Soligenix Announces Recent Accomplishments And Third Quarter 2024 Financial Results

Core Insights - Soligenix, Inc. is focused on developing treatments for rare diseases with unmet medical needs and has announced recent accomplishments and financial results for Q3 2024 [1] Recent Accomplishments - The Hong Kong Patent Office granted a patent for a novel proprietary process of producing highly purified synthetic hypericin on October 22, 2024 [3] - Lead investigators presented findings on HyBryte™ for CTCL treatment at a European cancer research organization on October 7, 2024 [3] - A partnership with Sterling Pharma Solutions was established to optimize production technology for synthetic hypericin on October 3, 2024 [3] - The European Patent Office granted a similar patent for synthetic hypericin production on September 3, 2024 [3] Clinical Activities and Milestones - The company plans to initiate a Phase 3 placebo-controlled study for HyBryte™ in early-stage CTCL by year-end 2024 [2] - A Phase 2 study for SGX945 in Behçet's disease is set to begin shortly, with top-line results expected in the first half of 2025 [2] - Data from the ongoing Phase 2 study of SGX302 in mild-to-moderate psoriasis is anticipated in the first half of 2025 [2] Financial Results - Soligenix reported no revenue for Q3 2024, compared to $0.1 million in Q3 2023, with revenues primarily from government contracts and grants [4] - The net loss for Q3 2024 was$1.7 million, or ($0.78) per share, consistent with the loss in Q3 2023, which was ($2.56) per share [5] - Research and development expenses increased to $1.0 million in Q3 2024 from$0.8 million in Q3 2023, attributed to costs for new clinical studies [6] - General and administrative expenses decreased to $0.9 million in Q3 2024 from$1.0 million in Q3 2023, mainly due to lower legal and professional fees [7] - As of September 30, 2024, the company's cash position was approximately $9.8 million [7]