Soligenix (SNGX) AI Stock Analysis

• Market Cap: $11.70M
• Dividend Yield: N/A
• Average Volume (3M): 180.56K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.32
• Revenue Growth: N/A
• EPS Growth: 53.13%
• Country: US
• Employees: 14
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.58
• Shares Outstanding: 10,086,130
• 10 Day Avg. Volume: 198,168
• 30 Day Avg. Volume: 180,558
• PEG Ratio: <0.01
• Price to Book (P/B): 1.09
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -0.53
• Enterprise Value/Market Cap: 0.03
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -496.86
• Enterprise Value/Ebitda: -0.03
• 1Y Price Target: $10.00
• Price Target Upside: 594.44% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.85
• Revenue Forecast (FY): $800.00K

• Rating: 43 Neutral
• Price Target: $1.50 ▲(4.17% Upside)

The score is held down primarily by very weak financial performance (no revenue, persistent losses, and ongoing cash burn). Technical indicators are neutral-to-soft with price below key moving averages and a negative MACD. Corporate events provide some support via regained Nasdaq compliance, but the new ATM facility underscores continued reliance on external financing, while valuation metrics are constrained by negative earnings and no dividend.

Positive Factors

ThermoVax vaccine stability platform

ThermoVax reduces cold-chain dependency, a structural advantage for vaccine distribution and biodefense programs. Heat-stable formulations can attract government funding and strategic partners, creating durable licensing and collaboration opportunities that persist beyond any single clinical readout.

Confirmatory Phase 3 progress on HyBryte

Completing planned enrollment for the FLASH2 confirmatory Phase 3, which mirrors a prior statistically significant study, materially de-risks the regulatory pathway. A positive confirmatory result would enable commercialization, licensing, or government uptake, fundamentally changing the company's long-term cash generation prospects.

Improving leverage and exchange compliance

Marked debt reduction and positive equity lower insolvency and refinancing risk, improving strategic flexibility. Regaining Nasdaq compliance further reduces listing risk and preserves access to public capital markets and partner credibility, supporting longer-term financing and partnership options.

Negative Factors

No revenue and persistent cash burn

Zero revenue and roughly −$8.4M operating free cash flow in 2024 show structural negative cash generation. Persistent operating losses force continual external financing, limit investment in commercialization, and make sustainability highly contingent on positive trial outcomes or milestone payments.

Reliance on external equity financing (ATM program)

An active ATM program signals ongoing dependence on equity markets to fund operations. While flexible, repeated use is dilutive and indicates limited internal cash generation; long-term shareholder value is vulnerable if clinical progress does not convert into revenue or non-dilutive government contracts.

Binary, small-scale clinical-stage business model

As a development-stage biotech with no approved products and a small team, the company faces a binary outcome set: success in trials or dependence on partners/financing. Limited commercial infrastructure and scale increase execution risk and lengthen time to self-sustaining revenues even if clinical results are favorable.

Soligenix Business Overview & Revenue Model

Company Description

Soligenix, Inc., a late-stage biopharmaceutical company, focuses on developing and commercializing products to treat rare diseases in the United States. It operates in two segments, Specialized BioTherapeutics and Public Health Solutions. The Specialized BioTherapeutics segment develops SGX301 (HyBryte), a novel photodynamic therapy, which has completed Phase III clinical trial for the treatment of treat cutaneous T-cell lymphoma; and SGX942, an innate defense regulator technology that is in Phase III clinical trial for the treatment of inflammatory diseases, including oral mucositis in head and neck cancer. This segment also offers proprietary formulations of oral beclomethasone 17,21-dipropionate for the prevention/treatment of gastrointestinal disorders characterized by severe inflammation, including SGX203 for pediatric Crohn's disease; and SGX302 that is in Phase I/II clinical trial for the treatment of mild-to-moderate psoriasis. The Public Health Solutions segment is involved in the development of RiVax, a ricin toxin vaccine candidate, which has completed Phase Ia and Ib clinical trials; SGX943, a therapeutic candidate that is in pre-clinical stage for the treatment of antibiotic resistant and emerging infectious diseases; ThermoVax, a technology in pre-clinical development for thermostabilizing vaccines; and CiVax, a vaccine candidate in pre-clinical development for the prevention of COVID-19. The company was formerly known as DOR BioPharma, Inc. and changed its name to Soligenix, Inc. in 2009. Soligenix, Inc. was incorporated in 1987 and is headquartered in Princeton, New Jersey.

How the Company Makes Money

Soligenix makes money primarily through the research, development, and commercialization of its biopharmaceutical products. The company's revenue streams include government grants and contracts, especially for its biodefense programs, as well as potential future revenues from product sales, partnerships, and collaborations with other pharmaceutical companies. Soligenix's financial success is heavily dependent on the successful development and approval of its lead product candidates, which can result in licensing agreements, milestone payments, and royalties. Additionally, its biodefense division benefits from government funding, which supports the development of vaccines and therapeutics for potential bioterrorism threats.

Soligenix Financial Statement Overview

Summary

Financial performance is weak: revenue was $0 in 2024 with continued large operating and net losses, and operating/free cash flow remained meaningfully negative (about -$8.4M in 2024). The key offset is improved capitalization versus prior years (debt reduced to about $1.5M and equity positive), but ongoing cash burn and lack of revenue traction keep risk elevated.

