Sol-Gel Technologies (SLGL) Q4 2025 earnings summary

Executive summary

• Achieved $19.4M in 2025 revenue, up from $11.6M in 2024, mainly from milestone and royalty payments related to licensing agreements for Twyneo and Epsolay.

• Net loss narrowed to $6.1M in 2025 from $10.6M in 2024 and $27.2M in 2023; accumulated deficit reached $237M as of December 31, 2025.

• Sold U.S. rights to Twyneo and Epsolay to Mayne Pharma for $16M; entered new licensing and commercialization agreements in Canada, China, and other territories.

• SGT-610 (patidegib gel) Phase 3 trial for Gorlin syndrome completed enrollment; topline results expected Q4 2026.

• SGT-610 granted Orphan Drug and Breakthrough Therapy designations by FDA; potential peak annual net sales estimated at $600M if approved.

Financial highlights

• 2025 revenue: $19.4M (2024: $11.6M; 2023: $1.6M).

• 2025 net loss: $6.1M (2024: $10.6M; 2023: $27.2M).

• R&D expenses increased to $22.8M in 2025 (2024: $17.8M), mainly due to SGT-610 manufacturing and clinical trial costs.

• Cash, cash equivalents, deposits, and marketable securities totaled $12.4M at year-end 2025; sufficient to fund operations into Q1 2027.

• Accumulated deficit: $237M as of December 31, 2025.

Outlook and guidance

• Topline results for SGT-610 Phase 3 trial in Gorlin syndrome expected in Q4 2026.

• Evaluating SGT-610 for high-frequency BCC; feasibility study planned.

• SGT-210 development to focus on small feasibility studies in new indications after discontinuing Darier disease program.

• Company expects to incur significant expenses and operating losses for the foreseeable future and will require additional funding.