SOLIGENIX, INC. SNGX
This Annual Report on Form 10-K contains statements of a forward-looking nature relating to future events or our future financial performance. These statements are only predictions and actual events or results may differ materially. In evaluating such statements, you should carefully consider the various factors identified in this report that could cause actual results to differ materially from those indicated in any forward-looking statements, including those set forth in "Risk Factors" in this Annual Report on Form 10-K. See "Cautionary Note Regarding Forward Looking Statements."
We are a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases where there is an unmet medical need. We maintain two active business segments: Specialized BioTherapeutics and Public Health Solutions.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $119.4K | $839.4K | $948.9K | $824.3K | $2.4M | $3.2M | $4.0M | $4.7M | $10.4M |
| Cost of revenue | — | $119.4K | $742.0K | $550.8K | $728.6K | $1.8M | $3.6M | $4.6M | $4.3M | $8.4M |
| Gross profit | — | $0 | $97.3K | $398.1K | $95.6K | $538.5K | $1.1M | $643.7K | $1.1M | $2.0M |
| R&D | $7.5M | $5.2M | $3.3M | $7.9M | $8.2M | $9.8M | $8.1M | $6.8M | $5.5M | $4.3M |
| SG&A | $4.4M | $4.2M | $4.5M | $6.7M | $5.0M | $4.3M | $3.5M | $3.0M | $3.2M | $3.4M |
| Total operating expenses | $11.8M | $9.4M | $7.8M | $14.6M | $13.2M | $19.1M | $11.6M | $9.7M | $8.7M | $7.7M |
| Operating income | -$11.8M | -$9.4M | -$7.7M | -$14.2M | -$13.1M | -$18.6M | -$10.5M | -$9.1M | -$7.6M | -$5.7M |
| Interest expense | — | — | — | — | $862.6K | $10.9K | $149.0K | — | — | $2.2K |
| Pre-tax income | -$11.6M | -$8.7M | -$7.9M | -$15.0M | -$13.4M | -$18.5M | -$10.0M | -$8.9M | -$7.6M | -$3.8M |
| Income tax | $506.6K | $409.1K | $1.8M | $1.2M | $864.7K | $836.9K | $610.7K | — | $416.8K | $530.1K |
| Net income | -$11.1M | -$8.3M | -$6.1M | -$13.8M | -$12.6M | -$17.7M | -$9.4M | -$8.9M | -$7.1M | -$3.2M |
| EPS, basic | -2.14 | -4.98 | -12.66 | -4.81 | -4.69 | -0.64 | — | — | -1.16 | -0.93 |
| EPS, diluted | -2.14 | -4.98 | -12.66 | -4.81 | -4.69 | -0.64 | -0.48 | -0.68 | -1.16 | -1.34 |
| Shares, diluted (wtd. avg.) | $5.2M | $1.7M | $485.0K | $2.9M | $2.7M | $27.5M | — | — | $6.1M | $3.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $7.9M | $7.8M | $8.4M | $13.4M | $26.0M | $18.7M | $5.4M | $9.0M | $7.8M | $8.8M |
| Total current assets | $8.8M | $8.8M | $9.5M | $13.9M | $26.6M | $19.5M | $7.5M | $10.3M | $9.4M | $10.1M |
| Property, plant and equipment | $8.8K | $6.1K | $11.9K | $18.5K | $22.2K | $23.5K | $36.1K | $19.6K | $37.2K | $26.7K |
| Other intangibles | — | — | — | — | — | — | $19.7K | $46.9K | $74.0K | $126.6K |
| Total assets | $9.2M | $9.0M | $9.8M | $14.3M | $26.9M | $19.9M | $7.8M | $10.5M | $9.5M | $10.3M |
| Accounts payable | $1.1M | $667.9K | $1.1M | $3.9M | $2.9M | $2.1M | $2.7M | $2.1M | $1.8M | $1.7M |
| Total current liabilities | $3.7M | $4.8M | $6.2M | $16.5M | $6.3M | $6.1M | $6.3M | $4.2M | $3.2M | $2.9M |
| Long-term debt | — | $0 | $1.0M | $0 | — | — | — | — | — | — |
| Total liabilities | $3.9M | $4.8M | $7.3M | $16.8M | $16.1M | $16.1M | $6.3M | $4.2M | — | — |
| Retained earnings | -$245.1M | -$234.0M | -$225.7M | -$219.6M | -$205.8M | -$193.2M | -$175.5M | -$166.2M | -$157.3M | -$150.1M |
| Total equity | $5.3M | $4.1M | $2.5M | -$2.5M | $10.7M | $3.7M | $1.5M | $6.3M | $6.3M | $7.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$10.3M | -$8.4M | -$8.6M | -$12.6M | -$11.7M | -$11.5M | -$7.5M | -$7.2M | -$6.5M | -$5.0M |
| Depreciation and amortisation | — | — | — | — | $34.2K | $62.4K | $54.5K | $44.1K | $68.6K | $89.9K |
| Stock-based compensation | $587.6K | $329.8K | $370.2K | $333.4K | $361.6K | $409.9K | $376.3K | $380.9K | $489.8K | $575.0K |
| Capital expenditure | $5.9K | — | — | — | — | — | — | — | — | — |
| Investing cash flow | -$5.9K | — | — | -$13.1K | -$11.8K | -$7.1K | -$24.7K | -$925 | -$26.3K | -$7.2K |
| Financing cash flow | $10.4M | $7.8M | $3.7M | $76.8K | $19.1M | $24.7M | $4.0M | $8.4M | $5.6M | $8.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-089789.
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