Sol-Gel Technologies Ltd.
SLGL · Pharmaceutical Preparations · EDGAR filings ↗
Reference price $64.43 — last insider purchase, 2026-05-20 (estimated from the dated SEC Form 4 price — not a live quote)
Grade
D48Clinical-stage dermatology company with explicit going-concern doubt and a negative read-through on its lead asset patidegib (SGT-610).
Strengths
- Healthy current ratio 4.37 and ~$24M cash after selling Twyneo/Epsolay rights
- Revenue grew 68% and FCF turned marginally positive
Risks
- Substantial doubt about going concern; accumulated deficit $237M
- Lead asset SGT-610: prior PellePharm Phase 3 patidegib trials missed/were unclear on the primary endpoint and the extension was terminated — a poor omen for the ongoing pivotal
- SGT-210 Darier-disease Phase 1b failed (Dec 2025); positive E-BPO/acne readouts pertain to divested products
Notable findings
- Going concernThere is substantial doubt about our ability to continue as a going concern
- Net lossNet loss (net margin -31.6%)
- Insider buyingInsider buying — 14 open-market buy(s) by 1 insider(s) (~$4M, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-08 — PHASE3 · Gorlin Syndrome
Key metrics
Operating margin
-38.9%
Net margin
-31.6%
Return on equity
-26.9%
Return on assets
-20.5%
Revenue growth (QoQ)
68.0%
Current ratio
4.4×
Free cash flow
$275K
EBITDA
-$7M
Tangible book value
$23M
Cash & investments
$24M
Stock comp / revenue
0.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-20 | Opaleye Management Inc. | Buy | 1.6K | $64.43 |
| 2026-05-13 | Opaleye Management Inc. | Buy | 1.9K | $66.87 |
| 2026-05-12 | Opaleye Management Inc. | Buy | 1.5K | $67.98 |
| 2026-03-24 | Opaleye Management Inc. | Buy | 35K | $72.00 |
| 2026-03-24 | Opaleye Management Inc. | Buy | 5.0K | $72.00 |
| 2026-02-13 | Opaleye Management Inc. | Buy | 291 | $63.00 |
| 2026-02-02 | Opaleye Management Inc. | Buy | 100 | $58.00 |
| 2026-02-02 | Opaleye Management Inc. | Buy | 100 | $58.00 |
| 2026-01-27 | Opaleye Management Inc. | Buy | 100 | $57.05 |
| 2026-01-23 | Opaleye Management Inc. | Buy | 1.2K | $55.98 |
| 2026-01-22 | Opaleye Management Inc. | Buy | 2.2K | $56.57 |
| 2026-01-05 | Opaleye Management Inc. | Buy | 198 | $42.98 |
| 2026-01-02 | Opaleye Management Inc. | Buy | 2.4K | $41.92 |
| 2025-12-31 | Opaleye Management Inc. | Buy | 22K | $41.99 |
| 2025-12-30 | Opaleye Management Inc. | Buy | 35K | $41.99 |
| 2025-12-29 | Opaleye Management Inc. | Buy | 8.6K | $41.85 |
| 2025-12-26 | Opaleye Management Inc. | Buy | 1.6K | $41.68 |
| 2025-12-23 | Opaleye Management Inc. | Buy | 260 | $41.66 |
| 2025-12-22 | Opaleye Management Inc. | Buy | 1.0K | $41.15 |
| 2025-12-17 | Opaleye Management Inc. | Buy | 2.7K | $40.37 |
| 2025-12-12 | Opaleye Management Inc. | Buy | 87 | $40.00 |
| 2025-12-08 | Opaleye Management Inc. | Buy | 300 | $39.77 |
| 2025-12-05 | Opaleye Management Inc. | Buy | 444 | $39.50 |
| 2025-12-03 | Opaleye Management Inc. | Buy | 2.5K | $37.81 |
| 2025-12-01 | Opaleye Management Inc. | Buy | 4.3K | $37.37 |
| 2025-11-26 | Opaleye Management Inc. | Buy | 943 | $40.00 |
| 2025-11-24 | Opaleye Management Inc. | Buy | 6 | $35.50 |