Income Statement

Operating performance remains very weak, with persistent losses across the entire period and no meaningful revenue base recently. In 2024, revenue was $0 (down 100% vs. the prior year), while operating losses stayed large (EBIT about -$9.4M; net loss about -$8.3M). Profitability is structurally challenged, and margins are deeply negative due to minimal revenue to absorb ongoing R&D and overhead. A relative positive is that losses are smaller than the 2020–2022 peak loss years, but the lack of revenue traction keeps the income statement risk high.

Balance Sheet

Leverage and capitalization improved versus earlier years. Debt fell materially from ~ $10.2M (2022) to ~ $1.5M (2024), and equity is positive at ~ $4.1M in 2024, bringing debt-to-equity down to ~0.36 (from ~1.39 in 2023). However, the company’s ongoing net losses translate into very weak returns for shareholders, and the balance sheet has shown volatility (including negative equity in 2022). Overall, the balance sheet is better positioned than before, but still exposed to continued cash burn and financing needs.

Cash Flow

Cash generation is consistently negative, reflecting a business still funding operations through external capital rather than internally generated cash. Operating cash flow was about -$8.4M in 2024 (free cash flow also about -$8.4M), similar to 2023 and better than the heavier burn in 2021–2022, but still meaningfully negative. Cash burn tracks net losses closely (free cash flow roughly in line with net income losses), indicating limited non-cash offsets and no clear path to self-funding based on current results.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	250.00K	33.35K	1.93M
Gross Profit	-703.00	-119.37K	-742.05K	-300.82K	-695.29K	109.58K
EBITDA	-11.65M	-9.46M	-7.67M	-14.11M	-12.48M	-18.45M
Net Income	-10.65M	-8.27M	-6.14M	-13.80M	-12.55M	-17.69M
Balance Sheet
Total Assets	5.76M	8.97M	9.80M	14.28M	26.87M	19.89M
Cash, Cash Equivalents and Short-Term Investments	5.10M	7.82M	8.45M	13.36M	26.04M	18.68M
Total Debt	411.40K	1.48M	3.49M	10.24M	9.96M	10.51M
Total Liabilities	3.93M	4.85M	7.27M	16.75M	16.15M	16.15M
Stockholders Equity	1.83M	4.12M	2.52M	-2.47M	10.72M	3.74M
Cash Flow
Free Cash Flow	-9.74M	-8.40M	-8.60M	-12.66M	-11.75M	-11.46M
Operating Cash Flow	-9.73M	-8.40M	-8.60M	-12.65M	-11.74M	-11.45M
Investing Cash Flow	-3.31K	0.00	0.00	-13.07K	-11.79K	-7.15K
Financing Cash Flow	5.41M	7.76M	3.66M	76.82K	19.06M	24.68M

Soligenix Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.44
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SNGX, the sentiment is Negative. The current price of 1.44 is above the 20-day moving average (MA) of 1.34, above the 50-day MA of 1.42, and below the 200-day MA of 1.82, indicating a bearish trend. The MACD of -0.05 indicates Positive momentum. The RSI at 33.88 is Neutral, neither overbought nor oversold. The STOCH value of 6.35 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SNGX.

Soligenix Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BLRX	48 Neutral	$13.50M	-2.25	-22.03%	―	-41.76%	87.36%
AIMD	47 Neutral	$14.24M	-0.49	-106.58%	―	178.19%	68.57%
GOVX	46 Neutral	$4.88M	-0.06	-377.44%	―	8.52%	79.51%
SNGX	43 Neutral	$11.70M	―	-169.32%	―	―	53.13%
CANF	41 Neutral	$5.56M	―	―	―	―	―

Soligenix Corporate Events

Soligenix Establishes At-The-Market Equity Offering Program

On January 23, 2026, Soligenix, Inc. entered into an at-the-market issuance sales agreement with Rodman & Renshaw, LLC, allowing the company, at its discretion, to sell up to $3.45 million of its common stock through Rodman as sales agent under an existing shelf registration. The agreement, which runs until the earlier of December 15, 2026, completion of the offering, termination by either party, or mutual agreement, gives Soligenix full control over sale parameters and imposes no obligation to issue shares, while Rodman earns up to a 3.0% commission on gross proceeds, highlighting a flexible capital-raising mechanism that can be activated or suspended depending on market conditions and the company’s financing needs.

The most recent analyst rating on (SNGX) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Soligenix stock, see the SNGX Stock Forecast page.

Soligenix Regains Nasdaq Compliance as of November 2025

Soligenix, Inc. reported that on November 18, 2025, it received confirmation from Nasdaq that it had regained compliance with the minimum stockholders’ equity requirement necessary for continued listing on The Nasdaq Capital Market. This follows a previous notice from Nasdaq on August 15, 2025, indicating non-compliance. The company had reported stockholders’ equity of $7,597,976 in its quarterly report, surpassing the required $2,500,000, thus resolving the issue and closing the matter.

The most recent analyst rating on (SNGX) stock is a Buy with a $6.00 price target. To see the full list of analyst forecasts on Soligenix stock, see the SNGX Stock Forecast page.