What caused SNGX's earnings collapse in Q3 2024?

Soligenix's earnings collapse in Q3 2024 can be attributed to a combination of factors: 1. **Clinical Trial Adjustments**: The company experienced a decrease in earnings primarily due to adjustments in estimated accruals for completed clinical trials. This indicates that the costs associated with completing clinical trials had a significant impact on the company's financial performance during the period. 2. **Phase 2 and Phase 3 Trial Initiations**: The anticipation of initiating the Phase 2 study in Behçet's Disease and the second Phase 3 CTCL trial led to increased preliminary costs. These costs, although offsetting the adjustments in estimated accruals to some extent, still contributed to the overall negative earnings momentum. 3. **Revenue Recognition**: The company reported revenues of less than $0.1 million for Q2 2024, a decrease from $0.2 million in the same quarter of the previous year. This reduction in revenue, derived from government contracts and grants, also played a role in the earnings collapse. In summary, SNGX's earnings collapse in Q3 2024 was likely a result of a combination of factors including adjustments in estimated accruals for completed clinical trials, increased costs associated with the anticipation of initiating new trials, and a decrease in revenue recognition.