Revenue generation remains effectively dormant with zero product sales reported for the majority of the last ten quarters, while R&D expenses continue to drive quarterly net losses as high as $3.2 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 250K | 33.35K | 1.93M | 3.22M | 5.24M | 5.43M | 10.45M | 8.77M | 7.04M | 3.22M | 3.15M | 7.66M | 1.95M | 2.82M | 2.31M | 1.26M | 2.31M | 3.08M | 997.48K | 83.82K | 0 | 0 | 0 | 0 | 200K | 100K | 0 |
| Revenue Growth % | - | - | - | -100% | 649.6% | -98.27% | -39.96% | -38.64% | -3.52% | -48.01% | 19.17% | 24.49% | 118.46% | 2.51% | -58.96% | 293.38% | -30.82% | 21.9% | 83.62% | -45.61% | -24.8% | 208.38% | 1090.07% | - | - | - | - | -100% | 100% | - | - |
| Cost of Goods Sold | 2.1K | 0 | 119.37K | 742.05K | 550.82K | 728.64K | 1.82M | 3.57M | 4.6M | 4.31M | 8.43M | 6.88M | 5.31M | 2.54M | 2.59M | 2.11M | 1.64M | 1.48M | 1.89M | 943.38K | 1.97M | 2.07M | 936.64K | 76.2K | 0 | 0 | -157K | -1.41M | -1.7M | -500K | 0 |
| COGS % of Revenue | - | - | - | - | 220.33% | 2184.76% | 94.32% | 110.94% | 87.73% | 79.34% | 80.72% | 78.49% | 75.45% | 78.91% | 82.45% | 27.51% | 84.09% | 52.7% | 81.64% | 74.99% | 84.95% | 67.2% | 93.9% | 90.91% | - | - | - | - | -850% | -500% | - |
| Gross Profit | -2.1K | 0 | -119.37K | -742.05K | -300.82K | -695.29K | 109.58K | -351.78K | 643.73K | 1.12M | 2.02M | 1.89M | 1.73M | 679.87K | 551.54K | 5.55M | 309.23K | 1.33M | 423.83K | 314.63K | 347.95K | 1.01M | 60.85K | 7.62K | 0 | 0 | 156.86K | 1.41M | 1.9M | 600K | 0 |
| Gross Margin % | - | - | - | - | -120.33% | -2084.76% | 5.68% | -10.94% | 12.28% | 20.66% | 19.28% | 21.51% | 24.55% | 21.09% | 17.54% | 72.49% | 15.87% | 47.3% | 18.35% | 25.01% | 15.04% | 32.8% | 6.1% | 9.09% | - | - | - | - | 950% | 600% | - |
| Gross Profit Growth % | - | 100% | 83.91% | -146.67% | 56.73% | -734.48% | 131.15% | -154.65% | -42.63% | -44.32% | 6.84% | 9.08% | 154.31% | 23.27% | -90.07% | 1696.42% | -76.78% | 214.27% | 34.71% | -9.57% | -65.52% | 1558.28% | 698.5% | - | - | -100% | -88.86% | -25.89% | 216.67% | - | - |
| Operating Expenses | 11.7M | 11.85M | 9.32M | 6.96M | 13.94M | 12.4M | 18.7M | 10.19M | 8.43M | 8.03M | 7.72M | 9M | 8.49M | 7.84M | 5.24M | 8.52M | 8.19M | 7.38M | 3.88M | 6.64M | 8.55M | 5.84M | 5.98M | 5.23M | 4.44M | 14.63M | 3.21M | 6.48M | 8.3M | 3.8M | 1.26M |
| OpEx % of Revenue | - | - | - | - | 5575.23% | 37191.3% | 968.44% | 316.87% | 160.79% | 147.88% | 73.93% | 102.6% | 120.56% | 243.05% | 166.68% | 111.12% | 420.33% | 262.22% | 167.97% | 527.98% | 369.52% | 189.99% | 599.31% | 6245.15% | - | - | - | - | 4150% | 3800% | - |
| Selling, General & Admin | 4.38M | 4.36M | 4.22M | 4.48M | 6.69M | 5.01M | 4.33M | 3.48M | 2.95M | 3.21M | 3.43M | 3.6M | 3.4M | 2.77M | 2.63M | 2.24M | 2.5M | 2.86M | 2.33M | 3.54M | 3.11M | 2.16M | 2.32M | 2.51M | 1.97M | 1.97M | 2.1M | 3.05M | 3.5M | 1.5M | 317.24K |
