0001615219-22-000028 | 10-K | XBRL Viewer | Salarius Pharmaceuticals INC

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CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 29,214,380	$ 11,118,614
Grants receivable from CPRIT	0	3,855,996
Prepaid expenses and other current assets	949,215	822,050
Total current assets	30,163,595	15,796,660
Grants receivable from CPRIT	1,610,490	0
Property and equipment, net	7,880	22,639
Goodwill	8,865,909	8,865,909
Other assets	185,994	247,113
Total assets	40,833,868	24,932,321
Current liabilities:
Accounts payable	1,543,096	1,853,756
Accrued expenses and other current liabilities	553,269	383,138
Note payable	0	477,028
Warrant liability	14,518	59,211
Total liabilities	2,110,883	2,773,133
Commitments and contingencies (NOTE 5)
Stockholders' equity (deficit):
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; none issued or outstanding	0	0
Common stock, $0.0001 par value; 100,000,000 shares authorized; 45,241,808 and 23,810,541 shares issued at December 31, 2021 and December 31, 2020, and 45,241,808 and 23,808,546 shares outstanding at December 31, 2021 and December 31, 2020, respectively	4,524	2,381
Additional paid-in capital	70,915,653	41,585,761
Accumulated deficit	(32,197,192)	(19,428,954)
Total stockholders' equity	38,722,985	22,159,188
Total liabilities and stockholders' equity	$ 40,833,868	$ 24,932,321

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (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 (usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	45,241,808	23,810,541
Common stock, shares outstanding	45,241,808	23,808,546

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue from contract with customer, product and service	us-gaap:GrantMember	us-gaap:GrantMember
Grant revenue	$ 1,840,216	$ 5,233,301
Operating expenses:
Research and development	8,548,520	6,913,853
General and administrative	6,104,627	6,105,793
Total operating expenses	14,653,147	13,019,646
Loss before other income (expense)	(12,812,931)	(7,786,345)
Change in fair value of warrant liability	44,693	258,551
Government grants and other income	0	175,540
Net loss	(12,768,238)	(7,352,254)
Fair value increase related to warrant modification	0	(396,407)
Loss attributable to common stockholders	$ (12,768,238)	$ (7,748,661)
Loss per common share — basic and diluted
Loss per common share, basic ( in dollar per share)	$ (0.31)	$ (0.50)
Loss per common share, diluted ( in dollar per share)	(0.31)	(0.50)
Total net loss per share ( in dollar per share)	$ (0.31)	$ (0.50)
Weighted average number of shares outstanding, basic (in shares)	41,365,955	15,578,611
Weighted average number of shares outstanding, diluted (in shares)	41,365,955	15,578,611

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net loss	$ (12,768,238)	$ (7,352,254)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Depreciation, amortization and impairment	19,183	18,058
Equity-based compensation expense	559,044	319,391
Change in fair value of warrant liability	(44,693)	(258,551)
Changes in operating assets and liabilities:
Grants receivable	2,245,506	(3,855,996)
Prepaid expenses and other current assets	(70,470)	1,140,117
Accounts payable	(310,660)	(2,782)
Accrued expenses and other current liabilities	170,131	222,355
Deferred revenue	0	(541,701)
Net cash used in operating activities	(10,200,197)	(10,311,363)
Investing activities
Purchase of property and equipment	0	(2,600)
Net cash used in investing activities	0	(2,600)
Financing activities
Proceeds from issuance of equity securities	27,287,638	14,798,944
Warrants exercised for cash	1,485,353	3,869,168
Payments on note payable	(477,028)	(974,435)
Net cash provided by financing activities	28,295,963	17,693,677
Net increase in cash, cash equivalents and restricted cash	18,095,766	7,379,714
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	29,214,380	11,118,614
Supplemental disclosure of cash flow information:
Cash paid for interest	1,468	8,663
Non-cash investing and financing activities:
Change in accrued capital expenditures	0	8,657
Accrued issuance costs for warrants exercised for cash	0	56,915
Prepaid expense financed by note payable		$ 949,131

