Sol-Gel Technologies (SLGL) Q4 2024 earnings summary

Executive summary

• Achieved $11.5M in 2024 revenue, up from $1.6M in 2023, mainly from milestone and royalty payments from licensing and IP sales.

• Net loss narrowed to $10.6M in 2024 from $27.2M in 2023, reflecting cost-saving measures and increased revenues.

• Sold U.S. rights to Twyneo and Epsolay to Mayne Pharma in April 2025, with $16M in payments expected, supporting liquidity.

• Focused pipeline on SGT-610 (patidegib) for Gorlin syndrome (Phase 3, 80% enrolled) and SGT-210 for rare keratosis disorders (Phase 1 ongoing).

Financial highlights

• 2024 revenues: $11.5M (2023: $1.6M), driven by Beimei and Padagis milestone payments.

• R&D expenses: $17.8M in 2024, down from $23.5M in 2023, due to lower clinical and payroll costs.

• G&A expenses: $5.8M in 2024, down from $7.4M in 2023.

• Cash, cash equivalents, deposits, and marketable securities: $23.9M as of Dec 31, 2024.

• Accumulated deficit: $230.9M as of Dec 31, 2024.

Outlook and guidance

• Cash runway expected to fund operations for at least 12 months, assuming receipt of Mayne Pharma payments.

• SGT-610 Phase 3 results expected in Q4 2026; potential peak annual sales estimated at $300–500M if approved.

• SGT-210 Phase 1 for Darier Disease ongoing; Phase 2 IND planned for 2025.

• Continued focus on out-licensing and strategic partnerships for commercialization outside the U.S.