View Filing Data

COVER PAGE - USD ($)	12 Months Ended
COVER PAGE - USD ($)	Dec. 31, 2019	Mar. 16, 2020
Cover page.
Entity Registrant Name	SALARIUS PHARMACEUTICALS, INC.
Entity Central Index Key	0001615219
Current Fiscal Year End Date	--12-31
Document Annual Report	true
Document Transition Report	false
Entity Filer Category	Non-accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $ 0.0001
Trading Symbol	SLRX
Security Exchange Name	NASDAQ
Entity File Number	001-36812
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	2450 Holcombe Blvd
Entity Address, Address Line Two	Suite J 608
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77021
Entity Tax Identification Number	46-5087339
City Area Code	346
Local Phone Number	772-0346
Entity Public Float		$ 9,203,679
Entity Common Stock, Shares Outstanding		13,666,453
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2020 Annual Meeting of Stockholders, which will be filed with the United States Securities and Exchange Commission within 120 days of December 31, 2019, are incorporated by reference into Part III of this Annual Report on Form 10-K.

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 3,738,900	$ 3,228,288
Restricted cash	0	2,903,493
Prepaid expenses and other current assets	955,899	249,086
Total current assets	4,694,799	6,380,867
Property and equipment, net	25,016	37,525
Goodwill	8,865,909	0
Other assets	308,674	195,431
Total assets	13,894,398	6,613,823
Current liabilities:
Accounts payable	1,790,966	379,780
Accrued expenses and other current liabilities	160,783	628,990
Private Salarius accrued series A preferred units	0	2,869,412
Note payable	502,332	0
Deferred revenue	541,701	4,006,755
Warrant liability	317,762	0
Total liabilities	3,313,544	7,884,937
Commitments and contingencies
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; 4,515,404 and 2,338,899 shares issued at December 31, 2019 and December 31, 2018, and 4,511,174 and 2,032,763 shares outstanding at December 31, 2019 and December 31, 2018, respectively	451	203
Additional paid-in capital	22,657,103	3,869,120
Accumulated deficit	(12,076,700)	(5,140,437)
Total stockholders' equity (deficit)	10,580,854	(1,271,114)
Total liabilities and stockholders' equity (deficit)	$ 13,894,398	$ 6,613,823

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
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	4,515,404	2,338,899
Common stock, shares outstanding	4,511,174	2,032,763

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Grant revenue	$ 3,465,055	$ 1,951,351
Operating expenses:
Research and development	4,018,951	1,287,621
General and administrative	7,711,181	2,348,361
Total operating expenses	11,730,132	3,635,982
Loss before other income (expense)	(8,265,077)	(1,684,631)
Change in fair value of warrant liability	1,311,333	0
Interest income, net	15,648	14,994
Loss from continuing operations	(6,938,096)	(1,669,637)
Income from discontinued operations	1,833	0
Net loss	(6,936,263)	(1,669,637)
Preferred dividends	0	(123,727)
Loss from continuing operations attributable to common stockholders	$ (6,938,096)	$ (1,793,364)
Loss per common share — basic and diluted
Continuing operations (usd per share)	$ (2.12)	$ (1.16)
Discontinued operations (usd per share)	0	0
Total net loss per share (usd per share)	$ (2.12)	$ (1.16)
Weighted-average number of common shares outstanding — basic and diluted	3,268,637	1,539,388

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net loss	$ (6,936,263)	$ (1,669,637)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation, amortization and impairment	127,408	16,950
Equity-based compensation expense	751,618	30,961
Change in Fair Value	(1,311,333)	0
Changes in operating assets and liabilities:
Accounts receivable	690	0
Inventory	1,169	0
Prepaid expenses and other current assets	91,582	(239,540)
Accounts payable	(519,276)	(285,453)
Accrued expenses and other current liabilities	(320,637)	3,275,259
Deferred revenue	(3,465,054)	3,048,649
Net cash provided by (used in) operating activities	(11,580,096)	4,177,189
Investing activities
Net cash received in reverse acquisition	5,403,634	0
Net proceeds received from disposal of discontinued operations	204,274	0
Net cash provided by investing activities	5,607,908	0
Financing activities
Proceeds to redeem equity securities	0	25,000
Proceeds from issuance of equity securities	4,130,786	2,025,269
Payment of dividends	(133,594)	0
Payments to redeem Series 1 preferred units	0	(615,014)
Payments on note payable	(417,885)	0
Net cash provided by financing activities	3,579,307	1,435,255
Net (decrease) increase in cash, cash equivalents and restricted cash	(2,392,881)	5,612,444
Cash, cash equivalents and restricted cash at beginning of period	6,131,781	519,337
Cash, cash equivalents and restricted cash at end of period	$ 3,738,900	$ 6,131,781

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Supplemental disclosure of cash flow information:
Cash paid for interest	$ 9,005	$ 0
Non-cash investing and financing activities:
Shares issued	110,474	0
Conversion of liabilities to equity securities	2,869,412	0
Prepaid expense financed by note payable	920,217	0
Intangible assets (License right issued for accrued common stock investment)	0	110,474
Dividend payable	0	35,713
Series 1 preferred conversion	0	1,330,734
Dividend accretion	0	26,999
Business combinations
Non-cash investing and financing activities:
Shares issued	$ 11,093,561	$ 0

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)	Total	Common Stock	Common Stock Stock Purchase Agreement, Commitment Fee	Common Stock Stock Purchase Agreement, Cash	Additional Paid-In Capital	Accumulated Deficit
Common stock, beginning balance (shares) at Dec. 31, 2017		1,178,604
Equity, beginning balance at Dec. 31, 2017	$ (2,900,426)	$ 118			$ 570,256	$ (3,470,800)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of equity securities, net (shares)		451,826
Issuance of equity securities, net	2,025,269	$ 45			2,025,224
Equity-based compensation expense (shares)		46,657
Equity-based compensation expense	30,961	$ 4			30,957
Distribution to stockholders	(123,727)				(123,727)
Net loss	(1,669,637)					(1,669,637)
Conversion of Series 1 to Series A (shares)		355,676
Conversion of Series 1 to Series A	$ 1,366,446	$ 36			1,366,410
Common stock, ending balance (shares) at Dec. 31, 2018	2,032,763	2,032,763
Equity, ending balance at Dec. 31, 2018	$ (1,271,114)	$ 203			3,869,120	(5,140,437)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of equity securities, net (shares)		1,711,350	101,810	649,051
Issuance of equity securities, net	6,932,336	$ 170			6,932,166
Issuance of equity securities for license, net (shares)		12,907
Issuance of equity securities for license, net	110,474	$ 1			110,473
Equity-based compensation expense (shares)		31,586
Equity-based compensation expense	751,618	$ 5			751,613
Distribution to stockholders	(99,758)				(99,758)
Effect of reverse acquisition (shares)		722,568
Effect of reverse acquisition	11,093,561	$ 72			11,093,489
Net loss	$ (6,936,263)					(6,936,263)
Common stock, ending balance (shares) at Dec. 31, 2019	4,511,174	4,511,174
Equity, ending balance at Dec. 31, 2019	$ 10,580,854	$ 451			$ 22,657,103	$ (12,076,700)

