Sol-Gel Technologies (SLGL) Q1 2026 earnings summary

Executive summary

• Received Notice of Allowance for a method-of-use patent for SGT-610, extending protection until 2044.

• Completed an oversubscribed underwritten offering, raising $33.1 million in gross proceeds.

• Entered an exclusive license agreement with Sun Pharma for TWYNEO commercialization in India.

• Pivotal Phase 3 trial of SGT-610 for Gorlin syndrome ongoing, with top-line results expected Q4 2026.

Financial highlights

• Q1 2026 revenue was $0.1 million, down from $1.0 million in Q1 2025, mainly due to a prior milestone payment.

• Research and development expenses decreased to $2.8 million from $8.8 million year-over-year.

• Net loss for Q1 2026 was $3.7 million ($1.31 per share), improved from $8.8 million ($3.2 per share) in Q1 2025.

• Cash, cash equivalents, and deposits totaled $10.1 million, with $42.7 million in marketable securities as of March 31, 2026.

Outlook and guidance

• Cash resources expected to fund operations into Q1 2028.

• Top-line results for SGT-610 Phase 3 trial anticipated in Q4 2026.

• TWYNEO and EPSOLAY launches in new territories expected in 2028 and 2027, respectively.

• Annual royalty revenue from new agreements could reach $10 million by 2031.