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Soligenix, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $1,719,381 compared to $1,662,702 in the same quarter the previous year. The increase in net loss is attributed to decreased revenue and increased operating expenses.
Revenues for the quarter were $0, a decrease from $130,440 in the previous year, primarily due to the conclusion of higher margin grants.
Research and development expenses increased to $968,689 from $826,015, driven by preliminary costs associated with new clinical trials.
General and administrative expenses decreased to $896,547 from $973,040, mainly due to reduced legal and professional fees.
The company reported a gross profit of $0 for the quarter, compared to $19,999 in the previous year, reflecting the end of certain grant revenues.
Interest income increased to $78,836 from $66,363, due to reduced interest expenses following debt repayments.
Cash and cash equivalents were $9,840,177 as of September 30, 2024, up from $8,446,158 at the end of 2023. Working capital increased to $5,776,645 from $3,355,212.
The filing discusses the company's liquidity concerns, noting that it does not have sufficient cash to support operations for the next 12 months without additional financing.
Soligenix continues to focus on developing its product candidates, including HyBryte™ for cutaneous T-cell lymphoma and SGX302 for psoriasis, with ongoing clinical trials and regulatory engagements.
The company is exploring various financing strategies, including equity offerings and strategic partnerships, to address its liquidity needs.
The report also highlights recent business developments, such as the formation of a Medical Advisory Board for SGX302 and positive preliminary results from ongoing clinical trials.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Soligenix Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.