Soligenix Announces Recent Accomplishments And Second Quarter 2025 Financial Results

Rhea-AI Summary

Soligenix (NASDAQ:SNGX) reported its Q2 2025 financial results and recent accomplishments. The company posted a net loss of $2.7 million ($0.82 per share) compared to $1.6 million ($1.31 per share) in Q2 2024. The company held $5.1 million in cash as of June 30, 2025, plus $1.4 million received via ATM facility on July 1, providing runway through Q1 2026.

Key developments include completion of Phase 2a proof of concept study for SGX945 in Behçet's Disease, successful manufacturing transfer of synthetic hypericin to the US, and ongoing clinical trials. The company expects top-line results from Phase 2a psoriasis trial with SGX302 before year-end 2025, and anticipates Phase 3 HyBryte™ CTCL study results in 2026.

Positive

• None.

Negative

• Net loss increased to $2.7M from $1.6M year-over-year
• No revenue reported for Q2 2025
• R&D expenses increased significantly to $1.7M from $0.5M year-over-year
• Additional funding needed beyond Q1 2026
• Continued reliance on ATM facility for funding

Insights

Biotech Financial Analyst

Soligenix reports widening losses with $2.7M net loss in Q2, but shows clinical progress across multiple rare disease programs.

Soligenix's Q2 2025 results reveal a company at a critical juncture with both progress and challenges. The net loss increased to $2.7 million ($0.82 per share) compared to $1.6 million in Q2 2024, primarily driven by higher R&D expenses as the company advances multiple late-stage clinical programs. Research expenses more than tripled to $1.7 million from $0.5 million year-over-year, reflecting intensified investment in clinical trials and manufacturing.

The company's cash position of $5.1 million as of June 30, supplemented by $1.4 million raised via ATM on July 1, provides runway only through Q1 2026. This tight financial position is concerning given the capital-intensive nature of late-stage clinical development. Management is actively exploring strategic options including partnerships, M&A, grants, and financing opportunities, signaling recognition of their capital constraints.

On the pipeline front, Soligenix reported meaningful progress across multiple programs: the completion of a Phase 2a proof-of-concept study for SGX945 in Behçet's Disease with positive biological efficacy signals; approaching top-line results for SGX302 in psoriasis before year-end; and ongoing enrollment in their confirmatory Phase 3 study of HyBryte™ for early-stage CTCL with results expected in 2026. The successful transfer of synthetic hypericin manufacturing from Europe to the U.S. represents an operational achievement that could improve supply chain resilience and potentially reduce costs long-term.

The zero revenue quarter underscores that Soligenix remains pre-commercial, making the success of its late-stage pipeline critical for future value creation. The increased R&D investment appropriately prioritizes clinical advancement, while G&A expenses have been slightly reduced, showing some cost discipline amid limited resources.

PRINCETON, N.J., Aug. 14, 2025 /PRNewswire/ -- Soligenix, Inc. (Nasdaq: SNGX) (Soligenix or the Company), a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases where there is an unmet medical need, announced today its recent accomplishments and financial results for the quarter ended June 30, 2025.

"As we quickly approach the latter part of 2025 into 2026, the Company remains confident about its late-stage rare disease pipeline and upcoming key development milestones," stated Christopher J. Schaber, PhD, President and Chief Executive Officer of Soligenix. "These include top-line results from our Phase 2a clinical trial in mild-to-moderate psoriasis with SGX302 (synthetic hypericin) before yearend, as well as continued clinical update for the ongoing investigator-initiated study (IIS) evaluating extended HyBryte™ (synthetic hypericin) treatment for up to 54 weeks in patients with early-stage cutaneous T-cell lymphoma (CTCL). Further, we anticipate top-line results in 2026 from our actively enrolling confirmatory Phase 3 study of HyBryte™ (synthetic hypericin) for early-stage CTCL, where we plan to provide an enrollemt update later this year. Recently, we were also pleased to announce the successful completion of our Phase 2a proof of concept study evaluating SGX945 (dusquetide) in the treatment of Behçet's Disease having achieved the study objective of demonstrating biological efficacy in this difficult to treat chronic disease."

