Sol-Gel Technologies Ltd. (SLGL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la innovación farmacéutica, Sol-Gel Technologies Ltd. (SLGL) surge como un jugador innovador, revolucionando la administración de fármacos dermatológicos a través de su plataforma de tecnología Sol-gel de vanguardia. Al combinar sin problemas las capacidades de investigación avanzadas con asociaciones estratégicas, esta empresa innovadora está transformando cómo se desarrollan los tratamientos tópicos, prometiendo soluciones más efectivas y amigables para los pacientes para afecciones cutáneas complejas. Sumérgete en el intrincado modelo de negocio que posiciona SLGL a la vanguardia de la innovación farmacéutica, donde la experiencia científica cumple con la perspicacia comercial estratégica.

Sol -Gel Technologies Ltd. (SLGL) - Modelo de negocio: asociaciones clave

Colaboración estratégica con compañías farmacéuticas

Sol-Gel Technologies ha establecido asociaciones estratégicas con las siguientes compañías farmacéuticas:

Empresa asociada	Enfoque de asociación	Año de colaboración
Perrigo Company plc	Desarrollo de drogas tópicas	2019
Novartis AG	Investigación del tratamiento dermatológico	2020

Asociaciones de investigación con instituciones académicas

Las colaboraciones actuales de investigación académica incluyen:

• Universidad de Tel Aviv - Programa de investigación de dermatología
• Harvard Medical School - Desarrollo de tecnología de tratamiento de piel
• Universidad de Stanford - Sistemas avanzados de administración de medicamentos tópicos

Acuerdos de licencia

Sol-Gel Technologies ha asegurado los siguientes acuerdos de licencia:

Proveedor de tecnología	Tipo de licencia	Valor de acuerdo
MedGenics Inc.	Tecnología tópica de administración de medicamentos	$ 2.5 millones
Centro de innovación de dermatología	Derechos de patentes de tratamiento de la piel	$ 1.8 millones

Colaboraciones de redes de ensayos clínicos

Asociaciones de red de ensayos clínicos activos:

• ICON PLC - Organización global de investigación clínica
• IQVIA Holdings Inc. - Gestión de ensayos clínicos
• Parexel International Corporation - Soporte de prueba de Fase I -IV

Potencial de empresa conjunta

Oportunidades potenciales de empresa conjunta en sistemas de administración de medicamentos tópicos con las siguientes compañías:

Compañía	Área de colaboración potencial	Inversión estimada
Abbvie Inc.	Tratamientos dermatológicos avanzados	$ 5 millones de inversión potencial
Pfizer Inc.	Tecnologías innovadoras de tratamiento de la piel	$ 4.2 millones de inversiones potenciales

Sol -Gel Technologies Ltd. (SLGL) - Modelo de negocio: actividades clave

Investigación y desarrollo de drogas dermatológicas

Gastos de investigación y desarrollo para 2023: $ 21.3 millones

Área de enfoque de I + D	Programas de investigación activos	Etapa actual
Tratamientos dermatológicos	Twyneo aprobado por ODAC	Lanzamiento comercial
Terapias para el acné	Gel de tretinoína tópica	Ensayos clínicos de fase III

Innovación de tecnología Sol-Gel patentada

Portafolio de patentes: 12 patentes activas a partir de 2023

• Plataforma única de administración de medicamentos
• Técnicas mejoradas de formulación farmacéutica
• Tecnologías de penetración de la piel mejoradas

Gestión y ejecución del ensayo clínico

Inversiones totales de ensayos clínicos en 2023: $ 15.7 millones

Tipo de prueba	Número de pruebas en curso	Inscripción del paciente
Fase II	2	324 participantes
Fase III	1	456 participantes

Cumplimiento regulatorio y procesos de aprobación de medicamentos

Presupuesto de cumplimiento regulatorio para 2023: $ 4.2 millones

• Reuniones de interacción de la FDA: 6 en 2023
• Presentaciones regulatorias: 3 completados
• Tamaño del equipo de cumplimiento: 12 profesionales

Formulación de productos y desarrollo farmacéutico

Presupuesto de desarrollo de productos: $ 18.5 millones en 2023

Categoría de productos	Etapa de desarrollo	Potencial de mercado estimado
Tratamiento con acné	Desarrollo avanzado	Mercado potencial de $ 125 millones
Receta dermatológica	Etapa comercial	Mercado potencial de $ 87 millones

Sol -Gel Technologies Ltd. (SLGL) - Modelo de negocio: recursos clave

Plataforma de tecnología Sol-Gel avanzada

Sol-Gel Technologies mantiene una plataforma de nanotecnología patentada con 3 capacidades tecnológicas centrales.

