Soligenix, Inc. (NASDAQ: SNGX) shares lost some steam early Friday, as the company, a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases where there is an unmet medical need, announced today its recent accomplishments and financial results for the year ended December 31, 2024.
Soligenix reported revenues of $0.1 million for the year, compared to $0.8 million for the prior year. The decrease was primarily due to the timing of government grant funding and contracts supporting the development of SGX943 for emerging infectious diseases, as well as the development of CiVax™ and HyBryte™. While we continue to receive government funding, fluctuations in grant timing may impact quarterly and annual revenues.
Soligenix's net loss was $8.3 million, or ($4.98) per share, for the year ended December 31, 2024, compared to $6.1 million, or ($12.66) per share, for the prior year. The change in net loss per share reflects the Company's one-for-sixteen reverse stock split, which was completed in June 2024.
General and administrative expenses were $4.2 million and $4.5 million for the years ended December 31, 2024 and 2023, respectively. The decrease in general and administrative expenses for the three months ended December 31, 2024 was primarily attributable to decreases in legal and consulting expenses.
As of December 31, 2024, the Company's cash position was approximately $7.8 million.
SNGX shares started out Friday down eight cents, or 3.4%, to $2.27.
