0001615219-21-000049 | 10-Q | XBRL Viewer | Salarius Pharmaceuticals INC

COVER PAGE - shares	3 Months Ended
COVER PAGE - shares	Mar. 31, 2021	May 10, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-36812
Entity Registrant Name	SALARIUS PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-5087339
Entity Address, Address Line One	2450 Holcombe Blvd
Entity Address, Address Line Two	Suite X
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77021
City Area Code	832
Local Phone Number	834-6992
Title of 12(b) Security	Common Stock, $ 0.0001 par value
Trading Symbol	SLRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		44,772,606
Entity Central Index Key	0001615219
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 36,612,288	$ 11,118,614
Grants receivable from CPRIT	4,223,532	3,855,996
Prepaid expenses and other current assets	814,816	822,050
Total current assets	41,650,636	15,796,660
Property and equipment, net	18,950	22,639
Goodwill	8,865,909	8,865,909
Other assets	232,027	247,113
Total assets	50,767,522	24,932,321
Current liabilities:
Accounts payable	1,573,961	1,853,756
Accrued expenses and other current liabilities	118,858	383,138
Note payable	191,395	477,028
Warrant liability	105,265	59,211
Total liabilities	1,989,479	2,773,133
Commitments and contingencies (Note 5)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; 0 issued and outstanding	0	0
Common stock, $0.0001 par value; 100,000,000 shares authorized; 44,734,328 and 23,810,541 shares issued at March 31, 2021 and December 31, 2020, and 44,734,328 and 23,808,546 shares outstanding at March 31, 2021 and December 31, 2020, respectively	4,473	2,381
Additional paid-in capital	70,054,420	41,585,761
Accumulated deficit	(21,280,850)	(19,428,954)
Total stockholders' equity	48,778,043	22,159,188
Total liabilities and stockholders' equity	$ 50,767,522	$ 24,932,321

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	44,734,328	23,810,541
Common stock, shares outstanding	44,734,328	23,808,546

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenue from contract with customer, product and service	us-gaap:GrantMember	us-gaap:GrantMember
Grant revenue	$ 1,268,829	$ 1,132,830
Operating expenses:
Research and development	1,740,655	1,643,371
General and administrative	1,332,769	1,859,017
Total operating expenses	3,073,424	3,502,388
Loss before other income (expense)	(1,804,595)	(2,369,558)
Change in fair value of warrant liability	(46,054)	283,070
Interest income (expense), net	(1,247)	2,672
Loss from continuing operations	(1,851,896)	(2,083,816)
Net loss	$ (1,851,896)	$ (2,083,816)
Loss per common share - basic and diluted (usd per share)	$ (0.06)	$ (0.22)
Weighted-average number of common shares outstanding — basic and diluted	30,551,316	9,534,842

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net loss	$ (1,851,896)	$ (2,083,816)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, amortization and impairment	4,795	4,233
Equity-based compensation expense	135,379	38,409
Change in fair value of warrant liability	46,054	(283,070)
Changes in operating assets and liabilities:
Grants receivable	(367,536)	(591,129)
Prepaid expenses and other current assets	21,214	298,959
Accounts payable	(446,520)	(911,301)
Accrued expenses and other current liabilities	(264,280)	361,382
Deferred revenue	0	(541,701)
Net cash used in operating activities	(2,722,790)	(3,708,034)
Financing activities
Proceeds from issuance of equity securities, net	27,016,746	9,865,727
Proceeds from warrants exercised for cash	1,485,351	0
Payments on note payable	(285,633)	(249,653)
Net cash provided by financing activities	28,216,464	9,616,074
Net increase in cash, cash equivalents and restricted cash	25,493,674	5,908,040
Cash, cash equivalents and restricted cash at beginning of period	11,118,614	3,738,900
Cash, cash equivalents and restricted cash at end of period	36,612,288	9,646,940
Supplemental disclosure of cash flow information:
Cash paid for interest	1,174	3,061
Non-cash investing and financing activities:
Accrued issuance costs for public offering	$ 166,725	$ 398,561

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Total	Common Stock	Preferred Stock	Additional Paid-In Capital	Accumulated Deficit
Equity, beginning balance (shares) at Dec. 31, 2019		4,511,174	0
Equity, beginning balance at Dec. 31, 2019	$ 10,580,854	$ 451	$ 0	$ 22,657,103	$ (12,076,700)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of equity securities, net (shares)		8,353,480	1,246,519
Issuance of equity securities, net	9,467,166	$ 835	$ 125	9,466,206
Preferred shares converted to common shares (shares)		777,825	(777,825)
Preferred shares converted to common shares	0	$ 78	$ (78)
Equity-based compensation expense (shares)		3,198
Equity-based compensation expense	38,409			38,409
Net loss	(2,083,816)				(2,083,816)
Equity, ending balance (shares) at Mar. 31, 2020		13,645,677	468,694
Equity, ending balance at Mar. 31, 2020	18,002,613	$ 1,364	$ 47	32,161,718	(14,160,516)
Equity, beginning balance (shares) at Dec. 31, 2020		23,808,546	0
Equity, beginning balance at Dec. 31, 2020	22,159,188	$ 2,381	$ 0	41,585,761	(19,428,954)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of equity securities, net (shares)		19,627,215
Issuance of equity securities, net	26,850,021	$ 1,963		26,848,058
Warrants exercised for cash (shares)		1,298,567
Warrants exercised for cash, net	1,485,351	$ 129		1,485,222
Equity-based compensation expense	135,379			135,379
Net loss	(1,851,896)				(1,851,896)
Equity, ending balance (shares) at Mar. 31, 2021		44,734,328	0
Equity, ending balance at Mar. 31, 2021	$ 48,778,043	$ 4,473	$ 0	$ 70,054,420	$ (21,280,850)

