Soligenix, Inc.
SNGXHealthcare|Biotechnology|US
$0.34
+0.00 (+0.51%)
DCF Value
$1.27
Tangible Book / Share
$0.39
Cash / Share
$0.57
Financials
Financial Snapshot
Market Cap
$7.3M
Enterprise Value
-$1.5M
Revenue (TTM)
$0.00
Net Income (TTM)
-$10.2M
Cash & Investments
$9.0M
Net Cash
$8.7M
Free Cash Flow (TTM)
-$9.7M
Operating CF (TTM)
-$9.7M
Debt/Equity
0.04
Cash Runway & Burn Rate
Cash on Hand
$9.0M
Quarterly Burn
$2.4M
Monthly Burn
$811.8K
Est. Runway
~3.7 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $8.8M | $7.8M | $9.0M | $5.4M | $18.7M | $26.0M | $13.4M | $8.4M | $7.8M | $7.9M | $9.0M | |
| Operating Cash Flow | -$5.0M | -$6.5M | -$7.2M | -$7.5M | -$11.5M | -$11.7M | -$12.6M | -$8.6M | -$8.4M | -$10.3M | -$9.7M | |
| Free Cash Flow | -$5.0M | -$6.5M | -$7.2M | -$7.5M | -$11.5M | -$11.8M | -$12.7M | -$8.6M | -$8.4M | -$10.3M | -$9.7M | |
| Capital Expenditure | -$7.2K | -$26.3K | -$1.9K | -$30.2K | -$7.1K | -$11.8K | -$13.1K | $0.00 | $0.00 | -$5.9K | $3.3K | |
| Financing Cash Flow | $8.8M | $5.6M | $8.4M | $4.0M | $24.7M | $19.1M | $76.8K | $3.7M | $7.8M | $10.4M | $14.5M |
R&D Spending
R&D (TTM)
$6.6M
R&D Intensity
—
R&D Growth vs Prior
-11.5%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.4M | $5.4M | $5.2M | $3.2M | $1.9M | $33.4K | $250.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $4.3M | $5.5M | $6.8M | $8.1M | $14.8M | $8.2M | $7.9M | $3.3M | $5.2M | $7.5M | $6.6M | |
| R&D % of Revenue | 41.1% | 101.4% | 128.8% | 252.6% | 766.4% | 24544.5% | 3177.6% | — | — | — | — | |
| SG&A | $3.4M | $3.2M | $3.0M | $3.5M | $4.3M | $5.0M | $6.7M | $4.5M | $4.2M | $4.4M | $4.4M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.4M | $5.4M | $5.2M | $3.2M | $1.9M | $33.4K | $250.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $8.4M | $4.3M | $4.6M | $3.6M | $1.8M | $728.6K | $550.8K | $742.0K | $119.4K | $0.00 | $2.1K | |
| Gross Profit | $2.0M | $1.1M | $643.7K | -$351.8K | $109.6K | -$695.3K | -$300.8K | -$742.0K | -$119.4K | $0.00 | -$2.1K | |
| R&D | $4.3M | $5.5M | $6.8M | $8.1M | $14.8M | $8.2M | $7.9M | $3.3M | $5.2M | $7.5M | $6.6M | |
| SG&A | $3.4M | $3.2M | $3.0M | $3.5M | $4.3M | $5.0M | $6.7M | $4.5M | $4.2M | $4.4M | $4.4M | |
| Operating Income | -$5.7M | -$7.6M | -$9.1M | -$10.5M | -$18.6M | -$13.1M | -$14.2M | -$7.7M | -$9.4M | -$11.8M | -$11.0M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $10.9K | $904.5K | $822.6K | $49.1K | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$3.8M | -$7.6M | -$8.9M | -$10.0M | -$18.5M | -$13.4M | -$15.0M | -$7.9M | -$8.7M | -$11.6M | -$10.7M | |
| Net Income | -$3.2M | -$7.1M | -$8.9M | -$9.4M | -$17.7M | -$12.6M | -$13.8M | -$6.1M | -$8.3M | -$11.1M | -$10.2M | |
| EPS (Diluted) | -321.60 | -278.40 | -162.09 | -115.88 | -154.45 | -75.06 | -76.89 | -12.66 | -4.98 | -2.14 | -1.27 | |
| EBITDA | -$5.6M | -$7.5M | -$9.0M | -$10.1M | -$18.5M | -$12.5M | -$14.1M | -$7.7M | -$9.5M | -$11.6M | -$10.9M | |
| Shares Out. (M) | 0.01 | 0.03 | 0.05 | 0.08 | 0.11 | 0.19 | 0.18 | 0.48 | 1.66 | 5.19 | 15.95 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.8M | $7.8M | $9.0M | $5.4M | $18.7M | $26.0M | $13.4M | $8.4M | $7.8M | $7.9M | $9.0M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $10.1M | $9.4M | $10.3M | $7.5M | $19.5M | $26.6M | $13.9M | $9.5M | $8.8M | $8.8M | $9.2M | |
