Penny stock Salarius Pharmaceuticals (SLRX) skyrocketed over 182% on Tuesday morning. The upside came after the company received an extension from Nasdaq to regain compliance with listing rules. The extension gives the struggling biotech company a chance to avoid being delisted.
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SLRX Stock’s Delisting Extension Deadlines
The Nasdaq panel gave Salarius more time to meet two major listing rules. Firstly, Salarius has until mid-August 2025 to raise its stockholders’ equity to at least $2.5 million. Further, the company has until late August 2025 to get its stock price back above $1.00.
It is worth noting that Salarius received a delisting warning on April 23, 2025, as its stock had remained below $1.00 for 30 consecutive trading days. Normally, companies get 180 days to fix this, but the biotech stock did not qualify since it had already done a reverse stock split in the past year.
Road Ahead for Salarius
The compliance extension is dependent on Salarius meeting certain goals and keeping Nasdaq informed of its progress. Investors are also watching the company’s planned merger with Decoy Therapeutics, a private biotech firm working on peptide conjugate therapeutics.
The merger is expected to bring new assets and funding to Salarius. Together, the companies aim to advance treatments for respiratory viruses and gastrointestinal cancers.
While Salarius stock’s surge reflects renewed optimism, it is not without risk. The company remains under pressure to meet Nasdaq’s deadlines and successfully close its merger. If it fails to comply, SLRX stock could be delisted.
Is SLRX a Buy or Sell?
According to the TipRanks AI analyst, SLRX stock received a score of 30 out of 100 with an Underperform rating.
Salarius’ unstable financials, with falling revenue and ongoing losses, hurt its stock rating. Also, a negative P/E ratio and absence of dividends make it less appealing to value or income investors.