ORGANIZATION AND OPERATIONS	3 Months Ended
ORGANIZATION AND OPERATIONS	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND OPERATIONS	ORGANIZATION AND OPERATIONS Nature of Business Salarius Pharmaceuticals, Inc. (“Salarius” or the “Company”), together with its subsidiaries, Salarius Pharmaceuticals, LLC, Flex Innovation Group LLC, and TK Pharma, Inc., is a clinical-stage biopharmaceutical company focused on developing effective treatments for cancers with high, unmet medical need. Specifically, the Company is developing treatments for cancers caused by dysregulated gene expression, i.e., genes that are incorrectly turned on or off. The field concerned with gene expression regulation is called ‘epigenetics’. As cancers are often diseases driven by gene dysregulation, epigenetics is an area of interest for cancer treatment. The Company's lead epigenetic based technology was licensed from the University of Utah Research Foundation in 2011. The Company is located in Houston, Texas. Risks Related to Covid-19 Pandemic The outbreak of COVID-19 has spread worldwide and has had a major impact on the United States and global economies and may in the future affect the Company’s operations and those of third parties on which the Company relies. While the potential economic impact brought by, and the duration of, the COVID-19 pandemic is difficult to assess or predict, the future impact of the COVID-19 pandemic on the global financial markets may reduce the Company’s ability to access capital, which could negatively impact the Company’s long-term liquidity. The ultimate impact of the COVID-19 pandemic continues to be highly uncertain and subject to change and the Company does not yet know the full extent of potential delays or impacts on its business. However, these effects could have a material impact on the Company’s liquidity, capital resources, operations, and business and those of the third parties on which we rely.