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)	Total	Common Stock	Preferred Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2019		4,511,174	0
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 (in shares)		13,483,870	1,246,519
Issuance of equity securities, net	14,798,944	$ 1,348	$ 125	14,797,471
Preferred shares converted to common shares (in shares)		1,246,519	(1,246,519)
Preferred shares converted to common shares	0	$ 125	$ (125)	0
Warrants exercised for cash, net (in shares)		4,517,910
Warrants exercised for cash	3,812,253	$ 452		3,811,801
Equity-based compensation and services expense (in shares)		30,509
Equity-based compensation and services expense	269,393	$ 3		269,390
Issuance of equity securities for services (in shares)		18,564
Issuance of equity securities for services	49,998	$ 2		49,996
Modification of warrants exercise prices and terms	396,407			396,407
Increase in fair value for warrants modification	(396,407)			(396,407)
Net loss	(7,352,254)				(7,352,254)
Ending balance (in shares) at Dec. 31, 2020		23,808,546	0
Ending 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 (in shares)		20,054,556
Issuance of equity securities, net	27,287,638	$ 2,006		27,285,632
Warrants exercised for cash, net (in shares)		1,298,567
Warrants exercised for cash	1,485,353	$ 130		1,485,223
Equity-based compensation and services expense (in shares)		73,951
Equity-based compensation and services expense	559,044	$ 7		559,037
Issuance of equity securities for services (in shares)		6,188
Increase in fair value for warrants modification	0
Net loss	(12,768,238)				(12,768,238)
Ending balance (in shares) at Dec. 31, 2021		45,241,808	0
Ending balance at Dec. 31, 2021	$ 38,722,985	$ 4,524	$ 0	$ 70,915,653	$ (32,197,192)

ORGANIZATION AND OPERATIONS	12 Months Ended
ORGANIZATION AND OPERATIONS	Dec. 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 biotechnology company focused on developing effective epigenetic-based cancer treatments for indications with high unmet medical need. Salarius’ lead epigenetic enzyme technology was licensed from the University of Utah Research Foundation in 2011. The Company is located in Houston, Texas. The Company merged with Flex Pharma, Inc. ("Flex Pharma") on July 19, 2019 through a reverse acquisition, Flex Pharma was renamed Salarius Pharmaceuticals, Inc. after the merger. Going Concern Salarius has no products approved for commercial sale, has not generated any revenue from product sales to date and has suffered recurring losses from operations since its inception. The lack of revenue from product sales to date and recurring losses from operations since its inception raise substantial doubt as to the Company's ability to continue as a going concern. The accompanying financial statements are prepared using accounting principles generally accepted in the United States applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities should the Company be unable to continue as a going concern. Salarius will require substantial additional capital to fund its research and development expenses related to its oncology drug. Based on Salarius’ expected cash requirements, Salarius believes that there is doubt that its existing cash and cash equivalents, will be sufficient to fund its operations through one year from the financial statements issuance date. The Company intends to obtain additional capital through the sale of equity securities in one or more offerings or through issuances of debt instruments, and may also consider new collaborations or selectively partnering its technology. However, the Company cannot provide any assurance that it will be successful in accomplishing any of its plans. Risks Related to Covid-19 Pandemic The COVID-19 pandemic is significantly affecting the United States, global economies, and businesses worldwide. While the potential magnitude and duration of the economic and social impact of the COVID-19 pandemic is difficult to assess or predict, the impact on the global financial markets may, in the future, reduce our ability to access capital, which could negatively impact our short-term and long-term liquidity. At this time we are experiencing minimal disruption to our clinical trials. However, our ongoing Phase 1/2 Ewing sarcoma clinical trial and Phase 1/2 AST clinical trial may encounter delays in enrolling new patients due to concerns or healthcare resource constraints because of the COVID-19 pandemic. In addition, although at this time we have experienced no disruptions to manufacturing capabilities, certain aspects of our supply chain may be disrupted as certain of our third party suppliers and manufacturers have paused their operations in response to the COVID-19 pandemic or have otherwise encountered delays in providing supplies and services. The COVID-19 pandemic could also have a material and negative impact on our liquidity, capital resources (including our ability to secure additional financing if and when needed), our business and operations, and our workforce, as well as those of the third parties with which we do business or upon which we rely. While the situation is fluid and we do not yet know the full extent of potential delays or impacts on us or on healthcare systems or the global economy in general, we have worked to adapt to the unexpected and challenging circumstances resulting from the COVID-19 pandemic. However, we may experience disruptions in the future that have and could further adversely impact our business operations as well as our preclinical studies and clinical trials.

