Soligenix, Inc. announced its financial results for the year ended December 31, 2024, on March 21, 2025. The company reported revenues of $0.1 million for 2024, a decrease from $0.8 million in the prior year, primarily due to the timing of government grant funding.
The net loss for the year widened to $8.3 million, or ($4.98) per share, compared to $6.1 million, or ($12.66) per share, in 2023. This increase in net loss was mainly attributed to lower revenue and higher research and development expenses, which rose to $5.2 million from $3.3 million in 2023, driven by ongoing clinical trial activities.
As of December 31, 2024, the company's cash position was approximately $7.8 million, providing an operating runway through 2025. Soligenix remains focused on advancing its clinical programs, including the confirmatory Phase 3 HyBryte™ study and upcoming Phase 2 results for SGX945 and SGX302 in the second half of 2025.
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