Soligenix
SNGXNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $0.32 Prior regular-session close from the quote source.
- $0.32–$0.33 Regular-session low and high so far today.
- 62.1K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $0.28–$1.70 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own SNGX if Soligenix is a financing-sensitive, pre-commercial biotech option whose equity value depends on turning its rare-disease and public-health pipeline into approvable, partnerable assets before cash burn forces punitive dilution.
SNGX price history
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Investment thesis
What must happen next
The investment case depends on Soligenix’s lead clinical assets becoming approvable or partnerable, because the company has not yet built a recurring commercial revenue engine.HoldingMateriality: High
FY2024 annual GAAP revenue was only $119,371, confirming Soligenix remains essentially pre-commercial rather than supported by product sales. If the pipeline de-risks, the equity can revalue on future product economics; if it does not, current operations do not support the company.
Watch: FDA or EMA feedback requiring another large, company-funded pivotal trial for the CTCL program would make the asset less partnerable.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2024 annual GAAP revenue was only $119,371, confirming Soligenix remains essentially pre-commercial rather than supported by product sales.
Open source ↗Soligenix’s small-company R&D model only preserves shareholder option value if management can keep funding trials through grants, partnerships, or acceptable equity terms rather than distressed financings.HoldingMateriality: High
Cash, cash equivalents, restricted cash and restricted cash equivalents were $7.9 million at FY2025 year-end versus $7.8 million at FY2024 year-end, indicating the company was able to replenish liquidity despite losses. The same pipeline success can create very different per-share outcomes depending on whether it is funded on reasonable terms or through repeated dilution.
Watch: A closed microcap biotech financing market or Nasdaq compliance pressure forcing a discounted equity raise with warrants would impair per-share value.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash, cash equivalents, restricted cash and restricted cash equivalents were $7.9 million at FY2025 year-end versus $7.8 million at FY2024.
Open source ↗The outsourced, lean operating model must keep spending disciplined enough that each development dollar buys regulatory progress rather than simply extending losses.HoldingMateriality: Medium
FY2025 annual GAAP operating cash flow was negative $10.3 million. A controlled burn increases the chance that one positive catalyst accrues to existing holders; an accelerating burn without de-risking shortens runway and raises financing risk.
Watch: A CRO, clinical-site, or manufacturing delay that requires repeating work would convert lean outsourcing into uncontrolled trial expense.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 annual GAAP operating cash flow was negative $10.3 million.
Open source ↗The balance-sheet repair gives Soligenix time, but it does not solve the business model unless the company converts that time into pipeline de-risking or external funding.HoldingMateriality: Medium
Stockholders’ equity improved to positive $5.3 million at FY2025 year-end from negative $2.5 million at FY2022 year-end. Positive equity and lower liabilities reduce near-term distress risk, but without value-creating catalysts they merely delay dilution.
Watch: A large trial commitment or manufacturing scale-up obligation without committed funding would consume the repaired balance sheet quickly.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Stockholders’ equity improved to positive $5.3 million at FY2025 year-end from negative $2.5 million at FY2022 year-end.
Open source ↗Per-share value creation requires management to avoid financing structures that transfer the pipeline upside to new capital providers before clinical value is proven.WeakeningMateriality: Medium
FY2025 annual GAAP diluted EPS was negative $2.14. In a microcap biotech, the company can make scientific progress while existing shareholders still lose if the capitalization absorbs the upside.
Watch: A deeply discounted public offering, warrant-heavy financing, or toxic convertible security would dilute existing holders before pipeline de-risking.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 annual GAAP diluted EPS was negative $2.14.
Open source ↗
Full investment case & evidence
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Original research
The investment case depends on Soligenix’s lead clinical assets becoming approvable or partnerable, because the company has not yet built a recurring commercial revenue engine. If the pipeline de-risks, the equity can revalue on future product economics; if it does not, current operations do not support the company.
Soligenix’s small-company R&D model only preserves shareholder option value if management can keep funding trials through grants, partnerships, or acceptable equity terms rather than distressed financings. The same pipeline success can create very different per-share outcomes depending on whether it is funded on reasonable terms or through repeated dilution.
The outsourced, lean operating model must keep spending disciplined enough that each development dollar buys regulatory progress rather than simply extending losses. A controlled burn increases the chance that one positive catalyst accrues to existing holders; an accelerating burn without de-risking shortens runway and raises financing risk.
The balance-sheet repair gives Soligenix time, but it does not solve the business model unless the company converts that time into pipeline de-risking or external funding. Positive equity and lower liabilities reduce near-term distress risk, but without value-creating catalysts they merely delay dilution.
Per-share value creation requires management to avoid financing structures that transfer the pipeline upside to new capital providers before clinical value is proven. In a microcap biotech, the company can make scientific progress while existing shareholders still lose if the capitalization absorbs the upside.
All standing thesis claims
Original report summary
Soligenix is a financing-sensitive, pre-commercial biotech option whose equity value depends on turning its rare-disease and public-health pipeline into approvable, partnerable assets before cash burn forces punitive dilution.
Bull case and bear case
Bull case and bear case for Soligenix
Where the evidence on Soligenix disagrees: Mixed on the latest evidence (Nov 12, 2026). Of its 5 thesis points, 4 holding and 1 weakening.
Bull case: what the evidence supports
The investment case depends on Soligenix’s lead clinical assets becoming approvable or partnerable, because the company has not yet built a recurring commercial revenue engine.
Soligenix’s small-company R&D model only preserves shareholder option value if management can keep funding trials through grants, partnerships, or acceptable equity terms rather than distressed financings.
The outsourced, lean operating model must keep spending disciplined enough that each development dollar buys regulatory progress rather than simply extending losses.
The balance-sheet repair gives Soligenix time, but it does not solve the business model unless the company converts that time into pipeline de-risking or external funding.
Bear case: what the evidence questions
Per-share value creation requires management to avoid financing structures that transfer the pipeline upside to new capital providers before clinical value is proven.
Thesis-Break Engine
Thesis-break watch · Soligenix
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedOther material event.
Soligenix filed an SEC 8-K on 2026-09-21: Other material event. It is a dated development that tests the current thesis.
- MixedOther material event.
Soligenix filed an SEC 8-K on 2026-06-26: Other material event. It is a dated development that tests the current thesis.
- MixedDelisting notice or listing-rule failure.
Soligenix filed an SEC 8-K on 2026-06-12: Delisting notice or listing-rule failure. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- FDA or EMA feedback requiring another large, company-funded pivotal trial for the CTCL program would make the asset less partnerable.
- A closed microcap biotech financing market or Nasdaq compliance pressure forcing a discounted equity raise with warrants would impair per-share value.
- A CRO, clinical-site, or manufacturing delay that requires repeating work would convert lean outsourcing into uncontrolled trial expense.
- A large trial commitment or manufacturing scale-up obligation without committed funding would consume the repaired balance sheet quickly.
- A deeply discounted public offering, warrant-heavy financing, or toxic convertible security would dilute existing holders before pipeline de-risking.
SNGX news
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Financial statements
SNGX income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.