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying 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"). The Company considered its going concern disclosure requirements in accordance with ASC 205-40-50.The Company has performed an analysis and concluded substantial doubt exists with respect to the Company being able to continue as a going concern through one year from the date of issuance of the consolidated financial statements for the year ended December 31, 2021. Principles of Consolidation The 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 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. Reclassification Certain reclassifications of prior period presentations have been made to conform to the current period presentation. 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"). Intangibles Intangible assets that have finite useful lives are amortized over their useful lives, and are reviewed for impairment when warranted by economic conditions. Intangible assets are included in other assets in the Company's Consolidated Balance Sheets. 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 during the twelve months ended December 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. 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. Impairment is the condition that exists when the carrying amount of goodwill exceeds its implied fair value. The Company utilizes the option to perform a qualitative assessment for its reporting unit and if the Company concludes it is more likely than not that the fair value of the reporting unit is less than its carrying amount, then the Company utilizes the two-step quantitative assessment. The Company’s qualitative assessment is sensitive to assumptions related to potential adverse events and circumstances, including current market trends in control premiums and involves judgement in determining comparable peer companies to include in the control premium evaluation. Many of the events and circumstances evaluated in determining whether it is more likely than not that goodwill is impaired are outside of the Company’s control and could change in future periods. There was no impairment of goodwill in 2021 or 2020. 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 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 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. The Company records revenue and a corresponding grants receivable when qualifying costs are incurred before the grants are received. 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 include 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 and (iv) 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 9,531,198 and 10,796,149 shares as of December 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 December 31, 2021 and 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. 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 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	12 Months Ended
GRANTS RECEIVABLE	Dec. 31, 2021
Receivables [Abstract]
GRANTS RECEIVABLE	GRANTS RECEIVABLEGrants receivable represents qualifying costs incurred where 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 $1.6 million and $3.9 million as of December 31, 2021 and December 31, 2020, respectively. Grant receivables are classified as current or non-current receivables based on the Company’s best estimate of whether or not the amounts will be collected within one year of the balance sheet date.

PREPAID EXPENSES AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 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 December 31, 2021 and 2020 consisted of the following:


	December 31, 2021		December 31, 2020
Prepaid clinical trial expenses	$	97,557	$	—
Prepaid insurance	678,672		684,268

Other prepaid and current assets	172,986		137,782
Total prepaid expenses and other current assets	$	949,215	$	822,050

Prepaid insurance is comprised of prepaid directors' and officers' insurance. In July 2020, the Company financed their directors' and officers' insurance premium with a short term note, the principal amount of which was approximately $0.9 million, bearing interest at a rate of 2.49%. The note payable balance was $0.5 million as of December 31, 2020 and is included within Current Liabilities on the Consolidated Balance Sheet. In July 2021, the Company paid the directors' and officers' insurance policy in full.

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 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 license to LSD 1. 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 and subject to certain adjustments specified in the agreement, 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 up to $18.7 million, further modified to $16.1 million to fund development of LSD 1 inhibitor. This is a 3-year grant award originally expired on May 31, 2019. The grant now expires on May 31, 2022. 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 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. At December 31, 2021 and December 31, 2020, the Company had grants receivable of $1.6 million and $3.9 million, respectively, related to CPRIT contract. Lease Agreement The Company presently leases office space under operating lease agreements on a month to month basis.

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 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 associated with the Flex Pharma merger measured at fair value on a recurring basis for the twelve months ended December 31, 2021 and 2020:


Description	Balance at December 31, 2020		Change in Fair Value		Balance at December 31, 2021
Warrant liability	$	59,211	$	(44,693)	$	14,518

- 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

12 Months Ended

Dec. 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 Offering”). The February 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 8,343,480 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 exercise price of the warrants are fixed and do not contain any variable pricing features or any price based anti-dilutive features. All Series A preferred stock was converted to common stock prior to December 31, 2020.

