Soligenix Inc (NASDAQ: SNGX) is a clinical-stage biopharmaceutical company that develops treatments for rare and serious diseases. The company generates no product revenue as of December 31, 2025, operating entirely on external financing while advancing its drug candidates through clinical trials. Its lead asset is HyBryte (synthetic hypericin), a product candidate for cutaneous T-cell lymphoma (CTCL), acquired from Hy Biopharma via an asset purchase agreement executed September 3, 2014. Soligenix has no approved commercial products and depends on equity and debt issuances to fund operations. As of December 31, 2025, the company held approximately $7.9 million in cash and cash equivalents against approximately $3.7 million in current liabilities, and management has disclosed substantial doubt about its ability to continue as a going concern for the 12 months following issuance of its FY2025 10-K. The company carries convertible debt with Pontifax Medison Finance, with an outstanding principal balance of $3 million as of the 2023 amendment date.

Revenue model

No product or licensing revenue as of December 31, 2025. Operations are funded through equity issuances, including an at-market issuance sales agreement with Rodman & Renshaw LLC dated January 23, 2026, and convertible debt financing. The company's stated path to revenue is regulatory approval and subsequent sales or licensing of drug candidates.

Products and services

HyBryte (synthetic hypericin): a Phase 3 clinical-stage product candidate for the treatment of cutaneous T-cell lymphoma (CTCL). The company also holds other drug development programs, details of which are not fully specified in the available filing excerpts.

Customers and end markets

No commercial customers as of December 31, 2025. Target end market is patients with rare dermatological and other serious diseases, specifically CTCL for HyBryte. Regulatory pathways include the FDA in the U.S., EMA in the European Union, and MHRA in the UK.

Value-chain role

Drug developer without manufacturing or commercial infrastructure. Relies on third-party contractors for research and development processes. Seeks regulatory approval through FDA, EMA, and MHRA pathways, including the UK's Innovative Licensing and Access Pathway (ILAP) launched in 2021.

Geographic exposure

Headquartered in the United States. Regulatory activities span the U.S. (FDA), European Union (EMA), and United Kingdom (MHRA). No commercial geographic revenue mix disclosed.

Source: SEC 10-K, filed 2026-03-31

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