SNGX seems legit with "$7.1m cash on 3/31/2024"? But PPS ???
"Dr. Schaber continued, "With approximately $7.1 million in cash at March 31, 2024, exclusive of the approximate $4.3 million in net proceeds from our recent financing and our non-dilutive government funding, we continue to manage cash burn very carefully to achieve our near-term milestones. We have a clear vision for the future, and we are actively pursuing new opportunities to create long-term value for our shareholders including but not limited to, partnership and merger and acquisition opportunities."
Soligenix Recent Accomplishments
1) On April 25, 2024, the Company announced it had received notice of intent to grant additional patents based on its patent application titled "Compositions and Methods of Manufacturing Trivalent Filovirus Vaccines" in the United Kingdom and South Africa, with other international jurisdictions pending. To view this press release, please click here.
2) On April 18, 2024, the Company announced the pricing of its public offering of 11,875,000 shares of common stock (or common stock equivalents in lieu thereof) and warrants to purchase up to 11,875,000 shares of common stock at a combined public offering price of $0.40 per share and accompanying warrants for aggregate gross proceeds of approximately $4.75 million, before deducting placement agent fees and other offering expenses. To view this press release, please click here.
3) On April 15, 2024, the Company announced the Office of Orphan Products Development of the U.S. FDA had granted orphan drug designation to the active ingredient in SuVax™, the subunit protein vaccine of recombinantly expressed SUDV glycoprotein, for "the prevention and post-exposure prophylaxis against SUDV infection." To view this press release, please click here.
4) On April 11, 2024, the Company announced the Office of Orphan Products Development of the U.S. FDA had granted orphan drug designation to the active ingredient in MarVax™, the subunit protein vaccine of recombinantly expressed MARV glycoprotein, for "the prevention and post-exposure prophylaxis against MARV infection." To view this press release, please click here.
5) On April 3, 2024, the Company announced it had received agreement from the EMA on the key design components of a confirmatory Phase 3 placebo-controlled study evaluating the safety and efficacy of HyBryte™ (synthetic hypericin) in the treatment of CTCL patients with early-stage disease. To view this press release, please click here.
Financial Results – Quarter Ended March 31, 2024
- Soligenix's revenues for the quarter ended March 31, 2024 were $0.1 million as compared to $0.3 million for the quarter ended March 31, 2023. Revenues primarily relate to government contracts and grants awarded in support of SGX943 for treatment of emerging and/or antibiotic-resistant infectious diseases; development of CiVax™, our vaccine candidate for the prevention of COVID-19, and evaluation of HyBryte™ for expanded treatment in patients with early-stage CTCL.
- Soligenix's net loss was $1.9 million, or ($0.18) per share, for the quarter ended March 31, 2024, as compared to $1.0 million, or ($0.36) per share, for the quarter ended March 31, 2023. The increase in net loss was primarily due to the recognition of an income tax benefit during the three months ended March 31, 2023 with no corresponding income tax benefit recognized during the three months ended March 31, 2024.
- Research and development expenses were $1.1 million as compared to $0.9 million for the quarters ended March 31, 2024 and 2023, respectively. The increase was primarily due to an increase in preliminary costs associated with the anticipated initiation of our Phase 2 study in Behçet's Disease and the second confirmatory Phase 3 CTCL trial.
- General and administrative expenses were $1.0 million and $1.2 million for the quarters ended March 31, 2024 and 2023, respectively. This decrease in general and administrative expenses is primarily attributable to a reduction in legal and professional fees associated with the reverse stock split of our issued and outstanding shares of common stock during the three months ended March 31, 2023.
- As of March 31, 2024, the Company's cash position, exclusive of the approximate $4.3 million in net proceeds from our recent financing, was approximately $7.1 million."
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