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 | $64.00 |
| SO | 2.8M |
| Options | — |
| Warrants | — |
| FD SO | 2.8M |
| MC | $178.3M |
| Cash | $11.0M |
| Total debt | — |
| EV | $167.3M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 6.2x |
| EV / EBITDA | — |
| MC / Net Income | 23.8x |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 43.1% |
| Insiders | 59.6% |
| # Institutions | 29 |
| Analysts | 3 |
| Consensus | Strong Buy |
| Avg target | $196.67 |
| Short % float | 7.0% |
| Days to cover | 1.10 |
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, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-09-15 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-08-31; the float denominator can be unreliable on tiny floats.
This filer tags no option or warrant count, so FD SO counts it as zero and understates dilution — treat FD SO, MC and EV as a floor. (XBRL reports nothing both for a filer that has none and for one that simply doesn't tag them.)
Financial statements
| 6/30/25 | 6/30/24 | 6/30/23 | 6/30/22 | |
|---|---|---|---|---|
| Total Revenue | 17.26 | 5.43 | 0.59 | 3.52 |
| Revenue YoY % | 1760.0% | 379.5% | (92.4%) | 7079.6% |
| Gross Profit | 12.62 | 3.00 | — | — |
| Gross Margin % | 73.1% | 55.1% | — | — |
| SG&A | 1.39 | 1.37 | 1.81 | 1.60 |
| R&D | 4.65 | 2.44 | 5.31 | 2.38 |
| Operating Income | 11.23 | 1.62 | (6.53) | (0.46) |
| Operating Income YoY % | 239.6% | 121.5% | (23.5%) | 93.6% |
| Operating Margin % | 65.1% | 29.9% | (1098.8%) | (13.2%) |
| Other Income / (Expense) | — | — | 0.56 | — |
| Pretax Income | 11.61 | 1.98 | (5.97) | (0.13) |
| Net Income | 11.61 | 1.98 | (5.97) | (0.13) |
| Net Margin % | 67.3% | 36.4% | (1005.1%) | (3.8%) |
| Diluted EPS | $4.17 | $0.71 | -$0.22 | $0.01 |
| Basic EPS | $4.17 | $0.71 | -$0.22 | $0.01 |
| Diluted Avg Shares | 2.8 | 2.8 | 27.7 | 23.1 |
| Basic Avg Shares | 2.8 | 2.8 | 27.7 | 23.1 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 26.81 | 19.39 | 11.54 | 1.55 | 3.88 |
| Revenue YoY % | 38.3% | 68.0% | 642.5% | (60.0%) | — |
| SG&A | 6.17 | 4.18 | 5.79 | 7.41 | 7.48 |
| R&D | 14.78 | 22.80 | 17.80 | 23.54 | 12.68 |
| Operating Income | 5.86 | (7.54) | (12.01) | (29.30) | (16.24) |
| Operating Income YoY % | 177.8% | 37.3% | 59.0% | (80.4%) | — |
| Operating Margin % | 21.9% | (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%) |
| Other Income / (Expense) | 1.62 | 1.41 | 1.43 | 2.07 | 1.32 |
| Pretax Income | 7.48 | (6.13) | (10.58) | (27.24) | (14.92) |
| Tax Provision | — | 0.00 | 0.00 | 0.00 | — |
| Net Income | 7.48 | (6.13) | (10.58) | (27.24) | (14.92) |
| Net Margin % | 27.9% | (31.6%) | (91.7%) | (1752.8%) | (384.3%) |
| Diluted EPS | $4.67 | -$2.19 | -$3.79 | -$10.01 | -$0.65 |
| Basic EPS | $4.67 | -$2.19 | -$3.79 | -$10.01 | -$0.65 |
| Diluted Avg Shares | 2.8 | 2.8 | 2.8 | 2.7 | 23.1 |
| Basic Avg Shares | 2.8 | 2.8 | 2.8 | 2.7 | 23.1 |
| 6/30/25 | 6/30/24 | 6/30/23 | 6/30/22 | |
|---|---|---|---|---|