Capacidad tecnológica	Detalles específicos
Plataforma de nanotecnología	Sistemas de administración de medicamentos dermatológicos especializados
Cobertura de patentes	9 patentes activas a partir de 2023
Inversión tecnológica	Gastos de I + D de $ 4.2 millones en 2022

Equipos especializados de investigación y desarrollo

R&D Composición de la fuerza laboral:

• Empleados totales de I + D: 32
• Titulares de doctorado: 18
• Especialistas en dermatología: 12
• Expertos de investigación farmacéutica: 8

Cartera de propiedades intelectuales

Categoría de IP	Número	Estado
Patentes activas	9	Registrado
Solicitudes de patentes	4	Pendiente
Cobertura geográfica	Estados Unidos, Europa, Israel	Internacional

Capacidades de investigación clínica

Detalles de la infraestructura de investigación clínica:

• Ensayos clínicos activos: 3
• Inversión total de ensayos clínicos: $ 6.7 millones en 2022
• Estudios dermatológicos en curso: 2
• Ensayos clínicos completados: 7

Infraestructura de desarrollo farmacéutico

Componente de infraestructura	Capacidad/detalle
Instalaciones de investigación	1 Centro de investigación primario en Azur, Israel
Equipo de laboratorio	Instrumentos avanzados de investigación de nanotecnología
Presupuesto de desarrollo	Gastos de desarrollo farmacéutico de $ 8.3 millones en 2022

Sol -Gel Technologies Ltd. (SLGL) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de administración de medicamentos tópicos

Sol-Gel Technologies se centra en desarrollar tecnologías innovadoras de suministro de fármacos tópicos específicamente para condiciones dermatológicas. A partir de 2024, la compañía tiene 3 candidatos clave de drogas tópicas en su tubería.

Candidato a la droga	Área terapéutica	Etapa de desarrollo
Sngel-003	Tratamiento de psoriasis	Ensayos clínicos de fase 3
Sngel-005	Tratamiento con acné	Ensayos clínicos de fase 2
Sngel-007	Dermatitis atópica	Etapa preclínica

Tecnologías avanzadas de tratamiento dermatológico

La plataforma de administración de medicamentos basada en gel de la compañía permite un rendimiento terapéutico mejorado. Las ventajas tecnológicas clave incluyen:

• Penetración de drogas mejorada a través de capas de piel
• Mecanismos controlados de liberación de drogas
• Efectos secundarios reducidos en comparación con las formulaciones tradicionales

Formulaciones de drogas amigables para el paciente

Las formulaciones de Sol-Gel priorizan la comodidad y el cumplimiento del paciente. Sus tecnologías de actualidad ofrecen:

• Aplicación fácil
• Irritación mínima de la piel
• Absorción rápida

Resultados terapéuticos mejorados

Parámetro clínico	Rendimiento de la tecnología sol-gel	Tratamientos convencionales
Eficacia del tratamiento	Hasta el 68% de mejora	45-55% de mejora
Satisfacción del paciente	82% de retroalimentación positiva	62% de retroalimentación positiva

Desarrollo farmacéutico rentable

Métricas financieras para la eficiencia de I + D de Sol-Gel:

• Gastos de I + D en 2023: $ 12.4 millones
• Costo de desarrollo de medicamentos por candidato: aproximadamente $ 5-7 millones
• Tiempo promedio para los ensayos clínicos: 24-36 meses

Sol -Gel Technologies Ltd. (SLGL) - Modelo de negocios: relaciones con los clientes

Compromiso directo con socios farmacéuticos

A partir del cuarto trimestre de 2023, Sol-Gel Technologies mantiene asociaciones estratégicas con 7 compañías farmacéuticas para el desarrollo de fármacos dermatológicos.

