Sol-Gel Technologies Ltd. announced its financial results for the first quarter ended March 31, 2025, reporting total revenue of $1 million. This figure represents an increase from $0.5 million in revenue for the same period in 2024.
The company reported a net loss of $8.8 million for the first quarter of 2025, compared to a net loss of $6.3 million in Q1 2024. Loss per basic and diluted share was $3.2, compared to $2.3 in the prior year period, reflecting increased investments.
Research and development expenses rose to $8.8 million from $5.3 million in Q1 2024, primarily due to a $3.6 million increase in supplier-led manufacturing development for SGT-610. As of March 31, 2025, Sol-Gel had $16.9 million in cash, cash equivalents, and deposits, with its cash resources expected to fund requirements into the first quarter of 2027.
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