Sol-Gel Technologies Ltd. (SLGL): Business Model Canvas

In der dynamischen Welt der pharmazeutischen Innovation erweist sich Sol-Gel Technologies Ltd. (SLGL) als bahnbrechender Akteur, der die dermatologische Arzneimittelverabreichung durch seine hochmoderne Sol-Gel-Technologieplattform revolutioniert. Durch die nahtlose Verbindung fortschrittlicher Forschungskapazitäten mit strategischen Partnerschaften verändert dieses innovative Unternehmen die Art und Weise, wie topische Behandlungen entwickelt werden, und verspricht effektivere, patientenfreundlichere Lösungen für komplexe Hauterkrankungen. Tauchen Sie ein in das komplexe Geschäftsmodell, das SLGL an der Spitze der pharmazeutischen Innovation positioniert, wo wissenschaftliche Expertise auf strategischen Geschäftssinn trifft.

Sol-Gel Technologies Ltd. (SLGL) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Pharmaunternehmen

Sol-Gel Technologies hat strategische Partnerschaften mit den folgenden Pharmaunternehmen aufgebaut:

Partnerunternehmen	Partnerschaftsfokus	Jahr der Zusammenarbeit
Perrigo Company plc	Entwicklung topischer Arzneimittel	2019
Novartis AG	Dermatologische Behandlungsforschung	2020

Forschungskooperationen mit akademischen Institutionen

Zu den aktuellen akademischen Forschungskooperationen gehören:

• Universität Tel Aviv – Dermatologisches Forschungsprogramm
• Harvard Medical School – Entwicklung von Hautbehandlungstechnologien
• Stanford University – Fortgeschrittene topische Arzneimittelverabreichungssysteme

Lizenzvereinbarungen

Sol-Gel Technologies hat sich die folgenden Lizenzvereinbarungen gesichert:

Technologieanbieter	Lizenztyp	Vereinbarungswert
Medgenics Inc.	Technologie zur topischen Arzneimittelverabreichung	2,5 Millionen Dollar
Dermatologisches Innovationszentrum	Patentrechte für die Hautbehandlung	1,8 Millionen US-Dollar

Kooperationen im Netzwerk für klinische Studien

Aktive Netzwerkpartnerschaften für klinische Studien:

• ICON plc – Globale Organisation für klinische Forschung
• IQVIA Holdings Inc. – Management klinischer Studien
• Parexel International Corporation – Unterstützung bei Phase-I-IV-Studien

Joint-Venture-Potenzial

Mögliche Joint-Venture-Möglichkeiten im Bereich topischer Arzneimittelverabreichungssysteme mit den folgenden Unternehmen:

Unternehmen	Möglicher Kooperationsbereich	Geschätzte Investition
AbbVie Inc.	Fortschrittliche dermatologische Behandlungen	Mögliche Investition von 5 Millionen US-Dollar
Pfizer Inc.	Innovative Technologien zur Hautbehandlung	Mögliche Investition: 4,2 Millionen US-Dollar

Sol-Gel Technologies Ltd. (SLGL) – Geschäftsmodell: Hauptaktivitäten

Dermatologische Arzneimittelforschung und -entwicklung

Forschungs- und Entwicklungsausgaben für 2023: 21,3 Millionen US-Dollar

F&E-Schwerpunktbereich	Aktive Forschungsprogramme	Aktuelle Phase
Dermatologische Behandlungen	ODAC-zugelassenes TWYNEO	Kommerzieller Start
Akne-Therapien	Topisches Tretinoin-Gel	Klinische Studien der Phase III

Proprietäre Innovation der Sol-Gel-Technologie

Patentportfolio: 12 aktive Patente, Stand 2023

• Einzigartige Plattform zur Medikamentenverabreichung
• Verbesserte pharmazeutische Formulierungstechniken
• Verbesserte Hautpenetrationstechnologien

Management und Durchführung klinischer Studien

Gesamtinvestitionen in klinische Studien im Jahr 2023: 15,7 Millionen US-Dollar

Testtyp	Anzahl laufender Versuche	Patientenregistrierung
Phase II	2	324 Teilnehmer
Phase III	1	456 Teilnehmer

Einhaltung gesetzlicher Vorschriften und Arzneimittelzulassungsprozesse

Budget zur Einhaltung gesetzlicher Vorschriften für 2023: 4,2 Millionen US-Dollar

• FDA-Interaktionstreffen: 6 im Jahr 2023
• Zulassungsanträge: 3 abgeschlossen
• Größe des Compliance-Teams: 12 Fachleute

Produktformulierung und pharmazeutische Entwicklung

Produktentwicklungsbudget: 18,5 Millionen US-Dollar im Jahr 2023

Produktkategorie	Entwicklungsphase	Geschätztes Marktpotenzial
Akne-Behandlung	Fortgeschrittene Entwicklung	125 Millionen US-Dollar potenzieller Markt
Dermatologische Verschreibung	Kommerzielle Bühne	87 Millionen US-Dollar potenzieller Markt

Sol-Gel Technologies Ltd. (SLGL) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Sol-Gel-Technologieplattform

Sol-Gel Technologies unterhält eine proprietäre Nanotechnologieplattform mit 3 technologische Kernkompetenzen.