| 2025-11-20 | Opaleye Management Inc. | Buy | 5.8K | $35.83 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06050122 ↗ | Efficacy and Safety of Patidegib Gel 2% for Preventing Basal Cell Carcinomas on the Face of Adults With Gorlin Syndrome Gorlin Syndrome | PHASE3 | Active Not Recruiting | 2026-08-01 |
| NCT05675501 ↗ | Evaluation of Topical Encapsulated Benzoyl Peroxide on the Skin Microbiome and Skin Biophysical Properties Papulopustular Rosacea | PHASE1 | Completed | 2021-07-15 |
| NCT04308395 ↗ | Extension Study of Patidegib Topical Gel, 2% in Subjects With Gorlin Syndrome (Basal Cell Nevus Syndrome) Basal Cell Nevus Syndrome | PHASE3 | Terminated | 2021-07-14 |
| NCT04155190 ↗ | An Study of Patidegib Topical Gel, 2%, for the Reduction of Disease Burden of Persistently Developing Basal Cell Carcinomas in Patients With Non-Gorlin High Frequency BCC Recurrent Basal Cell Carcinoma | PHASE2 | Terminated | 2021-04-23 |
| NCT03703310 ↗ | Study of Patidegib Topical Gel, 2%, for the Reduction of Disease Burden of Persistently Developing Basal Cell Carcinomas (BCCs) in Subjects With Basal Cell Nevus Syndrome (Gorlin Syndrome) Basal Cell Nevus Syndrome | PHASE3 | Completed | 2020-12-28 |
| NCT04059523 ↗ | MUSE Study to Evaluate the Pharmacokinetics, Safety and Tolerability of S6G5T-3 Acne Vulgaris | PHASE1 | Completed | 2020-02-06 |
| NCT03761784 ↗ | A Study of S6G5T-3 in the Treatment of Acne Vulgaris Acne Vulgaris | PHASE3 | Completed | 2019-12-31 |
| NCT03727074 ↗ | Bioequivalence Study to Compare Sol-Gel Technologies' 5-FU Cream With Efudex® (5-FU) Cream Actinic Keratosis (AK) | PHASE3 | Completed | 2019-12-19 |
| NCT03564145 ↗ | A Long-Term Safety Study of S5G4T-1 in the Treatment of Papulopustular Rosacea Papulopustular Rosacea | PHASE3 | Terminated | 2019-11-13 |
| NCT03761810 ↗ | A Study of S6G5T3 in the Treatment of Acne Vulgaris Acne Vulgaris | PHASE3 | Completed | 2019-10-23 |
| NCT03564119 ↗ | A Study of S5G4T-1 in the Treatment of Papularpustular Rosacea Papulopustular Rosacea | PHASE3 | Completed | 2019-06-10 |
| NCT03448939 ↗ | A Study of S5G4T-1 in the Treatment of Papulopustular Rosacea Papulopustular Rosacea | PHASE3 | Completed | 2019-05-24 |
| NCT02842021 ↗ | Efficacy and Safety of Product S2G6T-1in Patients With Symptomatic Inflammatory Interdigital Tinea Pedis Tinea Pedis | PHASE2 | Terminated | 2017-10-01 |
| NCT02661958 ↗ | Efficacy, Safety, and Tolerability of S6G5T-1 and S6G5T-3 for the Treatment of Acne Vulgaris Acne Vulgaris | PHASE2 | Completed | 2017-10-01 |
| NCT00940992 ↗ | A Study of DER 45-EV Gel to Treat Rosacea Rosacea | PHASE2 | Completed | 2012-09-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-19 | 2025-12-31 | 0001178913-26-001552 ↗ |
| 20-F | 2025-04-29 | 2024-12-31 | 0001178913-25-001497 ↗ |
| 20-F | 2024-03-13 | 2023-12-31 | 0001178913-24-000932 ↗ |
| 20-F | 2023-03-10 | 2022-12-31 | 0001178913-23-000913 ↗ |
| 20-F | 2022-04-04 | 2021-12-31 | 0001178913-22-001373 ↗ |
| 20-F | 2021-03-04 | 2020-12-31 | 0001178913-21-000909 ↗ |
| 20-F | 2020-03-24 | 2019-12-31 | 0001178913-20-000911 ↗ |
| 20-F | 2019-03-21 | 2018-12-31 | 0001178913-19-000896 ↗ |
| 20-F | 2018-03-26 | 2017-12-31 | 0001178913-18-000960 ↗ |