By David Bautz, PhD
NASDAQ: SNGX
READ THE FULL SNGX RESEARCH REPORT
Business Update
Applying for Ebola Vaccine Funding
In June 2026, Soligenix, Inc. (NASDAQ: SNGX) announced that it would be applying for funding from a recent call for proposals from the Coalition for Epidemic Preparedness Innovations (CEPI) regarding vaccine development for Bundibugyo virus. Soligenix will be applying in collaboration with Dr. Axel Lehrer, a Professor in the Department of Tropical Medicine at the University of Hawai’i at Manoa. Dr. Lehrer has previously worked with Soligenix to develop bivalent and trivalent thermostable vaccines using antigens against Ebola virus, Sudan virus, and Marburg virus. That work, combined with additional ongoing work in Dr. Lehrer’s laboratory, will form the basis of the application to CEPI.
Soligenix’s ThermoVax® platform has previously been used to successfully develop thermostabilized vaccines for ricin toxin, filoviruses such as Ebola, and COVID. The ability to produce vaccines with extended stability, which the ThermoVax technology offers, is an enormous advantage for vaccines that will be utilized in Africa, where critical cold-chain infrastructure is not always available. ThermoVax vaccines can be shipped at ambient temperature and then reconstituted with sterile water immediately prior to use, which greatly simplifies storage and distribution logistics. In addition, protein subunit vaccines are the ‘gold standard’ for safe vaccines, and when coupled with the thermostable technology, they are highly competitive with other vaccine technologies.
Financial Update
On August 7, 2024, Soligenix announced financial results for the second quarter of 2026. The company reported no revenue for the second quarters of 2026 or 2025. R&D expenses for the second quarter of 2026 were $1.0 million, compared to $1.7 million for the second quarter of 2025. The decrease was primarily due to decreases in costs associated with the terminated FLASH2 trial and related HyBryte™ development activities. G&A expenses were $1.1 million for the second quarters of both 2026 and 2025.
Soligenix exited the second quarter of 2026 with approximately $9.8 million in cash and cash equivalents. We estimate this is sufficient to fund operations into the second quarter of 2028. As of July 31, 2026, Soligenix had approximately 21.8 million shares outstanding, and when factoring in stock options and warrants, a fully diluted share count of approximately 29.5 million.
Conclusion
Soligenix remains focused on advancing SGX945 in Behcet’s disease and the ThermoVax vaccine platform following the disappointing results from the FLASH2 trial and the subsequent discontinuation of the HyBryte development program. The company is also continuing to evaluate all strategic options, including but not limited to partnerships, licensing opportunities, merger and acquisition opportunities, and government grants and contracts. In addition, Soligenix is focused on maintaining its Nasdaq listing as an important strategic asset as it evaluates its options. Following the discontinuation of the HyBryte program, we have removed it from our model, which has reduced our valuation to $1.25 per share.
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