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 | $77.21 |
| SO | 2.8M |
| Options | — |
| Warrants | — |
| FD SO | 2.8M |
| MC | $215.1M |
| Cash | $11.0M |
| Total debt | — |
| EV | $204.1M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 7.6x |
| EV / EBITDA | — |
| MC / Net Income | 28.8x |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 37.3% |
| Insiders | 59.7% |
| # Institutions | 25 |
| Analysts | 3 |
| Consensus | — |
| Avg target | $193.00 |
| Short % float | 4.5% |
| Days to cover | 1.42 |
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 2026-07-16 — 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 2026-06-30; 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 |
| 6/30/25 | 6/30/24 | 6/30/23 | 6/30/22 | |
|---|---|---|---|---|
| Net Income | 11.61 | 1.98 | (5.97) | (0.13) |
| Stock-Based Comp | 0.10 | 0.28 | 0.50 | 0.35 |
| 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 | 0.23 | 0.20 | 0.14 | 0.09 |
| 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 | 0.23 | 0.31 | 0.24 | 0.17 | 0.10 |
| 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 |
|---|---|---|---|---|---|---|---|
| 2026-07-15 | 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 |