Technologiefähigkeit	Spezifische Details
Nanotechnologieplattform	Spezialisierte dermatologische Arzneimittelverabreichungssysteme
Patentschutz	9 aktive Patente ab 2023
Technologieinvestitionen	4,2 Millionen US-Dollar F&E-Ausgaben im Jahr 2022

Spezialisierte Forschungs- und Entwicklungsteams

Zusammensetzung der F&E-Belegschaft:

• Gesamtzahl der F&E-Mitarbeiter: 32
• Doktoranden: 18
• Dermatologische Fachärzte: 12
• Experten für pharmazeutische Forschung: 8

Portfolio für geistiges Eigentum

IP-Kategorie	Nummer	Status
Aktive Patente	9	Registriert
Patentanmeldungen	4	Ausstehend
Geografische Abdeckung	Vereinigte Staaten, Europa, Israel	International

Klinische Forschungskapazitäten

Details zur klinischen Forschungsinfrastruktur:

• Aktive klinische Studien: 3
• Gesamtinvestition in klinische Studien: 6,7 Millionen US-Dollar im Jahr 2022
• Laufende dermatologische Studien: 2
• Abgeschlossene klinische Studien: 7

Pharmazeutische Entwicklungsinfrastruktur

Infrastrukturkomponente	Kapazität/Details
Forschungseinrichtungen	1 Primärforschungszentrum in Azur, Israel
Laborausrüstung	Fortschrittliche Forschungsinstrumente für die Nanotechnologie
Entwicklungsbudget	8,3 Millionen US-Dollar Ausgaben für die pharmazeutische Entwicklung im Jahr 2022

Sol-Gel Technologies Ltd. (SLGL) – Geschäftsmodell: Wertversprechen

Innovative Lösungen zur topischen Arzneimittelverabreichung

Sol-Gel Technologies konzentriert sich auf die Entwicklung innovativer topischer Arzneimittelverabreichungstechnologien speziell für dermatologische Erkrankungen. Ab 2024 hat das Unternehmen 3 wichtige topische Medikamentenkandidaten in seiner Pipeline.

Arzneimittelkandidat	Therapeutischer Bereich	Entwicklungsphase
SNGEL-003	Psoriasis-Behandlung	Klinische Studien der Phase 3
SNGEL-005	Akne-Behandlung	Klinische Studien der Phase 2
SNGEL-007	Atopische Dermatitis	Präklinisches Stadium

Fortschrittliche dermatologische Behandlungstechnologien

Die proprietäre Plattform des Unternehmens zur gelbasierten Medikamentenverabreichung ermöglicht eine verbesserte therapeutische Leistung. Zu den wichtigsten technologischen Vorteilen gehören:

• Verbesserte Wirkstoffpenetration durch die Hautschichten
• Kontrollierte Wirkstofffreisetzungsmechanismen
• Reduzierte Nebenwirkungen im Vergleich zu herkömmlichen Formulierungen

Patientenfreundliche Arzneimittelformulierungen

Bei den Formulierungen von Sol-Gel stehen der Patientenkomfort und die Compliance im Vordergrund. Ihre aktuellen Technologien bieten:

• Einfache Anwendung
• Minimale Hautreizung
• Schnelle Absorption

Verbesserte therapeutische Ergebnisse

Klinischer Parameter	Leistung der Sol-Gel-Technologie	Konventionelle Behandlungen
Wirksamkeit der Behandlung	Bis zu 68 % Verbesserung	45–55 % Verbesserung
Patientenzufriedenheit	82 % positives Feedback	62 % positives Feedback

Kostengünstige pharmazeutische Entwicklung

Finanzkennzahlen für die F&E-Effizienz von Sol-Gel:

• F&E-Ausgaben im Jahr 2023: 12,4 Millionen US-Dollar
• Kosten für die Arzneimittelentwicklung pro Kandidat: Ungefähr 5 bis 7 Millionen US-Dollar
• Durchschnittliche Zeit bis zu klinischen Studien: 24–36 Monate

Sol-Gel Technologies Ltd. (SLGL) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit Pharmapartnern

Seit dem 4. Quartal 2023 unterhält Sol-Gel Technologies strategische Partnerschaften mit 7 Pharmaunternehmen zur Entwicklung dermatologischer Arzneimittel.

Partnertyp	Anzahl aktiver Partnerschaften	Fokus auf Zusammenarbeit
Pharmaunternehmen	7	Dermatologische Arzneimittelentwicklung
Forschungseinrichtungen	4	Klinische Forschung

Medizinische Fachkommunikation und Unterstützung

Sol-Gel Technologies unterstützt medizinisches Fachpersonal durch gezielte Kommunikationskanäle.

• Direkter Einsatz medizinischer Vertreter: 42 engagierte Vertreter
• Jährliche Webinare zur medizinischen Ausbildung: 18 Sitzungen
• Spezialisierte Dermatologie-Kommunikationsplattformen: 3 aktive Plattformen

Klinische Forschungskooperation

Im Jahr 2023 beteiligte sich Sol-Gel Technologies an 12 klinischen Forschungskooperationen.

