Skinvisible Inc (OTC: SKVI) is a specialty pharmaceutical and skin care company that licenses proprietary drug delivery and skin care technology to pharmaceutical and biotech partners. Revenue comes from a combination of product sales, patent license royalties, and license fees (product development fees), totaling $20,000 for FY2025, unchanged from $20,000 in FY2024. Gross profit was 100% of revenue in both years, as the company reported $0 in cost of revenues. Operating expenses were $516,315 in FY2025, down from $609,589 in FY2024, consisting mainly of accrued salaries and wages ($347,892) and audit and accounting fees ($58,479). Known licensees include Quoin Pharmaceuticals and Ovation. The company relies on three third-party manufacturers on a purchase order basis with no formal supply contracts beyond confidentiality agreements. As of the 10-K filed March 31, 2026, Skinvisible disclosed it does not have sufficient cash to fund operations for the next twelve months and intends to rely on increased sales and debt or equity financing.

Revenue model

Royalty and licensing model: revenue is generated from patent license royalties, license fees (product development fees), and product sales. Total combined revenue was $20,000 for FY2025 and $20,000 for FY2024 (per 10-K filed 2026-03-31).

Products and services

Proprietary skin care and drug delivery technology licensed to pharmaceutical and biotech companies. Known licensed products include QRX003 lotion (4%), developed by licensee Quoin Pharmaceuticals for Netherton Syndrome treatment, which received FDA Rare Pediatric Disease Designation (June 24, 2025) and FDA Fast Track Designation (January 27, 2026).

Customers and end markets

Pharmaceutical and biotech companies (licensees), including Quoin Pharmaceuticals and Ovation. End markets include prescription dermatology and skin care. The company also references the broader skin care and personal care consumer market.

Value-chain role

IP licensor and technology developer. Manufacturing is outsourced to three third-party manufacturers on a purchase order basis with no formal supply contracts. The company holds patent applications in drug delivery and skin care formulations.

Geographic exposure

Primary operations in the United States. The filing references international business transactions and exposure to international regulatory environments, but no specific geographic revenue breakdown is disclosed.

Source: SEC 10-K, filed 2026-03-31

Industry: Pharmaceutical Preparations Peers: Youngevity International, Inc. Estee Lauder Companies Inc Premier Product Group, Inc.