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standard Codification ("ASC") and Accounting Standards Update ("ASU") of the Financial Accounting Standards Board ("FASB"). Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Unaudited Interim Financial Information The accompanying interim financial statements are unaudited. These unaudited interim financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. These unaudited interim financial statements should be read in conjunction with the audited financial statements and accompanying notes for the year ended December 31, 2020 included elsewhere in the Company's Annual Report on Form 10-K filed with the SEC on March 18, 2021. In the opinion of management, the unaudited interim financial statements reflect all the adjustments (consisting of normal recurring adjustments) necessary to state fairly the Company’s financial position as of March 31, 2021 and the results of operations for the three months ended March 31, 2021 and 2020. The interim results of operations are not necessarily indicative of the results that may occur for the full fiscal year. The December 31, 2020 balance sheet included herein was derived from the audited financial statements, but does not include all disclosures, including notes, required by GAAP for complete financial statements. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America as defined by the FASB ASC requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Cash and Cash Equivalents Salarius considers all highly-liquid investments with original maturities of three months or less to be cash equivalents. The Company maintains several bank accounts including an interest-bearing account for funds received from Cancer Prevention and Research Institution of Texas ("CPRIT") funded amount. At both March 31, 2021 and December 31, 2020, the CPRIT bank balance was $0, respectively. The grant has a mandatory fund matching requirement. Subject to CPRIT review, the Company believes that all matching fund requirements have been met at March 31, 2021. Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying value may not be recoverable. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. There were no impairment charges related to long-lived assets for the three months ended March 31, 2021 and 2020. Goodwill Goodwill is not amortized but is tested at least annually for impairment at the reporting unit level. The Company has determined that the reporting unit is the single operating segment disclosed in its current financial statements. Impairment is the condition that exists when the carrying amount of goodwill exceeds its implied fair value. The first step in the impairment process is to determine the fair value of the reporting unit and then compare it to the carrying value, including goodwill. If the fair value exceeds the carrying value, no further action is required and no impairment loss is recognized. Additional impairment assessments may be performed on an interim basis if the Company encounters events or changes in circumstances that would indicate that, more likely than not, the carrying value of goodwill has been impaired. There was no impairment of goodwill during the three months ended March 31, 2021 or March 31, 2020, respectively. Financial Instruments and Credit Risks Financial instruments that potentially subject the Company to credit risk include cash and cash equivalents and restricted cash. Cash is deposited in demand accounts in federally insured domestic institutions to minimize risk. Insurance is provided through the Federal Deposit Insurance Corporation (“FDIC”). Although the balances in these accounts exceed the federally insured limit from time to time, the Company has not incurred losses related to these deposits. Warrants The Company determines whether the warrants should be classified as a liability or equity. For warrants classified as liabilities, the Company estimates the fair value of the warrants at each reporting period using Level 3 inputs with changes in fair value recorded in the Condensed Consolidated Statement of Operations within change in fair value of warrant liability. The estimates in valuation models are based, in part, on subjective assumptions, including but not limited to stock price volatility, the expected life of the warrants, the risk-free interest rate and the fair value of the common stock underlying the warrants, and could differ materially in the future. The Company will continue to adjust the fair value of the warrant liability at the end of each reporting period for changes in fair value from the prior period until the earlier of the exercise or expiration of the applicable warrant. For warrants classified as equity contracts, the Company allocates the transaction proceeds to the warrants and any other free-standing instruments issued in the transaction based on an allowable allocation method. Clinical Trial Accruals The Company’s preclinical and clinical trials are performed by third party contract research organizations (CROs) and/or clinical investigators, and clinical supplies are manufactured by contract manufacturing organizations (CMOs). Invoicing from these third parties may be monthly based upon services performed or based upon milestones achieved. The Company accrues these expenses based upon its assessment of the status of each clinical trial and the work completed, and upon information obtained from the CROs and CMOs. The Company’s estimates are dependent upon the timeliness and accuracy of data provided by the CROs and CMOs regarding the status and cost of the studies, and may not match the actual services performed by the organizations. This could result in adjustments to the Company’s research and development expenses in future periods. To date the Company has had no significant adjustments. Grants Receivable and Revenue Recognition Salarius’ source of revenue has been from a grant received from CPRIT. Grant revenue is recognized when qualifying costs are incurred and there is reasonable assurance that conditions of the grant have been met. Cash received from grants in advance of incurring qualifying costs is recorded as deferred revenue and recognized as revenue when qualifying costs are incurred. When grant funds are received after costs have been incurred, the Company records revenue and a corresponding grants receivable. Research and Development Costs Research and development costs consist of expenses incurred in performing research and development activities, including pre-clinical studies and clinical trials. Research and development costs include salaries and personnel-related costs, consulting fees, fees paid for contract research services, the costs of laboratory equipment and facilities, license fees and other external costs. Research and development costs are expensed when incurred. Equity-Based Compensation Salarius measures equity-based compensation based on the grant date fair value of the awards and recognizes the associated expense in the financial statements over the requisite service period of the award, which is generally the vesting period. The Company uses the Black-Scholes option valuation model to estimate the fair value of the stock-based compensation and incentive units. Assumptions utilized in these models including expected volatility calculated based on implied volatility from traded stocks of peer companies, dividend yield and risk-free interest rate. Additionally, forfeitures are accounted for in compensation cost as they occur. Loss Per Share Basic net loss per share is calculated by dividing the net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Since the Company was in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods, as the inclusion of all potential common shares outstanding is anti-dilutive. The number of anti-dilutive shares, consisting of common shares underlying (i) common stock options, (ii) stock purchase warrants, (iii) unvested restricted stock, (iv) convertible preferred stock and (v) rights entitling holders to receive warrants to purchase the Company's common shares, which have been excluded from the computation of diluted loss per share, was 9,537,198 and 10,597,729 shares as of March 31, 2021 and 2020, respectively. Income Taxes Income taxes are recorded in accordance with FASB ASC Topic 740, Income Taxes ("ASC 740"), which provides for deferred taxes using an asset and liability approach. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and the tax reporting basis of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The Company provides a valuation allowance against net deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax assets will be realized. The Company has evaluated available evidence and concluded that the Company may not realize the benefit of its deferred tax assets; therefore, a valuation allowance has been established for the full amount of the deferred tax assets. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. As of March 31, 2021 and December 31, 2020, the Company did not have any significant uncertain tax positions and no interest or penalties have been charged. The Company's practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company is subject to routine audits by taxing jurisdictions. Subsequent Events The Company’s management reviewed all material events through the date that the financial statements were issued for subsequent event disclosure consideration. Application of New Accounting Standards In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). The guidance eliminates certain exceptions for recognizing deferred taxes for investments, performing intra-period allocation and calculating income taxes in interim periods. This guidance also includes guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 is effective for annual and interim periods in fiscal years beginning after December 15, 2020. The adoption of ASU 2019-12 in the first quarter of 2021 did not have a material impact on the Company’s condensed consolidated financial statements. Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which requires the measurement of all expected credit losses for financial assets including trade receivables held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Subsequent to the issuance of ASU 2016-13, the FASB issued ASU 2018-19, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses". This ASU does not change the core principle of the guidance in ASU 2016-13, instead these amendments are intended to clarify and improve operability of certain topics included within the credit losses guidance. The FASB also subsequently issued ASU No. 2019-04, "Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Derivatives and Hedging (Topic 815), and Financial Instruments (Topic 842)", which did not change the core principle of the guidance in ASU 2016-13 but clarified that expected recoveries of amounts previously written off and expected to be written off should be included in the valuation account and should not exceed amounts previously written off and expected to be written off. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019 for public business entities, excluding smaller reporting companies. Early adoption is permitted. As a smaller reporting company, the guidance will be effective for the Company during the first quarter of 2023. The Company is in the process of assessing the impact adoption will have on its consolidated financial statements.

GRANTS RECEIVABLE	3 Months Ended
GRANTS RECEIVABLE	Mar. 31, 2021
Receivables [Abstract]
GRANTS RECEIVABLE	GRANTS RECEIVABLEGrants receivable represents qualifying costs incurred and there is reasonable assurance that conditions of the grant have been met but the corresponding funds have not been received as of the reporting date. Grants receivable balances are $4.2 million and $3.9 million as of March 31, 2021 and December 31, 2020, respectively.

PREPAID EXPENSES AND OTHER CURRENT ASSETS

3 Months Ended

Mar. 31, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

PREPAID EXPENSES AND OTHER CURRENT ASSETSPrepaid expenses and other current assets at March 31, 2021 and December 31, 2020 consisted of the following:


	March 31, 2021		December 31, 2020
Prepaid clinical trial expenses	$	206,070	$	—
Prepaid insurance	402,252		684,268

Other prepaid and current assets	206,494		137,782
Total prepaid expenses and other current assets	$	814,816	$	822,050

Prepaid insurance is comprised of prepaid directors' and officers' insurance. In July 2020 and 2019, the Company financed their directors' and officers' insurance premium with a short term note, the principal amount of which is approximately $0.9 million bearing interest at a rate of 2.49% and 4.61%. The note payable balances, which were included within Current Liabilities on the Condensed Consolidated Balance Sheets, were $0.2 million and $0.5 million at March 31, 2021 and December 31, 2020, respectively.