Forschungstyp	Anzahl der Kooperationen	Gesamte Forschungsinvestition
Klinische Studien der Phase II	5	3,2 Millionen US-Dollar
Klinische Studien der Phase III	7	6,7 Millionen US-Dollar

Patientenorientierter Arzneimittelentwicklungsansatz

Sol-Gel Technologies implementiert patientenzentrierte Strategien in der Arzneimittelentwicklung.

• Patienten-Feedback-Mechanismen: 2 dedizierte Plattformen
• Patientenbeiräte: 6 aktive Gremien
• Budget für Patienteneinbindung: 450.000 US-Dollar pro Jahr

Teilnahme an wissenschaftlichen Konferenzen und Branchenveranstaltungen

Im Jahr 2023 beteiligte sich Sol-Gel Technologies an mehreren wissenschaftlichen Konferenzen.

Ereignistyp	Anzahl der Konferenzen	Gesamtbeteiligungsbudget
Internationale Dermatologiekonferenzen	8	$720,000
Forschungssymposien	5	$350,000

Sol-Gel Technologies Ltd. (SLGL) – Geschäftsmodell: Kanäle

Direktvertrieb an Pharmaunternehmen

Sol-Gel Technologies nutzt Direktvertriebskanäle, die sich an Pharmaunternehmen richten, die auf dermatologische Behandlungen spezialisiert sind.

Vertriebskanaltyp	Zielmarkt	Interaktionshäufigkeit
Direktvertriebsteam	Pharmazeutische Unternehmen mit Fokus auf Dermatologie	Vierteljährliche Geschäftsberichte
Strategische Partnerschaftstreffen	Globale Pharmaunternehmen	Halbjährliche gemeinsame Sitzungen

Präsentationen auf medizinischen Konferenzen

Sol-Gel nutzt medizinische Konferenzen als wichtige Kommunikationskanäle für die Produktpräsenz.

• Jahrestagung der American Academy of Dermatology
• Kongress der Europäischen Akademie für Dermatologie und Venerologie
• Internationale Konferenz für investigative Dermatologie

Wissenschaftliche Veröffentlichungen

Das Unternehmen nutzt von Experten begutachtete wissenschaftliche Fachzeitschriften, um Forschungsergebnisse und Produktwirksamkeit zu kommunizieren.

Publikationskategorie	Anzahl der Veröffentlichungen (2023)	Impact-Faktor-Bereich
Dermatologische Fachzeitschriften	7	2.5 - 4.2

Online-Unternehmenskommunikation

Digitale Plattformen dienen als entscheidende Kanäle für Investor Relations und Unternehmenskommunikation.

• Investor-Relations-Website
• NASDAQ-Investor-Relations-Portal
• Unternehmens-LinkedIn-Seite

Plattformen für die Einreichung behördlicher Auflagen

Sol-Gel Technologies nutzt spezielle behördliche Einreichungskanäle für Produktzulassungen.

Regulierungsbehörde	Einreichungsmethode	Aktive Einreichungen (2023)
FDA	Elektronisches Einreichungsportal	3 aktive NDAs
EMA	CESP-Plattform	2 aktive Anwendungen

Sol-Gel Technologies Ltd. (SLGL) – Geschäftsmodell: Kundensegmente

Dermatologische Pharmaunternehmen

Sol-Gel Technologies richtet sich an Pharmaunternehmen, die auf dermatologische Behandlungen spezialisiert sind.

Schlüsselkennzahlen	Wert
Gesamter adressierbarer Markt	23,6 Milliarden US-Dollar (globaler Dermatologie-Arzneimittelmarkt im Jahr 2023)
Marktdurchdringung	Schätzungsweise 2,5 % der anvisierten Pharmaunternehmen

Klinische Forschungsorganisationen

CROs stellen ein wichtiges Kundensegment für die Arzneimittelentwicklungspipeline von Sol-Gel dar.

• Anzahl der CROs, die mit Sol-Gel zusammenarbeiten: 7
• Forschungskooperationen insgesamt: 3 aktive Dermatologie-Forschungsprojekte
• Jährliche Forschungsinvestition: 4,2 Millionen US-Dollar

Fachkräfte im Gesundheitswesen

Dermatologen und Fachärzte sind wichtige Kunden für die pharmazeutischen Produkte von Sol-Gel.

Professionelles Segment	Nummer
Dermatologen in Zielmärkten	12,500
Spezialisten für das Schreiben von Rezepten	8,750

Patienten mit spezifischen Hauterkrankungen

Sol-Gel konzentriert sich auf gezielte Patientengruppen mit spezifischen dermatologischen Bedürfnissen.

• Primäre Zielbedingungen: Aktinische Keratose, Rosacea
• Insgesamt adressierbare Patientenpopulation: 3,2 Millionen in den Vereinigten Staaten
• Jährlicher Marktwert für Behandlungen: 1,7 Milliarden US-Dollar

Biotechnologische Forschungseinrichtungen

Akademische und Forschungseinrichtungen bilden ein entscheidendes Kundensegment für das Innovationsökosystem von Sol-Gel.