ORGANIZATION AND OPERATIONS	12 Months Ended
ORGANIZATION AND OPERATIONS	Dec. 31, 2019
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. Merger with Flex Pharma, Inc. On January 3, 2019, Flex Pharma, Inc. ("Flex Pharma"), Salarius Pharmaceuticals LLC ("Private Salarius") and Falcon Acquisition Sub, LLC (“Merger Sub”), a wholly owned subsidiary of Flex Pharma, entered into an Agreement and Plan of Merger (the “Merger Agreement”). Pursuant to the Merger Agreement, Merger Sub merged with and into Private Salarius, with Private Salarius continuing as a wholly owned subsidiary of Flex Pharma and the surviving company of the merger. The merger was completed on July 19, 2019. After the merger, Flex Pharma was renamed Salarius Pharmaceuticals, Inc. The merger was accounted for as a reverse acquisition with Private Salarius being deemed the acquiring company for accounting purposes. See Note 3.

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2019
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. As of September 30, 2019, the Company had determined that substantial doubt about the Company’s ability to continue as a going concern existed. Subsequently, the Company took into consideration the capital raised during February 2020 (see Note 10). As a result, substantial doubt about the Company’s ability to continue as a going concern for the 12 months from the date of issuance of these financial statements is alleviated. The Company is subject to risks common to companies in the biotechnology industry and the future success of the Company is dependent on its ability to successfully complete the development of, and obtain regulatory approval for, its product candidates, manage the growth of the organization, obtain additional financing necessary in order to develop, launch and commercialize its product candidates, and compete successfully with other companies in its industry. As described above, the merger with Flex Pharma closed on July 19, 2019. The merger was accounted for as a reverse acquisition with Private Salarius being deemed the acquiring company for accounting purposes. Private Salarius’ historical financial statements have replaced Flex Pharma’s historical consolidated financial statements with respect to periods prior to the completion of the merger with retroactive adjustments to Private Salarius' legal capital to reflect the legal capital of Flex Pharma. Flex Pharma (renamed Salarius Pharmaceuticals, Inc.) remains the continuing registrant and reporting company. Accordingly, the historical financial and operating data of Salarius Pharmaceuticals, Inc., which covers periods prior to the closing date of the merger, reflects the assets, liabilities and results of operations of Private Salarius and does not reflect the assets, liabilities and results of operations of Flex Pharma Inc. for the periods prior to July 19, 2019, the Company retrospectively adjusted its Statement of Changes in Stockholders’ Equity (Deficit) and the weighted average shares used in determining loss per common share to reflect the conversion of the outstanding common unit, profits interest common unit and Series A Preferred unit of Private Salarius that converted into shares of the Company’s common stock upon the merger, and to reflect the effect of the 25 to 1 reverse stock split of the Company’s common stock which occurred upon the merger. 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. Cash, Cash Equivalents and Short-Term Investments Salarius considers all highly-liquid investments with original maturities of three months or less to be cash equivalents. Short-term investments consist of U.S. treasury bills and corporate debt securities. The Company’s short-term investments, if any, are classified as available-for-sale securities and are carried at fair value, based on quoted market prices of the securities. The Company views its available-for-sale securities as available for use in current operations regardless of the stated maturity date of the security. Unrealized gains and losses on such securities are reported as a separate component of stockholders’ equity. Net realized gains and losses, interest and dividends are included in interest income. The cost of securities sold is based on the specific identification method. There were no short term investments as of December 31, 2019 and December 31, 2018. At December 31, 2019 and December 31, 2018, Salarius held restricted cash of $0 and $2,903,493 for the Series A Preferred proceeds, respectively. At December 31, 2019 and December 31, 2018, Salarius also held approximately $1.0 million and $4.1 million, respectively, for funds received from Cancer Prevention and Research Institution of Texas ("CPRIT"). These funds are to be used for costs for allowable expenses, primarily research and development expenses. The grant has a mandatory fund matching requirement. Subject to CPRIT review, the Company believes that all matching fund requirements have been met at December 31, 2019. 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. During the twelve months ended December 31, 2019 and December 31, 2018 impairment charges related to long-lived assets was $110,474 and $0, respectively. 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 in 2019 or 2018. 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 In conjunction with the reverse merger transaction, the Company issued rights to receive warrants to purchase the Company’s common stock. 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 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. 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. 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. 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 and the Backsolve method (which is similar to the Black-Scholes valuation model and produces similar results) 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. Earnings (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 360,234 and 39,945 shares as of December 31, 2019 and 2018, 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, 2019 and December 31, 2018, 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. Reclassification Certain reclassifications have been made to the prior-year financial statements to conform to the current-year presentation. 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 February 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-02, “Leases.” ASU 2016-02 requires companies that lease assets to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its balance sheet. The pronouncement also requires additional disclosures about the amount, timing and uncertainty of cash flows arising from leases. This pronouncement was effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. This ASU was required to be adopted using a modified retrospective approach. Management adopted ASU 2016-02 on the effective date of January 1, 2019 and elected the practical expedient that allows entities to not apply the new guidance in the comparative periods they present in their financial statements in the year of adoption. Consequently, prior year financial information has not been updated and the disclosures required under the new standard have not been provided for periods prior to January 1, 2019. Additionally, the Company elected the practical expedients whereby the Company (i) does not recognize right-of-use assets or lease liabilities for short-term leases (those with original terms of 12-months or less) and (ii) combines lease and non-lease elements of its operating leases. The adoption of this ASU on January 1, 2019 did not have a material impact on the Company’s consolidated financial statements. Pronouncements Not Yet Adopted In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Other,” which is intended to simplify the subsequent measurement of goodwill. The pronouncement allows an entity, during its annual or interim goodwill impairment evaluation, to compare the fair value of a reporting unit with its carrying amount. An impairment charge is immediately recognized by which the carrying amount exceeds the fair value. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company does not expect adoption of this ASU to have a material impact on its consolidated financial statements.

