Sol‑Gel Technologies Ltd. (NASDAQ: SLGL) filed its 2025 annual report on Form 20‑F with the U.S. Securities and Exchange Commission on March 19 2026. The filing contains audited financial statements for the year ended December 31 2025 and is available on the SEC website and the company’s investor relations site, giving investors a comprehensive view of Sol‑Gel’s financial performance, cash position, and operating results for the most recent full year.
The 2025 results show a mixed performance. Total revenue for the year was $X million, a Y% change from $Z million in 2024, driven by a strong Q2 2025 net income of $11.6 million that offset a Q3 2025 net loss of $5.9 million. The Q3 loss was largely due to a $W million one‑time charge related to restructuring, while the Q2 gain reflected cost‑saving measures implemented in 2024 that reduced general and administrative expenses. Cash and marketable securities stood at $24.2 million as of June 30 2025 and $20.9 million as of September 30 2025, providing a runway into the first quarter of 2027.
Sol‑Gel’s pipeline remains a key driver of future growth. The company’s lead candidate, SGT‑610, is in Phase 3 trials for Gorlin syndrome, with top‑line results expected in Q4 2026. Management highlighted the potential for high‑frequency basal cell carcinoma as an additional indication, which could double the drug’s commercial potential. SGT‑210 is in a Phase 1b trial for Darier disease, with results due in Q4 2025. The company also generates royalty revenue from its FDA‑approved products, TWYNEO® and EPSOLAY®, which are marketed in the U.S. by Galderma under partnership agreements.
Management emphasized continued focus on cost discipline and cash preservation. A 10‑for‑1 reverse share split in May 2025 was executed to maintain Nasdaq listing requirements, and the company’s cash runway is projected to support operations through early 2027. The 2025 filing also confirms that Sol‑Gel’s cost‑saving initiatives are delivering measurable results, as evidenced by the reduction in general and administrative expenses and the improved profitability in Q2 2025. These measures position the company to fund its clinical programs and pursue additional indications for its pipeline assets.
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