Soligenix Inc. (NASDAQ: SNGX) reported a net loss of $11.1 million, or $2.14 per share, for the year ended December 31, 2025, compared to $8.3 million, or $4.98 per share, for the prior year, according to the company's financial results released March 31, 2026.

The biopharmaceutical company reported no revenues for 2025, down from $0.1 million in the previous year. The revenue decrease resulted from the conclusion of a zero-margin grant for the HyBryte investigator-initiated study.

Research and development expenses increased to $7.5 million from $5.2 million in 2024, primarily due to costs associated with a Phase 2 study in Behçet's Disease and an ongoing confirmatory Phase 3 cutaneous T-cell lymphoma study. General and administrative expenses rose slightly to $4.4 million from $4.2 million.

The company ended 2025 with approximately $7.9 million in cash. Chief Executive Officer Christopher Schaber stated the current cash balance provides operating runway into the fourth quarter of 2026.

Soligenix recently received several regulatory designations for its drug candidates. The European Commission granted orphan drug designation to dusquetide for treating Behçet's Disease on March 26, 2026. The UK's Medicines and Healthcare Products Regulatory Agency granted Promising Innovative Medicine designation to SGX945 for the same indication on March 10, 2026.

The company completed enrollment of 50 patients necessary for an interim analysis in its 80-patient Phase 3 study of HyBryte for cutaneous T-cell lymphoma treatment in November 2025. The interim analysis is scheduled for the second quarter of 2026, with top-line results expected in the second half of 2026.

Soligenix also announced top-line results from the final cohort of a Phase 2a trial of SGX302 gel therapy for mild-to-moderate psoriasis, reporting clinical benefit in improving psoriasis lesions with no drug-related adverse events.