Sol-Gel Technologies Reports Strong Q3 2024 Results

Sol-Gel Tech ( (SLGL) ) has released its Q3 earnings. Here is a breakdown of the information Sol-Gel Tech presented to its investors.

Sol-Gel Technologies, Ltd. is a dermatology company dedicated to developing and commercializing innovative treatments for skin conditions, with a focus on severe dermatological disorders, including those addressed by their FDA-approved products TWYNEO and EPSOLAY.

In its latest earnings report for the third quarter of 2024, Sol-Gel Technologies announced key corporate developments and financial results. Notably, the company has appointed Mori Arkin as interim CEO and gained Nasdaq’s approval to transfer its stock listing to the Nasdaq Capital Market. The company also highlighted ongoing clinical trials and strategic partnerships.

Sol-Gel reported third-quarter revenues of $5.4 million, a significant increase from $0.2 million in the same quarter of the previous year, primarily driven by licensing agreements. Research and development expenses slightly rose to $4.8 million, while general and administrative expenses decreased to $1.4 million. The net loss for the quarter improved to $0.4 million compared to $5.7 million in the prior year.

Strategically, Sol-Gel is focused on expanding its market presence through new licensing agreements and ongoing clinical trials for its pipeline products, including SGT-610 for Gorlin syndrome and SGT-210 for Darier disease. The company anticipates significant market opportunities for these treatments, with expected launches in various territories by 2026 and 2027.

Looking ahead, Sol-Gel Technologies aims to strengthen its financial position and continue advancing its clinical programs. The company plans to leverage its strategic partnerships and innovative product pipeline to capture new market opportunities and enhance shareholder value.