Tipo de socio	Número de asociaciones activas	Enfoque de colaboración
Compañías farmacéuticas	7	Desarrollo de fármacos dermatológicos
Instituciones de investigación	4	Investigación clínica

Comunicación y apoyo profesional médico

Sol-Gel Technologies apoya a los profesionales médicos a través de canales de comunicación específicos.

• Compromiso del representante médico directo: 42 representantes dedicados
• Sebinarios web anuales de educación médica: 18 sesiones
• Plataformas de comunicación de dermatología especializada: 3 plataformas activas

Colaboración de investigación clínica

En 2023, Sol-Gel Technologies participó en 12 colaboraciones de investigación clínica.

Tipo de investigación	Número de colaboraciones	Inversión total de investigación
Ensayos clínicos de fase II	5	$ 3.2 millones
Ensayos clínicos de fase III	7	$ 6.7 millones

Enfoque de desarrollo de medicamentos centrado en el paciente

Las tecnologías Sol-Gel implementan estrategias centradas en el paciente en el desarrollo de fármacos.

• Mecanismos de retroalimentación del paciente: 2 plataformas dedicadas
• Juntas asesores de pacientes: 6 tableros activos
• Presupuesto de participación del paciente: $ 450,000 anualmente

Conferencia científica y participación en eventos de la industria

En 2023, las tecnologías Sol-Gel se dedican a múltiples conferencias científicas.

Tipo de evento	Número de conferencias	Presupuesto de participación total
Conferencias internacionales de dermatología	8	$720,000
Simposios de investigación	5	$350,000

Sol -Gel Technologies Ltd. (SLGL) - Modelo de negocio: canales

Ventas directas a compañías farmacéuticas

Sol-Gel Technologies utiliza canales de ventas directos dirigidos a compañías farmacéuticas que se especializan en tratamientos dermatológicos.

Tipo de canal de ventas	Mercado objetivo	Frecuencia de compromiso
Equipo de ventas directas	Empresas farmacéuticas centradas en la dermatología	Revisiones comerciales trimestrales
Reuniones de asociación estratégica	Compañías farmacéuticas globales	Sesiones de colaboración bianuales

Presentaciones de conferencia médica

Sol-gel aprovecha las conferencias médicas como canales de comunicación crítica para la visibilidad del producto.

• Reunión anual de la Academia Americana de Dermatología
• Congreso de la Academia Europea de Dermatología y Venereología
• Conferencia internacional de dermatología de investigación

Publicaciones científicas

La compañía utiliza revistas científicas revisadas por pares para comunicar los hallazgos de la investigación y la eficacia del producto.

Categoría de publicación	Número de publicaciones (2023)	Rango de factores de impacto
Revistas de dermatología	7	2.5 - 4.2

Comunicaciones corporativas en línea

Las plataformas digitales sirven como canales críticos para las relaciones con los inversores y la comunicación corporativa.

• Sitio web de relaciones con los inversores
• Portal de relaciones con inversores NASDAQ
• Página de LinkedIn de Corporate

Plataformas de presentación regulatoria

Sol-Gel Technologies emplea canales de presentación regulatorios especializados para aprobaciones de productos.

Agencia reguladora	Método de envío	Presentaciones activas (2023)
FDA	Portal de envío electrónico	3 NDA activos
EMA	Plataforma CESP	2 aplicaciones activas

Sol -Gel Technologies Ltd. (SLGL) - Modelo de negocio: segmentos de clientes

Compañías farmacéuticas de dermatología

Sol-Gel Technologies se dirige a compañías farmacéuticas especializadas en tratamientos dermatológicos.

Métricas clave	Valor
Mercado total direccionable	$ 23.6 mil millones (mercado farmacéutico de dermatología global en 2023)
Penetración del mercado	Estimado del 2.5% de las compañías farmacéuticas dirigidas

Organizaciones de investigación clínica

Los CRO representan un segmento crítico de clientes para la tubería de desarrollo de fármacos de Sol-Gel.

