Sol-Gel Reports Third Quarter 2026 Financial Results and Provides Corporate Updates

Sol-Gel intends to retain full U.S. commercial rights to SGT-610 and use a third-party commercialization organization if approved.

Rhea-AI Summary

Sol-Gel Technologies (NASDAQ: SLGL) reported third-quarter 2026 results as its pivotal SGT-610 trial reached the end of patient follow-up. The Phase 3 study of patidegib gel, 2%, for preventing basal cell carcinoma lesions in adults with Gorlin syndrome completed its last scheduled patient visit in September 2026. Of 113 enrolled patients, 102 completed the study, approximately 90%; the company expects top-line results in late November 2026.

Quarterly revenue fell to $41,000 from $400,000 a year earlier. Net loss narrowed to $5.622 million, or $1.72 per share, from $5.942 million, or $2.13 per share. Research and development expenses declined to $5.122 million from $5.731 million. Cash, cash equivalents, deposits and marketable securities totaled $45.7 million at September 30. Sol-Gel expects these resources to fund cash requirements into the first quarter of 2028 and continues U.S. commercial preparations.

13 points · 0 major

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0 major · 7 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointSGT-610 Phase 3 follow-up completed in September 2026, with 102 of 113 patients completing the study.
• Moderate point. Forward-looking: it has not happened yet and may not happen.SGT-610 top-line results are expected in late November 2026.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Cash resources totaled $45.7 million; Sol-Gel expects funding into the first quarter of 2028.
• Moderate pointNine-month research and development expenses fell to $11.627 million from $19.220 million a year earlier.
• Moderate pointShareholders' equity increased to $42.810 million at September 30, 2026, from $22.811 million at December 31, 2025.

8 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.U.S. commercialization preparations advance; Sol-Gel plans to retain full U.S. rights if approved.
• Minor pointAdditional patidegib programs cover pre-Mohs surgery and high-frequency BCC; an intra-cystic injectable remains under evaluation.
• Minor pointQ3 research and development expenses fell to $5.122 million from $5.731 million a year earlier.
• Minor pointQ3 net loss narrowed to $5.622 million, or $1.72 per share, from $5.942 million, or $2.13.
• Minor pointQ3 operating loss narrowed to $6.105 million from $6.288 million a year earlier.
• Minor pointQ3 net financial income increased to $483,000 from $346,000 a year earlier.
• Minor pointNine-month general and administrative expenses declined to $3.235 million from $3.599 million a year earlier.
• Minor pointNine-month net financial income rose to $1.092 million from $987,000 a year earlier.

Negative

• Moderate pointNine-month revenue fell to $740,000 from $18.692 million a year earlier.
• Moderate pointNine-month net loss widened to $13.030 million, or $4.16 per share, from $3.140 million, or $1.13.
• Moderate pointOutstanding ordinary shares increased to 3,276,353 at September 30, 2026, from 2,786,158 at December 31, 2025.
• Minor pointQ3 revenue declined to $41,000 from $400,000 a year earlier.
• Minor pointNine-month operating loss widened to $14.122 million from $4.127 million a year earlier.

2 minor points

• Minor pointQ3 general and administrative expenses increased to $1.024 million from $957,000 a year earlier.
• Minor pointSGT-610 regulatory submission and commercialization plans depend on positive clinical results; launch also requires approval.

News Explained

The higher September share count reduces unchanged holders’ proportional ownership; U.S. commercialization remains contingent on SGT-610 approval.

At September 30, 2026, Sol-Gel reported 3,276,353 issued and outstanding ordinary shares, compared with 2,786,158 at December 31, 2025; holders whose share counts did not change therefore represented a smaller proportion of the company.

For a possible U.S. launch, Sol-Gel says it intends, if SGT-610 is approved, to retain full U.S. commercial rights and use a focused field organization supported by outsourced commercial infrastructure.

Key Figures

Study completion: 102 of 113 patients Top-line results: Late November 2026 Revenue: $41,000 vs. $400,000 +5 more

Study completion

102 of 113 patients

Pivotal Phase 3 SGT-610 study

Top-line results

Late November 2026

Expected timing for SGT-610 Phase 3 results

Revenue

$41,000 vs. $400,000

Q3 2026 vs. Q3 2025

Research and development expenses

$5.1 million vs. $5.7 million

Q3 2026 vs. Q3 2025

Net loss

$5.6 million vs. $5.9 million

Q3 2026 vs. Q3 2025

Loss per share

$1.72 vs. $2.13

Basic and diluted, Q3 2026 vs. Q3 2025

Cash and marketable securities

$45.7 million

Balance as of September 30, 2026

Cash runway

Into Q1 2028

Company expectation for cash resources

Previous Earnings Reports

2 past events · Latest: Aug 20

Same Type 2 events

1. Aug 20

   Q2 earnings

   24h Move

   -0.1%

   Revenue fell year over year and Sol-Gel reported a net loss; SGT-610 remained on track for late-November results.