As discussed above, in connection with the February 2020 Offering, 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. As of December 31, 2021, there was 3,964,065 inducement warrants and 3,783,522 warrants from February 2020 Offering were still outstanding, respectively.

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

On February 5, 2021, the Company entered into an At the Market Offering Agreement ("ATM") with Ladenburg Thalmann & Co. Inc. Under this agreement the Company is able to issue and sell, from time to time, shares of its common stock. On February 5, 2021 and July 2, 2021, the Company filed prospectus supplements with the SEC to register the offering and sale of Common Stock having an aggregate offering price of up to $6.3 million and $25.0 million, respectively. During the twelve months ended December 31, 2021, the Company issued 3,247,834 shares under the ATM for gross proceeds of $6.8 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 the Company.

Warrants Exercised for Cash

During the twelve months ended December 31, 2021 and 2020, the Company issued 1,298,567 and 4,517,910 common shares as a result of warrant exercises, and received cash proceeds of approximately $1.5 million and $3.9 million, respectively.

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 were issued on July 1, 2021 and 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:


	December 31, 2021		December 31, 2020
Discount rate	0.97	%	0.27	%
Expected life (years)	3.06 years		4.06 years
Expected volatility	125.58	%	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 December 31, 2021, all warrants issued to Wedbush were outstanding.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

EQUITY-BASED COMPENSATION

12 Months Ended

Dec. 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"). 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 December 31, 2021 and 2020, there were 1,026,690 and 108,348 shares, respectively, remaining available for the grant of stock option under the 2015 Plan.

During the twelve months ended December 31, 2021 and 2020, the Company awarded 79,000 and 1,468,118, 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 of $92,191 and $1,196,469 respectively, has been estimated with the following assumptions for the year ended December 31, 2021 and 2020:


	2021	2020
Risk-free interest rate	0.93%-1.09%	0.28%-0.555%
Volatility	130.44%-133.35%	113.17%-130.41%
Expected life (years)	6 years	5-6 years
Expected dividend yield	0.00%	0.00%

The following table summarizes stock option activity for employees and non-employees for the twelve months ended December 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	1,468,118	0.93
Exercised	—	—
Forfeited	36,613	—
Expired	33,766	—
Outstanding at December 31, 2020	1,563,972	$	2.44	4.87	$	175,770
Exercisable at December 31, 2020	73,975	$	35.89	5.41	$	—

Granted	79,000	$	1.02
Exercised	—
Forfeited	45,000
Expired	—
Outstanding at December 31, 2021	1,597,972	$	2.75	8.50	$	—
Exercisable at December 31, 2021	683,346	$	4.85	8.21	$	—

As of December 31, 2021 and 2020, there was approximately $0.9 million and $1.3 million of total unrecognized compensation cost, respectively, 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 2.22 years.

During the year ended December 31, 2020, the Company granted 1,468,118 stock options, in the aggregate, to certain employees, directors. These awards vest monthly over 5 months to 4 years as continuous services are provided, and expense is being recognized over this period. Total compensation cost related to stock options were $0.2 million for the year ended December 31, 2020.

During the year ended December 31, 2021, the Company granted 79,000 stock options, in the aggregate, to certain employees. These award vest over 4 years as continuous services are provided, and expense is being recognized over this period. Total compensation cost related to stock options were $0.5 million for the year ended December 31, 2021

During the year ended December 31, 2021, the Company granted 73,951 shares of common stock to its Employee Stock Purchase Plan ("ESPP") participants. Fair value of the grants are valued using the Black-Scholes option pricing model and compensation cost is recognized based on the resulting value over the derived service period.

INCOME TAX

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

INCOME TAX

INCOME TAXThe Company has no current or deferred tax expense due to its current year loss and its overall net operating loss position. A reconciliation of the federal statutory tax rate and the effective tax rates for the year ended December 31, 2021 and 2020 is as follows:


	December 31
	2021	2020
Federal Tax at Statutory Rate	21.00%	21.00%
Permanent	(0.69)%	0.63%
Change in Valuation Allowance	(26.13)%	(25.65)%
Other items	—%	(0.40)%
R&D Credit	5.82%	4.42%

Effective Tax Rate	—%	—%

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets were as follows:


	December 31
	2021		2020
Capitalized R&D Expenses	$	3,002,819	$	1,725,015
Other Deferred Items	121,152		87,432
Stock Compensation	50,650		28,048
Net Operating Loss - US	1,931,959		673,186
R&D Credits	1,068,451		325,329
Net deferred tax assets	6,175,031		2,839,010

Valuation Allowance	(6,175,031)		(2,839,010)
Net deferred tax assets (liabilities)	$	—	$	—

The valuation allowance recorded by the Company as of December 31, 2020 and December 31, 2021 resulted from the uncertainties of the future utilization of deferred tax assets caused by the lack of future taxable income. The deferred tax asset was reviewed for expected utilization using a “more likely than not” approach by assessing the available positive and negative evidence surrounding its recoverability. Accordingly, a full valuation allowance continues to be recorded against the Company’s deferred tax asset, as it was determined based upon past and projected future losses that it was “more likely than not” that the Company’s deferred tax assets would not be realized. In future years, if the deferred tax assets are determined by management to be “more likely than not” to be realized, the recognized tax benefits relating to the reversal of the valuation allowance will be recorded. The Company will continue to assess and evaluate strategies that will enable the deferred tax asset, or portion thereof, to be utilized, and will reduce the valuation allowance appropriately as such time when it is determined that the “more likely than not” criteria is satisfied.

The federal net operating loss carryforwards of $9.2 million have an indefinite life, but the R&D credits of $1.1 million begin to expire in 2039. Due to the change in ownership provisions of the Internal Revenue Code, the availability of the Company’s net operating loss carry forwards could be subject to annual limitations against taxable income in future periods, which could substantially limit the eventual utilization of such carry forwards. The Company has not analyzed the historical or potential impact of its equity financings on beneficial ownership and therefore no determination has been made whether the net operating loss carry forward is subject to any Internal Revenue Code Section 382 limitation. To the extent there is a limitation, there could be a reduction in the deferred tax asset with an offsetting reduction in the valuation allowance.

Tax positions taken or expected to be taken in the course of preparing the Company’s tax returns are required to be evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold, as well as accrued interest and penalties, if any, would be recorded as an interest and penalties expense in the current year. There were no uncertain tax positions that require accrual or disclosure to the financial statements as of December 31, 2021.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On January 12, 2022, the Company, entered into an Acquisition and Strategic Collaboration Agreement (the “ASCA”), effective January 12, 2022 (the “Effective Date”), with DeuteRx, LLC, a Delaware limited liability company (the “Seller”), pursuant to which the Seller agreed to sell, and Company agreed to purchase and assume from Seller, all of Seller’s rights, title, and interest in and to certain assets of the Seller, including the development product currently referred to as DRX-164 (the “Product”), Seller’s intellectual property, information and data related to the Product, tangible materials or reagents related to the Product, goodwill, rights and claims, other than certain excluded assets (collectively, the “Purchased Assets”), all as more specifically set forth in the ASCA, and assume certain Assumed Liabilities (as defined in the ASCA), upon the terms and subject to the conditions set forth in the ASCA. Contemporaneous with the execution of the ASCA, the Seller and Company entered into a R&D Services Agreement (as defined in the ASCA), which sets forth the terms and conditions upon which Seller will provide services to Company, including the implementation and performance of a Non-Clinical and Clinical Development Scope of Work (collectively, the “Transaction”). The Purchased Assets were purchased for an aggregate purchase price of $1,500,000 (the “Cash Payment”) and the delivery of one million (1,000,000) shares of the Company’s common stock (the “Shares” and together with the Cash Payment, the “Purchase Price”). In addition to the Purchase Price for the Purchased Assets, the Company agreed to pay to Seller (i) Milestone Payments (as defined in the ASCA) upon the occurrence of an applicable Milestone Event (as defined in the ASCA) and (ii) Royalty Payments (as defined in the ASCA). All cost related to the transaction will be immediately expensed in 2022 as acquired in-process research and development expenses since the Product has not yet achieved regulatory approval and, absent obtaining such approval, has no alternative future use. A member of the Company’s Board of Directors also serves as a consultant to the Seller and is employed by an affiliate of the Seller.

