What Seelos Therapeutics does

Seelos Therapeutics, Inc. (formerly Apricus Biosciences, merged January 2019; Nasdaq: SEEL) was a clinical-stage biopharmaceutical company headquartered in New York and incorporated in Nevada, focused on developing therapeutics for central nervous system (CNS) disorders and rare diseases with significant unmet medical need. The company had no commercial products and was pre-revenue, operating from approximately 11–50 employees and financing its development activities primarily through capital markets offerings, a single $20 million private placement with Lind Global Asset Management V, LLC in 2021, and a research grant from The Michael J. Fox Foundation in 2022.

The pipeline consisted of five distinct drug candidates across multiple modalities: SLS-002, an intranasal racemic ketamine for Acute Suicidal Ideation and Behavior in Major Depressive Disorder and PTSD, delivered via Aptar Pharma's co-exclusive Bi-Dose device; SLS-004, a CRISPR-dCas9/DNMT3A gene therapy targeting SNCA expression in Parkinson's disease; SLS-005, an intravenous trehalose (a 0.342 kDa disaccharide that crosses the blood-brain barrier) for ALS, SCA3, and OPMD, holding U.S. and EU Orphan Drug Designation and two U.S. patents expiring 2033; SLS-007, peptidic inhibitors targeting the NACore of alpha-synuclein; and SLS-009, a PROTAC-based protein degradation program for Huntington's and Alzheimer's — the company's first internally created asset.

The business model was research-and-development-driven, with all funding flowing from equity and convertible debt issuances rather than product sales. Seelos's clinical execution relied on academic and platform-trial partnerships, most notably the Healey Center for ALS at Massachusetts General Hospital for the HEALEY ALS Platform Trial (NCT05136885). In October 2025, Seelos filed for Chapter 11 bankruptcy, and GLD Partners, LP acquired select assets — including the late-stage SLS-002 and SLS-005 programs — through the bankruptcy proceedings, ending the company's independent operating trajectory.

Name

Seelos Therapeutics

Legal name

Seelos Therapeutics, Inc.

Website

https://seelostherapeutics.com

Company type

Public

Founded year

2019

Operating status

Acquired

Headcount range

11–50 employees

Short description

Seelos Therapeutics was a pre-revenue, clinical-stage biopharmaceutical company developing five CNS and rare-disease drug candidates (SLS-002, SLS-004, SLS-005, SLS-007, SLS-009); in October 2025 it filed Chapter 11 and sold assets to GLD Partners.

Ownership category

akta.pro rank

Product category

Clinical-stage CNS Biopharmaceuticals

NAICS

Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Neurology & CNS Specialty Pharmaceuticals (HLAIACAC)

akta.pro secondary industry

Multiple Sclerosis & Neuroimmunology (HLAKAIAF)

Keywords

• CNS therapeutics development
• Rare disease drug development
• Intranasal ketamine therapy
• Neurodegenerative disease pipeline
• Clinical-stage biopharmaceuticals

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Supply Chain

Revenue model

1. Pre-revenue clinical-stage development (assets acquired): Seelos Therapeutics was a pre-revenue clinical-stage biotechnology company with no commercial products. The company funded its operations through capital markets (registered direct offerings, public offerings, private placements, convertible notes) and research grants. In October 2025, the company filed for Chapter 11 bankruptcy and its assets, including late-stage ketamine and trehalose programs, were acquired by GLD Partners, LP through bankruptcy proceedings.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels9 records

Core offering

Seelos Therapeutics is a clinical-stage biopharmaceutical company developing a portfolio of novel therapeutics for central nervous system (CNS) disorders and rare diseases. Its pipeline comprises five distinct drug candidates across multiple modalities: intranasal racemic ketamine (SLS-002) for Acute Suicidal Ideation and Behavior in MDD and PTSD; CRISPR-dCas9 gene therapy (SLS-004) and peptidic inhibitors (SLS-007) for Parkinson's disease; intravenous trehalose (SLS-005) for ALS, SCA3, and OPMD; and PROTAC-based protein-targeting autophagy (SLS-009) for Huntington's and Alzheimer's diseases.

