Why Did Soligenix Plunge 12.97% Despite Positive Trial Results?

On August 1, 2025, Soligenix experienced a significant drop of 12.97% in pre-market trading, marking a notable shift in investor sentiment.

Soligenix recently announced encouraging results from its Phase 2a clinical trial of SGX945 in treating Behçet's Disease. The trial demonstrated biological efficacy, showing a 40% improvement in the primary ulcer endpoint compared to a historical placebo group. This result is particularly noteworthy as it matches the efficacy of Amgen's FDA-approved therapy, apremilast, despite SGX945 being discontinued at week 4, while apremilast continued through week 8. This suggests that SGX945 may offer sustained therapeutic benefits even after treatment has ended.

The positive outcomes from the Phase 2a study have generated significant interest in SGX945's potential as a treatment for Behçet's Disease. The company's ability to achieve comparable results to an established therapy highlights the promise of SGX945 and could pave the way for further clinical development. Investors are closely watching these developments, as successful Phase 3 trials could lead to regulatory approval and commercialization, potentially driving future growth for Soligenix.