| SG&A % of Revenue | - | - | - | - | 2677.16% | 15018.25% | 224.23% | 108.25% | 56.33% | 59.08% | 32.82% | 41.02% | 48.33% | 85.76% | 83.72% | 29.26% | 128.49% | 101.56% | 100.74% | 281.56% | 134.5% | 70.32% | 232.69% | 2988.74% | - | - | - | - | 1750% | 1500% | - |
| Research & Development | 7.33M | 7.49M | 5.22M | 3.31M | 7.94M | 8.19M | 14.8M | 8.12M | 6.75M | 5.51M | 4.3M | 5.4M | 5.09M | 5.07M | 2.61M | 6.27M | 5.68M | 4.52M | 1.73M | 3.1M | 4.62M | 3.68M | 3.66M | 2.73M | 2.47M | 2.47M | 956.74K | 2.03M | 3.1M | 1.8M | 906.46K |
| R&D % of Revenue | - | - | - | - | 3177.64% | 24544.54% | 766.43% | 252.6% | 128.81% | 101.38% | 41.11% | 61.59% | 72.23% | 157.29% | 82.96% | 81.86% | 291.79% | 160.62% | 75.06% | 246.42% | 199.74% | 119.67% | 366.62% | 3256.42% | - | - | - | - | 1550% | 1800% | - |
| Other Operating Expenses | 0 | 0 | -119.37K | -839.36K | -698.91K | -790.92K | -428.91K | -1.41M | -1.28M | -683K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 816.3K | 0 | 0 | 0 | 2.99M | 12.15M | 156.86K | 1.41M | 1.7M | 500K | 0 |
| Operating Income | -11.7M | -11.85M | -9.44M | -7.7M | -14.24M | -13.1M | -18.59M | -10.54M | -9.06M | -7.59M | -5.71M | -7.11M | -10.76M | -7.16M | -4.69M | -2.96M | -7.88M | -6.05M | -3.46M | -6.33M | -8.2M | -4.83M | -5.92M | -5.23M | -14.63M | -14.63M | -3.06M | -5.08M | -6.5M | -3.2M | -1.26M |
| Operating Margin % | - | - | - | - | -5695.56% | -39276.06% | -962.77% | -327.8% | -172.85% | -139.8% | -54.65% | -81.09% | -152.79% | -221.99% | -149.16% | -38.63% | -404.41% | -214.88% | -149.61% | -502.94% | -354.52% | -157.18% | -593.19% | -6236.06% | - | - | - | - | -3250% | -3200% | - |
| Operating Income Growth % | - | -25.49% | -22.62% | 45.94% | -8.7% | 29.52% | -76.33% | -16.36% | -19.29% | -32.99% | 19.69% | 33.93% | -50.36% | -52.57% | -58.48% | 62.43% | -30.19% | -75.09% | 45.38% | 22.84% | -69.6% | 18.29% | -13.2% | 64.26% | 0% | -378.1% | 39.74% | 21.91% | -103.13% | -153.37% | - |
| EBITDA | -11.7M | -11.84M | -9.43M | -7.69M | -14.21M | -13.06M | -18.52M | -10.49M | -9.01M | -7.53M | -5.62M | -6.86M | -10.52M | -6.93M | -4.46M | -2.73M | -7.69M | -5.88M | -3.31M | -6.21M | -8.06M | -4.64M | -5.61M | -5M | -14.28M | -14.44M | -2.9M | -3.67M | -4.8M | -2.7M | -1.06M |
| EBITDA Margin % | - | - | - | - | -5685.74% | -39173.64% | -959.53% | -326.11% | -172.01% | -138.54% | -53.79% | -78.27% | -149.3% | -214.86% | -141.82% | -35.68% | -394.88% | -208.64% | -143.15% | -493.44% | -348.59% | -150.87% | -562.87% | -5966.26% | - | - | - | - | -2400% | -2700% | - |
| EBITDA Growth % | -10.07% | -25.53% | -22.65% | 45.89% | -8.8% | 29.47% | -76.65% | -16.32% | -19.79% | -33.9% | 18.11% | 34.74% | -51.8% | -55.3% | -63.15% | 64.46% | -30.92% | -77.68% | 46.73% | 23.01% | -73.74% | 17.34% | -12.27% | 64.98% | 1.09% | -397.44% | 20.88% | 23.58% | -77.78% | -155.07% | - |
