Soligenix, Inc. (SNGX), a late-stage biopharmaceutical company, has surged 14.35% in aftermarket trading session. Consequently, SNGX is trading at $0.95 at the time of the writing. The market speculations that the company’s RiVax® Vaccine is close to getting the approval from US FDA. On Monday, SNGX closed the day at $0.83 after declining 2.98% during the mid-day session. Let’s discuss some recent developments related to SNGX stock.
Q3 2021 Financial Results
On 12th November, SNGX released the financial results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company generated revenue of $0.2 million during the quarter against $0.6 million for the same period of 2020. The basic net loss suffered by the company during the period was $3.6 million (or $0.09 per basic and diluted share) against $1.8 million (or $0.06 per basic and diluted share) for the same period of 2020. The research and development expenses for the period were $2.5 million against $1.3 million for the same period of 2020. The general and administrative expenses bore by the company during the quarter were $0.9 million against $0.8 million for the same quarter of 2020.
Recent Accomplishments of SNGX
Alongside the financial results, SNGX also reported its recent accomplishments. The company had been granted a Pediatric Investigation Plan (PIP) product-specific waiver in the United Kingdom on 8th November. It announced the publication of pre-clinical immunogenicity studies for RiVax® during the early days of November. The study highlighted the enduring protection for at least 12 months after the vaccination. In September, the company announced the expansion in Phase 3 FLASH study in CTCL.
Executive Commentary
Christopher J. Schaber, Ph.D., President and Chief Executive Officer of SNGX, while commenting on the results said that the company has approximately $29 million in terms of cash. This capital would aid the company in achieving its upcoming milestones. He hoped that the company would continue to explore several of the strategic options, which include partnership, mergers, and acquisition opportunities.
Future Outlook for SNGX
The last 12 months have seen SNGX decline by more than 60%, the prime reason being the uncertainty associated with the RiVax vaccine candidate of the company. However, the analysts are hopeful that once the vaccine would get the nod of approval from regulatory authorities, tables would turn for SNGX stock.