Sol-Gel Technologies Ltd. announced its financial results for the second quarter ended June 30, 2025, reporting total revenue of $17.2 million. This substantial increase from $5.4 million in Q2 2024 was primarily driven by $16 million from the sale of intellectual property under the agreement with Mayne Pharma.
The company reported a net income of $11.6 million for the second quarter of 2025, a significant turnaround from a net loss of $1.9 million in Q2 2024. Earnings per basic and diluted share were $4.17, compared to $0.71 in the prior year period.
A major corporate development highlighted was the completion of enrollment in the pivotal Phase 3 trial of SGT-610 for Gorlin syndrome. This milestone keeps the company on track to report top-line data in the fourth quarter of 2026, with SGT-610 estimated to have peak annual revenues exceeding $300 million if approved.
Research and development expenses were $4.6 million, up from $2.4 million in Q2 2024, reflecting increased investment in SGT-610 manufacturing development and clinical trials. As of June 30, 2025, Sol-Gel had a total balance of $24.2 million in cash, cash equivalents, and marketable securities, with its cash runway confirmed into the first quarter of 2027.
The company also provided an update on its approved products, TWYNEO and EPSOLAY, outside the U.S. Agreements executed last year position these products for launch in most new territories beginning in 2027-2028, with royalties from these ex-U.S. markets expected to grow to approximately $10 million by 2031.
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