10-Q · May 8, 2026
Soligenix, Inc. reported no revenue for Q1 2026, continuing a trend from the previous quarters. The company incurred a net loss of $2.82 million, a slight reduction from a loss of $2.95 million in Q1 2025. Operating…
Earnings analysis · 10-Q
SNGX earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
Soligenix's Q2 2026 results showed no revenue and a $0.12 diluted loss per share, although the quarterly and year-to-date losses narrowed year over year as HyBryte-related R&D declined. Cash rose to $9.8 million through…
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Soligenix's Q2 2026 results showed no revenue and a $0.12 diluted loss per share, although the quarterly and year-to-date losses narrowed year over year as HyBryte-related R&D declined. Cash rose to $9.8 million through ATM financing, and management estimates runway into Q2 2028, but the company still cites substantial doubt about going concern and has no committed funding alternatives beyond remaining ATM capacity. The termination of HyBryte after a futility recommendation, continuing Nasdaq bid-price deficiency and significant dilution overhang materially weaken the outlook despite lower cash burn and ongoing SGX302/SGX945 development.
Reported figures
- Earnings per share
- $-0.12
- Segment
- Specialized BioTherapeutics: Q2 2026 revenue $0; R&D expense $831,614; loss from operations $871,511, versus $1,550,009 in Q2 2025.
- Segment
- Public Health Solutions: Q2 2026 revenue $0; R&D expense $2,745; loss from operations $2,854, versus $4,241 in Q2 2025.
- Segment
- Corporate: Q2 2026 G&A expense $1,048,309 and loss from operations $1,225,098, versus $1,209,629 in Q2 2025.
What stood out
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Quarterly Loss Narrowed Year Over Year
Q2 2026 net loss improved by $714,622 year over year to $1,987,354 from $2,701,976, primarily because R&D expense declined $702,923 to $974,091 after the FLASH2/HyBryte program wind-down.
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Lower Year-to-Date R&D Spending
Six-month net loss improved by $840,925 to $4,812,319 from $5,653,244, while six-month R&D expense declined $862,303 to $2,756,391.
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Cash Increased Through Equity Financing
Cash and cash equivalents increased $1,874,988 to $9,811,141 at June 30, 2026 from $7,936,153 at December 31, 2025, supported by $6,037,818 of ATM stock-sale proceeds.
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Runway Extends Into Q2 2028
Management estimates cash runway into the second quarter of 2028 based on its operating budget, current cash outflows and cash on hand; working capital was $6,499,947 at June 30, 2026 versus $5,149,732 at December 31, 2025.
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Pipeline Focus Shifts to SGX302 and SGX945
The company continues development of SGX302 and SGX945: SGX302's Phase 2a study remains ongoing, while the SGX945 Phase 2a study was completed after demonstrating safety and biological efficacy.
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Lower Operating Cash Burn
Operating cash outflow decreased to $4,064,414 for the six months ended June 30, 2026 from $4,588,835 in the prior-year period; investing cash outflow was $0 because no furniture or equipment was purchased.
What to watch
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Going Concern Remains Material
The filing continues to state substantial doubt about going concern despite management's estimated runway into Q2 2028. The company had an accumulated deficit of $249,863,451, a six-month net loss of $4,812,319 and six-month operating cash use of $4,064,414.
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FLASH2 Halted and HyBryte Terminated
HyBryte development was terminated in June 2026 after the FLASH2 Phase 3 trial was recommended to halt for futility in April 2026. Management estimated approximately $70,000 of wind-down charges, and six-month HyBryte R&D expense was still $2,593,428.
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Nasdaq Bid-Price Deficiency
Nasdaq notified the company on June 10, 2026 that it failed the $1.00 minimum bid-price requirement, with a compliance deadline of December 7, 2026. Failure to regain compliance could result in delisting, although the company reported stockholders' equity of approximately $6.6 million versus the $2.5 million minimum equity standard.
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Large Dilution Overhang
The company has substantial potential dilution from 6,798,141 common-stock warrants at a weighted-average exercise price of $2.36, 890,119 options at $6.01, and 5,703,170 shares available under the 2025 Equity Incentive Plan.
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Uncommitted Financing Needs
Funding remains dependent on additional financing, grants or strategic transactions that are not committed. The ATM facility had approximately $2.4 million of remaining capacity as of July 31, 2026, after approximately $6,234,000 of prior sales.
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No Revenue and Unfunded R&D
The company reported no revenue for either the three or six months ended June 30, 2026, and expects approximately $1.6 million of R&D spending over the next 12 months without anticipated contract or grant reimbursement revenue.
Management's outlook
No numeric revenue or EPS guidance was provided. Management expects total R&D expenditures for the next 12 months to be approximately $1.6 million, entirely related to Specialized BioTherapeutics, and does not anticipate contract or grant reimbursement revenue during that period.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.