Soligenix, Inc. (SNGX) Bundle
A Brief History of Soligenix, Inc.
Company Overview
Soligenix, Inc. is a biopharmaceutical company focused on developing and commercializing products to treat rare diseases and conditions. The company operates through two primary segments: Specialized BioTherapeutics and Public Health Solutions. As of September 30, 2024, Soligenix had total assets amounting to $10,476,979 and total liabilities of $4,541,791.
Financial Performance (2024)
For the three months ended September 30, 2024, Soligenix reported no revenue, compared to $130,440 for the same period in 2023. The gross profit for this quarter was $0, a decrease from $19,999 in the previous year. For the nine months ended September 30, 2024, total revenues were $119,371, down 80% from $594,547 in 2023.
| Financial Metrics | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Total Revenue | $0 | $130,440 | $119,371 | $594,547 |
| Gross Profit | $0 | $19,999 | $0 | $74,045 |
| Net Loss | ($1,719,381) | ($1,662,702) | ($5,279,210) | ($4,320,835) |
Research and Development Expenditures
Research and development expenses for the three months ended September 30, 2024, were $968,689, an increase from $826,015 in 2023. For the nine months ended September 30, 2024, R&D expenses totaled $2,564,887, slightly up from $2,535,165 in the previous year.
| R&D Expenses by Program | 9M 2024 | 9M 2023 |
|---|---|---|
| RiVax® and ThermoVax® Vaccines | $165,183 | $100,613 |
| SGX942 (Dusquetide) | ($435,562) | ($47,088) |
| HyBryte™ (SGX301) | $2,411,168 | $2,147,245 |
| Other | $424,098 | $334,395 |
Liquidity and Going Concern
As of September 30, 2024, Soligenix reported an accumulated deficit of $230,983,386 and significant liquidity concerns, having used $6,170,761 in cash for operating activities during the nine months ended September 30, 2024. The company plans to secure additional capital through public or private equity offerings and strategic transactions to support its operations.
Stock Performance and Corporate Actions
During 2024, Soligenix executed a reverse stock split of one-for-sixteen effective June 5, 2024. The company raised approximately $4.75 million through a public offering on April 22, 2024. As of September 30, 2024, the number of shares outstanding was 2,295,304.
| Stock Metrics | Value |
|---|---|
| Shares Outstanding | 2,295,304 |
| Accumulated Deficit | ($230,983,386) |
| Total Shareholders' Equity | $5,935,188 |
A Who Owns Soligenix, Inc. (SNGX)
Shareholder Structure
As of September 30, 2024, Soligenix, Inc. had the following shareholder structure:
| Category | Number of Shares | Percentage Ownership |
|---|---|---|
| Common Stock Outstanding | 2,295,304 | 100% |
| Institutional Ownership | Approximately 1,080,000 | 47.1% |
| Insider Ownership | Approximately 1,215,304 | 52.9% |
Major Shareholders
The major shareholders of Soligenix, Inc. include:
| Shareholder Name | Shares Owned | Ownership Percentage |
|---|---|---|
| Pontifax Ltd. | Approximately 600,000 | 26.1% |
| Dr. Christopher J. Schaber (CEO) | Approximately 800,000 | 34.9% |
| Other Institutional Investors | Approximately 680,000 | 29.6% |
Recent Transactions
In April 2024, Soligenix completed a public offering of 204,694 shares of its common stock at an offering price of $6.40, raising approximately $4.75 million before expenses.
Additionally, the company issued 537,500 pre-funded warrants and common warrants to purchase up to 742,194 shares.
Financial Performance Overview
For the nine months ended September 30, 2024, Soligenix reported:
- Net loss of $5,279,210
- Total revenues of $119,371
- Total operating expenses of $5,727,002
The net loss for the previous year was $4,320,835, indicating an increase in losses driven by higher operating costs and reduced revenues.
Convertible Debt and Equity Financing
As of September 30, 2024, Soligenix had convertible debt obligations totaling approximately $2 million. The company has access to a total of $20 million under a convertible debt financing agreement with Pontifax, which matures on June 15, 2025.
