aibioSoligenix gets Nasdaq minimum bid price notice, ends HyBryte program
Tickers SNGX
Nasdaq told Soligenix on June 10, 2026 that its stock has closed below the $1.00 minimum bid price, and the company has until December 7, 2026 to regain compliance. Its board then ended the HyBryte development program, after an interim analysis in a Phase 3 trial recommended stopping it for futility.
Key facts
- Company
- Soligenix, Inc. (NASDAQ: SNGX)
- News type
- Listings
- Primary source
- SOLIGENIX, INC. Form 8-K filed June 12, 2026 (SEC EDGAR)
Soligenix, Inc. (Nasdaq: SNGX) said it received a Nasdaq minimum bid price deficiency notice on June 10, 2026. In the same Form 8-K filed June 12, 2026, the company said its board decided on June 11, 2026 to terminate the HyBryte development program.
What the Nasdaq notice says
The notice came from the Listing Qualifications department of The Nasdaq Stock Market. It says Soligenix is not in compliance with the $1.00 minimum bid price requirement in Nasdaq Listing Rule 5550(a)(2) for continued listing on the Nasdaq Capital Market. The notice has no immediate effect on the listing or trading, and the company says it is evaluating options to regain compliance.
The compliance period
Nasdaq gave the company 180 calendar days, until December 7, 2026, to regain compliance. The bid price must close at or above $1.00 for at least ten consecutive business days in that window for Nasdaq staff to confirm compliance. If it does not, staff will say the securities are subject to delisting from the Nasdaq Capital Market, and the company may appeal to a Nasdaq Listing Qualifications Panel.
The filing describes a second route. If the company misses the deadline but meets the market value of publicly held shares requirement and the other initial listing standards for the Nasdaq Capital Market, apart from the bid price, it can give written notice that it intends to cure the deficiency, including by a reverse stock split if necessary. Nasdaq may then grant an additional 180 calendar days.
The HyBryte program ends
The 8-K refers back to a Form 8-K filed April 28, 2026. According to the filing, the Data Monitoring Committee completed an interim efficacy analysis of the confirmatory Phase 3 FLASH2 trial of HyBryte, a synthetic hypericin, for cutaneous T-cell lymphoma. The committee recommended that the study be halted for futility. After reviewing that recommendation, the board determined on June 11, 2026 that ending the program was in the best interest of the company and its stockholders.
Soligenix says it will wind down the FLASH2 trial and related HyBryte work, with charges of about $70,000, mostly for trial close-out.
What comes next
The company says it will keep evaluating all strategic options, including merger and acquisition opportunities. It also points to other programs. One is dusquetide, known as SGX945, for Behçet's Disease. The 8-K says SGX945 has orphan drug designation from the U.S. Food and Drug Administration and the European Commission.
Chief medical officer role ends
The 8-K also reports a change under Item 5.02. Richard C. Straube, MD, retired as chief medical officer and senior vice president effective August 12, 2025, and became a consulting chief medical officer under a one-year consulting agreement from August 16, 2025. He was paid $1,000 an hour for up to ten hours a month.
On June 11, 2026, tied to the HyBryte decision, Dr. Straube stopped serving in that role. He and the company agreed that he will remain available for as-needed consulting on an hourly basis. In the meantime, his responsibilities will move to Christopher Pullion, the company's medical director.
The financial record
The 10-K filed March 31, 2026 reports a net loss of $11.1 million for 2025, against $8.3 million for 2024. Cash used in operations was $10.3 million in 2025, against $8.4 million in 2024. Research and development expense rose to $7.5 million from $5.2 million. Revenue for 2024 was $119,371. The company had approximately $7.9 million in cash and cash equivalents on December 31, 2025 and approximately $5.9 million on March 24, 2026. The 10-K says its losses, negative cash flows and shareholders' deficit raise substantial doubt about its ability to continue as a going concern, and that without more funding it expects to maintain its current level of operations into the fourth quarter of 2026.
What the 8-K leaves out
The 8-K does not say whether the company plans a reverse stock split, or what one would cost. The bid price has to close at or above $1.00 by December 7, 2026, and the filing names no plan for that beyond the option of a reverse split.