Soligenix, Inc 10-Q for FY2025 Q2

Soligenix, Inc. (SNGX)

10-Q 2025-08-14 For: 2025-06-30

Added on April 07, 2026

About this 10-Q

Soligenix, Inc filed this 10-Q on August 14, 2025, covering the quarter ended June 30, 2025 (FY2025 Q2).

Headline figures

Quarter ended June 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net loss: $2.7M; compared with a net loss of $1.64M a year earlier
Diluted EPS: -$0.82; compared with -$1.31 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


DELAWARE		41-1505029
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification Number)


29 EMMONS DRIVE, SUITE B-10 PRINCETON, NJ		08540
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.001 per share	SNGX	The Nasdaq Capital Market


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

	Description	Page

Part I	FINANCIAL INFORMATION	1

Item 1	Condensed Consolidated Financial Statements (unaudited)	1
	Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024	1
	Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024	2
	Condensed Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended June 30, 2025 and 2024	3
	Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Six Months Ended June 30, 2025 and 2024	4
	Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended June 30, 2025 and 2024	5
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3	Quantitative and Qualitative Disclosures About Market Risk	45
Item 4	Controls and Procedures	45

Part II	OTHER INFORMATION

Item 1	Legal Proceedings	46
Item 1A	Risk Factors	46
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	47
Item 5	Other Information	47
Item 6	Exhibits	48

SIGNATURES		49


	June 30,		December 31,
	2025		2024
Assets	(unaudited)
Current assets:
Cash and cash equivalents	$	5,097,670	$	7,819,514
Deferred issuance cost		31,682		103,847
Prepaid expenses and other current assets		191,100		905,269
Total current assets		5,320,452		8,828,630
Security deposit		22,777		22,777
Office furniture and equipment, net		8,114		6,113
Right-of-use lease assets		409,304		108,963
Total assets	$	5,760,647	$	8,966,483

Liabilities and shareholders' equity
Current liabilities:
Accounts payable	$	649,955	$	667,896
Accrued expenses		2,783,149		2,359,339
Accrued compensation		87,189		336,442
Lease liabilities, current		108,814		111,862
Convertible debt		—		1,372,873
Total current liabilities		3,629,107		4,848,412
Non-current liabilities:
Lease liabilities, net of current portion		302,589		—
Total liabilities		3,931,696		4,848,412

Commitments and contingencies (Note 6)

Shareholders’ equity:
Preferred stock, 350,000 shares authorized; none issued or outstanding at June 30, 2025 and December 31, 2024, respectively		—		—
Common stock, $.001 par value; 75,000,000 shares authorized; 3,504,950 and 2,514,499 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively		3,505		2,514
Additional paid-in capital		241,403,653		238,040,520
Accumulated other comprehensive income		45,789		45,789
Accumulated deficit		(239,623,996)		(233,970,752)
Total shareholders’ equity		1,828,951		4,118,071
Total liabilities and shareholders’ equity	$	5,760,647	$	8,966,483


		Three Months Ended			Six Months Ended
		June 30,			June 30,
	2025		2024		2025		2024
Revenues:
Grant revenue	$	—	$	2,342	$	—	$	119,371
Total revenues		—		2,342		—		119,371
Cost of revenues		—		(2,342)		—		(119,371)
Gross profit		—		—		—		—
Operating expenses:
Research and development		1,677,014		501,158		3,618,694		1,596,198
General and administrative		1,086,865		1,243,517		2,171,693		2,265,568
Total operating expenses		2,763,879		1,744,675		5,790,387		3,861,766
Loss from operations		(2,763,879)		(1,744,675)		(5,790,387)		(3,861,766)
Other income (expense):
Foreign currency transaction (loss) gain		(8,045)		473		(8,833)		1,682
Interest income, net		69,823		35,925		145,851		64,767
Research and development incentives		—		(31,819)		—		(25,488)
Other income		125		43		125		43
Change in fair value of convertible debt		—		95,551		—		260,933
Total other income		61,903		100,173		137,143		301,937
Net loss applicable to common stockholders	$	(2,701,976)	$	(1,644,502)	$	(5,653,244)	$	(3,559,829)
Basic and diluted net loss per share	$	(0.82)	$	(1.31)	$	(1.79)	$	(3.71)
Basic and diluted weighted average common shares outstanding		3,278,677		1,258,985		3,164,784		958,341


						Accumulated
				Additional		Other
	Common Stock			Paid–In		Comprehensive		Accumulated
	Shares	Par Value		Capital		Income (Loss)		Deficit		Total
Balance, December 31, 2024	2,514,499	$	2,514	$	238,040,520	$	45,789	$	(233,970,752)	$	4,118,071
Issuance of common stock pursuant to At Market Issuance Sales Agreement	978,105		979		3,242,198		—		—		3,243,177
Issuance costs associated with sales of common stock pursuant to At Market Issuance Sales Agreement	—		—		(72,165)		—		—		(72,165)
Issuance of common stock to vendors	12,346		12		29,988				—		30,000
Share-based compensation expense	—		—		163,112		—		—		163,112
Net loss	—		—		—		—		(5,653,244)		(5,653,244)
Balance, June 30, 2025	3,504,950	$	3,505	$	241,403,653	$	45,789	$	(239,623,996)	$	1,828,951