REVERSE ACQUISITION AND DISPOSAL

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

REVERSE ACQUISITION AND DISPOSAL

Reverse Acquisition

On January 3, 2019, Flex Pharma, Private Salarius and Merger Sub entered into the Merger Agreement. Pursuant to the Merger Agreement, Merger Sub merged with and into Private Salarius, with Private Salarius continuing as a wholly owned subsidiary of Flex Pharma and the surviving company of the merger. The merger was completed on July 19, 2019. After the merger, Flex Pharma was renamed Salarius Pharmaceuticals, Inc. The merger was accounted for as a reverse acquisition business acquisition with Private Salarius being deemed the acquiring company for accounting purposes. Private Salarius, as the accounting acquirer, recorded the assets acquired and liabilities assumed of Flex Pharma in the merger at their fair values as of the acquisition date. Private Salarius’ historical financial statements have replaced Flex Pharma’s historical consolidated financial statements with respect to periods prior to the completion of the merger with retroactive adjustments to Private Salarius' legal capital to reflect the legal capital of Flex Pharma. Flex Pharma (which was renamed Salarius Pharmaceuticals, Inc. in connection with the merger) remains the continuing registrant and reporting company.

Private Salarius was determined to be the accounting acquirer based on the following facts and circumstances: (1) members of Private Salarius owned approximately 80.7% of the voting interests of the combined company immediately following the closing of the transaction; (2) the majority of the board of directors of the combined company was composed of directors designated by Private Salarius under the terms of the Merger Agreement; and (3) existing members of Private Salarius management became the management of the combined company.

The business purposes of the merger included, among other purposes, obtaining the following potential advantages: (i) the combined organization’s resources would be immediately available to support Private Salarius’ research on Seclidemstat; and (ii) the public company status would allow the Company greater potential access to additional capital.

At the closing of the merger, each outstanding common unit, profits interest common unit and Series A Preferred unit of Private Salarius converted into shares of the Company’s common stock (subject to the payment of cash in lieu of fractional shares and after giving effect to a 25 to 1 reverse stock split of the Company’s common stock) at the conversion ratio formulae described in the Merger Agreement.

In addition, at the closing of the merger, the Company 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 shares of the Company’s common stock six months and one day following the closing date of the merger. See Note 7.

The Company accounted for the acquisition as a reverse merger using purchase accounting. Because the merger qualifies as a reverse acquisition and given that Private Salarius was a private company at the time of the merger and therefore its value was not readily determinable, the fair value of the merger consideration was deemed to be equal to the sum of the quoted market capitalization of the Company at the merger date, the fair value of the Flex Pharma options that fully vested upon the merger together, and the fair value of the rights to receive warrants that were granted to the pre-merger Flex Pharma stockholders. Total purchase consideration is as follows:


Flex Pharma market capitalization at closing	$	10,963,526
Fair value of rights to warrants	1,629,095
Fair value of Flex Pharma outstanding options on the merger date	132,227
Total purchase consideration	$	12,724,848

The Company recorded all tangible and intangible assets acquired and liabilities assumed at their preliminary estimated fair values on the merger date. The following represents the allocation of the estimated purchase consideration:


Fair value of assets acquired
Cash	$	5,405,826
Accounts receivable	15,168
Inventory	122,235
Prepaid expense and other current assets	106,319
Goodwill and intangibles	8,937,899
Total fair value of assets acquired	14,587,447

Fair value of liabilities assumed
Accounts payable, accrued liabilities and other current liabilities	1,862,599
Total fair value of liabilities assumed	1,862,599

Net assets acquired	$	12,724,848

Disposition of HOTSHOT Business

On July 24, 2019, the Company sold specified assets related to the HOTSHOT business to Cliff-Cartwright Corporation, an unrelated party, for cash consideration of $299,135. HOTSHOT was a consumer product that prevents and targets exercise-associated muscle cramps. The Company acquired the HOTSHOT business as a result of the reverse acquisition with Flex Pharma. The transaction was treated as a sale of a business. Details of the transaction are as follows:


Proceeds from sale	$	299,135
Carrying value of tangible assets sold	(135,544)
Carrying value of goodwill and intangible assets sold	(71,990)
Cost incurred related to the sale	(94,861)
Liabilities transferred upon sale	3,260
Total gain on sale of HOTSHOT	$	—

The Company had no assets and liabilities presented as discontinued operations as of December 31, 2019 and December 31, 2018.

Unaudited Pro Forma Disclosure

The following unaudited pro forma financial information summarizes the results of operations for the twelve months ended December 31, 2019 and 2018 as if the merger and disposal described above had been completed as of January 1, 2018. Pro forma information primarily reflects adjustments relating to the reversal of transaction costs. Assuming that the merger had been completed as of January 1, 2018, the transaction costs would have been expensed in the prior period.


	Twelve Months Ended December 31, 2019		Twelve Months Ended December 31, 2018
Revenues	$	3,465,055	$	1,951,351
Net loss	(10,865,500)		(21,147,765)
Net loss per share	(3.32)		(6.47)

REVERSE ACQUISITION AND DISPOSAL

Reverse Acquisition


Flex Pharma market capitalization at closing	$	10,963,526
Fair value of rights to warrants	1,629,095
Fair value of Flex Pharma outstanding options on the merger date	132,227
Total purchase consideration	$	12,724,848


Fair value of assets acquired
Cash	$	5,405,826
Accounts receivable	15,168
Inventory	122,235
Prepaid expense and other current assets	106,319
Goodwill and intangibles	8,937,899
Total fair value of assets acquired	14,587,447

Fair value of liabilities assumed
Accounts payable, accrued liabilities and other current liabilities	1,862,599
Total fair value of liabilities assumed	1,862,599

Net assets acquired	$	12,724,848

Disposition of HOTSHOT Business


Proceeds from sale	$	299,135
Carrying value of tangible assets sold	(135,544)
Carrying value of goodwill and intangible assets sold	(71,990)
Cost incurred related to the sale	(94,861)
Liabilities transferred upon sale	3,260
Total gain on sale of HOTSHOT	$	—

The Company had no assets and liabilities presented as discontinued operations as of December 31, 2019 and December 31, 2018.

