Soligenix Reports Increased Net Loss and No Revenue for Q2 2025

Soligenix, Inc. reported a net loss of $2.7 million for the three months ended June 30, 2025, compared to a net loss of $1.6 million for the same period in 2024, marking an increase of $1.1 million. For the six months ended June 30, 2025, the company recorded a net loss of $5.7 million, up from $3.6 million in the prior year, reflecting a $2.1 million increase. The rise in losses was primarily attributed to higher operating expenses related to ongoing clinical trials and a decrease in other income, particularly due to the absence of changes in the fair value of convertible debt, which had positively impacted the previous year's results.

In terms of revenue, Soligenix reported no revenue for the second quarter of 2025, a decline from $2,342 in the same quarter of 2024. Similarly, for the first half of 2025, the company did not generate any revenue, down from $119,371 in the prior year. Research and development expenses surged to $1.7 million in the second quarter of 2025, up from $501,158 in the same quarter of 2024, driven by costs associated with the Phase 2 study in Behçet's Disease and the second Phase 3 trial for HyBryte™. General and administrative expenses decreased slightly to $1.1 million from $1.2 million year-over-year.

As of June 30, 2025, Soligenix had cash and cash equivalents of $5.1 million, down from $7.8 million at the end of 2024. The company's working capital also decreased to $1.7 million from $4 million. The decline in cash was primarily due to cash used in operating activities and the repayment of convertible debt, although the company did receive proceeds from financing activities. Soligenix indicated that it has sufficient resources to support its operations through the first quarter of 2026 but raised concerns about its ability to continue as a going concern without securing additional capital.

Strategically, Soligenix is advancing its product pipeline, particularly focusing on HyBryte™, a treatment for cutaneous T-cell lymphoma, which is currently in a confirmatory Phase 3 trial. The company has also initiated a Phase 2a study for SGX302, targeting mild-to-moderate psoriasis. Additionally, Soligenix is exploring partnerships and potential collaborations to enhance its financial position and support its development programs. The company plans to continue applying for government grants and contracts to fund its initiatives, although it acknowledges the uncertainty surrounding its ability to secure sufficient financing in the future.