SOLIGENIX, INC.

SNGXdata completeness 75%16 fiscal years on file

The thesis, from the filings

SOLIGENIX, INC. earns about -193% on equity, but has diluted owners by 94% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$824,268¹	$948,911²	$839,359³	$119,371⁴	—
Net income	−$12.6M⁵	−$13.8M⁶	−$6.14M⁷	−$8.27M⁸	−$11.1M⁸
Operating cash flow	−$11.7M⁹	−$12.6M¹⁰	−$8.6M¹¹	−$8.4M¹²	−$10.3M¹²
Capital expenditure	—	—	—	—	$5,883¹³
Free cash flow (derived)	—	—	—	—	−$10.3M¹²
Total debt	—	$0¹⁴	$1.01M¹⁵	$0¹⁵	—
Cash & equivalents	$26M¹⁶	$13.4M¹⁷	$8.45M¹⁸	$7.82M¹⁸	$7.94M¹⁸
Diluted shares	2.7M	2.9M	484,995	1.7M	5.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$10.2

your share of equity

Profit it earned you last year

−$21.35

Free cash flow it threw off

−$19.8

Debt you’d be carrying

—

10 shares is a claim on $10.2 of net worth that earned you −$21.35 and generated −$19.8 of cash last year.

iii. Is this a good business?

Moat signal · return on equity

-193% avg · 5y

FY21 -117%FY22 —FY23 -243%FY24 -201%FY25 -209%

It earned an average -193% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+94% shares · 5y

Share count is up 94% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 1 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 1 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2021-12-31 · accession 0001558370-23-005304 (Revenues)
10-K · period ending 2022-12-31 · accession 0001558370-24-003402 (Revenues)
10-K · period ending 2023-12-31 · accession 0001558370-25-003459 (Revenues)
10-K · period ending 2024-12-31 · accession 0001104659-26-037701 (Revenues)
10-K · period ending 2021-12-31 · accession 0001558370-23-005304 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001558370-24-003402 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001558370-25-003459 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001104659-26-037701 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001558370-23-005304 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001558370-24-003402 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001558370-25-003459 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001104659-26-037701 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2025-12-31 · accession 0001104659-26-037701 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2022-12-31 · accession 0001558370-24-003402 (LongTermDebt)
10-K · period ending 2023-12-31 · accession 0001558370-25-003459 (LongTermDebt)
10-K · period ending 2021-12-31 · accession 0001558370-22-004605 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001558370-25-003459 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
10-K · period ending 2023-12-31 · accession 0001104659-26-037701 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)