The company is aggressively tapping the ATM market after already selling $6.2M under the prior facility, indicating urgent cash needs. With a $7M market cap and the stock at $0.395, the $2.5M offering is highly dilutive. Traders should expect continued downward pressure from ATM sales and monitor for any news on clinical pipeline (SGX302 for cutaneous T-cell lymphoma, HyBryte) or partnership that could stem the dilution. The cross-filing amplifiers confirm this as a significant bearish event.
Price Chart
Executive Summary
Soligenix, Inc. filed a 424B5 prospectus supplement to increase the maximum dollar amount of common stock it can sell under its existing at-market issuance sales agreement with Rodman & Renshaw LLC from the prior $6,406,000 (of which ~$6,234,000 has been sold) to an additional $2,500,000. At a current stock price of $0.395 and a market cap of $7M, the new $2.5M offering represents dilution of approximately 35% of the company's pre-offering market value, executed through an ATM facility.
Key Facts
- New ATM offering of up to $2,500,000 of common stock
- Prior $6,406,000 ATM facility now fully utilized (approx. $6,234,000 already sold)
- Offering replaces all unsold amounts under prior prospectus supplement
- Stock price at filing: $0.395 per share (down 72% from $1.42 used in public float calculation)
- Company has already sold $7,700,914 in aggregate under General Instruction I.B.6 in the prior 12 months
- Current public float: $30,702,784 (based on 21,621,679 shares held by non-affiliates at $1.42 price)
- Market cap: $7M at date of filing, making $2.5M offering ~35% dilution of market value
- Rodman & Renshaw LLC acts as sales agent
- Company is a smaller reporting company
Financial Impact
$2,500,000 new common stock offering representing approximately 35% dilution of $7M market cap at the time of filing
Risk Factors
- Significant near-term dilution from ongoing ATM sales
- Stock price already at $0.395, down sharply from the $1.42 reference price used in the public float calculation
- Company has exhausted prior ATM facility and is immediately requesting new capacity, signaling persistent cash burn
- Potential Nasdaq minimum bid price non-compliance risk if stock continues to decline
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001104659-26-078241 |
| Document: 0001104659-26-078241-index-headers.html | 0001104659-26-078241 |
| Document: 0001104659-26-078241-index.html | 0001104659-26-078241 |
| Document: 0001104659-26-078241.txt | 0001104659-26-078241 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 26, 2026 13w ago | 8-K | $0.4000 $0.3850 | ▲ +3.75% | ▲ +8.14% | $0.3659 (+8.52%) |
Jun 26, 2026 13w ago | 424B5 | $0.4000 $0.3850 | ▲ +3.75% | ▲ +8.14% | $0.3659 (+8.52%) |
May 28, 2026 18w ago | 8-K | $0.9100 $0.4047 | ▲ +55.53% | ▲ +56.71% | $0.3659 (+59.79%) |
May 28, 2026 18w ago | 424B5 | $0.9100 $0.4047 | ▲ +55.53% | ▲ +56.71% | $0.3659 (+59.79%) |
Apr 3, 2026 26w ago | EFFECT | $1.14 $0.3970 | ▲ +65.18% | ▲ +78.64% | $0.3659 (+67.90%) |
US Market Status
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