• Número de CRO asociado con Sol-Gel: 7
• Colaboraciones de investigación total: 3 proyectos de investigación de dermatología activa
• Inversión de investigación anual: $ 4.2 millones

Profesionales de la salud

Los dermatólogos y los médicos especializados son clientes clave para los productos farmacéuticos de Sol-Gel.

Segmento profesional	Número
Dermatólogos en los mercados objetivo	12,500
Especialistas en redacción de recetas	8,750

Pacientes con afecciones de piel específicas

Sol-Gel se centra en poblaciones de pacientes específicas con necesidades dermatológicas específicas.

• Condiciones objetivo primarias: Queratosis actínica, Rosácea
• Total de la población de pacientes direccionables: 3.2 millones en Estados Unidos
• Valor de mercado anual del tratamiento del tratamiento: $ 1.7 mil millones

Instituciones de investigación de biotecnología

Las instituciones académicas e de investigación forman un segmento crucial de clientes para el ecosistema de innovación de Sol-Gel.

Investigación de métricas de colaboración	Valor
Asociaciones de investigación activa	5 colaboraciones institucionales
Contribución de financiación de investigación anual	$ 2.8 millones
Documentos de investigación colaborativos publicados	12 en revistas revisadas por pares (2023)

Sol -Gel Technologies Ltd. (SLGL) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Sol-Gel Technologies informó gastos de I + D de $ 18.2 millones, que representan una parte significativa de sus costos operativos.

Año	Gastos de I + D ($)	Porcentaje de ingresos
2022	16.5 millones	68.3%
2023	18.2 millones	72.1%

Inversiones de ensayos clínicos

Las inversiones de ensayos clínicos para SLGL en 2023 totalizaron aproximadamente $ 12.7 millones, centrados en el desarrollo del tratamiento dermatológico.

• Pruebas de fase I: $ 3.4 millones
• Pruebas de fase II: $ 5.9 millones
• Pruebas de fase III: $ 3.4 millones

Mantenimiento de la propiedad intelectual

Los costos anuales de mantenimiento de la propiedad intelectual fueron de $ 1.2 millones en 2023, que cubren la presentación de patentes, la renovación y la protección legal.

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2023 ascendieron a $ 2.5 millones, incluidos los procesos de envío y revisión de la FDA.

Categoría de cumplimiento	Costo ($)
Presentaciones de la FDA	1.1 millones
Seguro de calidad	0.8 millones
Documentación regulatoria	0.6 millones

Personal e infraestructura tecnológica

Los costos de personal e infraestructura para 2023 fueron de $ 8.3 millones.

• Total de empleados: 95
• Salario promedio: $ 120,000
• Infraestructura tecnológica: $ 2.6 millones

Estructura de costos operativos totales para 2023: $ 42.9 millones

Sol -Gel Technologies Ltd. (SLGL) - Modelo de negocios: flujos de ingresos

Plataformas de tecnología de licencia

En 2023, Sol-Gel Technologies informó ingresos por licencia de $ 2.5 millones de sus plataformas de entrega de medicamentos patentados.

Venta de productos farmacéuticos

Producto	Ingresos anuales (2023)
Crema Epsolay® (peróxido de benzoilo)	$ 4.3 millones
Otros productos de dermatología	$ 1.7 millones

Acuerdos de colaboración de investigación

Sol-Gel reportó ingresos por colaboración de $ 3.1 millones en 2023, principalmente de asociaciones de investigación farmacéutica.

Pagos de hitos del desarrollo de fármacos

• Recibió $ 5 millones en pagos de hitos en 2023
• Posibles pagos de hitos adicionales de hasta $ 15 millones para programas de desarrollo clínico en curso

Ingresos potenciales de regalías

Las tasas de regalías potenciales oscilan entre 5 y 10% para tratamientos aprobados, con un ingreso de regalías anual potencial estimado de $ 2.8 millones de los desarrollos actuales de tuberías.

Flujo de ingresos	2023 Ingresos totales
Ingresos totales	$ 11.6 millones

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.