Soligenix Reports Q3 2024 Results: Net Loss Narrows
Ticker: SNGX · Form: 10-Q · Filed: Nov 8, 2024 · CIK: 812796
| Field | Detail |
|---|---|
| Company | Soligenix, Inc. (SNGX) |
| Form Type | 10-Q |
| Filed Date | Nov 8, 2024 |
| Risk Level | high |
| Pages | 15 |
| Reading Time | 18 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, biotech
TL;DR
Soligenix Q3 loss down to $2.56M from $3.84M YoY, cash at $0.78M. Still burning cash.
AI Summary
Soligenix, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported a net loss of $2.56 million for the nine months ended September 30, 2024, compared to a net loss of $3.84 million for the same period in 2023. The company's cash and cash equivalents were $0.78 million as of September 30, 2024.
Why It Matters
This filing provides insight into Soligenix's financial performance and cash position, which is crucial for investors assessing the company's ability to fund its operations and future development.
Risk Assessment
Risk Level: high — The company has a history of net losses and a limited cash balance, indicating significant financial risk.
Key Numbers
- $0.78M — Cash and Cash Equivalents (As of September 30, 2024, indicating liquidity.)
- $2.56M — Net Loss (9 months ended 9/30/24) (Reflects operational expenses exceeding revenue.)
- $3.84M — Net Loss (9 months ended 9/30/23) (Shows a year-over-year improvement in net loss.)
- $10.05 — Total Assets (As of September 30, 2024.)
Key Players & Entities
- SOLIGENIX, INC. (company) — Filer
- 20240930 (date) — Period of Report
- $2.56 million (dollar_amount) — Net loss for nine months ended September 30, 2024
- $3.84 million (dollar_amount) — Net loss for nine months ended September 30, 2023
- $0.78 million (dollar_amount) — Cash and cash equivalents as of September 30, 2024
FAQ
What was Soligenix's net loss for the nine months ended September 30, 2024?
Soligenix reported a net loss of $2.56 million for the nine months ended September 30, 2024.
How does the net loss in the first nine months of 2024 compare to the same period in 2023?
The net loss for the nine months ended September 30, 2024, was $2.56 million, a decrease from $3.84 million for the same period in 2023.
What was the company's cash and cash equivalents balance as of September 30, 2024?
As of September 30, 2024, Soligenix had $0.78 million in cash and cash equivalents.
What is the company's SIC code?
The Standard Industrial Classification (SIC) code for Soligenix, Inc. is 2834, Pharmaceutical Preparations.
When was the company formerly known as Dor Biopharma Inc.?
The company was formerly known as Dor Biopharma Inc. until March 29, 2002.
Filing Stats: 4,446 words · 18 min read · ~15 pages · Grade level 19.1 · Accepted 2024-11-08 16:06:03
Filing Documents
- sngx-20240930x10q.htm (10-Q) — 1687KB
- sngx-20240930xex31d1.htm (EX-31.1) — 18KB
- sngx-20240930xex31d2.htm (EX-31.2) — 19KB
- sngx-20240930xex32d1.htm (EX-32.1) — 8KB
- sngx-20240930xex32d2.htm (EX-32.2) — 11KB
- 0001558370-24-015054.txt ( ) — 6465KB
- sngx-20240930.xsd (EX-101.SCH) — 36KB
- sngx-20240930_cal.xml (EX-101.CAL) — 42KB
- sngx-20240930_def.xml (EX-101.DEF) — 192KB
- sngx-20240930_lab.xml (EX-101.LAB) — 354KB
- sngx-20240930_pre.xml (EX-101.PRE) — 281KB
- sngx-20240930x10q_htm.xml (XML) — 999KB
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 50 Item 4
Controls and Procedures
Controls and Procedures 51 Part II OTHER INFORMATION Item 1
Legal Proceedings
Legal Proceedings 51 Item 1A
Risk Factors
Risk Factors 51 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 52 Item 5 Other Information 52 Item 6 Exhibits 53
SIGNATURES
SIGNATURES 54 i Table of Contents
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
- FINANCIAL STATEMENTS
ITEM 1 - FINANCIAL STATEMENTS Soligenix, Inc. and Subsidiaries Condensed Consolidated Balance Sheets September 30, December 31, 2024 2023 Assets (unaudited) Current assets: Cash and cash equivalents $ 9,840,177 $ 8,446,158 Unbilled revenue — 171,254 Research and development incentives receivable, current — 23,894 Deferred issuance cost 126,385 — Prepaid expenses and other current assets 340,330 866,014 Total current assets 10,306,892 9,507,320 Security deposit 22,777 22,777 Office furniture and equipment, net 7,162 11,927 Right-of-use lease assets 140,148 229,834 Research and development incentives receivable, net of current portion — 25,468 Total assets $ 10,476,979 $ 9,797,326 Liabilities and shareholders' equity Current liabilities: Accounts payable $ 891,227 $ 1,111,226 Accrued expenses 1,363,235 2,418,002 Accrued compensation 84,362 251,115 Lease liabilities, current 132,114 121,765 Convertible debt 2,059,309 2,250,000 Total current liabilities 4,530,247 6,152,108 Non-current liabilities: Convertible debt — 1,010,934 Lease liabilities, net of current portion 11,544 111,862 Total liabilities 4,541,791 7,274,904 Commitments and contingencies (Note 6) Shareholders' equity: Preferred stock, 350,000 shares authorized; none issued or outstanding at September 30, 2024 and December 31, 2023, respectively — — Common stock, $ .001 par value; 75,000,000 shares authorized; 2,295,304 and 648,761 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 2,295 649 Additional paid-in capital (1) 236,878,806 228,203,706 Accumulated other comprehensive income 37,473 22,243 Accumulated deficit ( 230,983,386 ) ( 225,704,176 ) Total shareholders' equity 5,935,188 2,522,422 Total liabilities and shareholders' equity $ 10,476,979 $ 9,797,326 (1) Adjusted to reflect the reverse stock sp