Sol-Gel Technologies Ltd. Announces Pricing of Oversubscribed Underwritten Offering

Rhea-AI Summary

Sol-Gel Technologies (NASDAQ: SLGL) priced an underwritten offering of 459,112 ordinary shares at $72.00 per share, generating approximately $33.1 million in gross proceeds before fees. The offering is expected to close on or about March 25, 2026, subject to customary closing conditions.

The company said it intends to use net proceeds to fund continued development and pre-commercialization of SGT-610, plus R&D, working capital and general corporate purposes. Joint book-runners are TD Cowen and LifeSci Capital.

Positive

• Gross proceeds of approximately $33.1 million
• Institutional participation from multiple named investors
• Net proceeds targeted to advance SGT-610 development

Negative

• Issuance of 459,112 shares will dilute existing shareholders
• Offering proceeds reduced by underwriting discounts and offering expenses
• Closing subject to customary conditions and not guaranteed

News Market Reaction – SLGL

+20.86%

13 alerts

+20.86% News Effect

+42.4% Peak Tracked

-5.7% Trough Tracked

+$45M Valuation Impact

$262.72M Market Cap

1.0x Rel. Volume

On the day this news was published, SLGL gained 20.86%, reflecting a significant positive market reaction. Argus tracked a peak move of +42.4% during that session. Argus tracked a trough of -5.7% from its starting point during tracking. Our momentum scanner triggered 13 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $45M to the company's valuation, bringing the market cap to $262.72M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Shares offered: 459,112 shares Offering price: $72.00 per share Gross proceeds: $33.1M +1 more

4 metrics

Shares offered 459,112 shares Underwritten offering size

Offering price $72.00 per share Price for underwritten ordinary shares

Gross proceeds $33.1M Approximate gross proceeds before fees

Expected closing date March 25, 2026 Planned closing of underwritten offering

Market Reality Check

Price: $79.20 Vol: Volume 16,126 is at 0.57x...

low vol

$79.20 Last Close

Volume Volume 16,126 is at 0.57x the 20-day average of 28,077, indicating subdued trading ahead of the offering. low

Technical Shares trade above the 200-day MA of 38.33 with the pre-news price at 66.2, despite a notable pullback.

Peers on Argus

SLGL was down 9.28% pre-news while biotech peers showed mixed moves: several (e....

1 Up 1 Down

SLGL was down 9.28% pre-news while biotech peers showed mixed moves: several (e.g., ABVC, XFOR) were down, but ADVM was up and scanner names like VANI were positive. This pattern points to a stock-specific reaction rather than a synchronized sector move.

Historical Context

3 past events · Latest: Mar 19 (Neutral)

Pattern 3 events

Date	Event	Sentiment	Move	Catalyst
Mar 19	Annual report filing	Neutral	+8.5%	Routine Form 20-F filing with business and pipeline update.
Dec 17	Clinical trial update	Negative	-2.3%	Phase 1b SGT-210 study failed to show efficacy differentiation.
Nov 20	Earnings and updates	Neutral	-0.8%	Q3 2025 results with lower revenue and continued net loss.

Pattern Detected

Recent news events have generally seen price moves that align with the perceived tone of the announcements.

Recent Company History

Over the last several months, Sol-Gel has reported routine filings and mixed clinical and financial updates. On Nov 20, 2025, Q3 2025 results showed modest revenue and ongoing losses with only a small share price dip. A negative Phase 1b readout for SGT-210 on Dec 17, 2025 led to a mild decline. Filing the 2025 Form 20-F on Mar 19, 2026 coincided with an 8.46% gain. Against this backdrop, today’s underwritten offering adds a capital-raising step to support SGT-610 development.

Market Pulse Summary

The stock surged +20.9% in the session following this news. A strong positive reaction aligns with t...

Analysis

The stock surged +20.9% in the session following this news. A strong positive reaction aligns with the company’s need to fund SGT-610 development and general operations. Prior news events often saw price moves that matched the tone of announcements, suggesting investors have reacted consistently to updates. However, offerings increase the share count and can add supply over time. Future performance could depend on execution of the development plan and how quickly proceeds translate into meaningful clinical or commercial milestones.

Key Terms

underwritten offering, gross proceeds, pre-commercialization, shelf registration statement, +3 more

7 terms

underwritten offering financial

"announced the pricing of an underwritten offering of 459,112 ordinary shares"

An underwritten offering is when a bank or group of banks agrees to buy all of a company's new shares or bonds and then resell them to outside investors, guaranteeing the company will raise a specific amount of money. It matters to investors because it adds certainty that the funding will close while increasing the number of shares or debt in the market, which can lower the price per share and change each existing owner's ownership percentage—think of a wholesaler buying an entire shipment from a maker before it reaches stores.

gross proceeds financial

"resulting in gross proceeds to the Company, before deducting underwriting"

The total amount of cash a company receives from a financing event or sale before any fees, expenses, taxes or deductions are taken out. Investors watch gross proceeds because it shows the raw scale of new capital being raised—think of it as the paycheck amount before withholdings—which helps assess how much funding is available for operations, growth, debt payoff or how much shareholder dilution might occur once costs are removed.

pre-commercialization technical

"fund the continued development of SGT-610, including pre-commercialization activities"