Unaudited Pro Forma Disclosure


	Twelve Months Ended December 31, 2019		Twelve Months Ended December 31, 2018
Revenues	$	3,465,055	$	1,951,351
Net loss	(10,865,500)		(21,147,765)
Net loss per share	(3.32)		(6.47)

PREPAID EXPENSES AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2019

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

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets at December 31, 2019 and December 31, 2018 consisted of the following:


	December 31, 2019		December 31, 2018
Prepaid clinical trial expenses	$	202,743	$	210,333
Prepaid insurance	617,096		16,484

Other prepaid and current assets	136,060		22,269
Total prepaid expenses and other current assets	$	955,899	$	249,086

Prepaid insurance is comprised of prepaid directors' and officers' insurance. In July 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 of 4.61%. The note payable balance was $502,332 as of December 31, 2019 and is included within Current Liabilities on the Consolidated Balance Sheet.

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2019
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 to fund development of LSD 1 inhibitor. This is a 3-year grant award originally expired on May 31, 2019. A six-month extension was approved by CPRIT in May 2019 and an additional six month extension through May, 2020. The grant now expires on May 31, 2020 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 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 December 31, 2019, the Company has received an aggregate of $9.6 million from the CPRIT grant and there was $9.1 million of funds available for the Company to draw upon meeting certain requirements. There was no funding received from CPRIT during the twelve months ended December 31, 2019. At December 31, 2019 and December 31, 2018, the Company had deferred revenue of $541,701 and $4,006,755, 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, 2019

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, restricted cash, 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 warrant associated with the Flex Pharma merger measured at fair value on a recurring basis for the twelve months ended December 31, 2019 and 2018:


Description	Balance at December 31, 2018		Established		Change in Fair Value		Balance at December 31, 2019
Warrant liability	$	—	$	1,629,095	$	(1,311,333)	$	317,762

The following table identifies the carrying amounts of such liabilities at December 31, 2019:


	Level 1		Level 2		Level 3		Total
Warrant liability	$	—	$	—	$	317,762	$	317,762
Balance at December 31, 2019	$	—	$	—	$	317,762	$	317,762

- 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, 2019

Equity [Abstract]

STOCKHOLDERS' EQUITY

The accompanying consolidated statements of stockholders' equity (deficit) and the footnotes to the financial statements have been retroactively adjusted to reflect the equity structure (that is, the number and type of equity interests issued) of Flex Pharma, the legal parent (accounting acquiree) of the merger closed on July 19, 2019, with the retained earnings and other equity balances of Private Salarius before the merger. Private Salarius' equity was restated using the exchange ratio established in the merger agreement to reflect the number of shares of Flex Pharma issued in the merger. Concurrent with the merger, the Company's shareholders approved a 1-for-25 reverse stock split, which became effective on July 19, 2019. Total shares owned by Flex Pharma pre-merger shareholders (net of fractional shares paid in cash) was 722,568 shares after reverse stock-split.

Common Stock

During the twelve months ended December 31, 2019, the Company issued 960,489 common shares (4,035 Series A preferred units and 350 profit interest units of Private Salarius) for $4,377,591 (net of offering cost of $10,617) of which, $2,869,412 was received in advance, in 2018.

On October 24, 2019, the Company entered into a common stock purchase agreement with Aspire Capital, which provides that the Company may offer under certain conditions to Aspire Capital up to an aggregate of $10.9 million of the Company's common shares over 30 months. During the twelve months ended December 31, 2019, the Company issued 750,861 common shares to Aspire Capital, 101,810 shares were issued in consideration for entering into the purchase agreement, and 649,051 shares were issued for cash.

In October 2018, 1,366,448 of Private Salarius' Series 1 preferred units were converted into 355,676 common shares (1,530 Series A preferred units).

In December 2018, the Company agreed to grant an unrelated party 12,907 common shares (91 common units of Private Salarius) to acquire licenses for the DNMT1 inhibitor. The grant was approved in January 2019 and the license was granted in 2018. These common shares were valued at $110,474 based on a third-party valuation report and included in accrued liabilities at December 31, 2018.

Right to Warrants

Pursuant to the Merger Agreement (See Note 3), 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, and 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 as the Company believes the value will closely approximate the value from the binomial asset pricing model that consisted of a conditional probability weighted expected return method that values the Company’s equity securities assuming various possible future outcomes to estimate the allocation of value within one or more of the scenarios. 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:


	July 19, 2019		December 31, 2019
Discount rate	1.80	%	1.69	%
Expected life (years)	5.50 years		5.06 years
Expected volatility	96.02	%	105.93	%
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 $500,000 of the $1,000,000 success fee payable to Wedbush at the closing of the merger. The remaining $500,000 success fee was paid in cash. These warrants have an exercise price of $18.90 and a 5-year term. As of December 31, 2019, all warrants issued to Wedbush were outstanding.

EQUITY-BASED COMPENSATION

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

EQUITY-BASED COMPENSATION

Private Salarius' Grants

During the twelve months ended December 31, 2019, the Company granted a total of 8,799 restricted common shares (137 profit interest units of Private Salarius) to two employees and one consultant with a vesting period

ranging from 9 months to 4 years. These common shares have an aggregated fair value of approximately $83,000 that was calculated using the Backsolve method.

During the twelve months ended December 31, 2019, 31,583 shares of common stock for Private Salarius' grants vested. As of December 31, 2019, there were 8,362 unvested restricted common stock issued in the Company.

Compensation expense related to Private Salarius' grants was $53,512 and $30,961 for the twelve months ended December 31, 2019 and 2018, respectively. As of December 31, 2019, there was $31,383 of unrecognized compensation cost related to Private Salarius’ non-vested grants.

Equity Incentive Plans

The Company has granted options to employees, directors, and consultants under the Flex Pharma Inc. 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 that continue to be exercisable. 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, 2019, there were 25,145 shares remaining available for the grant of stock awards under the 2015 Plan.

