Soligenix receives Nasdaq notice for non-compliance with equity listing rule

Soligenix, Inc. (NASDAQ:SNGX) announced Friday it received a notice from The Nasdaq Stock Market stating the company is not in compliance with the minimum stockholders’ equity requirement for continued listing on the Nasdaq Capital Market. The notice was disclosed in a press release statement and detailed in a recent SEC filing.

According to the filing, Nasdaq Listing Rule 5550(b)(1) requires listed companies to maintain stockholders’ equity of at least $2.5 million. In its quarterly report for the period ended June 30, 2025, Soligenix reported stockholders’ equity of $1,828,951, which falls below the required threshold. The reported figure does not include approximately $1.44 million in gross proceeds from sales under the company’s At-The-Market facility on July 1, 2025.

The company also does not meet the alternative continued listing standards, which require either a market value of listed securities of at least $35 million or net income of $500,000 from continuing operations in the most recently completed fiscal year, or in two of the three most recently completed fiscal years. InvestingPro data reveals that while the company holds more cash than debt on its balance sheet (one of 13+ available ProTips), it reported a significant loss with basic EPS of -$4.25 in the last twelve months.

The notice has no immediate effect on the listing or trading of Soligenix’s common stock, which will continue to trade on the Nasdaq Capital Market under the symbol SNGX, provided the company complies with other listing requirements.

Nasdaq has provided Soligenix with 45 calendar days, until September 29, 2025, to submit a plan to regain compliance. If the plan is accepted, Nasdaq may grant an extension of up to 180 calendar days from the date of the notice to meet the requirements.

The company stated it is evaluating options to regain compliance and intends to submit a plan within the required timeframe. If the plan is not accepted or compliance is not regained within the extension period, Soligenix’s common stock could become subject to delisting. Nasdaq rules permit companies to appeal such a decision to a Nasdaq Hearings Panel, which would stay any suspension or delisting action pending the outcome of the hearing.

All information is based on a press release statement and the company’s SEC filing.

In other recent news, Soligenix, Inc. reported positive results from its Phase 2a proof of concept study evaluating SGX945 (dusquetide) for the treatment of Behçet’s Disease. The study demonstrated biological efficacy, showing SGX945’s effectiveness in treating oral ulcers associated with the condition, with results comparable to the approved treatment, apremilast (Otezla). Additionally, Soligenix announced the successful completion of the manufacturing transfer for its synthetic hypericin active ingredient from Europe to the United States. This transfer, conducted in partnership with Sterling Pharma Solutions, included optimizing and implementing a scalable production process. The synthetic hypericin is used in HyBryte and SGX302, which are topical formulations under development for treating cutaneous T-cell lymphoma and psoriasis, respectively. These developments mark significant progress for Soligenix in both clinical research and manufacturing capabilities.

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