Sol-Gel Technologies Ltd.

Sol-Gel Technologies Ltd. (SLGL) reported revenues of $19.4 million for FY 2025, a 68% increase from $11.5 million in FY 2024, driven by milestone payments and royalties from license agreements including $16 million from Mayne Pharma for U.S. rights to Twyneo and Epsolay, $1.7 million from Searchlight in Canada, and $0.7 million from Galderma. Research and development expenses rose to $22.8 million from $17.8 million, reflecting API manufacturing for SGT-610 and Phase 3 trial advancement. General and administrative expenses declined to $4.2 million from $5.7 million due to cost-saving measures. Total operating loss narrowed to $7.5 million from $12.0 million, with net loss improving to $6.1 million from $10.6 million, or -$2 per share versus -$3.79 prior year. Cash and equivalents stood at $11.0 million, marketable securities $13.0 million, total assets $29.9 million, and shareholders' equity $22.8 million as of Dec 31, 2025. Operating cash flow turned positive at $0.3 million versus -$13.9 million outflow prior year. Liquidity supports operations into Q1 2027, amid ongoing SGT-610 Phase 3 trial topline expected Q4 2026.

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