The Company has awarded stock options to its employees, directors and consultants, 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 $642,360 has been estimated with the following assumptions for the year ended December 31, 2019:


Risk-free interest rate			1.61%
Volatility			103.70%
Expected life (years)			5.79
Expected dividend yield			0.00%

The following table summarizes stock option activity for employees and non-employees for the twelve months ended December 31, 2019:


	Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2018	—	$	—	—	$	—
Granted	101,082	8.00
Options from Flex Pharma	65,151	75.42
Exercised	—	—
Forfeited	—	—
Expired	—	—
Outstanding at December 31, 2019	166,233	$	34.42	6.53	$	—
Exercisable at December 31, 2019	84,321	$	60.09	3.45	$	—

As of December 31, 2019, there was approximately $493,360 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 2.97 years.On September 10, 2019, the Company granted 101,082 stock options, in the aggregate, to certain employees, directors and a consultant. These awards vest monthly over 3 months to 4 years as continuous services are provided, and expense is being recognized over this period.

INCOME TAXES

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAX

Private Salarius was organized as a limited liability company and subject to the provisions of Subchapter K of the Internal Revenue Code. As such, Private Salarius was not viewed as a taxpaying entity in any jurisdiction and did not require a provision for income taxes. Each member was responsible for the tax liability, if any, related to its proportionate share of Private Salarius’s taxable income. The following table presents a reconciliation of income tax expense (benefit) for the Company subsequent to the closing of the reverse acquisition on July 19, 2019, computed at the statutory federal income tax rate to the effective income tax rate as reflected in the consolidated financial statements:


	December 31, 2019
Federal income tax benefit at statutory rate of 21%	$	(1,456,615)
Stock warrant - fair value adjustment	(275,380)
Transaction costs	232,133
Private Salarius activity	622,660
Other	23,675
Valuation allowance	853,527
Income tax benefit	$	—

The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized differently in the financial statements and tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement carrying amounts and tax bases of liabilities and assets using enacted tax rates and laws in effect in the years in which the differences are expected to reverse. Deferred tax assets are evaluated for realization based on a more-likely-than-not criteria in determining if a valuation allowance should be provided. The ultimate realization of deferred tax assets is dependent upon the Company attaining future taxable income during periods in which those temporary differences become deductible.

Due to the uncertainty surrounding the realization of the benefits of its deferred assets, including NOL carryforwards, the Company has provided a 100% valuation allowance on its deferred tax assets at December 31, 2019.

The components of the Company's deferred tax assets (liabilities) at December 31, 2019 are as follow:


Deferred tax assets:
Net operating loss carryforwards			888,000
Stock-based compensation			70,000
Total deferred tax assets			958,000
Deferred tax liabilities:
Depreciation			(5,000)
Total deferred tax liabilities			(5,000)
Net deferred tax assets			953,000
Less valuation allowance			(953,000)
Net Deferred tax assets			—

At December 31, 2019, the Company has U.S. federal net operating loss carryforwards of approximately $4,228,318 which are available to reduce future taxable income. Any federal net operating losses generated in 2018

or after will not expire as a result of the Tax Cuts and Jobs Act. The Company does not have any pre-2018 federal loss carryforwards.

Under the provisions of the Internal Revenue Code, the net operating loss and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. Net operating loss and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50 percent, as defined under Sections 382 and 383 of the Internal Revenue Code, respectively, as well as similar state provisions. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The merger between Flex Pharma, Inc. and Salarius, LLC resulted in a change in control as defined by Sections 382 and 383 of the Internal Revenue Code and the federal and state net operating losses and tax credit carryforwards of Flex Pharma, Inc. were written off in full.

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSOn 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 additional shares and warrants prior to deducting underwriting discounts and commissions and offering expenses payable by Salarius. The offering is 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. 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 in the 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. A total of 8,353,480 shares of common stock, 1,246,519 shares of Series A convertible preferred stock, and warrant to purchase up to 9,599,999 shares of common stock were issued in the offering, including the full exercise to the over-allotment option.

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2019
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. As of September 30, 2019, the Company had determined that substantial doubt about the Company’s ability to continue as a going concern existed. Subsequently, the Company took into consideration the capital raised during February 2020 (see Note 10). As a result, substantial doubt about the Company’s ability to continue as a going concern for the 12 months from the date of issuance of these financial statements is alleviated. The Company is subject to risks common to companies in the biotechnology industry and the future success of the Company is dependent on its ability to successfully complete the development of, and obtain regulatory approval for, its product candidates, manage the growth of the organization, obtain additional financing necessary in order to develop, launch and commercialize its product candidates, and compete successfully with other companies in its industry. As described above, the merger with Flex Pharma closed on July 19, 2019. The merger was accounted for as a reverse acquisition with Private Salarius being deemed the acquiring company for accounting purposes. Private Salarius’ historical financial statements have replaced Flex Pharma’s historical consolidated financial statements with respect to periods prior to the completion of the merger with retroactive adjustments to Private Salarius' legal capital to reflect the legal capital of Flex Pharma. Flex Pharma (renamed Salarius Pharmaceuticals, Inc.) remains the continuing registrant and reporting company. Accordingly, the historical financial and operating data of Salarius Pharmaceuticals, Inc., which covers periods prior to the closing date of the merger, reflects the assets, liabilities and results of operations of Private Salarius and does not reflect the assets, liabilities and results of operations of Flex Pharma Inc. for the periods prior to July 19, 2019, the Company retrospectively adjusted its Statement of Changes in Stockholders’ Equity (Deficit) and the weighted average shares used in determining loss per common share to reflect the conversion of the outstanding common unit, profits interest common unit and Series A Preferred unit of Private Salarius that converted into shares of the Company’s common stock upon the merger, and to reflect the effect of the 25 to 1 reverse stock split of the Company’s common stock which occurred upon the merger.
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.
Cash, Cash Equivalents and Short-Term Investments	Cash, Cash Equivalents and Short-Term InvestmentsSalarius considers all highly-liquid investments with original maturities of three months or less to be cash equivalents. Short-term investments consist of U.S. treasury bills and corporate debt securities. The Company’s short-term investments, if any, are classified as available-for-sale securities and are carried at fair value, based on quoted market prices of the securities. The Company views its available-for-sale securities as available for use in current operations regardless of the stated maturity date of the security. Unrealized gains and losses on such securities are reported as a separate component of stockholders’ equity. Net realized gains and losses, interest and dividends are included in interest income. The cost of securities sold is based on the specific identification method. There were no short term investments as of December 31, 2019 and December 31, 2018.
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. 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 in 2019 or 2018.
Financial Instruments and Credit Risks	Financial Instruments and Credit RisksFinancial 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 In conjunction with the reverse merger transaction, the Company issued rights to receive warrants to purchase the Company’s common stock. 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 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.
Revenue Recognition	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.
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 and the Backsolve method (which is similar to the Black-Scholes valuation model and produces similar results) 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.
Earnings (Loss) Per Share	Earnings (Loss) Per ShareBasic 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, 2019 and December 31, 2018, 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.
Reclassification	Reclassification Certain reclassifications have been made to the prior-year financial statements to conform to the current-year presentation.
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 February 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-02, “Leases.” ASU 2016-02 requires companies that lease assets to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its balance sheet. The pronouncement also requires additional disclosures about the amount, timing and uncertainty of cash flows arising from leases. This pronouncement was effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. This ASU was required to be adopted using a modified retrospective approach. Management adopted ASU 2016-02 on the effective date of January 1, 2019 and elected the practical expedient that allows entities to not apply the new guidance in the comparative periods they present in their financial statements in the year of adoption. Consequently, prior year financial information has not been updated and the disclosures required under the new standard have not been provided for periods prior to January 1, 2019. Additionally, the Company elected the practical expedients whereby the Company (i) does not recognize right-of-use assets or lease liabilities for short-term leases (those with original terms of 12-months or less) and (ii) combines lease and non-lease elements of its operating leases. The adoption of this ASU on January 1, 2019 did not have a material impact on the Company’s consolidated financial statements. Pronouncements Not Yet Adopted In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Other,” which is intended to simplify the subsequent measurement of goodwill. The pronouncement allows an entity, during its annual or interim goodwill impairment evaluation, to compare the fair value of a reporting unit with its carrying amount. An impairment charge is immediately recognized by which the carrying amount exceeds the fair value. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company does not expect adoption of this ASU to have a material impact 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, restricted cash, accounts payable and note payable approximate their fair values due to the short-term nature of these instruments.