Pre-commercialization describes the stage when a product or technology has been developed and tested but is not yet being sold at scale; companies are finishing final tests, securing regulatory approvals, setting up manufacturing, or building distribution channels. For investors, this period signals that a potential revenue stream may be approaching but also involves significant risks and costs — like paying to build a factory before knowing how many customers will show up — so it helps gauge timing and uncertainty around future earnings.

shelf registration statement regulatory

"pursuant to the Company’s effective shelf registration statement on Form F-3"

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

form f-3 regulatory

"effective shelf registration statement on Form F-3 (File No. 333-286822)"

Form F-3 is a U.S. securities filing that lets eligible foreign companies pre-register and then quickly sell shares or other securities to raise money, because they already meet ongoing reporting and size tests. For investors it signals that the company is up-to-date with regulatory disclosure and has an efficient way to issue new securities — similar to a pre-approved credit line — which can mean faster capital raises but also potential dilution of existing holdings.

prospectus supplement regulatory

"will also file a final prospectus supplement and accompanying prospectus relating"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

book-running managers financial

"TD Cowen and LifeSci Capital are acting as joint book-running managers"

Book-running managers are the main banks or financial firms that organize and oversee a company's sale of new stocks or bonds. They help set the price, decide how many to sell, and coordinate the process to make sure everything runs smoothly. Their role is important because they guide the company through the complex process of raising money from investors.

AI-generated analysis. Not financial advice.

NESS ZIONA, Israel, March 23, 2026 (GLOBE NEWSWIRE) -- Sol-Gel Technologies Ltd. (the “Company”) (NASDAQ: SLGL) today announced the pricing of an underwritten offering of 459,112 ordinary shares (the “Shares”) at a price of $72.00 per Share, resulting in gross proceeds to the Company, before deducting underwriting discounts and commissions and other estimated offering expenses, of approximately $33.1 million. All of the Shares are to be sold by the Company. The offering is expected to close on or about March 25, 2026, subject to satisfaction of customary closing conditions.

The offering included participation from 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.

The Company intends to use the net proceeds from the offering to fund the continued development of SGT-610, including pre-commercialization activities and research and development, and the remainder for working capital and other general corporate purposes.

TD Cowen and LifeSci Capital are acting as joint book-running managers for the offering.

The Shares are being offered by the Company pursuant to the Company’s effective shelf registration statement on Form F-3 (File No. 333-286822) filed with the Securities and Exchange Commission (the “SEC”) on April 29, 2025, which was declared effective by the Securities and Exchange Commission on May 8, 2025, and other related documents. The Company will also file a final prospectus supplement and accompanying prospectus relating to and describing the terms of the offering with the SEC. These documents are or will be made available on the SEC’s website at www.sec.gov.

When available, copies of the prospectus supplement and the accompanying prospectus relating to this offering may also be obtained from TD Securities (USA) LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at TDManualrequest@broadridge.com; or LifeSci Capital LLC, 1700 Broadway, 40th Floor, New York, New York 10019, or by email at compliance@lifescicapital.com.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, the Shares or any other securities, nor will there be any sale of the Shares or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

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 expected timing and closing of the offering, the receipt of the proceeds from the offering, the expected use of proceeds from the offering, and the development of the Phase 3 program of SGT-610 in Gorlin syndrome and its expected improved safety profile compared to oral hedgehog inhibitors and its potential future opportunity in high-frequency BCC. 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, market conditions and the satisfaction of closing conditions related to the offering and the risk that we will not successfully complete the Gorlin Phase 3 trial or the success of our clinical trials, as well as the following factors: (i) the adequacy of our financial and other resources, particularly in light of our history of recurring losses and the uncertainty regarding the adequacy of our liquidity to pursue our complete business objectives; (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 current war between Israel and Hamas and any deterioration of the war in Israel into a broader regional conflict involving Israel with other parties. 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

FAQ

How many shares did Sol-Gel (SLGL) offer and at what price on March 24, 2026?

Sol-Gel offered 459,112 ordinary shares at $72.00 per share. According to the company, the pricing generated approximately $33.1 million in gross proceeds before underwriting discounts, commissions and offering expenses.

When will the SLGL underwritten offering close and what conditions apply?

The offering is expected to close on or about March 25, 2026, subject to customary closing conditions. According to the company, completion depends on satisfying standard underwriter and regulatory closing requirements.

What will Sol-Gel (SLGL) use the net proceeds from the offering for?

The company intends to use net proceeds to fund continued development and pre-commercialization of SGT-610, research and development, and for working capital and general corporate purposes. According to the company, these are the primary allocation plans.

Who acted as book-running managers and which investors participated in the SLGL offering?

TD Cowen and LifeSci Capital served as joint book-running managers. According to the company, participants included Great Point Partners, Trails Edge Capital, Surveyor Capital, Affinity Asset Advisors, Squadron Capital, Stonepine Capital and AuGC BioFund.

How will underwriting fees and offering expenses affect the $33.1 million raised by SLGL?

Underwriting discounts, commissions and offering expenses will reduce net proceeds below the approximately $33.1 million gross amount. According to the company, the $33.1 million figure is before deducting those fees and estimated offering expenses.