Soligenix Inc (OTCBB:SNGX) was a notable outperformer during Tuesday’s trading session surging by 6% on relatively high volumes, which were 0.5 times the 30 day average turnover. Bears continue to be in total control as Soligenix Inc continues to form lower tops and lower bottoms indicative of the strong bearish momentum. The stock continues to trade below all moving averages. Many traders believe the price action seen during Tuesday’s trading session was a mere profit taking move.The MACD oscillators are showing signs no signs of a bullish reversal, which is considered to be a huge negative.
Soligenix Inc (OTCBB:SNGX), a well-known late-stage biopharmaceutical company, announced financial and operational highlights for the recently concluded 3Q2015. As per the reports, the revenues of the company plunged to $3.9 million in 3Q2015 as compared to $2.8 million in 2Q2015 and 3Q2014.
Other Financial Highlights For The Quarter
When it comes to first nine months of 2015, Soligenix managed to report whopping $5.8 million revenues as compared to $5.1 million during the same period in 2014. Two things that pushed nine-month revenues to $5.8 million in 2015 were RiVax and OrbeShield government contracts.
The company achieved many new feet in the year, including a profitable state. Soligenix ended 3Q2015 with a net profit of $2.8 million as compared to a loss of $4.3 million during the same period in 2014. The situation was not much different in the nine-month period as it posted a net loss of $5.8 million for the first nine months of the year as compared to a loss of $8.6 million during the same period in 2014. The primary driving force behind the net income for this quarter was the change in FV of the warrant liability.
When it comes to expenditure side, Soligenix spent $1.3 million R&D expenses in 3Q2015 as compared to $5.1 million during the same period in 2014. For the first nine months of the year, this amount inclined to $3.7 million compared to $7.3 million during the first nine months in 2014.
The G&A expenses for the quarter were $0.8 million against $0.7 million during the same three-month period in 2014. The operating expenses for September quarter were $2.1 million as compared to $5.8 million in 3Q2014.
Despite all the difficult times and adverse market challenges, the company managed to end the quarter with $4 million cash in hand. The senior management team of the company is confident that Soligenix will report better financial results in 4Q2015.