REVERSE ACQUISITION AND DISPOSAL (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Summary of Purchase Consideration

Total purchase consideration is as follows:


Flex Pharma market capitalization at closing	$	10,963,526
Fair value of rights to warrants	1,629,095
Fair value of Flex Pharma outstanding options on the merger date	132,227
Total purchase consideration	$	12,724,848

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following represents the allocation of the estimated purchase consideration:


Fair value of assets acquired
Cash	$	5,405,826
Accounts receivable	15,168
Inventory	122,235
Prepaid expense and other current assets	106,319
Goodwill and intangibles	8,937,899
Total fair value of assets acquired	14,587,447

Fair value of liabilities assumed
Accounts payable, accrued liabilities and other current liabilities	1,862,599
Total fair value of liabilities assumed	1,862,599

Net assets acquired	$	12,724,848

Summary of Sale of Business

Details of the transaction are as follows:


Proceeds from sale	$	299,135
Carrying value of tangible assets sold	(135,544)
Carrying value of goodwill and intangible assets sold	(71,990)
Cost incurred related to the sale	(94,861)
Liabilities transferred upon sale	3,260
Total gain on sale of HOTSHOT	$	—

Schedule of Unaudited Pro Forma Results


	Twelve Months Ended December 31, 2019		Twelve Months Ended December 31, 2018
Revenues	$	3,465,055	$	1,951,351
Net loss	(10,865,500)		(21,147,765)
Net loss per share	(3.32)		(6.47)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019 and December 31, 2018 consisted of the following:


	December 31, 2019		December 31, 2018
Prepaid clinical trial expenses	$	202,743	$	210,333
Prepaid insurance	617,096		16,484

Other prepaid and current assets	136,060		22,269
Total prepaid expenses and other current assets	$	955,899	$	249,086

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Summary of Changes in Fair Value of Level 3 Liabilities


Description	Balance at December 31, 2018		Established		Change in Fair Value		Balance at December 31, 2019
Warrant liability	$	—	$	1,629,095	$	(1,311,333)	$	317,762

Schedule of Assets and Liabilities Measured at Fair Value

The following table identifies the carrying amounts of such liabilities at December 31, 2019:


	Level 1		Level 2		Level 3		Total
Warrant liability	$	—	$	—	$	317,762	$	317,762
Balance at December 31, 2019	$	—	$	—	$	317,762	$	317,762

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Schedule of Variables used in Black-Scholes Model

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


	July 19, 2019		December 31, 2019
Discount rate	1.80	%	1.69	%
Expected life (years)	5.50 years		5.06 years
Expected volatility	96.02	%	105.93	%
Expected dividend	—	%	—	%

EQUITY-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of Fair Value Assumptions

The fair value of the option grants of $642,360 has been estimated with the following assumptions for the year ended December 31, 2019:


Risk-free interest rate			1.61%
Volatility			103.70%
Expected life (years)			5.79
Expected dividend yield			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, 2019:


	Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2018	—	$	—	—	$	—
Granted	101,082	8.00
Options from Flex Pharma	65,151	75.42
Exercised	—	—
Forfeited	—	—
Expired	—	—
Outstanding at December 31, 2019	166,233	$	34.42	6.53	$	—
Exercisable at December 31, 2019	84,321	$	60.09	3.45	$	—

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation of income tax expense (benefit) for the Company subsequent to the closing of the reverse acquisition on July 19, 2019, computed at the statutory federal income tax rate to the effective income tax rate as reflected in the consolidated financial statements:


	December 31, 2019
Federal income tax benefit at statutory rate of 21%	$	(1,456,615)
Stock warrant - fair value adjustment	(275,380)
Transaction costs	232,133
Private Salarius activity	622,660
Other	23,675
Valuation allowance	853,527
Income tax benefit	$	—

Schedule of Deferred Tax Assets and Liabilities

The components of the Company's deferred tax assets (liabilities) at December 31, 2019 are as follow:


Deferred tax assets:
Net operating loss carryforwards			888,000
Stock-based compensation			70,000
Total deferred tax assets			958,000
Deferred tax liabilities:
Depreciation			(5,000)
Total deferred tax liabilities			(5,000)
Net deferred tax assets			953,000
Less valuation allowance			(953,000)
Net Deferred tax assets			—

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details)		12 Months Ended
	Jul. 19, 2019	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) shares
Class of Stock [Line Items]
Restricted cash		$ 0	$ 2,903,493
Grant contract amount		1,000,000.0	4,100,000
Impairment charges of long-lived assets		$ 110,474	$ 0
Antidilutive securities excluded from computation of earnings per share (shares) \| shares		360,234	39,945
Common Stock
Class of Stock [Line Items]
Conversion ratio	25

