Seelos TherapeuticsOTCQB: SEEL

Actual: Mar 1, 2024

SLS-005 (trehalose for ALS) trial missed primary endpoint

Why it matters: ALS trial failure precipitated Seelos's financial collapse. The company had invested heavily in SLS-005 alongside SLS-002, and the miss left insufficient capital to continue both programmes.

Actual: Nov 15, 2024

Seelos Therapeutics filed Chapter 11 bankruptcy in SDNY (Case 1:24-bk-11987); assets $0-$100K, liabilities $10M-$50M; Nasdaq delisted

Why it matters: Corporate death of Seelos Therapeutics. Despite having two INDs on file and Phase 2 data for SLS-002 (intranasal ketamine for suicidality), the company ran out of capital after the ALS trial failure.

Actual: Sep 1, 2025

Bankruptcy court approved $22M credit bid sale to GLD Partners LP (Section 363 stalking horse sale)

Why it matters: GLD Partners acquired SLS-002 and SLS-005 assets at a significant discount to development cost. Section 363 sale provides clean title free of prior liabilities.

Actual: Oct 21, 2025

GLD Partners completed acquisition of Seelos assets; announced plans for Phase 3 pivotal trials for both SLS-002 (ketamine/ASIB) and SLS-005 (trehalose/ALS with orphan drug pathway)

Why it matters: SLS-002 survives under new ownership. GLD Partners describes these as "late-stage assets with near-to mid-term value inflection points." If GLD is well-capitalized, SLS-002 could advance to Phase 3 for acute suicidal ideation — a critical unmet need where intranasal racemic ketamine could outperform Spravato (esketamine).

Watch next: GLD Partners Phase 3 trial design for SLS-002; new IND amendments; timeline for first patient enrolled under GLD