option to purchase additional shares and warrants at their respective offering prices, excluding underwriting discounts and commissions.

Salarius Pharmaceuticals stock price

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