	2025		2024
Operating activities:
Net loss	$	(5,653,244)	$	(3,559,829)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization and depreciation		1,311		3,176
Non-cash lease expense		60,263		59,155
Share-based compensation		163,112		117,636
Issuance of common stock to vendors for services		30,000		—
Change in fair value of convertible debt		—		(260,933)
Change in operating assets and liabilities:
Contracts and grants receivable		—		171,254
Prepaid expenses and other current assets		714,169		621,542
Research and development incentives receivable		—		48,994
Operating lease liability		(61,062)		(59,344)
Accounts payable and accrued expenses		405,869		(231,089)
Accrued compensation		(249,253)		(170,871)
Net cash flows from operating activities		(4,588,835)		(3,260,309)

Investing activities:
Purchases of office furniture and equipment		(3,313)		—
Net cash flows from investing activities		(3,313)		—

Financing activities:
Proceeds from issuance of common stock pursuant to At Market Issuance Sales Agreement		3,243,177		—
Proceeds from issuance of common stock and pre-funded warrants		—		4,741,400
Issuance costs associated with issuance of common stock		—		(524,226)
Proceeds from the exercise of warrants		—		8,600
Convertible debt repayments		(1,372,873)		—
Net cash flows from financing activities		1,870,304		4,225,774
Effect of exchange rate on cash and cash equivalents		—		916
Net increase (decrease) in cash and cash equivalents		(2,721,844)		966,381
Cash and cash equivalents at beginning of year		7,819,514		8,446,158
Cash and cash equivalents at end of year	$	5,097,670	$	9,412,539
Supplemental information:
Cash paid for state income taxes	$	89,557	$	33,665
Cash paid for interest	$	35,044	$	125,286
Cash paid for lease liabilities:
Operating lease	$	69,750	$	68,200
Non-cash investing and financing activities:
Pontifax conversion of portion of debt principal into common stock	$	—	$	254,256
Right-of-use assets obtained in exchange for lease liabilities	$	360,604	$	—
Deferred issuance cost reclassified to additional paid-in capital	$	72,165	$	—
Offering costs included in accounts payable	$	—	$	100,839


	As of June 30,
	2025	2024
Common stock purchase warrants	1,467,581	1,150,834
Stock options	300,467	56,699
Convertible debt	—	100,947
Total	1,768,048	1,308,480


		Impact of correction of error
		As previously reported		Adjustments		As restated
As of March 31, 2025: (unaudited)
Accrued expenses	$	3,404,332	$	(285,495)	$	3,118,837
Total liabilities	$	4,133,682	$	(285,495)	$	3,848,187
Total liabilities and shareholder's equity	$	7,746,120	$	-	$	7,746,120
For the three months ended March 31, 2025: (unaudited)
Research and development expenses	$	2,227,175	$	(285,495)	$	1,941,680
Total operating expenses	$	3,312,003	$	(285,495)	$	3,026,508
Loss from operations	$	(3,312,003)	$	285,495	$	(3,026,508)
Net loss applicable to common stockholders	$	(3,236,763)	$	285,495	$	(2,951,268)
Basic and diluted net loss per share	$	(1.06)	$	0.09	$	(0.97)


	June 30,		December 31,
	2025		2024
Clinical trial expenses	$	1,730,818	$	1,135,542
Other		1,052,331		1,223,797
Total	$	2,783,149	$	2,359,339


	Research and
Year	Development		Leases		Total
2025	$	46,000	$	69,750	$	115,750
2026		46,000		140,017		186,017
2027		46,000		143,117		189,117
2028		46,000		121,416		167,416
2029		46,000		—		46,000
Total	$	230,000	$	474,300	$	704,300


	Specialized BioTherapeutics		Public Health Solutions		Total Segments		Adjustments		Corporate		Adjustments		Consolidated
Revenues	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Cost of revenues		-		-		-		-		-		-		-
Gross profit		-		-		-		-		-		-		-
Significant expenses:
Research and development		1,523,099		3,332		1,526,431		27,819		122,764		-		1,677,014
General and administrative		-		-		-		-		1,014,468		72,397		1,086,865
Adjusted loss from operations		(1,523,099)		(3,332)		(1,526,431)		(27,819)		(1,137,232)		(72,397)		(2,763,879)
Share-based compensation		26,487		839		27,326		(27,326)		72,187		(72,187)		-
Depreciation and amortization		423		70		493		(493)		210		(210)		-
Loss from operations		(1,550,009)		(4,241)		(1,554,250)		-		(1,209,629)		-		(2,763,879)
Other (expenses) income, net		-		-		-		-		61,903		-		61,903
Net loss before income taxes	$	(1,550,009)	$	(4,241)	$	(1,554,250)	$	-	$	(1,147,726)	$	-	$	(2,701,976)