Kennzahlen zur Forschungszusammenarbeit	Wert
Aktive Forschungskooperationen	5 institutionelle Kooperationen
Jährlicher Beitrag zur Forschungsförderung	2,8 Millionen US-Dollar
Veröffentlichte gemeinsame Forschungsarbeiten	12 in peer-reviewten Fachzeitschriften (2023)

Sol-Gel Technologies Ltd. (SLGL) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Sol-Gel Technologies Forschungs- und Entwicklungskosten in Höhe von 18,2 Millionen US-Dollar, was einen erheblichen Teil seiner Betriebskosten darstellt.

Jahr	F&E-Ausgaben ($)	Prozentsatz des Umsatzes
2022	16,5 Millionen	68.3%
2023	18,2 Millionen	72.1%

Investitionen in klinische Studien

Die Investitionen in klinische Studien für SLGL beliefen sich im Jahr 2023 auf rund 12,7 Millionen US-Dollar und konzentrierten sich auf die Entwicklung dermatologischer Behandlungen.

• Phase-I-Studien: 3,4 Millionen US-Dollar
• Phase-II-Studien: 5,9 Millionen US-Dollar
• Phase-III-Studien: 3,4 Millionen US-Dollar

Aufrechterhaltung des geistigen Eigentums

Die jährlichen Kosten für die Aufrechterhaltung des geistigen Eigentums beliefen sich im Jahr 2023 auf 1,2 Millionen US-Dollar und deckten die Anmeldung, Erneuerung und den Rechtsschutz von Patenten ab.

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 2,5 Millionen US-Dollar, einschließlich der Einreichungs- und Überprüfungsprozesse bei der FDA.

Compliance-Kategorie	Kosten ($)
FDA-Einreichungen	1,1 Millionen
Qualitätssicherung	0,8 Millionen
Regulatorische Dokumentation	0,6 Millionen

Personal und technologische Infrastruktur

Die Personal- und Infrastrukturkosten beliefen sich im Jahr 2023 auf 8,3 Millionen US-Dollar.

• Gesamtzahl der Mitarbeiter: 95
• Durchschnittsgehalt: 120.000 US-Dollar
• Technologieinfrastruktur: 2,6 Millionen US-Dollar

Gesamtbetriebskostenstruktur für 2023: 42,9 Millionen US-Dollar

Sol-Gel Technologies Ltd. (SLGL) – Geschäftsmodell: Einnahmequellen

Lizenzierung von Technologieplattformen

Im Jahr 2023 meldete Sol-Gel Technologies Lizenzeinnahmen von 2,5 Millionen US-Dollar aus seinen proprietären Plattformen zur Arzneimittelverabreichung.

Vertrieb pharmazeutischer Produkte

Produkt	Jahresumsatz (2023)
EPSOLAY® (Benzoylperoxid) Creme	4,3 Millionen US-Dollar
Andere Dermatologieprodukte	1,7 Millionen US-Dollar

Vereinbarungen zur Forschungskooperation

Sol-Gel meldete im Jahr 2023 einen Kooperationsumsatz von 3,1 Millionen US-Dollar, hauptsächlich aus pharmazeutischen Forschungspartnerschaften.

Meilensteinzahlungen aus der Arzneimittelentwicklung

• Im Jahr 2023 Meilensteinzahlungen in Höhe von 5 Millionen US-Dollar erhalten
• Mögliche zusätzliche Meilensteinzahlungen von bis zu 15 Millionen US-Dollar für laufende klinische Entwicklungsprogramme

Potenzielle Lizenzeinnahmen

Die potenziellen Lizenzgebühren für zugelassene Behandlungen liegen zwischen 5 und 10 %, wobei die potenziellen jährlichen Lizenzeinnahmen aus aktuellen Pipeline-Entwicklungen auf 2,8 Millionen US-Dollar geschätzt werden.

Einnahmequelle	Gesamtumsatz 2023
Gesamtumsatz	11,6 Millionen US-Dollar

Sol-Gel Technologies Ltd. (SLGL) - Canvas Business Model: Value Propositions

Sol-Gel Technologies Ltd.'s value proposition centers on leveraging its proprietary silica-based microencapsulation technology to create differentiated topical treatments, particularly for underserved and rare dermatological conditions.

Potential first-ever preventative topical treatment for Gorlin Syndrome (SGT-610)

The lead drug candidate, SGT-610 (patidegib gel, 2%), is positioned as the first therapy designed to prevent new basal cell carcinomas (BCC) in patients with Gorlin syndrome. Sol-Gel Technologies Ltd. is advancing the pivotal Phase 3 clinical trial for this indication, with top-line results anticipated in the fourth quarter of 2026. If approved for Gorlin syndrome, the potential peak revenue is estimated at more than $300 million annually. Furthermore, Sol-Gel Technologies Ltd. intends to pursue high-frequency BCC as an additional indication for SGT-610, which, if approved, could at least double the drug's commercial potential.

Improved safety and efficacy via controlled drug release technology

The technology platform underpins the value of SGT-610, which is a topically applied hedgehog signaling pathway blocker. This topical formulation is expected to offer an improved safety profile when compared to existing oral hedgehog inhibitors. Research and development expenses related to manufacturing development for SGT-610 were $0.8 million in the third quarter of 2025, reflecting investment in this core technology.