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES License Agreement with the University of Utah Research Foundation In 2011, the Company entered into a license agreement with the University of Utah, under which, the Company acquired an exclusive license to an epigenetic enzyme lysine specific demethylase 1 ("LSD1"). In exchange for the license, the Company issued 2% equity ownership in the Company based on a fully diluted basis at the effective date of the agreement subject to certain adjustments specified in the agreement, such as granted revenue sharing rights on any resulting products or processes to commence on first commercial sale, and milestone payments based upon regulatory approval of any resulting product or process as well as on the second anniversary of first commercial sale. Cancer Prevention and Research Institute of Texas In June 2016, the Company entered into a Cancer Research Grant Contract with CPRIT. Pursuant to the contract, CPRIT awarded the Company a grant of up to $18.7 million to fund the development of an LSD1 inhibitor. This is a 3-year grant award which originally expired on May 31, 2019. The grant now expires on November 30, 2021 with extensions available. The Company will retain ownership over any intellectual property developed under the contract ("Project Result"). With respect to non-commercial use of any Project Result, the Company agreed to grant to CPRIT a nonexclusive, irrevocable, royalty-free, perpetual, worldwide license with right to sublicense any necessary additional intellectual property rights to exploit all Project Results by CPRIT, other governmental entities and agencies of the State of Texas, and private or independent institutions of higher education located in Texas, for education, research and other non-commercial purposes. The Company is obligated to make revenue-sharing payments to CPRIT with respect to net sales of any product covered by the contract, up to a maximum repayment of a certain percentage of the aggregate amount paid to the Company by CPRIT under the CPRIT contract. The payments are determined as a percentage of net sales, which may be reduced if the Company is required to obtain a license from a third party to sell any such product. In addition, upon meeting the foregoing limitation on revenue-sharing payments, the Company agreed to make continued revenue-sharing payments to CPRIT of less than 1% of net sales. The CPRIT grant is subject to funding conditions including a matching funds requirement where the Company will match 50% of funding from the CPRIT grant. As of March 31, 2021, the Company has received an aggregate of $11.3 million from the CPRIT grant. Approximately $2.6 million of the remaining $7.4 million CPRIT grant was for a castration-resistant prostate study. The Company has elected not to pursue this study, and accordingly this amount will no longer be available. There was $0.9 million of funding received from CPRIT during the three months ended March 31, 2021. At March 31, 2021 and December 31, 2020, the Company had grants receivable of $4.2 million and $3.9 million, respectively, related to the CPRIT contract.

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. A fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last is considered unobservable, are used to measure fair value:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Significant unobservable inputs including Salarius’ own assumptions in determining fair value.

The Company believes the recorded values of its financial instruments, including cash and cash equivalents, accounts payable and note payable approximate their fair values due to the short-term nature of these instruments.

The following table sets forth a summary of changes in the fair value of Level 3 liabilities, the warrants issued in connection with the Company's merger with Flex Pharma in 2019, which are measured at fair value on a recurring basis for the three months ended March 31, 2021:


Description	Balance at December 31, 2020		Change in Fair Value		Balance at March 31, 2021
Warrant liability	$	59,211	$	46,054	$	105,265

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

STOCKHOLDERS' EQUITY

Preferred Stock and Common Stock

On February 11, 2020, the Company completed a public offering with total gross proceeds of approximately $11.0 million, which includes the full exercise of the underwriter's over-allotment option to purchase an additional 1,252,173 shares and warrants prior to deducting underwriting discounts and commissions and offering expenses payable by Salarius (the “February 2020 Offering”). The February 2020 Offering was comprised of 7,101,307 Class A units, priced at a public offering price of $1.15 per unit, with each unit consisting of one share of common stock and a five-year warrant to purchase one share of common stock at an exercise price of $1.15 per share, and 1,246,519 Class B units, priced at a public offering price of $1.15 per unit, with each unit consisting of one share of Series A convertible preferred stock and a five-year warrant to purchase one share of common stock with and exercise price of $1.15 per share. A total of 8,353,480 shares of common stock, 1,246,519 shares of Series A convertible preferred stock, and warrants to purchase up to 9,599,999 shares of common stock were issued in the offering, including the full exercise of the over-allotment option. The convertible preferred stock issued in this transaction includes a beneficial ownership limitation on conversion, but has no dividend rights (except to the extent that dividends are also paid on the common stock). The conversion price of the Series A convertible preferred stock issued in the February Offering as well as the exercise price of the warrants are fixed and do not contain any variable pricing features or any price based anti-dilutive features. During the year end December 31, 2020 , all 1,246,519 shares of Series A convertible preferred stock were converted to common stock.

On August 3, 2020, the Company completed a public offering of 5,130,390 shares of its common stock at a price to the public of $1.20 per share. Total gross proceeds from the offering were approximately $6.2 million, prior to deducting underwriting discounts and commissions and offering expenses payable by Salarius

As discussed above, in connection with the February 2020 Offerings, the Company issued five-year warrants to purchase one share of common stock at an exercise price of $1.15 per share (each a "warrant") . On December 11, 2020, the Company entered into warrant exercise inducement offer letters (“Inducement Letters”) with certain holders of 3,964,065 Warrants (collectively, the “Exercising Holders”) pursuant to which such holders agreed to exercise on December 11, 2020 for cash, their Warrants to purchase 3,964,065 shares of Common Stock in exchange for the Company’s agreement to (i) lower the exercise price of the Warrants held by the Exercising Holders to $0.90 and (ii) issue new warrants (the “Inducement Warrants”) to purchase up to 3,964,065 shares of Common Stock. Each Inducement Warrant is exercisable at a price per share of $1.182 and expires on June 11, 2026.

