--- title: "Sol-Gel reports $24.2 million in cash, expects runway into early 2027" url: "https://aibio.space/news/sol-gel-reports-24-2-million-cash-expects-runway-early-2027/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2025-08-15" section: "Listings" tickers: "NASDAQ:SLGL" source: "https://www.sec.gov/Archives/edgar/data/1684693/000117891325002946/exhibit_99-1.htm" summary: "Sol-Gel's second-quarter report shows $24.2 million in cash and securities at June 30, 2025, and net income of $11.6 million that came mostly from a one-ti" --- By the aibio.space news desk. Sources - [Sol-Gel Technologies Ltd. 6-K (2025-08-15)](https://www.sec.gov/Archives/edgar/data/1684693/000117891325002946/exhibit_99-1.htm) - [Sol-Gel Technologies Ltd. 20-F (2025-04-29): business](https://www.sec.gov/Archives/edgar/data/1684693/000117891325001497/zk2533067.htm) [SLGL](https://aibio.space/companies/sol-gel-technologies/) 2025-08-15 # Sol-Gel reports $24.2 million in cash, expects runway into early 2027 Tickers [SLGL](https://aibio.space/companies/sol-gel-technologies/) Sol-Gel's second-quarter report shows $24.2 million in cash and securities at June 30, 2025, and net income of $11.6 million that came mostly from a one-time $16 million sale of U.S. product rights. The company's largest pipeline asset still has no results until the fourth quarter of 2026. ## Key facts - **Company**: Sol-Gel Technologies Ltd. (NASDAQ: SLGL) - **News type**: Listings - **Primary source**: [Sol-Gel Technologies Ltd. 6-K (2025-08-15)](https://www.sec.gov/Archives/edgar/data/1684693/000117891325002946/exhibit_99-1.htm) *The White House and its lawn. CC0, via rawpixel. The picture shows the field, not the companies named.* Sol-Gel Technologies Ltd. reported second-quarter 2025 financial results on August 15, 2025, in a Form 6-K furnished that day. The Ness Ziona, Israel dermatology company said it had $24.2 million at June 30, 2025, made up of $10.2 million in cash, cash equivalents and deposits and $14 million in marketable securities. It expects those resources to fund its cash requirements into the first quarter of 2027. The shares trade on Nasdaq under the symbol SLGL. ## A one-time sale drove the quarter Sol-Gel reported total revenue of $17.2 million for the quarter. The release says that revenue consisted primarily of $16 million from the sale of intellectual property under an agreement with Mayne Pharma and $0.5 million of royalty revenue from Galderma. In the same quarter of 2024, total revenue was $5.4 million, which primarily consisted of $0.6 million of Galderma royalties and $4.8 million under an agreement with Beimei. The company reported net income of $11.6 million for the second quarter of 2025, or $4.17 per basic and diluted share. The release text compares that with a net loss of $1.9 million a year earlier, but the statement of operations in the same 6-K shows net income of $1,976 thousand and earnings of $0.71 per share for the second quarter of 2024, so the release's wording and its table disagree. Research and development expenses rose to $4.6 million from $2.4 million, which the company attributes to $1.7 million more in SGT-610 manufacturing development and $1.0 million more in SGT-610 clinical trial expenses, offset by $0.3 million less in payroll and stock-based compensation after cost-saving measures in 2024. The quarter's net income rests on the Mayne payment, a one-time sale of rights rather than product sales. For the six months ended June 30, 2025, the statement shows revenue of $18,292 thousand, operating income of $2,161 thousand and net income of $2,802 thousand. The same period of 2024 shows a net loss of $4,368 thousand. ## The Mayne deal and the Galderma exit On April 17, 2025, Sol-Gel entered a product purchase agreement with a subsidiary of Mayne Pharma Group Limited. Under it, Sol-Gel sells and exclusively licenses the U.S. rights to EPSOLAY and TWYNEO. Sol-Gel will receive $16 million in two installments. The first, $10 million, arrived in the second quarter. The second, $6 million, is expected in the fourth quarter of 2025. The agreement followed the mutual termination by Sol-Gel and Galderma of the exclusive five-year U.S. license. The company says it expects product launches in most other territories to begin in 2027 and 2028. ## A reverse split and the listing On May 5, 2025, Sol-Gel carried out a 10-for-1 reverse share split of its ordinary shares. The shares outstanding fell from about 27.9 million to 2.8 million, and authorized share capital was adjusted to 5 million shares with a par value of NIS 1.0. Shareholders approved the split on April 1, 2025. The company said it was meant to raise the per-share price and keep the listing on the Nasdaq Capital Market. ## The pipeline SGT-610, a topically applied patidegib 2% gel for Gorlin syndrome, has completed enrollment in its Phase 3 trial. Top-line results are expected in the fourth quarter of 2026. The company says that, if approved, SGT-610 would be the first product to prevent new basal cell carcinomas in Gorlin patients, and it estimates peak revenue above $300 million a year. That is the company's own estimate, made before any trial results are in. SGT-210, a topical erlotinib, is in a Phase 1b proof-of-concept trial for Darier disease. The company says recruitment slowed because of the circumstances in Israel in recent months, and it expects study completion and top-line results in the fourth quarter of 2025. Pending positive results, it plans to file for a Phase 2 IND. ## What the report leaves open The runway depends on the $6 million second installment from Mayne, which had not been paid at the time of the report. The company's forward-looking statements list risks including whether the Mayne payments arrive as expected, whether new collaborations produce the revenue the company anticipates, and delays in the timing of its clinical trials and top-line results. 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Cite as: aibio.space, "Sol-Gel reports $24.2 million in cash, expects runway into early 2027", 2025-08-15, https://aibio.space/news/sol-gel-reports-24-2-million-cash-expects-runway-early-2027/