0001178913-26-001552
SEC filingSol-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.
Sol-Gel reported FY 2025 revenues of $19.4M, up 68% YoY from $11.5M, fueled by $16M from Mayne Pharma U.S. rights sale for Twyneo/Epsolay, $1.7M Searchlight Canada milestones/royalties, and $0.7M Galderma royalties. R&D expenses increased 28% to $22.8M due to SGT-610 API manufacturing and Phase 3 trial costs. G&A fell 27% to $4.2M from cost controls. Operating loss improved 38% to -$7.5M; net loss narrowed 42% to -$6.1M (-$2/share vs -$3.79). Cash reserves $24.0M (cash $11.0M, marketable securities $13.0M), equity $22.8M. Liquidity into Q1 2027 amid going concern doubt.
Revenues solely from collaborations: $16.7M U.S. (Mayne), $1.7M Canada (Searchlight), $0.7M royalties (Galderma), $0.03M China (Beimei). No geographic segments disclosed; all IP/licenses. YoY growth from milestones post-regulatory approvals (e.g., Health Canada NOC for Twyneo/Epsolay).
No gross profit/COGS as R&D-focused biotech. Operating margin -39% (improved from -104%). Loss driven by $22.8M R&D (126% of revenue), offset by $1.4M financial income. No profitability; ongoing losses expected.
Operating cash $0.3M (vs -$13.9M outflow prior), from working capital changes offsetting $6.1M loss. Investing -$8.6M (net marketable securities outflow). Financing $6K (options). Total cash decline $8.4M. Assets $29.9M (down from $35.8M), liabilities $7.1M stable. Equity $22.8M.
Phase 3 SGT-610 topline Q4 2026; liquidity to Q1 2027. Need funding for trials/commercialization. Risks: clinical failure, dilution from financing.