Pharma BD Deal Intelligence

Salarius Pharmaceuticals, Inc. / Decoy Therapeutics Inc.

2025 · Reverse Merger · Complete

Salarius Pharmaceuticals entered into an Agreement and Plan of Merger dated January 10, 2025 with Decoy Therapeutics, announced January 13, 2025. The all-stock reverse merger exchanges Decoy's outstanding equity for Salarius common stock (up to 19.9% of shares outstanding as of January 10, 2025) plus Series A Preferred Stock. Following closing and a post-closing stockholder vote to convert the preferred, Decoy investors would hold approximately 86% and Salarius stockholders approximately 14% of the combined company, which was to be renamed Decoy Therapeutics. Closing was conditioned on Salarius raising at least $6.0 million and maintaining its Nasdaq listing. No aggregate transaction value was disclosed.

This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2030 at the earliest for this deal, once/if it closes.

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