Sol-Gel Technologies (SLGL) Q2 2025 earnings summary

Executive summary

• Completed patient enrollment for Phase 3 SGT-610 trial for Gorlin Syndrome; top-line results expected Q4 2026.

• Ongoing Phase 1b trial for SGT-210 in Darier disease; results expected Q4 2025 due to slowed recruitment.

• Sold U.S. rights to EPSOLAY and TWYNEO for $16M, supporting cash runway into Q1 2027.

• Implemented 10-for-1 reverse share split to maintain Nasdaq listing.

Financial highlights

• Q2 2025 revenue was $17.2M, up from $5.4M in Q2 2024, mainly from $16M IP sale to Mayne.

• Net income for Q2 2025 was $11.6M, compared to a net loss of $1.9M in Q2 2024.

• Earnings per share were $4.17 in Q2 2025, up from $0.71 in Q2 2024.

• R&D expenses rose to $4.6M from $2.4M year-over-year, mainly due to SGT-610 development.

• Cash, equivalents, and marketable securities totaled $24.2M as of June 30, 2025.

Outlook and guidance

• Cash runway expected to last into Q1 2027 following recent asset sales.

• Top-line results for SGT-610 Phase 3 expected Q4 2026; SGT-210 Phase 1b results expected Q4 2025.

• Royalties from ex-U.S. markets for TWYNEO and EPSOLAY projected to reach ~$10M by 2031.