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying 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"). The Company considered its going concern disclosure requirements in accordance with ASC 205-40-50.The Company has performed an analysis and concluded substantial doubt exists with respect to the Company being able to continue as a going concern through one year from the date of issuance of the consolidated financial statements for the year ended December 31, 2021.
Principles of Consolidation	Principles of Consolidation The 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.
Reclassification	ReclassificationCertain reclassifications of prior period presentations have been made to conform to the current period presentation.
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.
Intangibles	Intangibles Intangible assets that have finite useful lives are amortized over their useful lives, and are reviewed for impairment when warranted by economic conditions. Intangible assets are included in other assets in the Company's Consolidated Balance Sheets.
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. 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. Impairment is the condition that exists when the carrying amount of goodwill exceeds its implied fair value. The Company utilizes the option to perform a qualitative assessment for its reporting unit and if the Company concludes it is more likely than not that the fair value of the reporting unit is less than its carrying amount, then the Company utilizes the two-step quantitative assessment. The Company’s qualitative assessment is sensitive to assumptions related to potential adverse events and circumstances, including current market trends in control premiums and involves judgement in determining comparable peer companies to include in the control premium evaluation. Many of the events and circumstances evaluated in determining whether it is more likely than not that goodwill is impaired are outside of the Company’s control and could change in future periods.
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 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 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 RecognitionSalarius’ 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. The Company records revenue and a corresponding grants receivable when qualifying costs are incurred before the grants are received.
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 include 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 December 31, 2021 and 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.
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 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.
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.

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 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 December 31, 2021 and 2020 consisted of the following:


	December 31, 2021		December 31, 2020
Prepaid clinical trial expenses	$	97,557	$	—
Prepaid insurance	678,672		684,268

Other prepaid and current assets	172,986		137,782
Total prepaid expenses and other current assets	$	949,215	$	822,050

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 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 December 31, 2021
Warrant liability	$	59,211	$	(44,693)	$	14,518

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Variables used in Black-Scholes Model

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


	December 31, 2021		December 31, 2020
Discount rate	0.97	%	0.27	%
Expected life (years)	3.06 years		4.06 years
Expected volatility	125.58	%	130.56	%
Expected dividend	—	%	—	%

EQUITY-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Fair Value Assumptions

The fair value of the option grants of $92,191 and $1,196,469 respectively, has been estimated with the following assumptions for the year ended December 31, 2021 and 2020:


	2021	2020
Risk-free interest rate	0.93%-1.09%	0.28%-0.555%
Volatility	130.44%-133.35%	113.17%-130.41%
Expected life (years)	6 years	5-6 years
Expected dividend yield	0.00%	0.00%

Summary of Stock Option Activity

The following table summarizes stock option activity for employees and non-employees for the twelve months ended December 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	1,468,118	0.93
Exercised	—	—
Forfeited	36,613	—
Expired	33,766	—
Outstanding at December 31, 2020	1,563,972	$	2.44	4.87	$	175,770
Exercisable at December 31, 2020	73,975	$	35.89	5.41	$	—

Granted	79,000	$	1.02
Exercised	—
Forfeited	45,000
Expired	—
Outstanding at December 31, 2021	1,597,972	$	2.75	8.50	$	—
Exercisable at December 31, 2021	683,346	$	4.85	8.21	$	—

INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the federal statutory tax rate and the effective tax rates for the year ended December 31, 2021 and 2020 is as follows:


	December 31
	2021	2020
Federal Tax at Statutory Rate	21.00%	21.00%
Permanent	(0.69)%	0.63%
Change in Valuation Allowance	(26.13)%	(25.65)%
Other items	—%	(0.40)%
R&D Credit	5.82%	4.42%

Effective Tax Rate	—%	—%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets were as follows:


	December 31
	2021		2020
Capitalized R&D Expenses	$	3,002,819	$	1,725,015
Other Deferred Items	121,152		87,432
Stock Compensation	50,650		28,048
Net Operating Loss - US	1,931,959		673,186
R&D Credits	1,068,451		325,329
Net deferred tax assets	6,175,031		2,839,010

Valuation Allowance	(6,175,031)		(2,839,010)
Net deferred tax assets (liabilities)	$	—	$	—

