Logo

SLGL

Sol-Gel Technologies Ltd.

SLGL

Sol-Gel Technologies Ltd. • NASDAQ
$42.41 ▲ 4.24% (+1.73)
Market Cap $118.16 M
52w High $52.26
52w Low $4.02
Dividend Yield 0%
P/E -13.13
Volume 22.84K
Outstanding Shares 2.79M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $400K ▼ $6.688M ▲ $-5.942M ▼ -1.486K% ▼ $-2.13 ▼ $-5.942M ▼
Q2-2025 $17.261M ▲ $6.031M ▲ $11.61M ▲ 67.261% ▲ $4.17 ▲ $11.23M ▲
Q1-2025 $1.031M ▲ $-8.038M ▼ $-8.808M ▼ -854.316% ▲ $-0.32 ▼ $9.069M ▲
Q4-2024 $278K ▼ $6.377M ▲ $-5.846M ▼ -2.103K% ▼ $-0.21 ▼ $-6.099M ▼
Q3-2024 $5.361M $6.189M $-366K -6.827% $-0.013 $-490K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $20.843M ▼ $34.592M ▼ $8.562M ▲ $26.03M ▼
Q2-2025 $24.287M ▲ $39.307M ▲ $7.425M ▲ $31.882M ▲
Q1-2025 $16.902M ▼ $27.063M ▼ $6.891M ▼ $20.172M ▼
Q4-2024 $23.926M ▼ $35.846M ▼ $6.996M ▼ $28.85M ▼
Q3-2024 $28.051M $42.98M $8.275M $34.705M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2024 $1.976M ▲ $0 $0 $0 $0 $0
Q1-2024 $-6.344M ▼ $0 $0 $0 $0 ▲ $0
Q4-2023 $-4.836M ▲ $0 $0 $0 $-6.622M ▼ $0
Q3-2023 $-5.711M ▲ $0 $0 $0 $-1.483M ▼ $0
Q2-2023 $-5.97M $0 $0 $0 $8.812M $0

Revenue by Products

Product Q2-2022Q4-2022
License
License
 $0 ▲$0 ▲
Collabrations
Collabrations
 $0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Sol-Gel still looks like a classic early-stage biotech story: tiny revenue and recurring losses. Over the last five years, sales have been minimal and uneven, with occasional small bumps rather than a steady business. The company has consistently spent more on operations and R&D than it brings in, which leads to ongoing operating and net losses. The loss per share has improved in the most recent year compared with earlier years, showing some cost discipline and one-off positives, but the business is not yet supported by recurring product income. Future profitability depends almost entirely on successful commercialization of its pipeline and partnerships, not on its current revenue base.

Balance Sheet

Balance Sheet The balance sheet is small but relatively clean. Assets and equity are modest but fairly steady over time, and importantly there is no financial debt showing in the historical data, which reduces balance sheet risk. Cash levels have moved up and down but stayed meaningful relative to the company’s size. The more recent company update suggests a stronger cash position after selling the U.S. rights to its two marketed products, giving it funding visibility for a couple of years. Overall, solvency looks acceptable in the near term, but long-term sustainability still hinges on either new financing or successful drug development.

Cash Flow

Cash Flow Cash flow reflects a company that is investing in development rather than generating steady income. Operating cash flow has been consistently negative, meaning the business consumes cash each year to fund R&D, clinical trials, and overhead. Free cash flow is essentially the same as operating cash flow because capital spending on physical assets is very light, which is typical for a research-focused biotech. The good news is that the cash burn appears to have moderated somewhat in the latest years. Still, this remains a cash-using, not cash-generating, business and depends on deals, licensing, or capital raises to keep funding operations.

Competitive Edge

Competitive Edge Sol-Gel’s competitive position rests on specialization rather than scale. It operates in dermatology, with a focus on topical treatments and rare skin diseases, and it has already proven it can bring drugs to market with two FDA-approved creams (EPSOLAY and TWYNEO). Its proprietary silica-based microencapsulation platform is a real differentiator, aiming to deliver established drugs to the skin more safely and comfortably. Patent protection into the next decade supports this moat. However, the company is small compared with large dermatology and pharma players, and it now relies more on partners and licensees after selling U.S. rights to its two marketed products. That reduces direct commercial upside but also offloads some commercialization risk and cost. Competitive strength will ultimately be judged by the success of its late-stage pipeline in markets where there are currently few or no approved options.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of Sol-Gel’s story. Its microencapsulation technology is a platform that can, in theory, be applied to multiple skin drugs, improving tolerability and control of drug release. The current pipeline is focused and high impact: a Phase 3 program (SGT-610) targeting prevention of basal cell carcinomas in Gorlin Syndrome patients, and an earlier-stage program (SGT-210) for Darier disease and potentially other rare keratinization disorders. These are serious, underserved conditions where even modest clinical success could be meaningful. The flip side is typical biotech risk: heavy dependence on a small number of assets, long timelines, and binary outcomes around clinical data and regulatory decisions. R&D productivity and trial results will almost entirely determine whether the company’s technology translates into sustainable economics.

Summary

Sol-Gel today is a small, R&D-driven dermatology company with a strong scientific story but an early-stage financial profile. The income statement shows minimal revenue and recurring losses; the balance sheet is lean but debt-free; and the cash flow statement confirms ongoing cash burn, though with some improvement. Its recent asset sale and cash position provide a time window to advance its pipeline without immediate financial distress. Strategically, the company has traded near-term commercial scale for focus on its rare-disease pipeline and its microencapsulation platform. People following Sol-Gel will likely focus less on current earnings and more on clinical milestones, partnership activity, and how far its existing cash runway can carry its lead programs toward pivotal results.

NEWS

November 20, 2025 · 7:30 AM UTC

Sol-Gel Reports Third Quarter 2025 Financial Results and Provides Corporate Updates

Read more