On February 5, 2021, the Company entered into an At the Market Offering Agreement (the “Sales Agreement”) with Ladenburg Thalmann & Co. Inc. (“Ladenburg”). Under the Sales Agreement the Company was able to issue and sell, from time to time, shares of its common stock having an aggregate offering price of up to $6.3 million (the “ATM Shares”) with Ladenburg acting as an agent for sales. Sales of the ATM Shares may be made by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415(a)(4) of the Securities Act of 1933, as amended, including, without limitation, sales made directly on or through the NASDAQ Capital Market. During the three months ended March 31, 2021, the Company issued 2,820,493 shares under the Sales Agreement for gross proceeds of $6.3 million.

On March 8, 2021, the Company completed a public offering of 16,806,722 shares of its common stock at a price to the public of $1.3685 per share. Total gross proceeds from the offering were approximately $23.0 million prior to deducting underwriting discounts and commissions and offering expenses payable by Salarius.

Warrants Exercised for Cash

During the three months ended March 31, 2021, the Company issued 1,298,567 common shares as a result of warrant exercises, and received cash proceeds of approximately $1.5 million. As of March 31, 2021, 7,747,587 of warrants were still outstanding.

Right to Warrants

On January 3, 2019, Flex Pharma, Private Salarius and Merger Sub entered into the Merger Agreement. Pursuant to the Merger Agreement, Flex Pharma distributed one right per share of common stock to stockholders of record as of the close of business on July 18, 2019. Each right entitles such stockholders to receive a warrant to purchase the Company's common shares on January 20, 2020. These warrants are exercisable, in the aggregate, into 142,711 shares of the Company's common stock with a 5-year term from January 20, 2020, at an exercise price of $15.17 per share. The warrants are subject to a cashless exercise, at the option of the Company, at the closing of an issuance and sale of the Company’s common stock in certain qualified financing, upon the closing of which the holders of warrants shall be entitled to receive a number of shares of common stock equal to the greater of two formulae defined by the Merger Agreement, which are based on the volume weighted average price of the Company's common stock during the 10 consecutive trading days ending on the trading day immediately preceding the date of exercise. As a result, the warrants have been classified as a liability.

The Company accounted for these warrants at fair value using Level 3 inputs. The Company determined the fair value of this warrant liability using a Black-Scholes valuation model. Using this method, unobservable inputs included the Company’s equity value, expected timing of possible outcomes, risk free interest rates and stock

price volatility.

Variables used in the Black-Scholes model are as follows:


	March 31, 2021	December 31, 2020
Discount rate	0.64%	0.27%
Expected life (years)	3.81 years	4.06 years
Expected volatility	130.68%	130.56%
Expected dividend	—%	—%

Wedbush Warrant

On July 19, 2019, upon the closing of the merger, the Company elected to issue warrants to purchase 42,928 common shares to Wedbush Securities Inc. ("Wedbush") to satisfy $0.5 million of the $1.0 million success fee payable to Wedbush at the closing of the merger. The remaining $0.5 million success fee was paid in cash. These warrants have an exercise price of $18.90 and a 5-year term. As of March 31, 2021, all warrants issued to Wedbush were outstanding.

EQUITY-BASED COMPENSATION

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

EQUITY-BASED COMPENSATION

Equity Incentive Plans

The Company has granted options to employees, directors, and consultants under the 2015 Equity Incentive Plan (the "2015 Plan"). On July 19, 2019, the Company completed a merger with Flex Pharma and Flex Pharma had fully vested options to purchase 90,279 common shares outstanding as of the date of the merger and 34,385 of these options continue to be exercisable as of March 31, 2021. The 2015 Plan provides for the grant of incentive stock options ("ISOs"), nonstatutory stock options, restricted stock awards, restricted stock units, stock appreciation rights, performance-based stock awards and other stock-based awards. Additionally, the 2015 Plan provides for the grant of performance-based cash awards. ISOs may be granted only to the Company's employees. All other awards may be granted to the Company's employees, including officers, and to non-employee directors and consultants. As of March 31, 2021, there were 1,020,690 shares remaining available for the grant of stock awards under the 2015 Plan.

During the three-month periods ended March 31, 2021 and 2020, the Company awarded 40,000 and 182,000, respectively, stock options to its employees and directors, pursuant to the plan described above. Stock options generally vest over one to four years and have a contractual term of ten years. Stock options are valued using the Black-Scholes option pricing model and compensation cost is recognized based on the resulting value over the service period. Expected volatilities utilized in the model are based on implied volatilities from traded stocks of peer companies. Similarly, the dividend yield is based on historical experience and the estimate of future dividend yields. The risk-free interest rate is derived from the U.S. Treasury yield curve in effect at the time of grant. The expected term of the options is based on the average period the stock options are expected to remain outstanding. The fair value of the option grants awarded during each of the three month periods ended March 31, 2021 and 2020 was $0.1 million, which has been estimated with the following assumptions on the grant date.