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Impairment charges of long-lived assets	$ 0	$ 0
Impairment of goodwill	$ 0	$ 0
Antidilutive securities excluded from computation of earnings per share (shares)	9,531,198	10,796,149

GRANTS RECEIVABLE (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Grants receivable from CPRIT	$ 1.6	$ 3.9

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid clinical trial expenses	$ 97,557	$ 0
Prepaid insurance	678,672	684,268
Other prepaid and current assets	172,986	137,782
Total prepaid expenses and other current assets	$ 949,215	$ 822,050

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Narrative (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Jul. 31, 2020
Short-term Debt [Line Items]
Note payable	$ 0	$ 477,028
Notes Payable to Banks
Short-term Debt [Line Items]
Principal amount			$ 900,000
Interest rate			2.49%

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions		1 Months Ended
	Jul. 01, 2016	Jun. 30, 2016	Dec. 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	$ 16.1	$ 18.7
Award term		3 years
Continued payments, percent of net sales			1.00%
Grants receivable			$ 1.6	$ 3.9
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 - Summary of Changes in Fair Value of Level 3 Liabilities (Details) - Recurring - Level 3	12 Months Ended
	Dec. 31, 2021 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at December 31, 2020	$ 59,211
Change in Fair Value	(44,693)
Balance at December 31, 2021	$ 14,518

STOCKHOLDERS' EQUITY - Narrative (Details)								12 Months Ended
STOCKHOLDERS' EQUITY - Narrative (Details)	Jul. 02, 2021 shares	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 day $ / shares shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Jul. 01, 2021	Feb. 11, 2021 shares	Dec. 11, 2020 $ / shares shares	Feb. 29, 2020 shares
Class of Stock [Line Items]
Shares issued, value \| $				$ 6,200,000				$ 27,287,638	$ 14,798,944
Number of rights per share (in shares)							1
Expected life (years)								3 years 21 days	4 years 21 days	5 years
Exercise price (in dollar per share) \| $ / shares							$ 15.17					$ 1.182
Number of shares called by warrants (in shares)							142,711					3,964,065	3,783,522
Warrants exercised for cash \| $								$ 1,485,353	$ 3,869,168
Consecutive trading days \| day							10
Wedbush \| Satisfy success fee
Class of Stock [Line Items]
Expected life (years)						5 years
Exercise price (in dollar per share) \| $ / shares						$ 18.90
Number of shares called by warrants (in shares)						42,928
Warrant value \| $						$ 500,000
Due to related party \| $						1,000,000
Cash payment to related party \| $						$ 500,000
Over-Allotment Option
Class of Stock [Line Items]
Shares issued, value \| $					$ 11,000,000
Shares issued (in shares)					1,252,173
At the Market Offering Agreement
Class of Stock [Line Items]
Shares issued, value \| $								$ 6,800,000
Shares issued (in shares)	25,000,000		6,300,000					3,247,834
Minimum
Class of Stock [Line Items]
Exercise price (in dollar per share) \| $ / shares												$ 0.90
Common Stock
Class of Stock [Line Items]
Shares issued, value \| $		$ 23,000,000						$ 2,006	$ 1,348
Shares issued (in shares)		16,806,722		5,130,390	8,343,480			20,054,556	13,483,870
Price per share (in dollar per share) \| $ / shares		$ 1.3685		$ 1.20
Number of shares called by warrants (in shares)					9,599,999
Warrants exercised for cash, net (in shares)								1,298,567	4,517,910
Common Stock \| Over-Allotment Option
Class of Stock [Line Items]
Number of rights per share (in shares)											1		1
Expected life (years)													5 years
Preferred Stock
Class of Stock [Line Items]
Shares issued, value \| $									$ 125
Shares issued (in shares)									1,246,519
Class A \| Common Stock \| Over-Allotment Option
Class of Stock [Line Items]
Number of shares issued (in shares)					7,101,307
Price per share (in dollar per share) \| $ / shares					$ 1.15
Number of rights per share (in shares)					1
Expected life (years)					5 years
Exercise price (in dollar per share) \| $ / shares					$ 1.15
Class B \| Common Stock \| Over-Allotment Option
Class of Stock [Line Items]
Price per share (in dollar per share) \| $ / shares					$ 1.15
Number of rights per share (in shares)					1
Expected life (years)					5 years
Exercise price (in dollar per share) \| $ / shares					$ 1.15
Class B \| Preferred Stock \| Over-Allotment Option
Class of Stock [Line Items]
Number of shares issued (in shares)					1,246,519
Series A Preferred \| Preferred Stock
Class of Stock [Line Items]
Shares issued (in shares)					1,246,519