| Total Assets | $10.3M | $9.5M | $10.5M | $7.8M | $19.9M | $26.9M | $14.3M | $9.8M | $9.0M | $9.2M | $9.5M | |
| Total Current Liabilities | $2.9M | $3.2M | $4.2M | $6.3M | $6.1M | $6.3M | $16.5M | $6.2M | $4.8M | $3.7M | $3.1M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $10.0M | $9.9M | $0.00 | $1.0M | $0.00 | $0.00 | $150.1K | |
| Total Liabilities | $2.9M | $3.2M | $4.2M | $6.3M | $16.1M | $16.1M | $16.8M | $7.3M | $4.8M | $3.9M | $3.2M | |
| Stockholders' Equity | $7.4M | $6.3M | $6.3M | $1.5M | $3.7M | $10.7M | -$2.5M | $2.5M | $4.1M | $5.3M | $6.3M | |
| Retained Earnings | -$150.1M | -$157.3M | -$166.2M | -$175.5M | -$193.2M | -$205.8M | -$219.6M | -$225.7M | -$234.0M | -$245.1M | -$251.0M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.0M | -$6.5M | -$7.2M | -$7.5M | -$11.5M | -$11.7M | -$12.6M | -$8.6M | -$8.4M | -$10.3M | -$9.7M | |
| Capital Expenditure | -$7.2K | -$26.3K | -$1.9K | -$30.2K | -$7.1K | -$11.8K | -$13.1K | $0.00 | $0.00 | -$5.9K | $3.3K | |
| Free Cash Flow | -$5.0M | -$6.5M | -$7.2M | -$7.5M | -$11.5M | -$11.8M | -$12.7M | -$8.6M | -$8.4M | -$10.3M | -$9.7M | |
| Investing Cash Flow | -$7.2K | -$26.3K | -$925.00 | -$24.7K | -$7.1K | -$11.8K | -$13.1K | $0.00 | $0.00 | -$5.9K | -$2.6K | |
| Financing Cash Flow | $8.8M | $5.6M | $8.4M | $4.0M | $24.7M | $19.1M | $76.8K | $3.7M | $7.8M | $10.4M | $14.5M | |
| Issuance of Stock | $10.0M | $6.2M | $8.7M | $4.1M | $14.6M | $19.7M | $79.4K | $11.6M | $5.8M | $12.5M | $15.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$300.0K | $0.00 | $0.00 | -$6.8K | $10.0M | -$6.1K | $0.00 | -$7.0M | -$1.4M | -$1.4M | $1.4M | |
| Stock Based Comp. | $575.0K | $489.8K | $380.9K | $376.3K | $409.9K | $361.6K | $333.4K | $370.2K | $329.8K | $587.6K | $424.5K | |
| Net Change in Cash | $3.9M | -$963.1K | $1.2M | -$3.6M | $13.3M | $7.4M | -$12.7M | -$4.9M | -$626.6K | $116.6K | $4.7M |
Dilution Tracker
Shares outstanding grew 4430.6% over 5 years — significant dilution
Shares Outstanding
22M
5-Year Share Growth
+4430.6%
Stock Issuance (TTM)
$15.1M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.01 | 0.03 | 0.05 | 0.08 | 0.11 | 0.19 | 0.18 | 0.48 | 1.66 | 5.19 | 15.95 | |
| Change vs Prior % | — | 71.5% | 114.5% | 47.0% | 41.9% | 62.2% | -3.4% | 170.2% | 242.4% | 212.6% | 207.4% | |
| Stock Issuance | $10.0M | $6.2M | $8.7M | $4.1M | $14.6M | $19.7M | $79.4K | $11.6M | $5.8M | $12.5M | $15.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $575.0K | $489.8K | $380.9K | $376.3K | $409.9K | $361.6K | $333.4K | $370.2K | $329.8K | $587.6K | $424.5K |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 19.3% | 20.7% | 12.3% | -10.9% | 5.7% | -2084.8% | -120.3% | — | — | — | — | |
| Operating Margin % | -54.6% | -139.8% | -172.8% | -327.8% | -962.8% | -39276.1% | -5695.6% | — | — | — | — | |
| Net Margin % | -31.1% | -131.6% | -169.8% | -290.9% | -916.3% | -37633.0% | -5519.3% | — | — | — | — | |
| EBITDA Margin % | -53.8% | -138.5% | -172.0% | -312.6% | -955.8% | -37411.3% | -5642.4% | — | — | — | — | |
| FCF Margin % | -47.8% | -120.3% | -138.3% | -234.5% | -593.7% | -35235.6% | -5064.8% | — | — | — | — | |
| ROE % | -43.9% | -113.1% | -141.7% | -642.1% | -472.7% | -117.1% | 558.5% | -243.4% | -200.7% | -209.4% | -192.4% | |
