Soligenix, Inc. reported a net loss of $2.53 million for the third quarter of 2025, an increase from a net loss of $1.72 million in the same period last year. For the nine months ending September 30, 2025, the company recorded a net loss of $8.18 million, compared to $5.28 million for the same period in 2024. The increase in losses is attributed to higher operating expenses related to ongoing clinical trials, particularly for the second Phase 3 trial of HyBryte™ for cutaneous T-cell lymphoma (CTCL), and a decrease in interest income. The company reported no revenue for the third quarter of 2025, a decline from $119,371 in the prior year, reflecting the absence of government grant revenue during the period.
Operating expenses for the third quarter of 2025 totaled $2.58 million, up from $1.87 million in the same quarter of 2024. Research and development expenses rose significantly to $1.58 million from $968,689, primarily due to costs associated with the Phase 3 CTCL trial. General and administrative expenses also increased slightly to $996,604 from $896,547. The company’s cash and cash equivalents increased to $10.53 million as of September 30, 2025, compared to $7.82 million at the end of 2024, largely due to a public offering completed on September 29, 2025, which raised approximately $7.5 million.
In terms of strategic developments, Soligenix is advancing its clinical programs, particularly the HyBryte™ therapy for CTCL, which is currently in a confirmatory Phase 3 trial. The company has received agreement from the European Medicines Agency (EMA) on the trial design and began patient enrollment in December 2024, with top-line results expected in the second half of 2026. Additionally, the company is expanding its research into psoriasis with the SGX302 program and is pursuing further development of its Innate Defense Regulator technology, dusquetide, for various inflammatory diseases.
Operationally, Soligenix has made significant progress in its business segments, which include Specialized BioTherapeutics and Public Health Solutions. The company is actively seeking additional government grants and contracts to support its development programs. As of September 30, 2025, Soligenix had a total of 9,861,130 shares outstanding, a substantial increase from 2,514,499 shares at the end of 2024, reflecting its recent public offering and other equity transactions. The company is also exploring potential partnerships and acquisition strategies to enhance its pipeline and financial position.
Looking ahead, Soligenix anticipates continued losses as it invests in the advancement of its clinical programs. The company believes it has sufficient resources to support its operations for at least the next twelve months, based on its current cash position and operational budget. However, it acknowledges the inherent risks in biotechnology development, including the uncertainty of regulatory approvals and market acceptance of its product candidates.
About SOLIGENIX, INC.
Soligenix, Inc. is a late-stage biopharmaceutical company developing treatments for rare diseases and infectious threats. Its core segments focus on innovative therapies for cutaneous T-cell lymphoma, psoriasis, and inflammatory diseases, utilizing proprietary photodynamic and immune-modulating technologies. The company also advances vaccine platforms targeting biothreats like ricin, Ebola, and COVID-19, leveraging government grants and strategic partnerships to bring novel, targeted therapeutics and vaccines to global markets.
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