• The report maintains $25 per share valuation for Soligenix, based on a probability-adjusted discounted cash flow model that considers potential future revenues.
• The centerpiece of the Zacks analysis focuses on what is characterized as a “very encouraging” 48% blinded response rate.
• With 50 patients now enrolled out of a planned 80-patient study, the company remains on track for the interim analysis to occur in the second quarter of 2026.

When a late-stage clinical trial reports response rates nearly double what researchers expected, yet the stock market barely reacts, seasoned analysts take notice and wonder if investors are missing something significant. Soligenix (NASDAQ: SNGX), a New Jersey-based biopharmaceutical company focused on developing products to treat rare diseases where there is an unmet medical need, recently received updated analysis from Zacks Small-Cap Research following its announcement that milestone enrollment had been reached in the ongoing confirmatory Phase 3 FLASH2 trial of HyBryte(TM) for the treatment of cutaneous T-cell lymphoma, with the overall blinded response rate standing at 48% for patients who have completed treatment (https://ibn.fm/Ol9Er).

In the Nov. 20, 2025, research report published by Zacks Small-Cap Research, expert analysis indicated strong conviction about the 50-patient enrollment milestone and encouraging clinical results while noting puzzlement at the market’s subdued response. The report maintains Zacks’ $25 per share valuation for…

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NOTE TO INVESTORS: The latest news and updates relating to SNGX are available in the company’s newsroom at https://ibn.fm/SNGX

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