Dr. Schaber continued, "With approximately $5.1 million in cash at June 30, 2025, exclusive of approximately $1.4 million of net cash received via our At-The-Market ("ATM") facility on July 1, 2025, we're focused on carefully allocating resources to hit our strategic goals and upcoming milestones. While this cash balance provides sufficient operating runway through the first quarter of 2026, we continue to evaluate all strategic options, including partnership, merger and acquisition, government grants, and potential financing opportunities to advance our late-stage pipeline and the Company."

Soligenix Recent Accomplishments

• On July 31, 2025, the Company announced that it had completed its Phase 2a proof of concept study evaluating SGX945 (dusquetide) in the treatment of Behçet's Disease and achieved the study objective of demonstrating biological efficacy. To view this press release, please click here.
• On July 8, 2025, the Company issued a shareholder update letter, detailing the important and potentially transformational development milestones. To view this letter, please click here.
• On July 1, 2025, the Company announced it had successfully completed the transfer of the manufacturing process for its synthetic hypericin active ingredient from Europe to the United States under its partnership agreement with Sterling Pharma Solutions. To view this press release, please click here.

Financial Results – Quarter Ended June 30, 2025

Soligenix reported no revenue for the quarter ended June 30, 2025, consistent with comparable de minimis revenue during the same period of 2024.

Soligenix's net loss was $2.7 million, or ($0.82) per share, for the quarter ended June 30, 2025, compared to $1.6 million, or ($1.31) per share, for the quarter ended June 30, 2024. This increase in net loss was primarily due to an increase in operating expenses related to ongoing clinical trials and a decrease in other income attributable to the change in the fair value of debt during the three months ended June 30, 2024 with no corresponding change in fair value during the three months ended June 30, 2025.

Research and development expenses were $1.7 million for the quarter ended June 30, 2025 as compared to $0.5 million for the same period in 2024. The increase was primarily due to costs associated with the Phase 2a study in Behçet's Disease and the second confirmatory Phase 3 CTCL trial as well as increases in third party manufacturing.

General and administrative expenses were $1.1 million for the quarter ended June 30, 2025 as compared to $1.2 million for the same period in 2024. The decrease was primarily attributable to decreases in professional expenses.

As of June 30, 2025, the Company's cash position was approximately $5.1 million, exclusive of approximately $1.4 million of net cash received via its ATM facility on July 1, 2025.

About Soligenix, Inc.

Soligenix is a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases where there is an unmet medical need. Our Specialized BioTherapeutics business segment is developing and moving toward potential commercialization of HyBryte™ (SGX301 or synthetic hypericin sodium) as a novel photodynamic therapy utilizing safe visible light for the treatment of cutaneous T-cell lymphoma (CTCL). With successful completion of the second Phase 3 study, regulatory approvals will be sought to support potential commercialization worldwide. Development programs in this business segment also include expansion of synthetic hypericin (SGX302) into psoriasis, our first-in-class innate defense regulator (IDR) technology, dusquetide (SGX942) for the treatment of inflammatory diseases, including oral mucositis in head and neck cancer, and (SGX945) in Behçet's Disease.

Our Public Health Solutions business segment includes development programs for RiVax^®, our ricin toxin vaccine candidate, as well as our vaccine programs targeting filoviruses (such as Marburg and Ebola) and CiVax™, our vaccine candidate for the prevention of COVID-19 (caused by SARS-CoV-2). The development of our vaccine programs incorporates the use of our proprietary heat stabilization platform technology, known as ThermoVax^®. To date, this business segment has been supported with government grant and contract funding from the National Institute of Allergy and Infectious Diseases (NIAID), the Defense Threat Reduction Agency (DTRA) and the Biomedical Advanced Research and Development Authority (BARDA).

For further information regarding Soligenix, Inc., please visit the Company's website at https://www.soligenix.com and follow us on LinkedIn and Twitter at @Soligenix_Inc.

