SNGXNasdaqPharmaceutical PreparationsUS GAAP · USD

Soligenix, Inc

Soligenix, Inc. is a U.S.-based late-stage biopharmaceutical company focused on developing and commercializing therapies for rare diseases and other conditions with unmet medical need. Its pipeline is organized into two business segments: Specialized BioTherapeutics and Public Health Solutions, with programs spanning photodynamic therapy, inflammatory disease, and biodefense-related medical countermeasures.

Operating profit (EBIT)-11.8m USD
−25.5 %y/y
Net income-11.1m USD
−34.0 %y/y
Free cash flow-10.3m USD
−22.2 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-20-15-10-505m USD2020: 2.4 m USD2020: EBIT -19 m USD20202021: 0.82 m USD2021: EBIT -13 m USD20212022: 0.95 m USD2022: EBIT -14 m USD20222023: 0.84 m USD2023: EBIT -7.7 m USD20232024: 0.12 m USD2024: EBIT -9.4 m USD20242025: EBIT -12 m USD2025-12
RevenueOperating profit (EBIT)

Business

Share of revenue
Specialized BioTherapeutics85 %

Clinical-stage therapies for rare diseases and inflammatory conditions, including HyBryte™, SGX302, SGX942 and SGX945.

Public Health Solutions15 %

Programs and collaborations tied to public health, biodefense, and government-supported development work.

Customers

Soligenix does not sell to a broad commercial customer base in the way a mature pharmaceutical company does; its primary counterparties are clinical trial participants, research collaborators, government agencies, and potential future commercial partners. In the current stage of the business, value is created through development programs, grant-funded work, and eventual licensing or commercialization of approved therapies.

Clinical trial patients

Patients with CTCL, psoriasis, oral mucositis, Behçet's disease, and related rare/inflammatory conditions enrolled in studies of the pipeline.

Government and grant funding bodies

Public agencies and programs that support development work through grants, subawards, and research contracts.

Potential commercial partners

Biopharma partners that may license, co-develop, or help commercialize product candidates after clinical success.

Specialty physicians and treatment centers

Future end users for approved therapies in dermatology, oncology, and inflammatory disease settings.

Strategy

The company’s strategy is to advance HyBryte™ through late-stage clinical development and seek regulatory approval for CTCL, while extending its synthetic hypericin platform into adjacent indications. It also pursues government support, partnerships, and other financing sources to fund development and preserve optionality across its pipeline.

Complete late-stage development of HyBryte™Medium term

Regulatory approval depends on successful confirmatory clinical data in CTCL.

Broaden the synthetic hypericin platformMedium term

Additional indications can increase the value of the core technology beyond CTCL.

Advance dusquetide-based inflammatory disease programsMedium term

Pipeline diversification reduces dependence on a single lead asset.

Secure external funding and partnershipsShort term

Development-stage biopharma programs require non-dilutive support and collaboration capital.

Geography

Soligenix is headquartered in the United States and conducts its development activities through a U.S.-based biopharmaceutical structure. Its programs are intended for worldwide regulatory pathways, including the U.S. FDA and the European Medicines Agency, so clinical and commercialization exposure is tied to both U.S. and international approval processes.

Risks

Soligenix faces the typical risks of a development-stage biopharmaceutical company: clinical trial failure, regulatory delay, manufacturing dependence, and competition from alternative therapies. Company-specific risks also include dilution from equity-linked securities and dependence on external financing to support ongoing development and operations.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Clinical development failure1Regulatory approval risk3Manufacturing and supply chain dependence4Financing and dilution risk2
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Clinical development failureImpact: CriticalLikelihood: Medium

    Pipeline value depends on positive trial outcomes, especially for HyBryte™ and other candidates.

    ExposureHyBryte™SGX302SGX942SGX945
  2. Financing and dilution riskImpact: HighLikelihood: High

    Development spending exceeds current product revenue and the company relies on external capital sources.

    ExposureATM salesWarrantsOptionsConvertible instruments
  3. Regulatory approval riskImpact: HighLikelihood: Medium

    Products cannot be commercialized without FDA/EMA approval and the company has limited approval experience.

    Exposure: U.S. and ex-U.S. commercialization

  4. Manufacturing and supply chain dependenceImpact: HighLikelihood: Medium

    Clinical and commercial supply relies on third-party manufacturers meeting quality and timing requirements.

    Exposure: Clinical trial supply and future commercial supply

  5. Competitive and technology riskImpact: Medium

    Other companies may develop more effective or better-tolerated treatments for the same indications.

    Exposure: Rare disease and inflammatory disease markets

Accounting

Judgemental items
Fair value accounting for convertible debt

The company recognized gains and later changed accounting treatment as debt terms were amended and repaid.

Impact: Can create non-cash volatility in other income and net loss

Government subaward revenue recognition

Revenue is tied to reimbursable research activity rather than product sales.

Impact: Creates low and uneven revenue tied to trial spending

Equity-linked instruments and dilution

Warrants, options, and at-the-market sales affect share count and capital structure.

Impact: Impacts EPS, dilution, and financing flexibility

Going concern disclosure

The company states that future funding is needed to continue operations.

Impact: Important for assessing liquidity and financial statement assumptions

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026