SOLIGENIX, INC. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>SOLIGENIX, INC. (SNGX) filed its Q1 2024 10-Q, detailing financial performance and corporate history.</b>

AI Summary

SOLIGENIX, INC. (SNGX) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. The company filed a 10-Q for the period ending March 31, 2024. The filing includes financial data for Q1 2024 and comparative periods. Key dates related to convertible debt and stock transactions are noted. The company was formerly known as DOR BIOPHARMA INC, ENDOREX CORP, and IMMUNOTHERAPEUTICS INC. The business address is located in Princeton, NJ.

Why It Matters

For investors and stakeholders tracking SOLIGENIX, INC., this filing contains several important signals. This 10-Q provides investors with the latest financial snapshot of Soligenix, Inc., crucial for understanding its current operational and financial health. The filing's historical company name changes and specific debt/stock transaction dates offer context on the company's evolution and financing strategies.

Risk Assessment

Risk Level: medium — SOLIGENIX, INC. shows moderate risk based on this filing. The company's financial performance and operational status are not detailed in the provided text, making it difficult to assess its current financial health or future prospects.

Analyst Insight

Review the full 10-Q filing for detailed financial statements, management discussion, and risk factors to gain a comprehensive understanding of Soligenix, Inc.'s current situation.

Key Numbers

• 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-10 — Filing Date (FILED AS OF DATE)
• 001-14778 — SEC File Number (SEC FILE NUMBER)
• 2834 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• SOLIGENIX, INC. (company) — FILER
• DOR BIOPHARMA INC (company) — FORMER COMPANY
• ENDOREX CORP (company) — FORMER COMPANY
• IMMUNOTHERAPEUTICS INC (company) — FORMER COMPANY
• Pontifax Medison Finance (company) — Financing Member

FAQ

Industry Context

Soligenix, Inc. operates in the pharmaceutical preparations industry, focusing on developing and commercializing products for treating diseases.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports to the SEC.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue, expenses, and cash flow.
2. Review the 'Risk Factors' section for potential challenges and uncertainties facing the company.
3. Investigate the 'Subsequent Events' to understand any material developments after the reporting period.

Key Dates

• 2024-03-31: Quarterly Period End — Reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q was officially filed with the SEC.
• 2024-01-03: Convertible Debt Transaction — Related to Pontifax Medison Finance and convertible debt.
• 2024-04-15: Subsequent Event — Related to Pontifax Medison Finance, convertible debt, and common stock.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with an update on the company's financial performance and condition.)

Convertible Debt

A type of bond or debt security that can be converted into shares of common stock in the issuing company. (Indicates potential future dilution of common stock if converted.)

Year-Over-Year Comparison

This is the first 10-Q filing provided for Soligenix, Inc. in this analysis, so no direct comparison to a prior filing is possible from the given data.

Key Financial Figures

• $1.00 — ny did not meet the minimum bid price of$1.00 per share required for continued listin
• $5,000,000 m — use the Company did not comply with the $5,000,000 minimum stockholders' equity initial list

Filing Documents

• sngx-20240331x10q.htm (10-Q) — 1174KB
• sngx-20240331xex31d1.htm (EX-31.1) — 18KB
• sngx-20240331xex31d2.htm (EX-31.2) — 18KB
• sngx-20240331xex32d1.htm (EX-32.1) — 8KB
• sngx-20240331xex32d2.htm (EX-32.2) — 10KB
• 0001558370-24-007782.txt (&nbsp;) — 5229KB
• sngx-20240331.xsd (EX-101.SCH) — 32KB
• sngx-20240331_cal.xml (EX-101.CAL) — 40KB
• sngx-20240331_def.xml (EX-101.DEF) — 181KB
• sngx-20240331_lab.xml (EX-101.LAB) — 332KB
• sngx-20240331_pre.xml (EX-101.PRE) — 264KB
• sngx-20240331x10q_htm.xml (XML) — 715KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 Item 4

Controls and Procedures

Controls and Procedures 49 Part II OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 50 Item 1A

Risk Factors

Risk Factors 50 Item 5 Other Information 51 Item 6 Exhibits 52

SIGNATURES

SIGNATURES 53 i Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

- FINANCIAL STATEMENTS

ITEM 1 - FINANCIAL STATEMENTS Soligenix, Inc. and Subsidiaries Condensed Consolidated Balance Sheets March 31, December 31, 2024 2023 Assets (unaudited) Current assets: Cash and cash equivalents $ 7,091,548 $ 8,446,158 Contracts and grants receivable 117,029 — Unbilled revenue — 171,254 Research and development incentives receivable, current 25,253 23,894 Deferred issuance cost 132,681 — Prepaid expenses and other current assets 451,876 866,014 Total current assets 7,818,387 9,507,320 Security deposit 22,777 22,777 Office furniture and equipment, net 10,339 11,927 Right-of-use lease assets 200,569 229,834 Research and development incentives receivable, net of current portion 6,313 25,468 Total assets $ 8,058,385 $ 9,797,326 Liabilities and shareholders' equity Current liabilities: Accounts payable $ 1,436,728 $ 1,111,226 Accrued expenses 2,602,665 2,418,002 Accrued compensation 50,216 251,115 Lease liabilities, current 125,143 121,765 Convertible debt 2,996,136 2,250,000 Total current liabilities 7,210,888 6,152,108 Non-current liabilities: Convertible debt — 1,010,934 Lease liabilities, net of current portion 79,125 111,862 Total liabilities 7,290,013 7,274,904 Commitments and contingencies (Note 6) Shareholders' equity: Preferred stock, 350,000 shares authorized; none issued or outstanding at March 31, 2024 and December 31, 2023, respectively — — Common stock, $ .001 par value; 75,000,000 shares authorized; 10,524,437 and 10,378,238 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 10,524 10,378 Additional paid-in capital 228,353,208 228,193,977 Accumulated other comprehensive income 24,143 22,243 Accumulated deficit ( 227,619,503 ) ( 225,704,176 ) Total shareholders' equity 768,372 2,522,422 Total liabilities and shareholders' equity $ 8,058,385 $ 9,797,326

View Full Filing

View this 10-Q filing on SEC EDGAR