| ROA % | -31.6% | -74.8% | -84.8% | -120.3% | -88.9% | -46.7% | -96.6% | -62.7% | -92.2% | -120.0% | -108.2% | |
| ROIC % | -66.4% | -113.5% | -144.2% | -624.6% | -124.6% | -59.2% | -169.1% | -99.3% | -160.5% | -200.5% | -161.1% | |
| R&D / Revenue % | 41.1% | 101.4% | 128.8% | 252.6% | 766.4% | 24544.5% | 3177.6% | — | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 19.2% | -48.0% | -3.5% | -38.6% | -40.0% | -98.3% | 649.6% | -100.0% | 0.0% | 0.0% | |
| Gross Profit | 6.8% | -44.3% | -42.6% | -154.6% | 131.2% | -734.5% | 56.7% | -146.7% | 83.9% | 100.0% | |
| Operating Income | 19.7% | -33.0% | -19.3% | -16.4% | -76.3% | 29.5% | -8.7% | 45.9% | -22.6% | -25.5% | |
| Net Income | 58.6% | -120.2% | -24.5% | -5.1% | -89.1% | 29.0% | -9.9% | 55.5% | -34.6% | -34.0% | |
| EPS (Diluted) | 55.4% | 13.4% | 41.8% | 28.5% | -33.3% | 51.4% | -2.4% | 83.5% | 60.7% | 57.0% | |
| Operating Cash Flow | 7.5% | -30.7% | -11.3% | -3.7% | -52.5% | -2.5% | -7.7% | 32.0% | 2.3% | -22.2% | |
| Free Cash Flow | 7.7% | -31.0% | -10.9% | -4.0% | -52.0% | -2.5% | -7.7% | 32.0% | 2.3% | -22.2% | |
| R&D Expense | -20.4% | 28.2% | 22.6% | 20.3% | 82.2% | -44.7% | -3.0% | -58.3% | 57.7% | 43.3% | |
| SG&A Expense | -4.7% | -6.4% | -8.0% | 17.9% | 24.4% | 15.7% | 33.6% | -33.0% | -5.9% | 3.4% | |
| Total Assets | 39.0% | -7.0% | 9.9% | -25.9% | 155.8% | 35.1% | -46.9% | -31.4% | -8.5% | 3.0% | |
| Book Value / Share | 30350.2% | -51.6% | -53.7% | -84.2% | 81.0% | 76.6% | -123.9% | 137.7% | -52.3% | -58.9% | |
| Debt | -100.0% | 0.0% | 0.0% | 0.0% | 8158.0% | -5.2% | 2.8% | -65.9% | -57.5% | -75.9% | |
| Diluted Shares | 37.5% | 71.5% | 114.5% | 47.0% | 41.9% | 62.2% | -3.4% | 170.2% | 242.4% | 212.6% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High0.75 / 8.74 / 882.83
P/B0.85
10Y Low / Med / High1.06 / 2.16 / 19.28
EV/EBITDA0.13
10Y Low / Med / High0.05 / 0.17 / 0.20
EV/Revenue0.00
10Y Low / Med / High0.45 / 13.99 / 400.64
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$1.27
Tangible Book / Share
$0.39
Net Current Assets / Share
$0.27
Graham Net-Net
$0.36
Cash / Share
$0.57
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -2.42 | -1.91 | -1.27 | -3.00 | -1.99 | -2.35 | -1.41 | -0.96 | -0.54 | -0.63 | -0.26 | |
| P/S Ratio | 0.75 | 2.51 | 2.16 | 8.74 | 18.22 | 882.83 | 77.80 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 1.06 | 2.16 | 1.80 | 19.28 | 9.40 | 2.75 | -7.87 | 2.33 | 1.09 | 1.31 | 0.85 | |
| EV/EBITDA | 0.17 | -0.77 | -0.26 | -2.27 | -1.46 | -1.07 | -1.16 | -0.12 | 0.20 | 0.05 | 0.13 | |
| EV/Revenue | -0.09 | 1.07 | 0.45 | 7.09 | 13.99 | 400.64 | 65.32 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-38.79
Distress
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $800.0K | $1.0M | $0.00 |
| Net Income | -$2.1M | -$1.3M | -$2.0M |
| EPS | $-0.40 | $-0.25 | $-0.38 |
| # Analysts (EPS) | 1 | 1 | 1 |
Revenue Segments
By Product
| Segment | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Bio Therapeutics | $1.2M | — | — | — | — | — |
| Vaccines Bio Defense | $3.4M | — | — | — | — | — |
| BioTherapeuticsMember | — | $117.4K | — | — | — | — |
| VaccinesBioDefenseMember | — | $2.2M | — | — | — | — |
| Contract revenue | — | — | $700.0K | $600.0K | — | — |
| CiVax | — | — | $1.5M | $1.5M | $1.5M | — |
| Grant revenue | — | — | — | — | — | $119.4K |