Sol-Gel Technologies Ltd. announced its financial results for the third quarter ended September 30, 2024, reporting total revenue of $5.4 million. This represents a significant increase compared to $0.2 million in revenue for the same period in 2023, primarily driven by licensing agreements.
The company reported a net loss of $0.4 million for the third quarter of 2024, which is a substantial improvement from the net loss of $5.7 million in the third quarter of 2023. Loss per basic and diluted share was $0.01, down from $0.21 in the prior year period.
Research and development expenses were $4.8 million, a slight increase from $4.7 million in Q3 2023, reflecting continued investment in its pipeline. As of September 30, 2024, Sol-Gel had a total balance of $29.2 million in cash, cash equivalents, and marketable securities, with a cash runway expected into the first quarter of 2026.
The pivotal Phase 3 clinical trial of SGT-610 for Gorlin syndrome continues as planned, with patient recruitment progressing. The company also reported ongoing progress in its proof-of-concept study for SGT-210 in Darier disease patients, highlighting its commitment to advancing its dermatological pipeline.
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