Skinvisible, Inc.

What they do

Through its wholly owned subsidiary Skinvisible Pharmaceuticals Inc., the company developed and patented Invisicare, a polymer delivery system that binds active ingredients to the skin for up to four hours and longer without alcohol, silicones, waxes or other organic solvents. It says it has completed R&D on over forty topical prescription and OTC products covered by issued technology and product patents, and it out-licenses those products globally rather than manufacturing or marketing them itself. Revenue is generated through licensing (upfront fees and royalties), co-development of formulations for pharmaceutical clients, and life-cycle management reformulations of off-patent drugs.

Revenue drivers

• Licensing — Upfront fees and ongoing royalties from licensing Invisicare-enhanced prescription and OTC products to pharmaceutical and consumer goods companies; the stated core of the business model.
• Co-development — Fees for assisting pharmaceutical clients in early formulation work that the client then takes into clinical testing.
• Life cycle management — Reformulating global pharmaceutical companies' off-patent products with a new Invisicare patent, new benefits and line extensions.
• Quoin license — An exclusive license agreement dated October 17, 2019 with Quoin Pharmaceuticals, Inc. covering certain patents; terms beyond the grant are not detailed in the excerpts provided.

Recent performance

Total annual revenue was $20,000 in each of 2023, 2024 and 2025, down from $279,296 in 2022 and $663,426 in 2021. Recent quarterly revenue was $5,000 in each of the four quarters from 2025-09-30 through 2026-06-30. Annual net income was a loss of $1.1 million in 2025 and $565,654 in 2024. Operating cash flow was negative $38,410 in 2025 and negative $69,834 in 2024, and the accumulated deficit reached $41,010,176 as of December 31, 2025. At 2026-06-30 the balance sheet showed total assets of $123,334, total liabilities of $10.9 million, shareholder equity of negative $10.8 million, and cash and equivalents of $3,959.

Strategy

Management says R&D is complete on forty products with numerous patents issued, and that the company is now focused on monetizing that investment by out-licensing its patented prescription and OTC products to established manufacturers and marketers internationally. It also aims to maximize profits from products already out-licensed. The company cites pharmaceutical companies' downsizing or elimination of internal R&D as opening demand for external R&D partners. It states it is exploring opportunities in large markets outside dermatology, such as obesity, where a topical or transdermal solution could be an alternative.

Risks

• Going concern — The company states it does not have sufficient cash or a significant revenue source to cover operational costs and continue as a going concern, and that its plan requires capital for the next twelve months.
• History of losses — It reports an accumulated deficit of $41,010,176 as of December 31, 2025 and says it has not generated sufficient revenue from licensees or product sales to cover expenses.
• Financing risk — Management states it needs additional funds and may be unable to obtain debt or equity financing on favorable terms, if at all, and that debt terms could restrict indebtedness, require liquidity ratios, or limit dividends and acquisitions.
• Revenue concentration and near-zero sales — Revenue has been flat at $20,000 annually in 2023-2025 and $5,000 per quarter recently, so the business depends on a very small number of licensing arrangements.

Outlook

Management's stated plan is to continue out-licensing Invisicare-based products, maximize profits from existing licenses, and explore topical or transdermal opportunities in large markets outside dermatology such as obesity. It acknowledges that the plan requires capital to operate for the next twelve months and that there is no assurance revenue or a successful offering will materialize. The risk factors state investors may lose their entire investment if revenues from the business plan are not generated.