Sol-Gel Technologies (SLGL) Q2 2026 earnings summary

Executive summary

• Advanced pivotal Phase 3 trial of SGT-610 for Gorlin syndrome, with top-line results expected in late November 2026 and strong patient retention (9% dropout rate).

• Initiated proof-of-concept and neo-adjuvant studies for patidegib gel in high-frequency BCC and BCC surgery, expanding clinical pipeline.

• Filed provisional patent for intra-cystic injectable targeting odontogenic keratocysts, addressing significant unmet need.

Financial highlights

• Q2 2026 revenue was $0.6 million, down from $17.3 million in Q2 2025, mainly due to a prior year IP sale.

• Research and development expenses decreased to $3.7 million from $4.6 million year-over-year.

• General and administrative expenses fell to $1.0 million from $1.4 million year-over-year.

• Reported net loss of $3.7 million and loss per share of $1.13, compared to net income of $11.6 million and EPS of $4.17 in Q2 2025.

• Cash, cash equivalents, and marketable securities totaled $49.3 million as of June 30, 2026.

Outlook and guidance

• Top-line Phase 3 results for SGT-610 expected in late November 2026; last patient visit in September 2026.

• Cash resources expected to fund operations into Q1 2028.

• Anticipates pivotal registration study for HF-BCC in late 2027 or early 2028.