SLGL · Sol-Gel Technologies Ltd.
Sol-Gel Technologies Ltd., together with its subsidiary Sol-Gel Technologies Inc., develops topical dermatological drugs for patients with severe skin conditions in Israel, China, Switzerland, Canada, the United States and internationally. The company offers Twyneo, a once-daily, non-antibiotic topical cream for the treatment of acne vulgaris; and Epsolay, a once-daily topical cream for the treatment of papulopustular (subtype II) rosacea. It also develops SGT-610 that is in Phase 3 clinical trials for the treatment of Gorlin Syndrome; and SGT-210, which has completed Phase I clinical trial, to treat olmsted syndrome. It has collaboration with Padagis Israel Pharmaceuticals Ltd; and license agreements with Galderma Holding SA and Searchlight Pharma Inc. Sol-Gel Technologies Ltd. was incorporated in 1997 and is headquartered in Ness Ziona, Israel.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $68.68 |
| SO | 2.8M |
| Options | — |
| Warrants | — |
| FD SO | 2.8M |
| MC | $191.4M |
| Cash | $11.0M |
| Total debt | $65.3M |
| EV | $245.7M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 8.3x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2025-12-31. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.
Some dilution data missing — FD SO falls back to available figures.
Financial statements
| 12/31/25 | 6/30/25 | 12/31/24 | 6/30/24 | |
|---|---|---|---|---|
| Total Revenue | 1.10 | 17.26 | 5.64 | 5.43 |
| Revenue YoY % | 66.1% | 2805.9% | 1457.7% | 54.4% |
| SG&A | 1.53 | 1.39 | 2.55 | 1.37 |
| R&D | 9.31 | 4.65 | 10.02 | 2.44 |
| Operating Income | (9.70) | 11.23 | (6.93) | 1.62 |
| Operating Income YoY % | 17.2% | 272.1% | 29.5% | 450.8% |
| Operating Margin % | (884.9%) | 65.1% | (122.8%) | 29.9% |
| EBITDA | (9.66) | — | (6.93) | 1.62 |
| EBITDA Margin % | (881.2%) | — | (122.8%) | 29.9% |
| Pretax Income | (8.93) | 11.61 | (6.21) | 1.98 |
| Net Income | (8.93) | 11.61 | (6.21) | 1.98 |
| Net Margin % | (814.7%) | 67.3% | (110.2%) | 36.4% |
| Diluted EPS | -$3.20 | $4.17 | $1.19 | $0.71 |
| Basic EPS | -$3.20 | $4.17 | $1.19 | $0.71 |
| Diluted Avg Shares | 0.0 | 2.8 | 25.1 | 2.8 |
| Basic Avg Shares | 0.0 | 2.8 | 25.1 | 2.8 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 29.43 | 19.39 | 11.54 | 1.55 | 3.88 |
| Revenue YoY % | 51.8% | 68.0% | 642.5% | (60.0%) | — |
| SG&A | 6.84 | 4.18 | 5.79 | 7.41 | 7.48 |
| R&D | 26.42 | 22.80 | 17.80 | 23.54 | 12.68 |
| Operating Income | (3.77) | (7.54) | (12.01) | (29.30) | (16.24) |
| Operating Income YoY % | 50.0% | 37.3% | 59.0% | (80.4%) | — |
| Operating Margin % | (12.8%) | (38.9%) | (104.1%) | (1885.8%) | (418.3%) |
| EBITDA | — | (7.43) | (11.78) | (28.96) | (15.68) |
| EBITDA Margin % | — | (38.3%) | (102.1%) | (1863.8%) | (403.9%) |
| Pretax Income | (1.55) | (6.13) | (10.58) | (27.24) | (14.92) |
| Tax Provision | — | 0.00 | 0.00 | 0.00 | — |
| Net Income | (1.55) | (6.13) | (10.58) | (27.24) | (14.92) |