	3/23/2020		3/10/2021
Risk-free interest rate	0.48	%	1.00	%
Volatility	113.17	%	133.35	%
Expected life (years)	5.80		6.00
Expected dividend yield	0	%	0	%

The following table summarizes stock option activity for employees and non-employees for the three months ended March 31, 2021 and 2020:


	Shares	Weighted-Average Exercise Price	Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2019	166,233	$34.42	6.53	$—
Granted	182,000	0.61
Exercised	—
Forfeited	(10,000)	—
Expired	—
Outstanding at March 31, 2020	338,233	$17.01	8.18
Exercisable at March 31, 2020	84,711	$59.85	3.23	$—

Outstanding at December 31, 2020	1,563,972	$2.44	4.87	$175,770
Granted	40,000	$1.49
Exercised	—
Forfeited	—
Expired	—
Outstanding at March 31, 2021	1,603,972	$2.75	9.24	$784,801
Exercisable at March 31, 2021	143,747	$18.96	7.00	$57,900

As of March 31, 2021 and 2020, there was approximately $1.3 million and $0.5 million of total unrecognized compensation cost related to unvested stock options. Total unrecognized compensation cost will be adjusted for future changes in employee and non-employee forfeitures, if any. The Company expects to recognize that cost over a remaining weighted-average period of 2.9 years.

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSThe Company reviewed all material events through the date that the financial statements were issued, and concluded that there are no significant subsequent events that require disclosure.

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standard Codification ("ASC") and Accounting Standards Update ("ASU") of the Financial Accounting Standards Board ("FASB").
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America as defined by the FASB ASC requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Salarius considers all highly-liquid investments with original maturities of three months or less to be cash equivalents. The Company maintains several bank accounts including an interest-bearing account for funds received from Cancer Prevention and Research Institution of Texas ("CPRIT") funded amount.
Impairment of Long-Lived Assets	Impairment of Long-Lived AssetsLong-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying value may not be recoverable. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset.
Goodwill	Goodwill Goodwill is not amortized but is tested at least annually for impairment at the reporting unit level. The Company has determined that the reporting unit is the single operating segment disclosed in its current financial statements. Impairment is the condition that exists when the carrying amount of goodwill exceeds its implied fair value. The first step in the impairment process is to determine the fair value of the reporting unit and then compare it to the carrying value, including goodwill. If the fair value exceeds the carrying value, no further action is required and no impairment loss is recognized. Additional impairment assessments may be performed on an interim basis if the Company encounters events or changes in circumstances that would indicate that, more likely than not, the carrying value of goodwill has been impaired.
Financial Instruments and Credit Risks	Financial Instruments and Credit Risks Financial instruments that potentially subject the Company to credit risk include cash and cash equivalents and restricted cash. Cash is deposited in demand accounts in federally insured domestic institutions to minimize risk. Insurance is provided through the Federal Deposit Insurance Corporation (“FDIC”). Although the balances in these accounts exceed the federally insured limit from time to time, the Company has not incurred losses related to these deposits.
Warrants	Warrants The Company determines whether the warrants should be classified as a liability or equity. For warrants classified as liabilities, the Company estimates the fair value of the warrants at each reporting period using Level 3 inputs with changes in fair value recorded in the Condensed Consolidated Statement of Operations within change in fair value of warrant liability. The estimates in valuation models are based, in part, on subjective assumptions, including but not limited to stock price volatility, the expected life of the warrants, the risk-free interest rate and the fair value of the common stock underlying the warrants, and could differ materially in the future. The Company will continue to adjust the fair value of the warrant liability at the end of each reporting period for changes in fair value from the prior period until the earlier of the exercise or expiration of the applicable warrant. For warrants classified as equity contracts, the Company allocates the transaction proceeds to the warrants and any other free-standing instruments issued in the transaction based on an allowable allocation method.
Grants Receivable and Revenue Recognition	Grants Receivable and Revenue Recognition Salarius’ source of revenue has been from a grant received from CPRIT. Grant revenue is recognized when qualifying costs are incurred and there is reasonable assurance that conditions of the grant have been met. Cash received from grants in advance of incurring qualifying costs is recorded as deferred revenue and recognized as revenue when qualifying costs are incurred. When grant funds are received after costs have been incurred, the Company records revenue and a corresponding grants receivable.
Research and Development Costs	Research and Development Costs Research and development costs consist of expenses incurred in performing research and development activities, including pre-clinical studies and clinical trials. Research and development costs include salaries and personnel-related costs, consulting fees, fees paid for contract research services, the costs of laboratory equipment and facilities, license fees and other external costs. Research and development costs are expensed when incurred.
Equity-Based Compensation	Equity-Based Compensation Salarius measures equity-based compensation based on the grant date fair value of the awards and recognizes the associated expense in the financial statements over the requisite service period of the award, which is generally the vesting period. The Company uses the Black-Scholes option valuation model to estimate the fair value of the stock-based compensation and incentive units. Assumptions utilized in these models including expected volatility calculated based on implied volatility from traded stocks of peer companies, dividend yield and risk-free interest rate. Additionally, forfeitures are accounted for in compensation cost as they occur.
Loss Per Share	Loss Per Share Basic net loss per share is calculated by dividing the net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Since the Company was in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods, as the inclusion of all potential common shares outstanding is anti-dilutive.
Income Taxes	Income Taxes Income taxes are recorded in accordance with FASB ASC Topic 740, Income Taxes ("ASC 740"), which provides for deferred taxes using an asset and liability approach. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and the tax reporting basis of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The Company provides a valuation allowance against net deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax assets will be realized. The Company has evaluated available evidence and concluded that the Company may not realize the benefit of its deferred tax assets; therefore, a valuation allowance has been established for the full amount of the deferred tax assets. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. As of March 31, 2021 and December 31, 2020, the Company did not have any significant uncertain tax positions and no interest or penalties have been charged. The Company's practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company is subject to routine audits by taxing jurisdictions.
Subsequent Events	Subsequent Events The Company’s management reviewed all material events through the date that the financial statements were issued for subsequent event disclosure consideration.
Application of New Accounting Standards and Pronouncements Not Yet Adopted	Application of New Accounting Standards In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). The guidance eliminates certain exceptions for recognizing deferred taxes for investments, performing intra-period allocation and calculating income taxes in interim periods. This guidance also includes guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 is effective for annual and interim periods in fiscal years beginning after December 15, 2020. The adoption of ASU 2019-12 in the first quarter of 2021 did not have a material impact on the Company’s condensed consolidated financial statements. Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which requires the measurement of all expected credit losses for financial assets including trade receivables held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Subsequent to the issuance of ASU 2016-13, the FASB issued ASU 2018-19, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses". This ASU does not change the core principle of the guidance in ASU 2016-13, instead these amendments are intended to clarify and improve operability of certain topics included within the credit losses guidance. The FASB also subsequently issued ASU No. 2019-04, "Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Derivatives and Hedging (Topic 815), and Financial Instruments (Topic 842)", which did not change the core principle of the guidance in ASU 2016-13 but clarified that expected recoveries of amounts previously written off and expected to be written off should be included in the valuation account and should not exceed amounts previously written off and expected to be written off. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019 for public business entities, excluding smaller reporting companies. Early adoption is permitted. As a smaller reporting company, the guidance will be effective for the Company during the first quarter of 2023. The Company is in the process of assessing the impact adoption will have on its consolidated financial statements.