| Cash & Equivalents | 10.22 | 11.55 | 15.62 | 5.76 |
| Short-term Investments | 14.05 | 14.91 | 17.86 | 9.85 |
| Receivables | 10.04 | 6.06 | 2.21 | 10.18 |
| Other Current Assets | 1.95 | 5.76 | 15.90 | 22.69 |
| Total Current Assets | 36.26 | 38.28 | 51.59 | 48.48 |
| Net PPE | 0.16 | 0.30 | 0.57 | 0.83 |
| Operating Lease ROU | 1.23 | 1.51 | 0.71 | 1.15 |
| Other Assets | 1.65 | 1.91 | 2.23 | 4.53 |
| Total Assets | 39.31 | 42.01 | 55.10 | 54.98 |
| Accounts Payable | 1.17 | 0.68 | 0.46 | 0.86 |
| Current Lease Liabilities | 0.48 | 0.38 | 0.43 | 0.70 |
| Other Current Liabilities | 3.31 | 4.15 | 4.77 | 1.66 |
| Total Current Liabilities | 4.96 | 5.20 | 5.67 | 3.23 |
| Long-term Lease Liabilities | 0.70 | 1.02 | 0.14 | 0.37 |
| Other Liabilities | 1.77 | 0.88 | 1.00 | 1.04 |
| Total Liabilities | 7.42 | 7.10 | 6.81 | 4.63 |
| Retained Earnings | (228.08) | (224.67) | (209.76) | (209.76) |
| Total Equity | 31.88 | 34.90 | 48.30 | 50.35 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 10.22 | 11.03 | 19.49 | 7.51 | 12.45 |
| Short-term Investments | 14.05 | 12.97 | 4.42 | 20.47 | 8.68 |
| Receivables | 10.04 | 1.97 | 3.60 | 0.38 | 0.06 |
| Other Current Assets | 1.95 | 1.00 | 3.79 | 12.81 | 21.87 |
| Total Current Assets | 36.26 | 26.97 | 31.30 | 41.17 | 43.05 |
| Net PPE | 0.16 | 0.14 | 0.20 | 0.43 | 0.66 |
| Operating Lease ROU | 1.23 | 1.03 | 1.43 | 1.72 | 0.88 |
| Other Assets | 1.65 | 1.78 | 2.92 | 1.97 | 2.04 |
| Total Assets | 39.31 | 29.92 | 35.85 | 45.29 | 46.63 |
| Accounts Payable | 1.17 | — | 1.26 | 0.15 | 0.25 |
| Current Lease Liabilities | 0.48 | 0.49 | 0.43 | 0.45 | 0.72 |
| Other Current Liabilities | 3.31 | 5.68 | 3.59 | 3.92 | 2.36 |
| Total Current Liabilities | 4.96 | 6.17 | 5.29 | 4.52 | 3.33 |
| Long-term Lease Liabilities | 0.70 | 0.50 | 0.88 | 1.21 | 0.05 |
| Other Liabilities | 1.77 | — | 0.83 | 0.92 | 1.03 |
| Total Liabilities | 7.42 | 7.11 | 7.00 | 6.64 | 4.42 |
| Retained Earnings | (228.08) | (237.01) | (230.88) | (220.30) | (193.06) |
| Total Equity | 31.88 | 22.81 | 28.85 | 38.64 | 42.21 |
| 6M 6/30/25 | 6M 6/30/24 | 6M 6/30/23 | 6M 6/30/22 | |
|---|---|---|---|---|
| Net Income | 2.80 | (4.37) | (16.69) | (5.73) |
| D&A | 0.07 | 0.12 | 0.18 | 0.33 |
| Stock-Based Comp | 0.23 | 0.63 | 1.05 | 0.47 |
| Δ Working Cap & Other | (2.50) | (4.01) | 7.12 | (1.61) |
| Operating Cash Flow | 0.60 | (7.63) | (8.34) | (6.54) |
| CapEx | (0.03) | 0.00 | (0.09) | (0.10) |
| Other Investing | (9.79) | 12.47 | (10.11) | (7.82) |
| Investing Cash Flow | (9.81) | 12.47 | (10.20) | (7.92) |
| Other Financing | — | — | 21.72 | — |
| Financing Cash Flow | 0.00 | 0.00 | 21.72 | 0.01 |
| Free Cash Flow | 0.57 | (7.63) | (8.43) | (6.65) |
Year-to-date columns, not discrete quarters — this filer reports its cash flow statement cumulatively from the start of the fiscal year and has not published two interim periods within one year that could be subtracted to isolate a quarter. Each column's span is in its heading.