Product overview

Seelos Therapeutics, Inc. (Nasdaq: SEEL) is a clinical-stage biopharmaceutical company focused on developing a portfolio of therapeutic candidates for CNS disorders and rare diseases, rather than a unified software platform. Its pipeline consists of several distinct drug candidates that share a common development philosophy: SLS-002 (intranasal racemic ketamine for ASIB in MDD and PTSD), SLS-004 (CRISPR-dCas9-based gene therapy for Parkinson's disease), SLS-005 (intravenous trehalose for ALS, SCA3, and OPMD), SLS-007 (peptidic inhibitor for Parkinson's disease), and SLS-009 (PROTAC-based protein targeted autophagy for Huntington's and Alzheimer's diseases). Together these programs form Seelos' portfolio spanning acute suicidality, neurodegenerative movement disorders, and rare neuromuscular and ataxias indications.

Differentiator

Problem solved

Functional benefit

Products and services

• SLS-002 (Intranasal Racemic Ketamine) Clinical-stage intranasal racemic ketamine drug candidate in development for Acute Suicidal Ideation and Behavior (ASIB) in Major Depressive Disorder (MDD) and Post-Traumatic Stress Disorder (PTSD); formulated for delivery via Aptar Pharma's co-exclusive Bi-Dose (BDS) liquid intranasal device administering 0.1 mL sprays in each nostril as a disposable single-use device. The clinical program spans 7 Phase I studies (226 subjects) and 16 clinical studies (~500 subjects), with Phase 2 study SLS-002-201 having 17 subjects in Part 1 and 147 subjects in Part 2.
• SLS-004 (CRISPR-dCas9 Gene Therapy) Preclinical all-in-one lentiviral vector gene therapy based on CRISPR-dCas9 fused with the catalytic domain of DNA methyltransferase 3A (DNMT3A) for targeted DNA-methylation editing within intron 1 of the SNCA gene. Intended to reduce alpha-synuclein expression in Parkinson's disease; produced 27% reduction in SNCA mRNA and 40% reduction in α-synuclein protein expression in rodent model after single dose, with substantial increase in recovery of tyrosine hydroxylase-positive (TH+) dopaminergic neurons in PD model.
• SLS-005 (Intravenous Trehalose) Trehalose injection 90.5 mg/mL for intravenous infusion; a low-molecular-weight disaccharide (0.342 kDa) that penetrates muscle and crosses the blood-brain barrier, activating autophagy via lysosomal-mediated TFEB activation to clear TDP-43, SOD1, and SQSM1/p62 aggregates. In development for Amyotrophic Lateral Sclerosis (ALS), Spinocerebellar Ataxia (SCA3 / Machado-Joseph disease), and oculopharyngeal muscular dystrophy (OPMD); holds U.S. and EU Orphan Drug Designation for OPMD, Sanfilippo syndrome, and SCA3.
• SLS-007 (Peptidic Inhibitor)
• SLS-009 (Protein-Targeted Autophagy / PROTAC) Seelos' first internally-created program using PROTACs (protein-targeting chimeric molecules) to induce autophagy and enhance lysosomal clearance of mutant and neurotoxic proteins. Being studied in Huntington's disease and Alzheimer's disease; demonstrated reduction of mHTT protein in striatum and cortex in preclinical studies.

Quantifiable outcome

• SLS-004 produced 27% reduction in SNCA mRNA and 40% reduction in α-synuclein protein expression in rodent model after single dose
• +4 more outcomes

Segments7 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Five partnerships are on record, tiered flagship, core and minor.