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

3 Months Ended

Mar. 31, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets at March 31, 2021 and December 31, 2020 consisted of the following:


	March 31, 2021		December 31, 2020
Prepaid clinical trial expenses	$	206,070	$	—
Prepaid insurance	402,252		684,268

Other prepaid and current assets	206,494		137,782
Total prepaid expenses and other current assets	$	814,816	$	822,050

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Changes in Fair Value of Level 3 Liabilities


Description	Balance at December 31, 2020		Change in Fair Value		Balance at March 31, 2021
Warrant liability	$	59,211	$	46,054	$	105,265

STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Schedule of Variables used in Black-Scholes Model

Variables used in the Black-Scholes model are as follows:


	March 31, 2021	December 31, 2020
Discount rate	0.64%	0.27%
Expected life (years)	3.81 years	4.06 years
Expected volatility	130.68%	130.56%
Expected dividend	—%	—%

EQUITY-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Fair Value Assumptions

The fair value of the option grants awarded during each of the three month periods ended March 31, 2021 and 2020 was $0.1 million, which has been estimated with the following assumptions on the grant date.


	3/23/2020		3/10/2021
Risk-free interest rate	0.48	%	1.00	%
Volatility	113.17	%	133.35	%
Expected life (years)	5.80		6.00
Expected dividend yield	0	%	0	%

Summary of Stock Option Activity

The following table summarizes stock option activity for employees and non-employees for the three months ended March 31, 2021 and 2020:


	Shares	Weighted-Average Exercise Price	Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2019	166,233	$34.42	6.53	$—
Granted	182,000	0.61
Exercised	—
Forfeited	(10,000)	—
Expired	—
Outstanding at March 31, 2020	338,233	$17.01	8.18
Exercisable at March 31, 2020	84,711	$59.85	3.23	$—

Outstanding at December 31, 2020	1,563,972	$2.44	4.87	$175,770
Granted	40,000	$1.49
Exercised	—
Forfeited	—
Expired	—
Outstanding at March 31, 2021	1,603,972	$2.75	9.24	$784,801
Exercisable at March 31, 2021	143,747	$18.96	7.00	$57,900

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accounting Policies [Abstract]
Grant contract amount	$ 0		$ 0
Impairment charges of long-lived assets	0	$ 0
Impairment of goodwill	$ 0	$ 0
Antidilutive securities excluded from computation of earnings per share (shares)	9,537,198	10,597,729

GRANTS RECEIVABLE (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Grants receivable from CPRIT	$ 4,223,532	$ 3,855,996

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid clinical trial expenses	$ 206,070	$ 0
Prepaid insurance	402,252	684,268
Other prepaid and current assets	206,494	137,782
Total prepaid expenses and other current assets	$ 814,816	$ 822,050

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Narrative (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Jul. 31, 2020	Jul. 31, 2019
Short-term Debt [Line Items]
Note payable	$ 191,395	$ 477,028
Note Payable
Short-term Debt [Line Items]
Principal amount			$ 900,000	$ 900,000
Interest rate			2.49%	4.61%

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	1 Months Ended	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Jun. 30, 2016	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2011
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Award amount	$ 18,700,000
Award term	3 years
Continued payments, percent of net sales		1.00%
Matching funds requirement		50.00%
Aggregate amount received		$ 11,300,000
Current funding available		7,400,000
Current funding received		900,000
Grants receivable from CPRIT		4,223,532	$ 3,855,996
Castration-resistant prostate study
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Current funding available		$ 2,600,000
University of Utah Research Foundation
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage by noncontrolling Owner				2.00%

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	3 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in Fair Value	$ (46,054)	$ 283,070
Level 3 \| Recurring
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2020	59,211
Change in Fair Value	46,054
Balance at March 31, 2021	$ 105,265