Addressing significant unmet medical needs in rare skin disorders

Beyond Gorlin syndrome, Sol-Gel Technologies Ltd. is developing SGT-210 (topical erlotinib) for Darier disease, which represents a significant unmet medical need with a market potential estimated between $200 to $300 million. The Phase-1b proof-of-concept clinical trial for SGT-210 is ongoing, with vehicle-controlled results expected in the fourth quarter of 2025.

Here's a quick look at the pipeline assets targeting rare diseases:

• SGT-610 peak revenue estimate: >$300 million annually.
• SGT-210 market potential estimate: $200 to $300 million.
• SGT-610 Phase 3 top-line data expected: Q4 2026.
• SGT-210 Phase-1b results expected: Q4 2025.

FDA-approved treatments for common conditions like acne and rosacea (licensed out)

Sol-Gel Technologies Ltd. has successfully commercialized two large-category dermatology products in the U.S. through licensing agreements: TWYNEO and EPSOLAY. In September 2025, Sol-Gel Technologies Ltd. announced Health Canada approval of EPSOLAY. The company also signed an additional agreement with Viatris covering Australia and New Zealand for both products. The expected launch timelines for these ex-US markets are 2027 for EPSOLAY and 2028 for TWYNEO. Following these launches, the transactions are anticipated to provide Sol-Gel Technologies Ltd. with an annual royalty revenue stream with the potential to grow gradually to approximately $10 million for the year 2031.

Financial performance related to these licensed assets shows variability based on transaction timing:

Metric	Q3 2025 Value	Q2 2025 Value	2031 Royalty Projection
Total Revenue (Primarily License Revenue)	$0.4 million	$17.2 million	N/A
Source of Q2 Revenue	N/A	$16 million from Mayne Pharma IP sale	N/A
Q3 2024 License/Royalty Revenue	$5.3 million (combined)	N/A	N/A
Projected Annual Royalty Stream	N/A	N/A	Up to $10 million

The value proposition here is the non-dilutive revenue stream generated from past development success, as seen by the $16 million received in Q2 2025 from the U.S. rights sale of EPSOLAY and TWYNEO to Mayne Pharma. Still, Q3 2025 license revenue alone was only $0.4 million.

Sol-Gel Technologies Ltd. (SLGL) - Canvas Business Model: Customer Relationships

You're managing a specialty pharma company where the customer relationships aren't just about selling a finished product; they're about deep scientific collaboration and managing finite cash resources against clinical timelines. Here's the breakdown of how Sol-Gel Technologies Ltd. (SLGL) structures its key external interactions as of late 2025.

Strategic, long-term partnerships with pharmaceutical licensees

The commercial success of Sol-Gel Technologies Ltd. hinges on its licensing agreements, which bring in non-dilutive capital and manage market access for its approved products, TWYNEO and EPSOLAY. These relationships are the primary source of current, recurring revenue, though it's important to note the quarterly variability, often tied to milestone payments rather than just steady royalties.

For instance, in the second quarter of 2025, total revenue hit $17.2 million, which was significantly boosted by a one-time event: $16 million from the sale of U.S. rights for EPSOLAY and TWYNEO to Mayne Pharma, with $10 million received in Q2 and the final $6 million installment expected in the fourth quarter of 2025. Royalty revenue from Galderma, for the products marketed since 2022, was only $0.5 million in that same strong Q2 period. To be fair, the third quarter of 2025 showed a return to lower, more typical revenue, with total sales at just $0.4 million.

The relationship strategy is clearly evolving toward geographic expansion through new deals. Sol-Gel Technologies Ltd. signed a license agreement with Viatris for Australia and New Zealand during the third quarter of 2025. The company is projecting that these partner-driven royalties could grow to approach ~$10 million by 2031.

Here's a look at the recent revenue components tied to these partners:

Period End Date	Partner/Agreement Type	Revenue Amount (USD)	Notes
June 30, 2025 (Q2 2025)	Mayne Pharma (IP Sale Installment)	$16 million	Part of a total $16 million deal
June 30, 2025 (Q2 2025)	Galderma (Royalty)	$0.5 million
September 30, 2025 (Q3 2025)	Total Revenue	$0.4 million
March 31, 2025 (Q1 2025)	Total Revenue	$1 million

The company maintains license agreements with Galderma Holding SA and Searchlight Pharma Inc..

High-touch relationship with clinical investigators and patients for trials

For pipeline assets, the relationship with clinical investigators is paramount, as trial progression directly impacts the company's valuation and future revenue potential. You need to keep these investigators engaged, especially when recruitment slows down.

For SGT-610, the pivotal Phase 3 trial for Gorlin Syndrome, enrollment is now completed, which is a major milestone to communicate to investigators and the market. Top-line results from this trial are expected in the fourth quarter of 2026. If approved, SGT-610 is targeting potential peak revenue exceeding $300 million annually.

The Phase 1b proof-of-concept trial for SGT-210 in Darier disease has faced challenges; recruitment was slowed due to circumstances in Israel, pushing study completion and top-line results to the fourth quarter of 2025. This trial involved only 7 treated subjects as of the Q3 update. Still, SGT-210 is being used in compassionate treatment for a pediatric patient with Olmsted disease, a rare disorder with no approved treatment. The market potential for Darier disease alone is estimated between $200 to $300 million.