REVERSE ACQUISITION AND DISPOSAL - Narrative (Details)			12 Months Ended
REVERSE ACQUISITION AND DISPOSAL - Narrative (Details)	Jul. 24, 2019 USD ($)	Jul. 19, 2019	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jul. 18, 2019 shares
Business Acquisition [Line Items]
Period the right is unexercisable		6 months
Proceeds from sale			$ 204,274	$ 0
Disposed of by Sale \| HotShot Business
Business Acquisition [Line Items]
Proceeds from sale	$ 299,135
Common Stock
Business Acquisition [Line Items]
Conversion ratio		25
Number of rights per share \| shares					1
Flex Pharma
Business Acquisition [Line Items]
Voting interest acquired		80.70%

REVERSE ACQUISITION AND DISPOSAL - Summary of Purchase Consideration (Details) - Flex Pharma	Jul. 19, 2019 USD ($)
Business Acquisition [Line Items]
Flex Pharma market capitalization at closing	$ 10,963,526
Fair value of rights to warrants	1,629,095
Fair value of Flex Pharma outstanding options on the merger date	132,227
Total purchase consideration	$ 12,724,848

REVERSE ACQUISITION AND DISPOSAL - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - Flex Pharma	Jul. 19, 2019 USD ($)
Business Acquisition [Line Items]
Cash	$ 5,405,826
Accounts receivable	15,168
Inventory	122,235
Prepaid expense and other current assets	106,319
Goodwill and intangibles	8,937,899
Fair value of assets acquired	14,587,447
Accounts payable, accrued liabilities and other current liabilities	1,862,599
Fair value of liabilities assumed	1,862,599
Net assets acquired	$ 12,724,848

REVERSE ACQUISITION AND DISPOSAL - Summary of Sale of Business (Details) - USD ($)		12 Months Ended
	Jul. 24, 2019	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale		$ 204,274	$ 0
Disposed of by Sale \| HotShot Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale	$ 299,135
Carrying value of tangible assets sold	(135,544)
Carrying value of goodwill and intangible assets sold	(71,990)
Cost incurred related to the sale	(94,861)
Liabilities transferred upon sale	3,260
Total gain on sale of HOTSHOT	$ 0

REVERSE ACQUISITION AND DISPOSAL - Schedule of Unaudited Pro Forma Results (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Business Combinations [Abstract]
Revenues	$ 3,465,055	$ 1,951,351
Net loss	$ (10,865,500)	$ (21,147,765)
Net loss per share (usd per share)	$ (3.32)	$ (6.47)

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid clinical trial expenses	$ 202,743	$ 210,333
Prepaid insurance	617,096	16,484
Other prepaid and current assets	136,060	22,269
Total prepaid expenses and other current assets	$ 955,899	$ 249,086

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Narrative (Details) - USD ($)	Dec. 31, 2019	Jul. 31, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Principal amount		$ 900,000
Interest rate		4.61%
Note payable	$ 502,332		$ 0

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	1 Months Ended		12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	May 31, 2019	Jun. 30, 2016	Dec. 31, 2019	Dec. 31, 2018	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
Extension term	6 months
Continued payments, percent of net sales			1.00%
Matching funds requirement			50.00%
Aggregate amount received			$ 9,600,000
Current funding available			9,100,000
Current funding received			0
Deferred revenue			$ 541,701	$ 4,006,755
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) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Change in Fair Value	$ (1,311,333)	$ 0
Recurring \| Level 3
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at December 31, 2018	0
Established	1,629,095
Change in Fair Value	(1,311,333)
Balance at December 31, 2019	$ 317,762	$ 0

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Assets and Liabilities Measured at Fair Value (Details) - Recurring	Dec. 31, 2019 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liability	$ 317,762
Balance at December 31, 2019	317,762
Level 1
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liability	0
Balance at December 31, 2019	0
Level 2
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liability	0
Balance at December 31, 2019	0
Level 3
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liability	317,762
Balance at December 31, 2019	$ 317,762

STOCKHOLDERS' EQUITY - Narrative (Details)				1 Months Ended			12 Months Ended
STOCKHOLDERS' EQUITY - Narrative (Details)	Oct. 24, 2019 USD ($)	Jul. 19, 2019 USD ($) $ / shares shares	Jul. 18, 2019 trading_Days $ / shares shares	Jan. 31, 2019 USD ($)	Dec. 31, 2018 shares	Oct. 31, 2018 shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 shares
Class of Stock [Line Items]
Common stock, shares outstanding					2,032,763		4,511,174	2,032,763
Shares issued, value \| $							$ 6,932,336	$ 2,025,269
Offering costs \| $							10,617
Amount received from issuance \| $								$ 2,869,412
Shares issued upon conversion						355,676
Issuance of equity securities for license, net \| $				$ 110,474			$ 110,474
Number of shares called by warrants			142,711
Expected life (years)		5 years 6 months	5 years				5 years 21 days
Exercise price (usd per share) \| $ / shares			$ 15.17
Consecutive trading days \| trading_Days			10
Stock Purchase Agreement
Class of Stock [Line Items]
Aggregate amount issuable \| $	$ 10,900,000
Agreement term	30 months
Common Stock
Class of Stock [Line Items]
Conversion ratio		25
Common stock, shares outstanding					2,032,763		4,511,174	2,032,763	1,178,604
Shares issued							1,711,350	451,826
Shares issued, value \| $							$ 170	$ 45
Shares issued upon conversion								355,676
Issuance of equity securities for license, net (shares)					12,907		12,907
Issuance of equity securities for license, net \| $							$ 1
Number of rights per share			1
Common Stock \| Stock Purchase Agreement
Class of Stock [Line Items]
Shares issued							750,861
Common Stock \| Stock Purchase Agreement, Commitment Fee
Class of Stock [Line Items]
Shares issued							101,810
Common Stock \| Stock Purchase Agreement, Cash
Class of Stock [Line Items]
Shares issued							649,051
Common Stock \| Flex Pharma
Class of Stock [Line Items]
Conversion ratio		25
Common stock, shares outstanding		722,568
Common Units \| Common Stock
Class of Stock [Line Items]
Shares issued							960,489
Shares issued, value \| $							$ 4,377,591
Issuance of equity securities for license, net (shares)					91
Series A Preferred
Class of Stock [Line Items]
Shares issued upon conversion						1,530
Series A Preferred \| Common Stock
Class of Stock [Line Items]
Shares issued							4,035
Profit Interest Units \| Common Stock
Class of Stock [Line Items]
Shares issued							350
Series 1 Preferred Units
Class of Stock [Line Items]
Shares converted						1,366,448
Wedbush \| Satisfy success fee
Class of Stock [Line Items]
Number of shares called by warrants		42,928
Expected life (years)		5 years
Exercise price (usd per share) \| $ / shares		$ 18.90
Warrant value \| $		$ 500,000
Due to related party \| $		1,000,000
Cash payment to related party \| $		$ 500,000