| D&A (Non-Cash Add-back) | 3.71K | 3.22K | 5.81K | 6.55K | 24.56K | 34.16K | 62.37K | 54.45K | 44.06K | 68.56K | 89.93K | 247.46K | 245.79K | 230.07K | 230.63K | 226.03K | 185.7K | 175.6K | 149.18K | 119.56K | 137.04K | 194.28K | 302.45K | 226.14K | 345.5K | 188.53K | 156.86K | 1.41M | 1.7M | 500K | 204.46K |
| EBIT | -11.65M | -11.85M | -9.46M | -7.67M | -14.13M | -12.51M | -18.51M | -10.11M | -9.06M | -7.59M | -5.71M | -7.11M | -6.76M | -7.16M | -4.69M | -2.96M | -7.63M | -6.03M | -3.46M | -6.33M | -8.2M | -4.83M | -5.85M | -5.23M | -14.67M | -14.67M | -3.06M | -5.08M | -6.5M | -3.2M | -1.26M |
| Net Interest Income | 37.71K | 270.17K | 213.97K | -49.13K | -822.61K | -904.5K | -10.88K | 148.97K | 158.57K | 29.91K | 2.22K | -8.02K | 1.31K | 1.96K | 6.2K | 7.44K | 11.33K | 19.24K | 33.8K | 164.85K | 41.51K | 114.79K | 66.54K | 28.71K | 141.52K | 459.87K | 747.07K | 0 | 0 | 0 | 0 |
| Interest Income | 37.71K | 270.17K | 213.97K | 0 | 0 | 0 | 0 | 148.97K | 159.01K | 29.91K | 2.22K | 0 | 1.31K | 1.96K | 6.2K | 7.44K | 12.07K | 21.92K | 37.07K | 164.85K | 41.51K | 114.79K | 66.54K | 28.71K | 105.68K | 424.03K | 747.07K | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 49.13K | 822.61K | 904.5K | 10.88K | 0 | 0 | 0 | 0 | 8.02K | 0 | 0 | 0 | 0 | 742 | 2.68K | 3.28K | 0 | 0 | 0 | 0 | 0 | -35.84K | -35.84K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 243.11K | 258.48K | 763.81K | -210.59K | -714.37K | -316.75K | 61.09K | 574.75K | 159.01K | 29.91K | 1.93M | -1.21M | 3.44M | -3.65M | 6.2K | 7.44K | 246.03K | 16.84K | 33.8K | 162.44K | -1.76M | 114.79K | 45.54K | -61.65K | -5.92K | -5.92K | -2.43M | -2.86M | -15.2M | 200K | 74.85K |
| Pretax Income | -11.46M | -11.59M | -8.68M | -7.91M | -14.95M | -13.42M | -18.53M | -9.97M | -8.9M | -7.56M | -3.78M | -8.32M | -7.32M | -10.81M | -4.68M | -2.95M | -7.63M | -6.05M | -3.42M | -6.33M | -8.16M | -4.72M | -5.92M | -5.29M | -14.63M | -14.63M | -5.49M | -7.94M | -21.6M | -3M | -1.19M |
| Pretax Margin % | - | - | - | - | -5981.31% | -40225.83% | -959.6% | -309.93% | -169.81% | -139.25% | -36.14% | -94.89% | -103.99% | -335.27% | -148.93% | -38.54% | -391.79% | -214.99% | -148.14% | -503.02% | -352.92% | -153.45% | -593.19% | -6309.62% | - | - | - | - | -10800% | -3000% | - |
| Income Tax | -506.62K | -506.62K | -409.11K | -1.77M | -1.15M | -864.74K | -836.89K | -610.68K | 0 | -417K | -530K | -489K | -617K | -750K | -521K | -574K | -246K | -16.84K | -33.8K | -162K | -36.2K | 0 | -45.54K | 0 | -965K | 5.92K | 1.74M | 2.42M | 15.4M | 0 | 0 |
| Effective Tax Rate % | 4.42% | 4.37% | 4.72% | 22.35% | 7.72% | 6.45% | 4.52% | 6.13% | 0% | 5.51% | 14.04% | 5.88% | 8.42% | 6.94% | 11.12% | 19.44% | 3.22% | 0.28% | 0.99% | 2.56% | 0.44% | 0% | 0.77% | 0% | 6.6% | -0.04% | -31.63% | -30.55% | -71.3% | 0% | 0% |