2. Nov 20

   Q3 earnings

   24h Move

   -0.8%

   Reported $0.4 million revenue and a $5.9 million net loss in the comparable prior-year quarter.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

vehicle-controlled, primary endpoint, off-label, neo-adjuvant

4 terms

vehicle-controlled medical

"randomized, double-blind, vehicle-controlled study"

A vehicle-controlled study compares a drug or therapy against the same formulation without the active ingredient — the “vehicle” is the inactive carrier or delivery medium. Think of testing a recipe by serving two dishes that look and taste the same except one lacks the key ingredient; any difference shows the ingredient’s real effect. Investors watch vehicle-controlled results because they provide a cleaner measure of a treatment’s benefit and safety, shaping regulatory decisions, clinical value, and company valuation.

primary endpoint medical

"The primary endpoint of the study is the number of new BCCs"

The primary endpoint is the single main result a clinical study is designed to measure to decide if a treatment works, like the finish line in a race that tells you who won. Investors care because meeting or missing this goal drives regulatory decisions, future sales expectations and stock value — it turns trial data into a clear yes-or-no signal about a drug’s commercial prospects.

off-label medical

"limitations of current surgical and off-label systemic management"

Off-label describes the use of an approved drug or medical device for a purpose, patient group, dose, or method that is not listed on its official regulatory label. Think of it like using a tool for a different job than the manufacturer describes: it can expand real-world demand but also raises questions about safety, reimbursement, and legal risk. Investors watch off-label use because it can boost sales quickly but may increase regulatory scrutiny, liability, or unpredictable revenue sustainability.

neo-adjuvant medical

"topical patidegib as a neo-adjuvant ahead of Mohs surgery"

Treatment given before a planned main therapy—most commonly chemotherapy, hormone therapy, targeted drugs, or radiation administered before surgery—to shrink a tumor or reduce disease burden. Like softening a tough knot before untying it, neoadjuvant therapy can make a definitive procedure easier or more effective and can provide early evidence of how a disease responds to a drug. It matters to investors because neoadjuvant use can change clinical trial timing, measurable outcomes, regulatory paths, and the size or speed of potential market uptake.

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• Pivotal Phase 3 trial of SGT-610 (patidegib gel, 2%) for Gorlin syndrome reached last patient last visit in September 2026, with 102 of 113 enrolled patients completing the study; top-line results expected in late November 2026
• Sol-Gel hosted a KOL Investor Event in New York on October 14, 2026, featuring leading dermatology experts and the Gorlin Syndrome Alliance
• U.S. commercial readiness activities for SGT-610 continue to advance ahead of a potential regulatory submission and launch

NESS ZIONA, Israel, Nov. 12, 2026 (GLOBE NEWSWIRE) -- Sol-Gel Technologies, Ltd. (NASDAQ: SLGL), a dermatology company, pioneering treatments for patients with rare and severe skin conditions, today announced financial results for the third quarter ended September 30, 2026, and provided a corporate update.

Q3 2026 and Recent Corporate Developments

• On September 17, 2026, Sol-Gel announced that the last patient had completed the last scheduled study visit in its pivotal Phase 3 clinical trial (SGT-610-01) of SGT-610 (patidegib gel, 2%) for the prevention of basal cell carcinoma (BCC) lesions in adult patients with Gorlin syndrome. Of the 113 patients enrolled in the randomized, double-blind, vehicle-controlled study, 102 completed the study, a completion rate of approximately 90%. The primary endpoint of the study is the number of new BCCs on the face at month 12 after twice-daily treatment. Secondary endpoints include the number of new surgically eligible BCCs (SEBs). Top-line results are expected in late November 2026.
• On October 14, 2026, Sol-Gel hosted a KOL Investor Event in New York featuring Ervin Epstein Jr., MD (Alta Bates Summit Medical Center), Kavita Sarin, MD, PhD (Stanford Cancer Institute), Elizabeth M. Billingsley, MD (Penn State College of Medicine) and Julie Breneiser, PA-C (Gorlin Syndrome Alliance). The event addressed the disease burden of Gorlin syndrome, the limitations of current surgical and off-label systemic management, and the potential role of SGT-610 in preventing the development of new basal cell carcinomas (BCCs), with the goal of reducing the need for repeated surgical interventions. A replay of the webcast and the presentation materials are available on the Investor Relations section of the Company's website.
• Sol-Gel continues to advance its U.S. commercial readiness activities for SGT-610. If approved, the Company intends to retain full U.S. commercial rights and to commercialize SGT-610 through a cost-effective model utilizing an experienced third-party commercialization services organization, reaching the concentrated Gorlin syndrome treating population through a small, focused field organization supported by outsourced commercial infrastructure. Market access, distribution, patient support and medical affairs planning are progressing in preparation for a potential U.S. launch.