STOCKHOLDERS' EQUITY - Schedule of Variables used in Black-Scholes Model (Details)	Dec. 31, 2019	Jul. 19, 2019	Jul. 18, 2019
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected life (years)	5 years 21 days	5 years 6 months	5 years
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	1.69%	1.80%
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	105.93%	96.02%
Expected dividend
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.00%	0.00%

EQUITY-BASED COMPENSATION - Narrative (Details)		12 Months Ended
EQUITY-BASED COMPENSATION - Narrative (Details)	Sep. 10, 2019 shares	Dec. 31, 2019 USD ($) numberOfGrantees shares	Dec. 31, 2018 USD ($) shares	Jul. 19, 2019 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense \| $		$ 53,512	$ 30,961
Unrecognized compensation cost \| $		$ 31,383
Number of shares outstanding		166,233	0	90,279
Fair value \| $		$ 642,360
Unrecognized compensation cost, options \| $		$ 493,360
Unrecognized compensation cost, recognition period		2 years 11 months 19 days
Number of stock options granted (shares)	101,082	101,082
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted		8,799
Fair value \| $		$ 83,000
Shares vested		31,583
Shares issued, unvested		8,362
Employee stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, contractual term		10 years
Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of grantees \| numberOfGrantees		2
Consultant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of grantees \| numberOfGrantees		1
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 months
Minimum \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		9 months
Minimum \| Employee stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Maximum \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
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)		25,145
Profit Interest Units \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted		137

EQUITY-BASED COMPENSATION - Schedule of Fair Value Assumptions (Details)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Risk-free interest rate	1.61%
Volatility	103.70%
Expected life (years)	5 years 9 months 14 days
Expected dividend yield	0.00%

EQUITY-BASED COMPENSATION - Summary of stock option activity (Details) - USD ($)		12 Months Ended
	Sep. 10, 2019	Dec. 31, 2019	Dec. 31, 2018
Shares
Shares outstanding, Beginning Balance (shares)		0
Shares granted (shares)	101,082	101,082
Options from Flex Pharma (shares)		65,151
Shares exercised (shares)		0
Shares forfeited (shares)		0
Shares expired (shares)		0
Shares outstanding, Ending Balance (shares)		166,233
Shares exercisable (shares)		84,321
Weighted-Average Exercise Price
Shares outstanding, weighted-average exercise price, Beginning Balance (in usd per share)		$ 0
Shares granted, weighted-average exercise price (in usd per share)		8.00
Options from Flex Pharma, weighted-average exercise price (in usd per share)		75.42
Shares exercised, weighted-average exercise price (in usd per share)		0
Shares forfeited, weighted-average exercise price (in usd per share)		0
Shares expired, weighted-average exercise price (in usd per share)		0
Shares outstanding, weighted-average exercise price, Ending Balance (in usd per share)		34.42
Shares exercisable, weighted-average exercise price (in usd per share)		$ 60.09
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding, weighted-average remaining contractual term		6 years 6 months 10 days
Exercisable, weighted-average remaining contractual term		3 years 5 months 12 days
Outstanding, aggregate intrinsic value		$ 0	$ 0
Exercisable, aggregate intrinsic value		$ 0

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2019 USD ($)
Amount
Federal income tax benefit at statutory rate of 21%	$ (1,456,615)
Stock warrant - fair value adjustment	(275,380)
Transaction costs	232,133
Private Salarius activity	622,660
Other	23,675
Valuation allowance	853,527
Income tax benefit	$ 0

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details)	Dec. 31, 2019 USD ($)
Deferred tax assets:
Net operating loss carryforwards	$ 888,000
Stock-based compensation	70,000
Total deferred tax assets	958,000
Deferred tax liabilities:
Depreciation	(5,000)
Total deferred tax liabilities	(5,000)
Net deferred tax assets	953,000
Less valuation allowance	(953,000)
Net Deferred tax assets	$ 0

INCOME TAXES - Narrative (Details)	Dec. 31, 2019 USD ($)
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 4,228,318

SUBSEQUENT EVENTS (Details) - USD ($)		12 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($)	Feb. 11, 2020	Dec. 31, 2019	Dec. 31, 2018	Jul. 19, 2019	Jul. 18, 2019
Subsequent Event [Line Items]
Issuance of equity securities, net		$ 6,932,336	$ 2,025,269
Expected life (years)		5 years 21 days		5 years 6 months	5 years
Exercise price (usd per share)					$ 15.17
Common Stock
Subsequent Event [Line Items]
Issuance of equity securities, net		$ 170	$ 45
Number of rights per share					1
Issuance of equity securities, net (shares)		1,711,350	451,826
Subsequent Event \| Common Stock
Subsequent Event [Line Items]
Issuance of equity securities, net (shares)	8,353,480
Shares issued for warrant exercise (shares)	9,599,999
Subsequent Event \| Preferred Stock
Subsequent Event [Line Items]
Issuance of equity securities, net (shares)	1,246,519
Over-Allotment Option \| Subsequent Event
Subsequent Event [Line Items]
Issuance of equity securities, net	$ 11,000,000.0
Over-Allotment Option \| Subsequent Event \| Common Stock
Subsequent Event [Line Items]
Expected life (years)	5 years
Number of rights per share	1
Exercise price (usd per share)	$ 1.15
Over-Allotment Option \| Subsequent Event \| Common Stock \| Class A
Subsequent Event [Line Items]
Number of shares in transaction	7,101,307
Price per share (usd per share)	$ 1.15
Over-Allotment Option \| Subsequent Event \| Preferred Stock \| Class B
Subsequent Event [Line Items]
Number of shares in transaction	1,246,519
Price per share (usd per share)	$ 1.15