| Net Income | -10.95M | -11.08M | -8.27M | -6.14M | -13.8M | -12.55M | -17.69M | -9.36M | -8.9M | -7.15M | -3.25M | -7.83M | -6.71M | -10.06M | -4.16M | -2.38M | -7.39M | -6.03M | -3.42M | -6.17M | -8.16M | -4.72M | -5.87M | -5.29M | -4.97M | -14.63M | -4.8M | -7.5M | -21.8M | -3.2M | -1.19M |
| Net Margin % | - | - | - | - | -5519.34% | -37632.97% | -916.25% | -290.94% | -169.81% | -131.57% | -31.06% | -89.31% | -95.23% | -312% | -132.37% | -31.05% | -379.21% | -214.28% | -148.14% | -490.06% | -352.92% | -153.45% | -588.68% | -6309.62% | - | - | - | - | -10900% | -3200% | - |
| Net Income Growth % | -14.25% | -34.04% | -34.62% | 55.5% | -9.94% | 29.04% | -89.07% | -5.12% | -24.53% | -120.25% | 58.56% | -16.76% | 33.32% | -141.63% | -74.99% | 67.79% | -22.42% | -76.33% | 44.49% | 24.48% | -72.94% | 19.62% | -11.03% | -6.49% | 66.06% | -205.07% | 36.06% | 65.59% | -581.25% | -169.36% | - |
| Net Income (Continuing) | -10.95M | -11.08M | -8.27M | -6.14M | -13.8M | -12.55M | -17.69M | -9.36M | -8.9M | -7.15M | -3.25M | -7.83M | -6.71M | -10.06M | -4.16M | -2.38M | -7.39M | -6.03M | -3.42M | -6.17M | -8.16M | -4.72M | -5.87M | -5.29M | -4.97M | -14.63M | -4.8M | -7.5M | -21.8M | -3.2M | -1.19M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.4M | 0 | 0 |
| EPS (Diluted) | -1.08 | -2.14 | -4.98 | -12.66 | -76.89 | -75.06 | -154.45 | -115.88 | -162.09 | -278.40 | -321.60 | -721.04 | -714.19 | -1560.00 | -888.00 | -528.00 | -1752.00 | -1920.00 | -1440.00 | -3360.00 | -6240.00 | -4320.00 | -7285.45 | -8634.50 | -662.23 | -3263.70 | -23312.80 | -39225.14 | -6568.24 | -15458.94 | -703.37 |
| EPS Growth % | 54.61% | 57.03% | 60.66% | 83.53% | -2.44% | 51.4% | -33.28% | 28.51% | 41.78% | 13.43% | 55.4% | -0.96% | 54.22% | -75.68% | -68.18% | 69.86% | 8.75% | -33.33% | 57.14% | 46.15% | -44.44% | 40.7% | 15.62% | -1203.85% | 79.71% | 86% | 40.57% | -497.19% | 57.51% | -2097.84% | - |
| EPS (Basic) | - | -2.14 | -4.98 | -12.66 | -76.96 | -67.54 | -154.45 | -115.88 | -162.09 | -278.40 | -223.20 | -721.04 | -714.19 | -1560.00 | -888.00 | -528.00 | -1752.00 | -1920.00 | -1440.00 | -3360.00 | -6240.00 | -4320.00 | -7285.45 | -8634.50 | -662.23 | -3263.70 | -23312.80 | -39225.14 | -6568.24 | -15458.94 | -703.37 |
| Diluted Shares Outstanding | 10.16M | 5.19M | 1.66M | 484.88K | 179.46K | 185.8K | 114.53K | 80.73K | 54.91K | 25.6K | 14.93K | 10.86K | 9.39K | 6.44K | 74.24K | 73.05K | 67.47K | 3.49K | 33.96K | 30.23K | 21.25K | 16.57K | 13.54K | 9.73K | 7.5K | 4.48K | 4.06K | 3.58K | 3.32K | 1.05K | 1.69K |
| Basic Shares Outstanding | 10.16M | 5.19M | 1.66M | 484.88K | 179.29K | 185.8K | 114.53K | 80.73K | 54.91K | 25.6K | 14.51K | 10.86K | 9.39K | 6.44K | 74.24K | 73.05K | 67.47K | 3.49K | 33.96K | 30.23K | 21.25K | 16.57K | 13.54K | 9.73K | 7.5K | 4.48K | 4.06K | 3.58K | 3.32K | 1.05K | 1.69K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and liquidity insolvency