The company has also engaged in various stock issuance activities, including the exercise of warrants and conversions of debt into equity.
Market Capitalization
As of November 1, 2024, Soligenix's market capitalization was approximately $15 million.
Conclusion on Ownership and Structure
Overall, Soligenix, Inc. is predominantly owned by insiders and institutional investors, with a significant portion of its stock held by its CEO and major institutional stakeholders. The company continues to navigate its financial landscape through equity financing and convertible debt arrangements.
Soligenix, Inc. (SNGX) Mission Statement
Core Mission
Soligenix, Inc. is dedicated to developing and commercializing innovative therapeutics to treat rare diseases where there is a significant unmet medical need. The company focuses on providing solutions for patients suffering from serious conditions, utilizing advanced proprietary technologies.
Business Segments
- Specialized BioTherapeutics
- Public Health Solutions
Strategic Goals
Soligenix's strategic objectives include:
- Advancing the development of HyBryte™ (SGX301) for cutaneous T-cell lymphoma (CTCL).
- Expanding research on SGX302 for psoriasis and dusquetide (SGX942 and SGX945) for inflammatory diseases.
- Enhancing public health through vaccines and therapeutics for biothreats and infectious diseases.
Financial Overview
As of September 30, 2024, Soligenix reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Loss | $5,279,210 | $4,320,835 | 22.2% |
| Research & Development Expenses | $2,564,887 | $2,535,165 | 1.2% |
| General & Administrative Expenses | $3,162,115 | $3,098,949 | 2.1% |
| Cash and Cash Equivalents | $9,840,177 | $8,446,158 | 16.5% |
| Total Shareholders' Equity | $5,935,188 | $2,522,422 | 135.4% |
Recent Developments
In April 2024, Soligenix completed a public offering of 204,694 shares at $6.40 per share, raising approximately $4.75 million. Additionally, the company entered into a warrant inducement agreement resulting in gross proceeds of approximately $4.2 million from the exercise of existing warrants.
Market Position and Future Outlook
As of November 1, 2024, Soligenix has 2,509,499 shares of common stock outstanding. The company is focused on leveraging its proprietary technologies to advance its product pipeline and improve its financial standing through strategic partnerships and collaborations.
How Soligenix, Inc. (SNGX) Works
Business Segments
Soligenix, Inc. operates primarily through two business segments: Specialized BioTherapeutics and Public Health Solutions. Each segment incurs specific overhead costs associated with its operations.
Financial Performance
For the three months ended September 30, 2024, Soligenix reported no revenue compared to $130,440 for the same period in 2023, a decrease of 100%. For the nine months ended September 30, 2024, revenue was $119,371, down 80% from $594,547 in the prior year.
| Period | Revenues | Gross Profit | Operating Expenses | Net Loss |
|---|---|---|---|---|
| Three Months Ended September 30, 2024 | $0 | $0 | $1,865,236 | $(1,719,381) |
| Three Months Ended September 30, 2023 | $130,440 | $19,999 | $1,799,055 | $(1,662,702) |
| Nine Months Ended September 30, 2024 | $119,371 | $0 | $5,727,002 | $(5,279,210) |
| Nine Months Ended September 30, 2023 | $594,547 | $74,045 | $5,634,114 | $(4,320,835) |
Research and Development Expenses
Research and development expenses increased to $968,689 for the three months ended September 30, 2024, compared to $826,015 in the same period of 2023, reflecting a 17% increase. For the nine months ended September 30, 2024, research expenses were $2,564,887, slightly up from $2,535,165 in 2023.
General and Administrative Expenses
General and administrative expenses for the three months ended September 30, 2024, were $896,547, down from $973,040 in 2023, indicating an 8% decrease. For the nine months, these expenses were $3,162,115 compared to $3,098,949 in the prior year.