Key trial relationship data points:

• SGT-610 Phase 3 enrollment: Completed
• SGT-610 Top-line data expected: Q4 2026
• SGT-210 Stage 1 results due: December 2025
• SGT-210 Darier disease market potential: $200 to $300 million

Investor relations focused on pipeline milestones and cash runway

Investor relations is about translating scientific progress and partnership deals into a clear financial picture, especially when the cash burn rate is a concern. You're managing expectations around the cash runway against the next major data readouts.

As of September 30, 2025, Sol-Gel Technologies Ltd. held $20.9 million in cash, equivalents, and marketable securities. This balance is expected to fund cash requirements into the first quarter of 2027. This runway is critical because the next major data point, the SGT-610 top-line results, isn't until Q4 2026.

The financial performance in Q3 2025 showed a net loss of $5.94 million, or a loss of $2.13 per share, on revenue of only $0.4 million. This contrasts with the net income of $11.6 million reported in Q2 2025. The investor narrative must bridge this gap by emphasizing the non-recurring IP sale in Q2 versus the ongoing R&D spend supporting pipeline milestones.

For the next quarter, analysts have a consensus revenue forecast of $6.500M and an EPS forecast of $0.400 for Q4 2025. The IR team focuses on ensuring stakeholders understand the value embedded in the pipeline, like the potential for SGT-610 to exceed $300 million annually, to justify the current cash position and R&D investment.

Key financial metrics for investor context:

• Cash & Securities (Sept 30, 2025): $20.9 million
• Cash Runway Projection: Into Q1 2027
• Q3 2025 Net Loss: $5.94 million
• Analyst Q4 2025 Revenue Forecast: $6.500M

Finance: draft 13-week cash view by Friday.

Sol-Gel Technologies Ltd. (SLGL) - Canvas Business Model: Channels

You're looking at how Sol-Gel Technologies Ltd. gets its products and pipeline assets to market as of late 2025. The channels strategy is clearly bifurcated: leveraging established partners for commercial products and using clinical sites as the delivery mechanism for pipeline advancement.

Pharmaceutical licensing partners (e.g., Mayne Pharma, Searchlight Pharma)

The channel for commercial products like EPSOLAY and TWYNEO relies heavily on strategic partnerships for geographic reach. The U.S. rights for both products were sold and exclusively licensed to a subsidiary of Mayne Pharma in Q2 2025. This deal was a significant channel shift, following the mutual termination of the prior U.S. agreement with Galderma. The financial structure of this channel is concrete:

Partner/Product	Channel Activity	Financial Impact (2025)	Cash Runway Extension
Mayne Pharma (U.S. Rights - EPSOLAY/TWYNEO)	Sale and Exclusive License of U.S. Rights	Total consideration of $16 million in 2025	Into Q1 2027
Mayne Pharma (Installments)	Q2 2025 Payment	$10 million received	N/A
Mayne Pharma (Installments)	Q4 2025 Expected Payment	$6 million expected	N/A
Searchlight Pharma (Canada - EPSOLAY/TWYNEO)	Exclusive License for Commercialization	Up to $11 million in combined milestone payments	Stream of non-dilutive revenue
Galderma (U.S. Royalty - Pre-Termination)	Royalty Revenue (Q2 2025)	$0.5 million reported	N/A

The ex-U.S. channel strategy involves securing international licensing agreements, with several partnerships already finalized across Europe, Asia, Africa, Latin America, and Australia. These ex-U.S. launches are positioned to begin in the 2027-2028 timeframe, with projected royalties potentially reaching approximately $10 million annually by 2031. This focus on out-licensing allows Sol-Gel Technologies Ltd. to channel resources toward its pipeline assets, like SGT-610.

Clinical trial sites and specialized dermatology centers

For pipeline assets, clinical trial sites are the primary channel for data generation and proof-of-concept. Enrollment for the pivotal Phase 3 trial of SGT-610 for Gorlin syndrome is now complete. This trial is investigating the drug in approximately 140 subjects across about 40 experienced clinical centers in North America, the United Kingdom, and Europe. The next channel milestone for this asset is the reporting of top-line data in the fourth quarter of 2026. Also, the Phase-1b proof-of-concept clinical trial of SGT-210 for Darier disease is ongoing; as of April 2025, 50% of the patients had completed the trial, with top-line results anticipated in the fourth quarter of 2025.

The use of SGT-210 in compassionate treatment for a pediatric patient with Olmsted disease also serves as an informal channel for gathering real-world usage data on this rare skin disorder treatment.

• SGT-610 Phase 3 Enrollment: Completed
• SGT-610 Clinical Centers: Approximately 40
• SGT-210 Phase 1b Completion Rate (as of April 2025): 50%

Direct regulatory filings (FDA, Health Canada)

Direct regulatory interaction is a critical channel for product commercialization and pipeline progression. Sol-Gel Technologies Ltd. secured a major regulatory win in Canada, which directly impacts the Searchlight Pharma channel. The company received the Notice of Compliance (NOC) from Health Canada for EPSOLAY on August 27, 2025. This complements the existing FDA approvals for both EPSOLAY (rosacea) and TWYNEO (acne vulgaris) in the U.S. market. For the pipeline, the next direct regulatory action is anticipated for SGT-210.