| Net Margin % | (5.3%) | (31.6%) | (91.7%) | (1752.8%) | (384.3%) |
| Diluted EPS | $2.87 | -$2.19 | -$3.79 | -$10.01 | -$0.65 |
| Basic EPS | $2.87 | -$2.19 | -$3.79 | -$10.01 | -$0.65 |
| Diluted Avg Shares | 0.0 | 2.8 | 2.8 | 2.7 | 23.1 |
| Basic Avg Shares | 0.0 | 2.8 | 2.8 | 2.7 | 23.1 |
| 12/31/25 | 6/30/25 | 12/31/24 | 6/30/24 | |
|---|---|---|---|---|
| Cash & Equivalents | 11.03 | 10.22 | 19.49 | 11.55 |
| Receivables | 1.97 | 10.04 | 3.60 | 6.06 |
| Total Current Assets | 26.97 | 36.26 | 31.30 | 38.28 |
| Net PPE | 0.14 | 0.16 | 0.20 | 0.30 |
| Total Assets | 29.92 | 39.31 | 35.85 | 42.01 |
| Accounts Payable | — | 1.17 | 1.26 | 0.68 |
| Total Current Liabilities | 6.17 | 4.96 | 5.29 | 5.20 |
| Total Liabilities | 7.11 | 7.42 | 7.00 | 7.10 |
| Retained Earnings | (237.01) | (228.08) | (230.88) | (224.67) |
| Total Equity | 22.81 | 31.88 | 28.85 | 34.90 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 11.03 | 11.03 | 19.49 | 7.51 | 12.45 |
| Receivables | 1.97 | 1.97 | 3.60 | 0.38 | 0.06 |
| Total Current Assets | 26.97 | 26.97 | 31.30 | 41.17 | 43.05 |
| Net PPE | 0.14 | 0.14 | 0.20 | 0.43 | 0.66 |
| Total Assets | 29.92 | 29.92 | 35.85 | 45.29 | 46.63 |
| Accounts Payable | — | — | 1.26 | 0.15 | 0.25 |
| Total Current Liabilities | 6.17 | 6.17 | 5.29 | 4.52 | 3.33 |
| Total Liabilities | 7.11 | 7.11 | 7.00 | 6.64 | 4.42 |
| Retained Earnings | (237.01) | (237.01) | (230.88) | (220.30) | (193.06) |
| Total Equity | 22.81 | 22.81 | 28.85 | 38.64 | 42.21 |
| 12/31/25 | 6/30/25 | 12/31/24 | 6/30/24 | |
|---|---|---|---|---|
| Net Income | (8.93) | 11.61 | (6.21) | 1.98 |
| D&A | 0.04 | — | 0.00 | 0.00 |
| Stock-Based Comp | (0.15) | 0.10 | 0.16 | 0.28 |
| Operating Cash Flow | (0.28) | — | (6.26) | 0.00 |
| CapEx | (0.02) | — | (0.00) | 0.00 |
| Investing Cash Flow | 1.23 | — | 14.22 | 0.00 |
| Financing Cash Flow | 0.01 | — | 0.00 | 0.00 |
| Free Cash Flow | (0.30) | — | (6.26) | 0.00 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (1.55) | (6.13) | (10.58) | (27.24) | (14.92) |
| D&A | — | 0.11 | 0.23 | 0.34 | 0.56 |
| Stock-Based Comp | 0.39 | 0.08 | 0.79 | 1.86 | 1.53 |
| Operating Cash Flow | — | 0.32 | (13.89) | (17.73) | (9.48) |
| CapEx | — | (0.05) | (0.00) | (0.13) | (0.17) |
| Investing Cash Flow | — | (8.58) | 26.69 | (9.74) | 1.70 |
| Financing Cash Flow | — | 0.01 | 0.00 | 21.81 | 0.01 |
| Free Cash Flow | — | 0.28 | (13.89) | (17.86) | (9.65) |
| 12/31/25 | 6/30/25 | 12/31/24 | 6/30/24 | |
|---|---|---|---|---|
| Current Ratio | 4.37 | 7.32 | 5.92 | 7.36 |
| Quick Ratio | — | — | — | — |
| Debt / Equity | 0.31 | 0.23 | 0.24 | 0.20 |
| EBITDA Margin % | (881.2%) | — | (122.8%) | 29.9% |
| Working Capital | 20.80 | 31.31 | 26.01 | 33.08 |
| Net Debt | — | — | — | — |
| ROE % | (39.1%) | 36.4% | (21.5%) | 5.7% |
| ROA % | (29.8%) | 29.5% | (17.3%) | 4.7% |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 4.37 | 4.37 | 5.92 | 9.10 | 12.93 |
| Quick Ratio | — | — | — | — | — |
