SOL-GEL TECHNOLOGIES LTD.
sol-gel.comWhat Do They Do?
Develops and licenses topical medicines for acne, rosacea and rare skin conditions to pharmaceutical partners.
20-F for FY2025, filed Mar 19, 2026We are an innovative dermatology company, leveraging innovative approaches to develop pioneering treatments for patients with severe skin…View ↗
Our current product candidate pipeline includes SGT-610 (Patidegib Gel 2%), a new chemical entity hedgehog signaling pathway blocker, for…View ↗
From 2022 until April 2025, both products were marketed in the U.S. by our U.S. commercial partner, Galderma. In April 2025, we sold our…View ↗
How Do They Make Money?
Pharmaceutical partners pay for rights to commercialize its medicines; license income is tied to transfer of the rights, support services are delivered over time, and royalties come as partner sales occur.
20-F for FY2025, filed Mar 19, 2026In June 2023, we entered into exclusive license agreements with Searchlight, a private Canadian specialty pharmaceutical company, pursuant…View ↗
The Company provides Beimei and Mayne (“the entities”) a right to use the Company's intellectual property as it exists at the point in time…View ↗
The Company provides further support services to Beimei based on agreed upon rates. The Company recognized revenue regarding the support…View ↗
Royalties: For arrangements that include sales-based royalties and the license is deemed to be the predominant item to which the royalties…View ↗
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20-F for FY2025, filed Mar 19, 2026
FY2025 revenue by product or service ↗
$19.4M
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20-F for FY2025, filed Mar 19, 2026
$19.4M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Royalty
Usage-based
|
3.7%
FY2022: 100%
|
Royalty, FY2025
$707K Sources
|
Usage-based |
|
LICENSE REVENUES
Sold outright
20-F for FY2025, filed Mar 19, 2026 |
96%
FY2022: 0.0%
|
LICENSE REVENUES, FY2025
$18.6M Sources
|
Sold outright |
|
Service, Other
|
0.4%
FY2022: 0.0%
|
Service, Other, FY2025
$82K Sources
|
Who Are Their Customers?
Pharmaceutical partners obtain rights to commercialize Twyneo and Epsolay directly from Sol-Gel; partners handle commercial activity in their territories, and the company relies on third parties in most jurisdictions.
20-F for FY2025, filed Mar 19, 2026In June 2023, we entered into exclusive license agreements with Searchlight, a private Canadian specialty pharmaceutical company, pursuant…View ↗
We currently have limited internal sales, marketing and distribution capabilities. Accordingly, we have historically relied, and expect to…View ↗
In June 2023, we entered into exclusive license agreements with Searchlight Pharma Inc., pursuant to which Searchlight has the exclusive…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $6.1M in FY2025, but brought in more cash than it spent: $275K of free cash flow.
20-F for FY2025, filed Mar 19, 2026
−$7.5MView ↗
20-F for FY2025, filed Mar 19, 2026
−$6.1MView ↗
20-F for FY2025, filed Mar 19, 2026
$275KView ↗
How Are They Changing?
Shrinking. Revenue fell 38% in 4 years, from $31.3M in FY2021 to $19.4M in FY2025, about 11% a year.
Commercialization partners
The older report described Galderma as the exclusive U.S. commercial partner for both creams; the latest says Sol-Gel sold those U.S. rights to Mayne and granted partners commercialization rights in other markets.
20-F for FY2022, filed Mar 10, 2023 20-F for FY2025, filed Mar 19, 2026In June 2021, we entered into two five-year exclusive license agreements with Galderma pursuant to which Galderma has the exclusive right…View ↗
Who Do They Compete With?
Competes with Aclaris Therapeutics, Akorn, Almirall, Aqua Pharmaceuticals, Arcutis Biotherapeutics, Bausch Health, Bayer HealthCare, Cassiopea, Organon, Galderma Pharma, Glenmark Pharmaceuticals, G&W Laboratories, LEO Pharma, Mylan, Mayne Pharma, Novan, Novartis, Palvella Therapeutic, Padagis US, and Pfizer
20-F for FY2025, filed Mar 19, 2026There are numerous companies that have branded or generic products or product candidates in the dermatology market. Among them are Aclaris…View ↗
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