Sol-Gel Technologies Ltd.

What they do

Sol-Gel Technologies develops and commercializes topical dermatology products based on its encapsulation technology. Its FDA-approved products are Twyneo, a once-daily non-antibiotic cream for acne vulgaris, and Epsolay, a once-daily encapsulated benzoyl peroxide cream for papulopustular rosacea. It also has investigational candidates: SGT-610 (patidegib 2% gel) for preventing new basal cell carcinomas in Gorlin Syndrome, and SGT-210 (topical erlotinib) for localized EGFR inhibition.

Revenue drivers

• Approved products (Twyneo and Epsolay) — Commercial sales of the two FDA-approved topical creams are the disclosed revenue-generating products; reported annual revenue rose to $19.4M in 2025 from $11.5M in 2024.
• Product candidates (SGT-610 and SGT-210) — Pre-commercial pipeline candidates; no product revenue is attributed to them in the provided financial data.
• Other revenue — The filings excerpt does not break out licensing, milestone or collaboration revenue separately, and no segment-level revenue split is provided.

Recent performance

Annual revenue was $19.4M in 2025, up from $11.5M in 2024 and $1.6M in 2023. Net loss narrowed to $6.1M in 2025 from $10.6M in 2024, and diluted EPS improved to -$2.19 from -$3.79. Operating cash flow turned slightly positive at $322,000 in 2025, versus -$13.9M in 2024. At December 31, 2025, total assets were $29.9M, total liabilities $7.1M, shareholder equity $22.8M, and cash and equivalents $11.0M.

Strategy

The company's disclosed product set centers on commercializing Twyneo and Epsolay while advancing SGT-610 and SGT-210 through development. The 20-F describes SGT-610 as designed to prevent new basal cell carcinomas in adults with Gorlin Syndrome, and SGT-210 as a topical EGFR inhibitor platform. No detailed forward guidance or specific spending plans are included in the provided excerpts, so the stated direction is limited to these product and pipeline priorities.

Risks

• Commercial concentration in two approved products — Revenue depends on Twyneo and Epsolay; the excerpts disclose no other approved revenue-generating products.
• History of losses — The company reported net losses of $14.9M (2022), $27.2M (2023), $10.6M (2024) and $6.1M (2025).
• Pipeline development uncertainty — SGT-610 and SGT-210 are investigational and have no disclosed approval or revenue.
• Limited cash relative to prior burn — Cash and equivalents were $11.0M at December 31, 2025, against operating cash outflows of $13.9M in 2024.

Outlook

The provided filings do not include explicit management guidance on future revenue, earnings or cash runway. The disclosed trajectory is improving annual revenue and a narrowing net loss through 2025, with operating cash flow near break-even. Future performance depends on continued sales of Twyneo and Epsolay and progress of SGT-610 and SGT-210, neither of which is approved.