--- title: "Sol-Gel says $33.1 million March offering and $52.8 million balance fund it" url: "https://aibio.space/news/sol-gel-says-33-1-million-march-offering-52-8-million-balance-fund/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-05-28" section: "Financings" tickers: "NASDAQ:SLGL" source: "https://www.sec.gov/Archives/edgar/data/1684693/000117891326002963/exhibit_99-1.htm" summary: "Sol-Gel's first-quarter 2026 report shows $52.8 million in cash and securities at March 31 after a March offering of about $33.1 million, with revenue of $" --- By the aibio.space news desk. Sources - [Sol-Gel Technologies Ltd. 6-K (2026-05-28)](https://www.sec.gov/Archives/edgar/data/1684693/000117891326002963/exhibit_99-1.htm) - [Sol-Gel Technologies Ltd. 20-F (2026-03-19): business](https://www.sec.gov/Archives/edgar/data/1684693/000117891326001552/zk2634571.htm) - [Sol-Gel Technologies Ltd. financial data (SEC XBRL)](https://www.sec.gov/Archives/edgar/data/1684693/000117891326001552/) [SLGL](https://aibio.space/companies/sol-gel-technologies/) 2026-05-28 # Sol-Gel says $33.1 million March offering and $52.8 million balance fund it into 2028 Tickers [SLGL](https://aibio.space/companies/sol-gel-technologies/) Sol-Gel's first-quarter 2026 report shows $52.8 million in cash and securities at March 31 after a March offering of about $33.1 million, with revenue of $0.1 million and a net loss of $3.7 million. The company says the funds support operations into 2028. ## Key facts - **Company**: Sol-Gel Technologies Ltd. (NASDAQ: SLGL) - **News type**: Financings - **Primary source**: [Sol-Gel Technologies Ltd. 6-K (2026-05-28)](https://www.sec.gov/Archives/edgar/data/1684693/000117891326002963/exhibit_99-1.htm) *Midtown Manhattan and a downtown tower in haze. CC0, via rawpixel. The picture shows the field, not the companies named.* Sol-Gel Technologies Ltd. reported first-quarter 2026 results on May 28, 2026, in a Form 6-K that included an earnings release. The Ness Ziona, Israel dermatology company said it had $10.1 million in cash, cash equivalents and deposits and $42.7 million in marketable securities at March 31, 2026, a total of $52.8 million. It expects those resources to cover cash requirements into the first quarter of 2028. The shares trade on Nasdaq under the symbol SLGL. ## The March offering In March 2026, Sol-Gel closed an underwritten offering with aggregate gross proceeds of about $33.1 million. The company says it drew new and existing investors, including Great Point Partners, LLC, Trails Edge Capital Partners, Surveyor Capital, a Citadel company, Affinity Asset Advisors, Squadron Capital Management, Stonepine Capital Management and AuGC BioFund. TD Cowen and LifeSci Capital acted as joint book-running managers. The release does not give the offering price, the number of shares sold or the net proceeds, so the per-share dilution cannot be read from it. ## A small quarter Revenue for the first quarter of 2026 was $0.1 million, down from $1.0 million a year earlier. The company attributes the decline mainly to a milestone payment from Searchlight received in the first quarter of 2025. Research and development expenses fell to $2.8 million from $8.8 million. The company attributes the $6.0 million decrease mainly to $3.9 million less in supplier-led manufacturing development spending for SGT-610, $1.1 million less in SGT-610 clinical trial expenses and $0.8 million less in manufacturing development for EPSOLAY and TWYNEO. General and administrative expenses were $1.2 million, against $1.3 million. Net loss for the quarter was $3.7 million, or $1.31 per basic and diluted share, compared with a net loss of $8.8 million, or $3.2 per share, a year earlier. The smaller loss comes mostly from lower development spending, not from higher sales. ## The annual figures before the quarter The 20-F, filed March 19, 2026, shows 2025 revenue of $19.4 million, up from $11.5 million in 2024. Research and development expense was $22.8 million in 2025, up from $17.8 million. The net loss for 2025 was $6.1 million, against $10.6 million in 2024. Cash provided by operations in 2025 was $322,000, against $13.9 million of cash used in 2024. The company's 2025 year-end cash and cash equivalents were $11.0 million, with short-term investments of $13.0 million. ## The pipeline The pivotal Phase 3 trial of SGT-610, a patidegib gel at 2%, for Gorlin syndrome is ongoing. The company says top-line results remain on track for the fourth quarter of 2026. A proof-of-concept study of SGT-610 in HF-BCC is in preparation. The company received a Notice of Allowance from the U.S. Patent and Trademark Office in May 2026 for a method-of-use patent application covering topical patidegib. Sol-Gel says the patent would protect SGT-610 until 2044. A Notice of Allowance means the patent office has approved the claims, but the patent has not yet issued, so the release's statement about protection depends on that step. ## The licenses In April 2026, Sol-Gel signed an exclusive license with Sun Pharmaceutical Industries Ltd. for TWYNEO in India. The company says its existing agreements for TWYNEO and EPSOLAY, along with those it anticipates for Latin America, Spain and Portugal, could bring upfront and regulatory milestone payments of up to $4.5 million. The company says it signed eight earlier agreements for TWYNEO and EPSOLAY during 2024 and 2025, covering most European countries, South Africa, South Korea, Australia and New Zealand. Based on partner forecasts, it expects TWYNEO and EPSOLAY to launch in the majority of the new territories during 2028 and 2027 respectively, and says those deals are anticipated to provide an annual royalty stream with the potential to reach approximately $10 million by 2031. These are partner forecasts, not results. ## What the release leaves open The release describes the offering as oversubscribed but does not give the amount of demand. The runway statement rests on forecasts from partners and on the Phase 3 timetable, and the company's own forward-looking statements list the timing of clinical milestones and the timing of the TWYNEO and EPSOLAY launches as uncertain. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story SLGL Sol-Gel Technologies Ltd. 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Cite as: aibio.space, "Sol-Gel says $33.1 million March offering and $52.8 million balance fund it", 2026-05-28, https://aibio.space/news/sol-gel-says-33-1-million-march-offering-52-8-million-balance-fund/