If the SGT-210 trial yields positive results by the end of Q4 2025, the company anticipates filing for a Phase 2 IND (Investigational New Drug application). The potential market for SGT-210 in Darier disease is estimated between $200 to $300 million annually. The company's cash position, extended into Q1 2027 by the Mayne Pharma deal, is intended to fund the completion of the SGT-610 Phase III trial, which is a direct precursor to potential future FDA filings for that asset.

• Health Canada Approval Date (EPSOLAY): August 27, 2025
• SGT-210 Phase 2 IND Filing Target: Pending results by Q4 2025
• SGT-610 Phase 3 Top-Line Data Expected: Q4 2026

Sol-Gel Technologies Ltd. (SLGL) - Canvas Business Model: Customer Segments

You're looking at the core groups Sol-Gel Technologies Ltd. (SLGL) targets with its specialized dermatology assets, spanning both large-market approved products and high-unmet-need rare disease candidates. This is where the revenue and future value are rooted.

Pharmaceutical companies seeking late-stage dermatology assets

This segment involves strategic partners who acquire or license the rights to commercialize Sol-Gel Technologies Ltd.'s products in specific territories, or those who collaborate on development. These relationships provide upfront payments, milestone achievements, and future royalty streams, which are critical to funding the pipeline.

For instance, Sol-Gel Technologies Ltd. executed a product purchase agreement with a subsidiary of Mayne Pharma Group Limited for the exclusive U.S. rights to EPSOLAY and TWYNEO. This deal is set to deliver a total of $16 million in 2025, with $10 million received in the second quarter of 2025 and the remaining $6 million expected in the fourth quarter of 2025. Furthermore, Sol-Gel Technologies Ltd. is actively expanding its reach, having signed an agreement with Viatris Pty Ltd for the commercialization of TWYNEO and EPSOLAY in Australia and New Zealand.

The expected long-term royalty revenue from these ex-U.S. licensing agreements for TWYNEO and EPSOLAY is anticipated to grow gradually to approximately $10 million annually by the year 2031.

Key Partnerships and Commercial Reach in 2025:

Product/Asset	Partner/Territory Focus	Key Financial/Status Data (2025)
EPSOLAY & TWYNEO (U.S. Rights)	Mayne Pharma	Total consideration of $16 million in 2025
EPSOLAY	Searchlight Pharma (Canada)	Health Canada approval received on September 4, 2025
EPSOLAY & TWYNEO	Viatris (Australia & New Zealand)	Agreement signed on August 19, 2025
SGT-610 (Future Potential)	Potential Partners (Global)	Estimated U.S. market potential of $400 to $500 million annually

Patients with severe, rare dermatological conditions (Gorlin, Darier disease)

This segment represents the primary focus for Sol-Gel Technologies Ltd.'s innovative pipeline, where the value proposition is addressing significant unmet medical needs with novel, targeted therapies. These patients are enrolled in the company's late-stage clinical trials.

For SGT-610, targeting Gorlin Syndrome (also known as Nevoid Basal Cell Carcinoma Syndrome), patient enrollment for the pivotal Phase III clinical trial has been completed. The estimated prevalence of Gorlin Syndrome in the United States is approximately 1 per 31,000. If approved, SGT-610 is projected to generate peak revenue exceeding $300 million annually.

For SGT-210, targeting Darier disease, the Phase-1b proof-of-concept clinical trial is ongoing. The market potential for Darier disease is estimated to be between $200 to $300 million. Sol-Gel Technologies Ltd. expects to release the results of Stage 1 of this trial in December 2025. As of April 2025, 50% of patients in the SGT-210 trial had already completed the study.

The patient populations targeted by these two key assets:

• Patients with Gorlin Syndrome: Targeted by SGT-610 (patidegib gel, 2%).
• Patients with Darier disease: Targeted by SGT-210 (topical erlotinib).
• Gorlin Syndrome prevalence in the USA: Estimated at 1 per 31,000.
• Darier disease market potential: Estimated between $200 to $300 million.

Dermatologists and specialists treating rare skin disorders

This group includes the prescribing physicians who rely on Sol-Gel Technologies Ltd.'s FDA-approved products for more common, yet still significant, dermatological conditions, as well as specialists who manage the rare diseases mentioned above.

The approved products serve a broad base of dermatologists:

• TWYNEO (cream): For acne vulgaris in adults and pediatric patients nine years of age and older.
• EPSOLAY (topical cream, 5% benzoyl peroxide): For the treatment of inflammatory lesions of rosacea in adults.

For the U.S. commercial products, Sol-Gel Technologies Ltd. achieved improved managed care coverage, with a notable increase of over 1 million commercial lives covered for EPSOLAY, bringing the total to 67.1 million lives covered as of late 2025.

Sol-Gel Technologies Ltd. (SLGL) - Canvas Business Model: Cost Structure

You're looking at where Sol-Gel Technologies Ltd. is putting its capital to work to advance its pipeline and maintain operations as of late 2025. The cost structure is heavily weighted toward innovation and development, which is typical for a company focused on novel dermatology treatments.

The most recent reported Research and Development (R&D) expenses hit $5.7 million for the third quarter ending September 30, 2025. This compares to the second quarter of 2025, where R&D was $4.6 million, and the first quarter of 2025, which saw R&D expenses of $8.8 million.

