Soligenix, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable decline in revenue, reporting no revenue for the three months ended September 30, 2024, compared to $130,440 for the same period in 2023. For the nine months ended September 30, 2024, total revenues were $594,547, an increase from $119,371 in the prior year. However, gross profit for the three-month period was zero, down from $19,999 in 2023, and for the nine-month period, gross profit also fell to zero from $74,045.

Operating expenses for the three months ended September 30, 2024, rose to $1,865,236, compared to $1,799,055 in the same quarter of 2023. For the nine-month period, operating expenses increased slightly to $5,727,002 from $5,634,114. The net loss applicable to common stockholders for the three months was $(1,719,381), a marginal increase from $(1,662,702) in 2023. For the nine months, the net loss was $(5,279,210), compared to $(4,320,835) in the previous year.

The company’s cash and cash equivalents increased to $9,840,177 as of September 30, 2024, up from $8,446,158 at the end of 2023. Working capital also improved to $5,776,645, a 72% increase from $3,355,212 at the end of the previous fiscal year. This increase was primarily attributed to cash received from financing activities, despite cash used in operating activities.

Strategically, Soligenix completed a public offering on April 22, 2024, raising approximately $4.75 million in gross proceeds. Additionally, a warrant inducement agreement was entered into on July 9, 2024, which reduced the exercise price of existing warrants and generated approximately $4.2 million in gross proceeds from the exercise of up to 703,125 shares. The company is actively pursuing additional equity and debt financing opportunities to address liquidity concerns, as it does not have sufficient cash to support operations for at least the next 12 months.

Soligenix continues to focus on its two business segments: Specialized BioTherapeutics and Public Health Solutions. The company is advancing its clinical programs, including the HyBryte™ Phase 3 study for cutaneous T-cell lymphoma, with patient enrollment targeted by the end of 2024. The company is also exploring strategic alternatives, including potential mergers and acquisitions, to enhance its product pipeline and market position.