About 7% of the ink is pee, which is the only toxic component. The rest is a soup of amino acids and their derivatives, primarily taurine which is one of the major ingredients in Red Bull and other energy drinks. Basically it floods the predators taste/smell receptors with a signal of food, so they're distracted by licking their chops while the slug gets away.
See: Kicklighter CE, Shabani S, Johnson PM, Derby CD (2005) Sea Hares Use Novel Antipredatory Chemical Defenses. Current Biology 15(6):549-554.
In the past people working under the presumption that the ink was toxic tried to establish LD50s for it but couldn't because its so weakly toxic. About the only way to kill animals with the ink is to allow it to stay in such high concentrations that it literally suffocates them by coating their gills.