| Debt / Equity | 0.31 | 0.31 | 0.24 | 0.17 | 0.10 |
| EBITDA Margin % | — | (38.3%) | (102.1%) | (1863.8%) | (403.9%) |
| Working Capital | 20.80 | 20.80 | 26.01 | 36.65 | 39.73 |
| Net Debt | — | — | — | — | — |
| ROE % | (6.8%) | (26.9%) | (36.7%) | (70.5%) | (35.4%) |
| ROA % | (5.2%) | (20.5%) | (29.5%) | (60.1%) | (32.0%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-05-14 | Opaleye Management Inc. | 10% Owner | 2026-05-13 | P | 1,937 | $66.87 | $129,527 |
| 2026-05-14 | Opaleye Management Inc. | 10% Owner | 2026-05-12 | P | 1,500 | $67.98 | $101,975 |
| 2026-03-24 | Opaleye Management Inc. | 10% Owner | 2026-03-24 | P | 34,665 | $72.00 | $2,495,880 |
| 2026-03-24 | Opaleye Management Inc. | 10% Owner | 2026-03-24 | P | 5,000 | $72.00 | $360,000 |
| 2026-02-18 | Opaleye Management Inc. | 10% Owner | 2026-02-13 | P | 291 | $63.00 | $18,333 |
| 2026-02-18 | Opaleye Management Inc. | 10% Owner | 2026-02-02 | P | 100 | $58.00 | $5,800 |
| 2026-02-04 | Opaleye Management Inc. | 10% Owner | 2026-02-02 | P | 100 | $58.00 | $5,800 |
| 2026-01-29 | Opaleye Management Inc. | 10% Owner | 2026-01-27 | P | 100 | $57.05 | $5,705 |
| 2026-01-23 | Opaleye Management Inc. | 10% Owner | 2026-01-23 | P | 1,151 | $55.98 | $64,434 |
| 2026-01-23 | Opaleye Management Inc. | 10% Owner | 2026-01-22 | P | 2,173 | $56.57 | $122,922 |
| 2026-01-06 | Opaleye Management Inc. | 10% Owner | 2026-01-05 | P | 198 | $42.98 | $8,510 |
| 2026-01-06 | Opaleye Management Inc. | 10% Owner | 2026-01-02 | P | 2,394 | $41.92 | $100,348 |
| 2025-12-31 | Opaleye Management Inc. | 10% Owner | 2025-12-31 | P | 22,497 | $41.99 | $944,744 |
| 2025-12-31 | Opaleye Management Inc. | 10% Owner | 2025-12-30 | P | 35,169 | $41.99 | $1,476,627 |
| 2025-12-31 | Opaleye Management Inc. | 10% Owner | 2025-12-29 | P | 8,638 | $41.85 | $361,534 |
| 2025-12-29 | Opaleye Management Inc. | 10% Owner | 2025-12-26 | P | 1,626 | $41.68 | $67,765 |
| 2025-12-29 | Opaleye Management Inc. | 10% Owner | 2025-12-23 | P | 260 | $41.66 | $10,832 |
| 2025-12-29 | Opaleye Management Inc. | 10% Owner | 2025-12-22 | P | 1,019 | $41.15 | $41,936 |
| 2025-12-19 | Opaleye Management Inc. | 10% Owner | 2025-12-17 | P | 2,735 | $40.37 | $110,412 |
| 2025-12-16 | Opaleye Management Inc. | 10% Owner | 2025-12-12 | P | 87 | $40.00 | $3,480 |
| 2025-12-09 | Opaleye Management Inc. | 10% Owner | 2025-12-08 | P | 300 | $39.77 | $11,932 |
| 2025-12-09 | Opaleye Management Inc. | 10% Owner | 2025-12-05 | P | 444 | $39.50 | $17,537 |
| 2025-12-03 | Opaleye Management Inc. | 10% Owner | 2025-12-03 | P | 2,524 | $37.81 | $95,443 |
| 2025-12-03 | Opaleye Management Inc. | 10% Owner | 2025-12-01 | P | 4,340 | $37.37 | $162,167 |
| 2025-11-26 | Opaleye Management Inc. | 10% Owner | 2025-11-26 | P | 943 | $40.00 | $37,720 |
| 2025-11-26 | Opaleye Management Inc. | 10% Owner | 2025-11-24 | P | 6 | $35.50 | $213 |
| 2025-11-21 | Opaleye Management Inc. | 10% Owner | 2025-11-20 | P | 5,784 | $35.83 | $207,244 |