This press release may contain forward-looking statements that reflect Soligenix's current expectations about its future results, performance, prospects and opportunities, including but not limited to, potential market sizes, patient populations, clinical trial enrollment, the expected timing for closing the offering described herein and the intended use of proceeds therefrom. Statements that are not historical facts, such as "anticipates," "estimates," "believes," "hopes," "intends," "plans," "expects," "goal," "may," "suggest," "will," "potential," or similar expressions, are forward-looking statements. These statements are subject to a number of risks, uncertainties and other factors that could cause actual events or results in future periods to differ materially from what is expressed in, or implied by, these statements, and include the expected amount and use of proceeds from the offering and the expected closing date of the offering. Soligenix cannot assure you that it will be able to successfully develop, achieve regulatory approval for or commercialize products based on its technologies, particularly in light of the significant uncertainty inherent in developing therapeutics and vaccines against bioterror threats, conducting preclinical and clinical trials of therapeutics and vaccines, obtaining regulatory approvals and manufacturing therapeutics and vaccines, that product development and commercialization efforts will not be reduced or discontinued due to difficulties or delays in clinical trials or due to lack of progress or positive results from research and development efforts, that it will be able to successfully obtain any further funding to support product development and commercialization efforts, including grants and awards, maintain its existing grants which are subject to performance requirements, enter into any biodefense procurement contracts with the U.S. Government or other countries, that it will be able to compete with larger and better financed competitors in the biotechnology industry, that changes in health care practice, third party reimbursement limitations and Federal and/or state health care reform initiatives will not negatively affect its business, or that the U.S. Congress may not pass any legislation that would provide additional funding for the Project BioShield program. In addition, there can be no assurance as to the timing or success of any of its clinical/preclinical trials. Despite the statistically significant result achieved in the first HyBryte™ (SGX301) Phase 3 clinical trial for the treatment of cutaneous T-cell lymphoma or any other studies (including the open-label, investigator-initiated study), there can be no assurance that the second HyBryte™ (SGX301) Phase 3 clinical trial will be successful or that a marketing authorization from the FDA or EMA will be granted. Additionally, although the EMA has agreed to the key design components of the second HyBryte™ (SGX301) Phase 3 clinical trial, no assurance can be given that the Company will be able to modify the development path to adequately address the FDA's concerns or that the FDA will not require a longer duration comparative study. Notwithstanding the result in the first HyBryte™ (SGX301) Phase 3 clinical trial for the treatment of cutaneous T-cell lymphoma and the Phase 2a clinical trial of SGX302 for the treatment of psoriasis, there can be no assurance as to the timing or success of the clinical trials of SGX302 for the treatment of psoriasis. Additionally, despite the biologic activity observed in aphthous ulcers induced by chemotherapy and radiation, there can be no assurance as to the timing or success of the clinical trials of SGX945 for the treatment of Behçet's Disease. Further, there can be no assurance that RiVax^® will qualify for a biodefense Priority Review Voucher (PRV) or that the prior sales of PRVs will be indicative of any potential sales price for a PRV for RiVax^®. Also, no assurance can be provided that the Company will receive or continue to receive non-dilutive government funding from grants and contracts that have been or may be awarded or for which the Company will apply in the future. These and other risk factors are described from time to time in filings with the Securities and Exchange Commission (the "SEC"), including, but not limited to, Soligenix's reports on Forms 10-Q and 10-K. Unless required by law, Soligenix assumes no obligation to update or revise any forward-looking statements as a result of new information or future events.

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SOURCE SOLIGENIX, INC.

FAQ

What were Soligenix (SNGX) Q2 2025 financial results?

Soligenix reported a net loss of $2.7 million ($0.82 per share), with no revenue, R&D expenses of $1.7 million, and G&A expenses of $1.1 million. The company had $5.1 million in cash as of June 30, 2025.

What are the upcoming milestones for Soligenix (SNGX) in 2025-2026?

Soligenix expects top-line results from Phase 2a psoriasis trial before end of 2025, and Phase 3 HyBryte™ CTCL study results in 2026. They also plan to provide an enrollment update for the Phase 3 study later in 2025.

What was the outcome of Soligenix's Phase 2a study for Behçet's Disease?

Soligenix successfully completed the Phase 2a proof of concept study for SGX945 (dusquetide) in Behçet's Disease, achieving the study objective of demonstrating biological efficacy.

How long will Soligenix's current cash position last?

Soligenix's cash position of $5.1 million, plus $1.4 million from ATM facility, provides sufficient operating runway through the first quarter of 2026.

What strategic options is Soligenix (SNGX) considering for future growth?

Soligenix is evaluating multiple strategic options including partnerships, merger and acquisition, government grants, and potential financing opportunities to advance their late-stage pipeline.