Mr. Mori Arkin, Executive Chairman of Sol-Gel, stated: "The third quarter brought us to the threshold of the most important moment in Sol-Gel's history. Reaching last patient last visit in September marked the culmination of the patient treatment and follow-up phase of our pivotal Phase 3 trial of SGT-610, with 102 of 113 patients completing the study, representing a completion rate of approximately 90%, exceeding our original expectations for patient retention. That is a credit to the patients, investigators and site teams who stayed with us. We expect to report top-line results in late November. In parallel, we continue to advance our U.S. commercial readiness activities so that, subject to positive clinical results, we can move efficiently toward a regulatory submission and commercialization."

Mr. Arkin further commented: "We also continue to pursue the broader opportunities for hedgehog pathway inhibition that we outlined last quarter. The studies of topical patidegib as a neo-adjuvant ahead of Mohs surgery, and for the prevention of high-frequency BCC (HF-BCC) which we announced in August, respond to interest we hear directly from surgeons, and we continue to evaluate an intra-cystic injectable for odontogenic keratocysts, a manifestation of Gorlin syndrome that often requires repeated surgical interventions. Our immediate priority remains maximizing the commercial potential of Gorlin syndrome therapy, while these additional programs are intended to expand the therapeutic applications of hedgehog pathway inhibition."

Financial Results for the Third Quarter 2026

Revenue for the third quarter was nominal, compared to revenue of $0.4 million for the same period in 2025.

Research and development expenses were $5.1 million compared to $5.7 million for the same period in 2025. The decrease of $0.6 million was primarily attributed to a decrease in clinical trial expenses related to SGT-610.

General and administrative expenses were $1 million compared to $1 million for the same period in 2025.

Sol-Gel reported a net loss of $5.6 million for the third quarter of 2026 and loss of $1.7 per basic and diluted share, compared to a net loss of $5.9 million and loss of $2.1 per basic and diluted share for the same period in 2025.

As of September 30, 2026, Sol-Gel had $14.4 million in cash, cash equivalents, and deposits and $31.3 million in marketable securities for a total balance of $45.7 million. The Company expects its cash resources to fund cash requirements into the first quarter of 2028.

About Sol-Gel Technologies

Sol-Gel is a specialized dermatology company advancing innovative therapies for rare and serious skin diseases. Its lead investigational candidate, SGT-610 (patidegib gel, 2%), is a Phase 3, orphan- and breakthrough-designated topical hedgehog inhibitor being developed for the prevention of new basal cell carcinoma (BCC) lesions in patients with Gorlin syndrome, with the potential to offer an improved safety profile relative to oral hedgehog inhibitors. Subject to regulatory approval in Gorlin syndrome, SGT-610 may also represent a future opportunity in high-frequency BCC. Sol-Gel is also advancing SGT-210, an investigational topical EGFR inhibitor for indications with significant unmet need, and has developed two FDA-approved dermatology products, TWYNEO® and EPSOLAY®.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. including, but not limited to statements regarding the  timing of clinical milestones for the Phase 3 program of SGT-610 in Gorlin syndrome, the timing of milestones for other studies of patidegib gel, the Company’s cash runway and the future commercial activities for SGT-610. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. Forward-looking statements are based on information we have when those statements are made or our management’s current expectations and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to, the risk of a delay in reporting the top-line results of Sol-Gel’s pivotal Phase 3 clinical trial of SGT-610 (patidegib gel, 2%) for Gorlin syndrome, that we will not successfully complete the Gorlin Phase 3 trial or that the trial will not be successful,  a delay in the planned studies of topical patidegib or that they will not be successful, higher cash burn rate than expected, that the commercialization of SGT-610, if approved, will not be as expected or successful as well as the following factors: (i) the adequacy of our financial and other resources, particularly in light of our history of recurring losses; (ii) our ability to complete the development of our product candidates; (iii) our ability to find suitable co-development partners; (iv) our ability to obtain and maintain regulatory approvals for our product candidates in our target markets, the potential delay in receiving such regulatory approvals and the possibility of adverse regulatory or legal actions relating to our product candidates even if regulatory approval is obtained; (v) our collaborators’ ability to commercialize our pharmaceutical product candidates; (vi) our ability to obtain and maintain adequate protection of our intellectual property; (vii) our collaborators’ ability to manufacture our product candidates in commercial quantities, at an adequate quality or at an acceptable cost; (viii) our collaborators’ ability to establish adequate sales, marketing and distribution channels; (ix) acceptance of our product candidates by healthcare professionals and patients; (x) the possibility that we may face third-party claims of intellectual property infringement; (xi) the timing and results of clinical trials that we may conduct or that our competitors and others may conduct relating to our or their products; (xii) intense competition in our industry, with competitors having substantially greater financial, technological, research and development, regulatory and clinical, manufacturing, marketing and sales, distribution and personnel resources than we do; (xiii) potential product liability claims; (xiv) potential adverse federal, state and local government regulation in the United States, China, Europe or Israel; and (xv) loss or retirement of key executives and research scientists; (xvi) general market, political and economic conditions in the countries in which the Company operates; and, (xvii) the security situation in Israel. These factors and other important factors discussed in the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 19, 2026, and our other reports filed with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Except as required by law, we undertake no obligation to update any forward-looking statements in this press release.

