Sol-Gel Technologies Ltd.
Sol-Gel Technologies Ltd. is an Israel-based dermatology and pharmaceutical company that develops and commercializes prescription treatments for skin diseases. Its business centers on branded topical products and product candidates, with commercialization carried out directly in some markets and through licensing partners in others.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueApproved prescription skin treatments sold through partners and licensees in multiple territories.
Investigational dermatology programs being advanced through clinical development.
Upfront, milestone, and royalty income from out-licensing commercial rights by territory.
Products
Reported · share of revenue- License95.9 %
- Royalty3.6 %
- Services and other0.4 %
Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Sol-Gel sells into the dermatology prescription market, so the end users are patients treated by dermatologists and other prescribing physicians. Its commercial counterparties are pharmaceutical partners and licensees that obtain rights to market TWYNEO® and EPSOLAY® in specific countries or regions. Revenue is therefore driven by both product demand in local markets and the pace of partner-led launches.
Dermatologists and other physicians prescribe TWYNEO® and EPSOLAY® for acne and rosacea.
Pharma partners buy commercialization rights, pay milestones, and generate royalties in their markets.
Patients are the end users of the prescription products, with demand driven by disease prevalence and physician adoption.
Sites and investigators support development of SGT-610 and other pipeline studies.
Strategy
Sol-Gel’s strategy is to expand TWYNEO® and EPSOLAY® through territory-by-territory licensing agreements that can generate upfront, milestone and ongoing royalty income. At the same time, it is advancing SGT-610 through clinical development to broaden the pipeline beyond marketed dermatology assets.
Broader territory coverage increases upfront payments, milestone potential and future royalties.
Royalties depend on partner commercialization and market launch timing.
Pipeline success could create a new future dermatology franchise beyond current products.
Geography
2025Sol-Gel is headquartered in Ness Ziona, Israel, and its commercial footprint spans a mix of direct and partner-led international markets. The company has signed licensing agreements covering parts of Europe, South Africa, South Korea, Australia and New Zealand, with additional rights in India, China, Hong Kong, Macau, Taiwan, Israel, and Canada. This geography mix makes the business dependent on partner execution and regulatory timing across multiple jurisdictions.
Share of the revenue the company reports by geography.
Risks
Sol-Gel depends on the success of clinical development, regulatory approvals, and partner commercialization, all of which can delay or prevent revenue generation. Because much of the business is licensed internationally, execution risk is shared with third parties and exposed to local market, regulatory and launch-timing uncertainty.
- Partner commercialization riskImpact: HighLikelihood: High
Royalties and milestones depend on licensees successfully launching and marketing the products.
Exposure - Clinical development risk for SGT-610Impact: HighLikelihood: Medium
The product candidate must succeed in late-stage trials to support future value creation.
Exposure: Phase 3 Gorlin syndrome program and HF-BCC study
- Regulatory approval and timing riskImpact: HighLikelihood: Medium
Commercialization depends on obtaining approvals and avoiding delays in target markets.
Exposure: TWYNEO® and EPSOLAY® launches across multiple countries
- Geopolitical exposure in IsraelImpact: MediumLikelihood: Medium
The company is headquartered in Israel and referenced regional conflict as a business risk.
Exposure: Corporate operations and oversight in Israel
Accounting
Judgemental itemsDifferent streams such as product sales, royalties and milestones may be recognized at different points in time.
Impact: Can cause uneven quarterly revenue
R&D expenses are driven by trial phases, patient enrollment and external study costs.
Impact: Affects operating loss and cash burn
The company holds marketable securities that can affect financial income and balance-sheet values.
Impact: Impacts non-operating income
Biopharma companies often use equity awards to retain talent and fund operations.
Impact: Affects operating expenses and equity
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Last updated: 28/09/2026