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | 7.48 | (6.13) | (10.58) | (27.24) | (14.92) |
| D&A | — | 0.11 | 0.23 | 0.34 | 0.56 |
| Stock-Based Comp | 1.23 | 0.08 | 0.79 | 1.86 | 1.53 |
| Δ Working Cap & Other | — | 6.26 | (4.33) | 7.31 | 3.35 |
| Operating Cash Flow | — | 0.32 | (13.89) | (17.73) | (9.48) |
| CapEx | — | (0.05) | (0.00) | (0.13) | (0.17) |
| Other Investing | — | (8.53) | 26.69 | (9.61) | 1.87 |
| Investing Cash Flow | — | (8.58) | 26.69 | (9.74) | 1.70 |
| Other Financing | — | — | — | 21.81 | — |
| Financing Cash Flow | — | 0.01 | 0.00 | 21.81 | 0.01 |
| Free Cash Flow | — | 0.28 | (13.89) | (17.86) | (9.65) |
| 6/30/25 | 6/30/24 | 6/30/23 | 6/30/22 | |
|---|---|---|---|---|
| Current Ratio | 7.32 | 7.36 | 9.10 | 15.03 |
| Quick Ratio | — | — | — | — |
| Debt / Equity | — | — | — | — |
| EBITDA Margin % | — | — | — | — |
| Working Capital | 31.31 | 33.08 | 45.92 | 45.25 |
| Net Debt | — | — | — | — |
| ROE % | 36.4% | 5.7% | (12.4%) | (0.3%) |
| ROA % | 29.5% | 4.7% | (10.8%) | (0.2%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 7.32 | 4.37 | 5.92 | 9.10 | 12.93 |
| Quick Ratio | — | — | — | — | — |
| Debt / Equity | — | — | — | — | — |
| EBITDA Margin % | — | (38.3%) | (102.1%) | (1863.8%) | (403.9%) |
| Working Capital | 31.31 | 20.80 | 26.01 | 36.65 | 39.73 |
| Net Debt | — | — | — | — | — |
| ROE % | 23.5% | (26.9%) | (36.7%) | (70.5%) | (35.4%) |
| ROA % | 19.0% | (20.5%) | (29.5%) | (60.1%) | (32.0%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-09-14 | Opaleye Management Inc. | 10% Owner | 2026-09-11 | P | 1,493 | $65.94 | $98,456 |
| 2026-09-14 | Opaleye Management Inc. | 10% Owner | 2026-09-10 | P | 1,631 | $66.80 | $108,943 |
| 2026-09-09 | Opaleye Management Inc. | 10% Owner | 2026-09-09 | P | 3,097 | $68.70 | $212,779 |
| 2026-09-09 | Opaleye Management Inc. | 10% Owner | 2026-09-08 | P | 3,390 | $68.74 | $233,030 |
| 2026-09-09 | Opaleye Management Inc. | 10% Owner | 2026-09-08 | P | 471 | $69.37 | $32,673 |
| 2026-09-09 | Opaleye Management Inc. | 10% Owner | 2026-09-04 | P | 918 | $69.52 | $63,819 |
| 2026-09-09 | Opaleye Management Inc. | 10% Owner | 2026-09-04 | P | 2,100 | $68.98 | $144,858 |
| 2026-09-03 | Opaleye Management Inc. | 10% Owner | 2026-09-02 | P | 900 | $68.95 | $62,054 |
| 2026-09-03 | Opaleye Management Inc. | 10% Owner | 2026-09-01 | P | 783 | $69.52 | $54,434 |
| 2026-08-31 | Opaleye Management Inc. | 10% Owner | 2026-08-31 | P | 5,000 | $68.23 | $341,175 |
| 2026-08-31 | Opaleye Management Inc. | 10% Owner | 2026-08-31 | P | 217 | $69.10 | $14,995 |
| 2026-08-31 | Opaleye Management Inc. | 10% Owner | 2026-08-28 | P | 10,000 | $71.40 | $713,969 |
| 2026-08-31 | Opaleye Management Inc. | 10% Owner | 2026-08-28 | P | 20,113 | $68.42 | $1,376,137 |
| 2026-08-31 | Opaleye Management Inc. | 10% Owner | 2026-08-28 | P | 5,000 | $68.81 | $344,050 |
| 2026-08-14 | Opaleye Management Inc. | 10% Owner | 2026-08-12 | P | 951 | $71.50 | $67,996 |
| 2026-07-15 | Opaleye Management Inc. | 10% Owner | 2026-07-14 | P | 920 | $73.43 | $67,556 |
| 2026-07-15 | Opaleye Management Inc. | 10% Owner | 2026-07-13 | P | 775 | $73.89 | $57,263 |
| 2026-07-10 | Opaleye Management Inc. | 10% Owner | 2026-07-10 | P | 229 | $73.95 | $16,935 |
| 2026-07-10 | Opaleye Management Inc. | 10% Owner | 2026-07-08 | P | 300 | $73.69 | $22,107 |
| 2026-07-02 | Opaleye Management Inc. | 10% Owner | 2026-07-02 | P | 1,400 | $71.97 | $100,759 |
| 2026-07-02 | Opaleye Management Inc. | 10% Owner | 2026-07-01 | P | 312 | $71.99 | $22,461 |
| 2026-05-22 | Opaleye Management Inc. | 10% Owner | 2026-05-20 | P | 1,563 | $64.43 | $100,712 |
| 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 |