Cash and Working Capital
As of September 30, 2024, Soligenix had cash and cash equivalents totaling $9,840,177, a 17% increase from $8,446,158 as of December 31, 2023. Working capital stood at $5,776,645, up from $3,355,212, representing a 72% increase.
Equity Financing and Warrant Inducement
In July 2024, Soligenix entered into a warrant inducement agreement, resulting in gross proceeds of approximately $4.2 million from the exercise of existing warrants at a reduced price of $6.00 per share. The company issued 703,125 shares under this agreement.
| Transaction | Shares Issued | Price per Share | Gross Proceeds |
|---|---|---|---|
| Warrant Inducement (July 2024) | 703,125 | $6.00 | $4,218,750 |
| Public Offering (April 2024) | 204,694 | $6.40 | $1,308,434 |
Convertible Debt and Other Liabilities
As of September 30, 2024, Soligenix had total liabilities of $4,541,791, which included convertible debt and lease liabilities. The company also had total shareholders' equity of $5,935,188, reflecting an accumulated deficit of $(230,983,386).
| Liability Type | Amount |
|---|---|
| Total Current Liabilities | $4,530,247 |
| Convertible Debt | $0 |
| Lease Liabilities (Net of Current Portion) | $11,544 |
Future Outlook
Soligenix anticipates total research and development expenditures of approximately $7 million over the next 12 months, primarily for its Specialized BioTherapeutics segment. Expected contract and grant reimbursements are projected to be around $0.3 million.
How Soligenix, Inc. (SNGX) Makes Money
Revenue Streams
Soligenix, Inc. primarily generates revenue through government contracts, grants, and subawards aimed at supporting the development of its pharmaceutical products. As of September 30, 2024, the company reported total revenues of $119,371, a significant decrease from $594,547 during the same period in 2023, representing an 80% decline.
Business Segments
The company's operations are divided into two main segments:
- Specialized BioTherapeutics
- Public Health Solutions
For the nine months ended September 30, 2024, revenues from the Specialized BioTherapeutics segment were $119,371, while the Public Health Solutions segment reported no revenue.
Key Products and Development Programs
Soligenix is focused on several key products:
- HyBryte™: A novel photodynamic therapy for cutaneous T-cell lymphoma (CTCL).
- SGX943: A therapeutic candidate for antibiotic-resistant and emerging infectious diseases.
- CiVax™: A vaccine candidate for COVID-19.
As of September 30, 2024, the company had no grant revenue for the three months ended, compared to $130,440 in the prior year.
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, totaled $5,727,002, slightly up from $5,560,069 in 2023. This includes:
- Research and development expenses: $2,564,887
- General and administrative expenses: $3,162,115
Research and development expenses increased by 1% year-over-year, primarily due to costs associated with new clinical trials.
Net Loss
For the nine months ended September 30, 2024, Soligenix reported a net loss of $5,279,210 compared to a net loss of $4,320,835 in the same period of 2023.
Funding Sources
To support its operations, Soligenix relies on various funding sources:
- Government grants and contracts, such as those from the National Institute of Allergy and Infectious Diseases (NIAID).
- Equity financing through public offerings and sales agreements, generating approximately $4.7 million remaining from the At Market Issuance Sales Agreement as of November 1, 2024.
Financial Position
As of September 30, 2024, Soligenix had cash and cash equivalents of $9,840,177, up from $8,446,158 at the end of 2023. The company’s total liabilities stood at $4,541,791.
Research and Development Expenditures
The company anticipates total research and development expenditures of approximately $7 million for the next 12 months, with expected reimbursements of around $0.3 million from contracts and grants.
| Financial Metric | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Total Revenue | $119,371 | $594,547 |
| Net Loss | $(5,279,210) | $(4,320,835) |
| Research and Development Expenses | $2,564,887 | $2,535,165 |
| General and Administrative Expenses | $3,162,115 | $3,098,949 |
| Cash and Cash Equivalents | $9,840,177 | $8,446,158 |
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Resources:
- Soligenix, Inc. (SNGX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Soligenix, Inc. (SNGX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Soligenix, Inc. (SNGX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.