Sol-Gel Investor Relations:
Eyal Ben-Or
Chief Financial Officer
ir@sol-gel.com

SOL-GEL TECHNOLOGIES LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (U.S. dollars in thousands) (Unaudited)
	December 31,				September 30,
	2025				2026
Assets
CURRENT ASSETS:
Cash and cash equivalents	$	11,033			$	13,094
Marketable securities		12,966				31,324
Accounts receivable		1,968				634
Prepaid expenses and other current assets		1,004				2,462
TOTAL  CURRENT ASSETS		26,971				47,514
NON-CURRENT ASSETS:
Restricted long-term deposits and cash equivalents		1,324				1,338
Property and equipment, net		140				120
Operating lease right-of-use assets		1,027				821
Other long-term assets		62				-
Funds in respect of employee rights upon retirement		393				409
TOTAL  NON-CURRENT ASSETS		2,946				2,688
TOTAL  ASSETS	$	29,917			$	50,202
Liabilities and shareholders' equity
CURRENT LIABILITIES:
Accounts payable	$	735			$	815
Other accounts payable		4,941				5,303
Current maturities of operating leases		495				555
TOTAL  CURRENT LIABILITIES		6,171				6,673
LONG-TERM LIABILITIES:
Operating leases liabilities		496				250
Liability for employee rights upon retirement		439				469
TOTAL  LONG-TERM LIABILITIES		935				719
TOTAL  LIABILITIES	$	7,106			$	7,392
SHAREHOLDERS' EQUITY:
Ordinary Shares, NIS 1 par value – authorized: 5,000,000 as of December 31,  2025 and September 30, 2026; issued and outstanding: 2,786,158 and 3,276,353 as of December 31, 2025 and September 30, 2026, respectively		774				931
Additional paid-in capital		259,047				291,919
Accumulated deficit		(237,010	)			(250,040	)
TOTAL SHAREHOLDERS' EQUITY		22,811				42,810
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	29,917			$	50,202

SOL-GEL TECHNOLOGIES LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. dollars in thousands) (Unaudited)
	Nine months ended September 30								Three months ended September 30
	2025				2026				2025				2026
REVENUE	$	18,692			$	740			$	400			$	41
RESEARCH AND DEVELOPMENT EXPENSES		19,220				11,627				5,731				5,122
GENERAL AND ADMINISTRATIVE EXPENSES		3,599				3,235				957				1,024
OPERATING LOSS		(4,127	)			(14,122	)			(6,288	)			(6,105	)
FINANCIAL INCOME,net		987				1,092				346				483
NET LOSS FOR THE PERIOD	$	(3,140	)		$	(13,030	)		$	(5,942	)		$	(5,622	)
BASIC AND DILUTED LOSS PER ORDINARY SHARE		(1.13	)			(4.16	)			(2.13	)			(1.72	)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF BASIC AND DILUTED LOSSPER SHARE		2,785,787				3,130,412				2,785,787				3,275,775

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When does Sol-Gel expect SGT-610 Phase 3 results?

Sol-Gel expects top-line results in late November 2026. The last scheduled patient visit occurred in September 2026, and 102 of 113 enrolled patients completed the study, a completion rate of approximately 90%.

What does Sol-Gel's SGT-610 Phase 3 trial measure?

The primary endpoint is the number of new basal cell carcinomas on the face at month 12 after twice-daily treatment. The randomized, double-blind study compares SGT-610 with its gel vehicle in adults with Gorlin syndrome. Secondary endpoints include the number of new surgically eligible basal cell carcinomas.

How does Sol-Gel plan to commercialize SGT-610 in the United States?

If approved, Sol-Gel intends to retain full U.S. commercial rights and use an experienced third-party commercialization services organization. Its planned model uses a small, focused field organization supported by outsourced commercial infrastructure. Market access, distribution, patient support and medical affairs planning are progressing toward a potential launch.