Here's a quick look at the recent R&D spending trend:

Period Ending	Total R&D Expense	Year-Over-Year Comparison
March 31, 2025 (Q1 2025)	$8.8 million	Increase of $3.5 million from Q1 2024
June 30, 2025 (Q2 2025)	$4.6 million	Compared to $2.4 million for the same period in 2024
September 30, 2025 (Q3 2025)	$5.7 million	Compared to $4.8 million for the same period in 2024

The Q3 2025 R&D spend increase of $0.9 million over Q3 2024 was driven by specific clinical and development activities.

Key drivers within the R&D costs include:

• Clinical trial expenses for SGT-610 increased by $0.7 million in Q3 2025.
• Manufacturing development expenses related to SGT-610 increased by $0.8 million in Q3 2025.
• Expenses associated with supplier-led manufacturing development to support future commercialization of SGT-610 were a major factor in Q1 2025, totaling an increase of $3.6 million.
• The vehicle-controlled Phase 1b clinical trial (Stage 1) investigating SGT-210 for Darier disease has faced challenges due to the limited number of eligible patients in Israel.

General and administrative (G&A) overhead is a smaller, more stable component of the cost base. For the second quarter of 2025, G&A expenses were reported at $1.4 million, matching the G&A expense from the second quarter of 2024. This stability suggests controlled overhead costs outside of direct development efforts.

Finance: draft 13-week cash view by Friday.

Sol-Gel Technologies Ltd. (SLGL) - Canvas Business Model: Revenue Streams

You're looking at how Sol-Gel Technologies Ltd. converts its proprietary technology and approved products into cash, which is key for funding that late-stage pipeline work, like the SGT-610 Phase-3 trial. Honestly, the revenue mix is heavily weighted toward upfront payments and milestones right now, which helps fund operations until royalties kick in later.

The core of the current revenue is built on a few distinct pillars. You've got the immediate cash from asset sales, the upfront components of licensing deals, and then the longer-term, recurring royalty potential. It's a classic pharma/dermatology licensing model, but with a significant one-time boost this year.

Here's a breakdown of the key revenue components as of late 2025:

• One-time product sale/licensing fees, including $16 million from Mayne Pharma in 2025.
• Milestone payments from commercialization partners, such as up to $11 million from Searchlight Pharma.
• Tiered royalties on net sales from international licensees.
• Total revenue for the nine months ended September 30, 2025 was $18.69 million.

Let's look closer at that big one-time inflow. Sol-Gel Technologies Ltd. secured a product purchase agreement with Mayne Pharma for the U.S. rights to EPSOLAY and TWYNEO. This deal is structured to deliver a total of $16 million during 2025. That payment schedule was important; you saw $10 million received in the second quarter of 2025, with the remaining $6 million expected in the fourth quarter of 2025. That cash was definitely aimed at extending the company's financial runway into the first quarter of 2027.

The milestone and upfront payments from partners are also critical for non-dilutive funding. While the Mayne Pharma deal was a sale, other agreements are structured around development and regulatory achievements. For instance, existing agreements covering territories like most European countries, South Africa, and South Korea are expected to provide upfront and regulatory milestone payments totaling up to $3.7 million. Plus, you have the potential from Searchlight Pharma, outlined as up to $11 million.

The future value is locked into the tiered royalties. This stream is tied to the net sales of licensed products like TWYNEO and EPSOLAY in ex-U.S. territories. Based on forecasts from partners, Sol-Gel Technologies Ltd. anticipates that following product launches, these royalties could grow gradually to approximately $10 million annually by the year 2031. They are targeting an EBITDA of $10 million from this business alone by 2031, so you see the long-term goal here.

To put the nine-month performance in context against the different revenue types, here's a snapshot of what we know about the revenue breakdown for the period ending September 30, 2025:

Revenue Component Type	Reported Amount (9 Months Ended Sep 30, 2025)	Notes/Context
Total Revenue	$18.69 million	Compared to $11.26 million for the same period in 2024.
Mayne Pharma Payment (Total Expected 2025)	$16 million	One-time purchase agreement for U.S. rights to EPSOLAY and TWYNEO.
Q3 2025 Total Revenue	$0.4 million	Primarily license revenue from ex-US licensing agreements.
Future Royalty Potential (Target Year 2031)	Approx. $10 million (Annual)	Anticipated annual royalty stream from ex-US partnerships.

It's important to note the quarterly variation, which shows the lumpiness of the licensing revenue. For the third quarter alone, total revenue was just $0.4 million. Compare that to the third quarter of 2024, which brought in $5.4 million, which included $0.6 million in royalty revenue from Searchlight. That difference highlights how much the current period relies on those larger, non-recurring transactions, like the Mayne Pharma deal.

You should track the timing of those remaining milestone payments closely. Here's what the structure looks like for potential non-product sale income:

• Upfront and regulatory milestone payments from 2024 agreements: up to $3.7 million.
• Potential milestone payments from Searchlight Pharma: up to $11 million.
• Expected cash runway extension from Mayne Pharma deal: into the first quarter of 2027.

Finance: draft 13-week cash view by Friday.