Soligenix Reports Decreased Net Losses and No Revenue for Q2 2026

Soligenix, Inc. reported a net loss of $1,987,354 for the three months ended June 30, 2026, a decrease from a net loss of $2,701,976 in the same period of the previous year. For the six months ended June 30, 2026, the company recorded a net loss of $4,812,319, down from $5,653,244 in the prior year. The reduction in losses is attributed primarily to decreased research and development expenses, particularly related to the termination of the HyBryte™ development program. The company reported no revenue for both the three and six months ended June 30, 2026, consistent with the previous year.

Total operating expenses for the second quarter of 2026 were $2,099,463, compared to $2,763,879 in the same quarter of 2025. Research and development expenses decreased to $974,091 from $1,677,014 year-over-year, while general and administrative expenses remained relatively stable at $1,125,372 compared to $1,086,865 in the prior year. The company’s interest income for the second quarter was $53,598, down from $69,823 in the same period last year, reflecting lower cash balances and decreasing interest rates.

As of June 30, 2026, Soligenix had cash and cash equivalents of $9,811,141, an increase from $7,936,153 at the end of 2025. The company’s working capital also improved to $6,499,947 from $5,149,732. This increase is primarily due to cash proceeds from at-the-market sales of common stock, which totaled approximately $6,234,000 under the Rodman Sales Agreement. The company has plans to continue exploring additional capital through public or private equity offerings and government grants to support its operations and product development.

Strategically, Soligenix has decided to terminate the HyBryte™ development program following a recommendation from the Data Monitoring Committee to halt the Phase 3 FLASH2 trial for futility. The company will wind down related activities and incur approximately $70,000 in charges for this process. Despite this setback, Soligenix continues to focus on its other product candidates, including SGX302 for psoriasis and SGX945 for Behçet’s Disease, with ongoing clinical trials and development efforts. The company is also exploring potential partnerships and collaborations to enhance its product pipeline.

Looking ahead, Soligenix anticipates continued losses as it advances its product candidates and manages operational expenditures. The company has expressed confidence in its cash runway, which it estimates will support operations into the second quarter of 2028, contingent on securing additional funding and managing its expenditures effectively. However, the company acknowledges the ongoing challenges in the biotechnology sector, including market conditions and the need for successful clinical outcomes to attract further investment and partnerships.