• GLD Partners, LPflagshipStrategic or Co-development Partner · 21 October 2025GLD Partners, LP acquired assets from Seelos Therapeutics, Inc. via Chapter 11 bankruptcy proceedings in October 2025. Acquired assets include late-stage ketamine and trehalose programs targeting CNS and rare disease therapeutics. GLD Partners plans to advance these assets through late-stage clinical trials with potential regulatory and market benefits, strengthening GLD's life sciences portfolio.
• Aptar Pharma (NYSE:ATR)coreOEM/ Whitelabel/ Licensing PartnerAptar Pharma manufactures the intranasal device used for Seelos' SLS-002 (intranasal racemic ketamine). Seelos has co-exclusive use of Aptar's Bidose (BDS) Liquid System, a bi-dose device that administers 0.1 mL sprays in each nostril; disposable single-use device for convenient, ready to use administration.
• LifeSci AdvisorsminorGTM or Marketing PartnerLifeSci Advisors hosted a KOL Webinar on Unmet Medical Needs in Suicide and Depression on July 18, 2023, featuring Dr. David V. Sheehan (University of South Florida College of Medicine), moderated by Mike Moyer. The webinar highlighted Seelos' SLS-002 asset. LifeSci Advisors operates from 250 West 55th Street, Suite 3401, New York, NY 10019.
• Healey Center for ALS at Massachusetts General HospitalcoreStrategic or Co-development PartnerThe Healey Center for ALS at Massachusetts General Hospital conducts the HEALEY ALS Platform Trial, a perpetual multi-center, multi-regimen clinical trial evaluating investigational products for ALS treatment. Regimen E evaluates SLS-005 (Trehalose injection, 90.5 mg/mL for intravenous infusion) in ALS participants. ClinicalTrials.gov Identifier: NCT05136885.
• Javelin PharmaceuticalsminorOEM/ Whitelabel/ Licensing PartnerSeelos Therapeutics owns rights to Javelin's post-operative pain program, which includes seven Phase I studies (226 subjects) and 16 clinical studies (~500 subjects). The program is associated with SLS-002's intranasal ketamine platform.

Scale indicators11 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Denali Therapeutics: Biopharma developing therapies for neurodegenerative diseases including Parkinson's, ALS, and Alzheimer's. Comparable given direct overlap with Seelos' neurodegenerative pipeline (SLS-004/007/009).
• Sage Therapeutics: CNS-focused biopharma developing novel therapies for depression and rare neurological disorders (e.g., Zurzuvae for postpartum depression). Directly comparable as a small-cap clinical-stage CNS developer targeting depression/suicidality with limited infrastructure.
• Cyclerion Therapeutics: Small-cap clinical-stage CNS biopharma developing treatments for CNS disorders. Comparable given similar small-cap clinical-stage CNS profile, though pipeline focus differs.
• Cerevel Therapeutics: Clinical-stage CNS biopharma developing therapies for Parkinson's disease, epilepsy, and schizophrenia. Directly comparable given overlap in Parkinson's (SLS-004/007) and broader CNS pipeline.
• Voyager Therapeutics: Clinical-stage gene therapy company developing AAV-based therapies for neurological diseases including Parkinson's and ALS. Comparable given Seelos' SLS-004 CRISPR-dCas9 gene therapy for Parkinson's.
• BioXcel Therapeutics: Clinical-stage biopharma developing therapies in neuroscience and immuno-oncology, with approved IGALMI for agitation in schizophrenia/bipolar. Comparable as a small-cap CNS biotech with late-stage clinical assets.
• Axsome Therapeutics: CNS-focused biopharma commercializing Auvelity (dextromethorphan-bupropion) for major depressive disorder. Directly comparable as a CNS therapeutics developer targeting MDD with novel mechanisms of action.

Broad incumbents

• Acadia Pharmaceuticals: Commercial-stage CNS biopharma with Nuplazid (pimavanserin) for Parkinson's disease psychosis and trofinetide for Rett syndrome. Comparable as a larger CNS-focused player with overlap in Parkinson's and rare neurological disorders.
• Intra-Cellular Therapies: Commercial CNS biopharma with Caplyta (lumateperone) approved for schizophrenia and bipolar depression. Comparable as a larger CNS-focused player with depression overlap and similar specialty pharma positioning.
• Janssen Pharmaceuticals (J&J Innovative Medicine): Large incumbent biopharma with Spravato (esketamine) approved for treatment-resistant depression and ongoing development in suicidality. Directly comparable as the incumbent benchmark against which SLS-002 must differentiate.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights5 records

Customer concentration

• Xx.com/seelostx
• Facebookfacebook.com/watch/?v=2161976264100776
• LinkedInlinkedin.com/company/seelos

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds7 records

Investors2 records

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Seelos Therapeutics