	2025		2024
Loss from operations - reportable segments	$	(1,554,250)	$	(345,258)
Loss from operations - corporate		(1,209,629)		(1,399,417)
Interest income (expense), net		69,823		35,925
Other income (expense), net		(7,920)		64,248
Net loss before income taxes	$	(2,701,976)	$	(1,644,502)


	Specialized BioTherapeutics		Public Health Solutions		Total Segments		Corporate		Consolidated
Total assets	$	183,858	$	2,917	$	186,775	$	9,678,304	$	9,865,079


Soligenix Product Candidate	Therapeutic Indication	Stage of Development
HyBryte™	Cutaneous T-Cell Lymphoma	Phase 2 trial completed; demonstrated significantly higher response rate compared to placebo; Phase 3 trial completed; demonstrated statistical significance in primary endpoint in March 2020 (Cycle 1) and demonstrated continued improvement in treatment response with extended treatment in April 2020 (Cycle 2) and October 2020 (Cycle 3); new drug application (“NDA’) submitted to FDA December 2022; FDA refusal to file (“RTF”) letter received February 2023; second Phase 3 trial based upon EMA-accepted protocol began patient enrollment in December 2024 with top-line results anticipated in the second half of 2026; discussions continue with FDA on modifying the development path to adequately address FDA’s preference for a longer duration comparative study over a placebo-controlled trial

SGX302	Mild-to-Moderate Psoriasis	Positive proof-of-concept demonstrated in a small Phase 1/2 pilot study; Phase 2a protocol and Investigation New Drug (“IND”) clearance received from the FDA; Phase 2a study remains ongoing having demonstrated biological effect in Cohort 1 and clinically meaningful benefit in Cohort 2

SGX942†	Oral Mucositis in Head and Neck Cancer	Phase 2 trial completed; demonstrated significant response compared to placebo with positive long-term (12 month) safety also reported; Phase 3 clinical trial results announced December 2020: the primary endpoint of median duration of severe oral mucositis (“SOM”) did not achieve the pre-specified criterion for statistical significance (p≤0.05); although biological activity was observed with a 56% reduction in the median duration of SOM from 18 days in the placebo group to 8 days in the SGX942 treatment group; analyzed full dataset from Phase 3 study and designing a second Phase 3 clinical trial; continued development contingent upon identification of partnership


Soligenix Product Candidate	Indication	Stage of Development
ThermoVax^®	Thermostability of vaccines for Ricin toxin, Ebola, and Marburg viruses	Pre-clinical

RiVax^®	Vaccine against Ricin Toxin Poisoning	Phase 1a, 1b, and 1c trials completed, safety and neutralizing antibodies for protection demonstrated

SGX943	Therapeutic against Emerging Infectious Diseases	Pre-clinical


	2025		2024
Research & Development Expenses
RiVax^® and ThermoVax^® Vaccines	$	63,347	$	107,731
SGX942 (Dusquetide)		113,663		(194,846)
HyBryte™ (SGX301 or synthetic hypericin)		3,213,012		1,336,749
Other		228,672		346,564
Total	$	3,618,694	$	1,596,198

Reimbursed under Government Contracts and Grants
HyBryte™ (investigator-initiated study)		—		119,371
Total		—		119,371
Grand Total	$	3,618,694	$	1,715,569


EXHIBIT NO.		DESCRIPTION

10.1		Consulting Agreement effective as of August 16, 2025 between Soligenix, Inc. and Richard Straube, MD.*

31.1		Certification of Chief Executive Officer pursuant to Exchange Act rule 13(a)-14(a) (under Section 302 of the Sarbanes-Oxley Act of 2002).

31.2		Certification of Chief Financial Officer pursuant to Exchange Act rule 13(a)-14(a) (under Section 302 of the Sarbanes-Oxley Act of 2002).

32.1		Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS		Inline XBRL Instance Document

101.SCH		Inline XBRL Taxonomy Schema

101.CAL		Inline XBRL Taxonomy Calculation Linkbase

101.DEF		Inline XBRL Taxonomy Definition Linkbase

101.LAB		Inline XBRL Taxonomy Label Linkbase

101.PRE		Inline XBRL Taxonomy Presentation Linkbase

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


	SOLIGENIX, INC.

August 14, 2025	By	/s/ Christopher J. Schaber
		Christopher J. Schaber, PhD
		President and Chief Executive Officer
		(Principal Executive Officer)

August 14, 2025	By	/s/ Jonathan Guarino
		Jonathan Guarino
		Chief Financial Officer, Senior Vice President,
		and Corporate Secretary
		(Principal Financial and Accounting Officer)


SOLIGENIX, INC.

By:	/s/ Christopher J. Schaber	By:	/s/ Richard Straube
	Christopher J. Schaber, PhD		Richard Straube, M.D., M.Sc.
	President and Chief Executive Officer		Consultant


August 14, 2025		/s/ Christopher J. Schaber
		Christopher J. Schaber, Ph.D.
		President and Chief Executive Officer



August 14, 2025		/s/ Jonathan Guarino
		Jonathan Guarino
		Senior Vice President and Chief Financial Officer