STOCKHOLDERS' EQUITY - Schedule of Variables used in Black-Scholes Model (Details)	Dec. 31, 2021	Jul. 01, 2021	Dec. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected life (years)	3 years 21 days	5 years	4 years 21 days
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.97%		0.27%
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	125.58%		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 ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted (shares)	79,000	1,468,118
Fair value	$ 92,191	$ 1,196,469
Unrecognized compensation cost, options	$ 900,000	1,300,000
Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, contractual term	10 years
Unrecognized compensation cost, options	$ 500,000	$ 200,000
Unrecognized compensation cost, recognition period	2 years 2 months 19 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
Maximum \| Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Maximum \| Share-based Payment Arrangement, Option \| Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		5 months
Minimum \| Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year
Minimum \| Share-based Payment Arrangement, Option \| Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	6 months
2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares remaining available for grant of stock awards (shares)	1,026,690	108,348
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	73,951

EQUITY-BASED COMPENSATION - Schedule of Fair Value Assumptions (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (years)	6 years
Expected dividend yield	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.93%	0.28%
Volatility	130.44%	113.17%
Expected life (years)		5 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.09%	0.555%
Volatility	133.35%	130.41%
Expected life (years)		6 years

EQUITY-BASED COMPENSATION - Summary of Stock Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares
Outstanding, beginning balance (shares)	1,563,972	166,233
Granted (shares)	79,000	1,468,118
Exercised (shares)	0	0
Forfeited (shares)	45,000	36,613
Expired (shares)	0	33,766
Outstanding, ending balance (shares)	1,597,972	1,563,972	166,233
Exercisable (shares)	683,346	73,975
Weighted-Average Exercise Price
Beginning balance (in usd per share)	$ 2.44	$ 34.42
Granted (in usd per share)	1.02	0.93
Exercised (in usd per share)		0
Forfeited (in usd per share)		0
Expired (in usd per share)		0
Ending balance (in usd per share)	2.75	2.44	$ 34.42
Exercisable (in usd per share)	$ 4.85	$ 35.89
Weighted-Average Remaining Contractual Term (in years) and Aggregate Intrinsic Value
Outstanding, weighted-average remaining contractual term	8 years 6 months	4 years 10 months 13 days	6 years 6 months 10 days
Exercisable, weighted-average remaining contractual term	8 years 2 months 15 days	5 years 4 months 28 days
Outstanding, aggregate intrinsic value	$ 0	$ 175,770	$ 0
Exercisable, aggregate intrinsic value	$ 0	$ 0

INCOME TAX - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Amount
Federal Tax at Statutory Rate	21.00%	21.00%
Permanent	(0.69%)	0.63%
Change in Valuation Allowance	(26.13%)	(25.65%)
Other items	0.00%	(0.40%)
R&D Credit	5.82%	4.42%
Effective Tax Rate	0.00%	0.00%

INCOME TAX - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Capitalized R&D Expenses	$ 3,002,819	$ 1,725,015
Other Deferred Items	121,152	87,432
Stock Compensation	50,650	28,048
Net Operating Loss - US	1,931,959	673,186
R&D Credits	1,068,451	325,329
Net deferred tax assets	6,175,031	2,839,010
Valuation Allowance	(6,175,031)	(2,839,010)
Net deferred tax assets (liabilities)	$ 0	$ 0

INCOME TAX - Narrative (Details) - Federal $ in Millions	Dec. 31, 2021 USD ($)
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 9.2
Research and development tax credit
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	$ 1.1

SUBSEQUENT EVENTS (Details) - Subsequent event - Product	Jan. 12, 2022 USD ($) shares
Subsequent Event [Line Items]
Purchase price \| $	$ 1,500,000
Deliver of shares of common stock (in shares) \| shares	1,000,000