Soligenix Inc (OTCBB:SNGX), a leading late-stage biopharmaceutical company developing medicines that deal with oncology, inflammation, and biodefense, announces financial results for the three-month period ending March 2015.
As per the reports, the revenues for the quarter amounted $0.8 million, slightly lesser than $0.9 million that it generated during the same period in 2014.
Insights On Financial Results:
The major portion of the revenues came from a number of contracts with BARDA i.e. Biomedical Advanced Research and Development Authority of US Department of Health and Human Service. Apart from this, the company also signed contracts with National Institute of Allergy and Infectious Diseases in relation with OrbeShield to develop a suitable treatment for gastrointestinal acute radiation syndrome.
Even though, it had a good quarter and indulged into several operational activities with different prominent entities, but still it couldn’t manage to achieve the profitable situation. As per the reports, it ended the quarter with a net loss of $0.19 per share or $4.6 million compared to previous year’s loss of $0.17 per share or $3.3 million per share. Of this total net loss amount, $3 million was the non-cash loss in March 2015 quarter versus $1.7 million non-cash loss in the previous year.
It didn’t see any change in the money spent on research and development activities; hence, the R&D expenses for both the quarters were totaled at $1.1 million. In the case of general and administrative activities, the company posted $0.8 million expenses for both the years. The company had a total of $5 million in cash at the end of the March 2015 quarter.
The senior management of the company is delighted to report the financial results and hopes that the financial performance will improve over time. It will keep sharing further updates with all the shareholders as and when it will achieve any new milestone or come up with a new product or service.