STOCKHOLDERS' EQUITY - Narrative (Details)							3 Months Ended		12 Months Ended
STOCKHOLDERS' EQUITY - Narrative (Details)	Mar. 08, 2021 USD ($) $ / shares shares	Feb. 05, 2021 shares	Aug. 03, 2020 USD ($) $ / shares shares	Feb. 11, 2020 USD ($) $ / shares shares	Jul. 19, 2019 USD ($) $ / shares shares	Jul. 18, 2019 trading_day $ / shares shares	Mar. 31, 2021 USD ($) shares	Mar. 31, 2020 USD ($) shares	Dec. 31, 2020 shares	Dec. 11, 2020 $ / shares shares	Feb. 29, 2020 $ / shares shares
Class of Stock [Line Items]
Shares issued, value \| $	$ 23,000,000.0		$ 6,200,000				$ 26,850,021	$ 9,467,166
Expected life (years)						5 years	3 years 9 months 21 days		4 years 21 days
Number of shares called by warrants						142,711				3,964,065
Exercise price (in dollars per share) \| $ / shares						$ 15.17				$ 1.182
Proceeds from warrants exercised for cash \| $							$ 1,485,351	0
Consecutive trading days \| trading_day						10
Minimum
Class of Stock [Line Items]
Exercise price (in dollars per share) \| $ / shares										$ 0.90
Over-Allotment Option
Class of Stock [Line Items]
Shares issued, value \| $				$ 11,000,000.0
Shares issued				1,252,173
Sales Agreement
Class of Stock [Line Items]
Shares issued, value \| $							$ 6,300,000
Shares issued		6,300,000					2,820,493
Common Stock
Class of Stock [Line Items]
Shares issued, value \| $							$ 1,963	$ 835
Shares issued	16,806,722		5,130,390	8,353,480			19,627,215	8,353,480
Price per share (usd per share) \| $ / shares	$ 1.3685		$ 1.20
Number of rights per share						1
Number of shares called by warrants				9,599,999
Warrants exercised for cash (shares)							1,298,567
Warrants outstanding (shares)							7,747,587
Common Stock \| Over-Allotment Option
Class of Stock [Line Items]
Expected life (years)				5 years							5 years
Number of rights per share				1							1
Exercise price (in dollars per share) \| $ / shares				$ 1.15
Preferred Stock
Class of Stock [Line Items]
Shares issued, value \| $								$ 125
Shares issued								1,246,519
Class A \| Common Stock \| Over-Allotment Option
Class of Stock [Line Items]
Number of shares issued				7,101,307
Price per share (usd per share) \| $ / shares				$ 1.15
Exercise price (in dollars per share) \| $ / shares											$ 1.15
Class B \| Preferred Stock \| Over-Allotment Option
Class of Stock [Line Items]
Number of shares issued				1,246,519
Price per share (usd per share) \| $ / shares				$ 1.15
Series A Preferred \| Preferred Stock
Class of Stock [Line Items]
Shares issued				1,246,519
Preferred shares converted to common shares (shares)									1,246,519
Wedbush \| Satisfy success fee
Class of Stock [Line Items]
Expected life (years)					5 years
Number of shares called by warrants					42,928
Exercise price (in dollars per share) \| $ / shares					$ 18.90
Warrant value \| $					$ 500,000
Due to related party \| $					1,000,000.0
Cash payment to related party \| $					$ 500,000

STOCKHOLDERS' EQUITY - Schedule of Variables used in Black-Scholes Model (Details)	Mar. 31, 2021	Dec. 31, 2020	Jul. 18, 2019
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected life (years)	3 years 9 months 21 days	4 years 21 days	5 years
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.64%	0.27%
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	130.68%	130.56%
Expected dividend
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.00%	0.00%

EQUITY-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Jul. 19, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares outstanding	1,603,972	338,233	1,563,972	166,233
Number of stock options granted (shares)	40,000	182,000
Fair value	$ 0.1	$ 0.1
Unrecognized compensation cost, options	$ 1.3	$ 0.5
Unrecognized compensation cost, recognition period	2 years 10 months 24 days
Flex Pharma
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares outstanding	34,385				90,279
Employee stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, contractual term	10 years
Minimum \| Employee stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Maximum \| Employee stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares remaining available for grant of stock awards (shares)	1,020,690

EQUITY-BASED COMPENSATION - Schedule of Fair Value Assumptions (Details)	Mar. 10, 2021	Mar. 23, 2020
Share-based Payment Arrangement [Abstract]
Risk-free interest rate	1.00%	0.48%
Volatility	133.35%	113.17%
Expected life (years)	6 years	5 years 9 months 18 days
Expected dividend yield	0.00%	0.00%

EQUITY-BASED COMPENSATION - Summary of stock option activity (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Shares
Outstanding, Beginning Balance (shares)	1,563,972	166,233	166,233
Granted (shares)	40,000	182,000
Exercised (shares)	0
Forfeited (shares)	0	(10,000)
Expired (shares)	0	0
Outstanding, Ending Balance (shares)	1,603,972	338,233	1,563,972	166,233
Exercisable (shares)	143,747	84,711
Weighted-Average Exercise Price
Weighted-average exercise price, Beginning Balance (in usd per share)	$ 2.44	$ 34.42	$ 34.42
Granted, weighted-average exercise price (in usd per share)	1.49	0.61
Exercised, weighted-average exercise price (in usd per share)
Forfeited, weighted-average exercise price (in usd per share)		0
Expired, weighted-average exercise price (in usd per share)
Weighted-average exercise price, Ending Balance (in usd per share)	2.75	17.01	$ 2.44	$ 34.42
Exercisable, weighted-average exercise price (in usd per share)	$ 18.96	$ 59.85
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding, weighted-average remaining contractual term	9 years 2 months 26 days	8 years 2 months 4 days	4 years 10 months 13 days	6 years 6 months 10 days
Exercisable, weighted-average remaining contractual term	7 years	3 years 2 months 23 days
Outstanding, aggregate intrinsic value	$ 784,801		$ 175,770	$ 0
Exercisable, aggregate intrinsic value	$ 57,900	$ 0