As indicated by the company's financial filings, Soligenix has generated zero product revenue for the majority of the last ten quarters, with the most recent period showing no top-line inflows, underscoring a total reliance on intermittent, non-recurring government grant funding rather than sustainable commercial market activity.
The absence of consistent revenue streams suggests that the company remains in a pre-commercial state, with no clear evidence of a transition toward product-led growth. Investors should monitor the reliance on government procurement cycles, which appear to be the only potential, albeit unpredictable, source of future capital inflows.
Based on reported income statements, R&D expenses have consistently fluctuated between $0.5 million and $2.7 million per quarter, reflecting the capital-intensive nature of late-stage clinical trials that currently consume the entirety of the company's available financial resources without generating any offsetting commercial revenue or margin.
The cost structure is almost entirely variable based on clinical trial milestones, leaving little room for operational efficiency improvements. This high-fixed-cost model necessitates constant capital infusions, as the current expense profile is untethered from any revenue-generating activities that could otherwise mitigate the ongoing cash burn.
According to historical financial data, the company's net losses have remained persistent, with quarterly deficits ranging from $1.6 million to $3.2 million, a trend that is further complicated by stock-based compensation expenses that continue to dilute existing shareholders despite the lack of operational progress.
The quality of earnings is effectively non-existent given the recurring net losses and the reliance on equity-based incentives to manage cash outflows. The persistent negative EPS suggests that shareholders are bearing the full weight of the company's R&D-heavy business model without the benefit of operational leverage.
While proponents may point to the potential of the ThermoVax platform, the income statement reveals a company struggling to maintain a $7.9 million cash runway, suggesting that the risk of a dilutive financing event is significantly higher than the probability of near-term commercial success.
Short-term observers should focus on the widening gap between R&D spending and the lack of regulatory milestones, which may indicate that the company's pipeline is not advancing at a pace sufficient to avoid further capital raises. The lack of a commercial floor makes the company highly susceptible to any negative regulatory developments.
Quick answers to the most common questions about buying SNGX stock.
For fiscal year 2025, Soligenix, Inc. (SNGX) reported total revenue of $0.0M.
Soligenix, Inc. (SNGX) reported a net loss of $11.1M for the fiscal year ending 2025.