Sol-Gel Technologies Ltd. (SLGL): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'innovation pharmaceutique, Sol-Gel Technologies Ltd. (SLGL) émerge comme un acteur révolutionnaire, révolutionnant la livraison de médicaments dermatologiques par le biais de sa plate-forme de technologie de sol-gel de pointe. En mélangeant de manière transparente les capacités de recherche avancées avec des partenariats stratégiques, cette entreprise innovante transforme la façon dont les traitements d'actualité sont développés, promettant des solutions plus efficaces et conviviales pour des affections cutanées complexes. Plongez dans le modèle commercial complexe qui positionne SLGL à l'avant-garde de l'innovation pharmaceutique, où l'expertise scientifique répond à un sens des affaires stratégiques.

Sol-Gel Technologies Ltd. (SLGL) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les sociétés pharmaceutiques

Sol-Gel Technologies a établi des partenariats stratégiques avec les sociétés pharmaceutiques suivantes:

Entreprise partenaire	Focus de partenariat	Année de collaboration
Perrigo Company plc	Développement topique de médicaments	2019
Novartis AG	Recherche de traitement dermatologique	2020

Partenariats de recherche avec les établissements universitaires

Les collaborations actuelles de recherche académique comprennent:

• Université de Tel Aviv - Programme de recherche en dermatologie
• Harvard Medical School - Développement de la technologie de traitement de la peau
• Université de Stanford - Systèmes de livraison de médicaments topiques avancés

Accords de licence

Sol-Gel Technologies a obtenu les accords de licence suivants:

Fournisseur de technologie	Type de licence	Valeur de l'accord
Medgenics Inc.	Technologie topique de livraison de médicaments	2,5 millions de dollars
Dermatology Innovation Center	Droits de brevet de traitement de la peau	1,8 million de dollars

Collaborations du réseau d'essais cliniques

Partenariats actifs du réseau d'essais cliniques:

• Icon PLC - Organisation mondiale de recherche clinique
• IQVIA Holdings Inc. - Gestion des essais cliniques
• Parexel International Corporation - Phase I-IV Support d'essai

Potentiel de coentreprise

Possibilités potentielles de coentreprise dans les systèmes de livraison de médicaments topiques avec les sociétés suivantes:

Entreprise	Zone de collaboration potentielle	Investissement estimé
AbbVie Inc.	Traitements dermatologiques avancés	5 millions de dollars d'investissement potentiel
Pfizer Inc.	Technologies de traitement de la peau innovantes	4,2 millions de dollars d'investissement potentiel

Sol-Gel Technologies Ltd. (SLGL) - Modèle d'entreprise: Activités clés

Recherche et développement de médicaments dermatologiques

Dépenses de recherche et développement pour 2023: 21,3 millions de dollars

Zone de focus R&D	Programmes de recherche actifs	Étape actuelle
Traitements dermatologiques	Twyneo approuvé par ODAC	Lancement commercial
Thérapies contre l'acné	Gel topique de la trétinoïne	Essais cliniques de phase III

Innovation de technologie de sol-gel propriétaire

Portefeuille de brevets: 12 brevets actifs à partir de 2023

• Plateforme de livraison de médicaments uniques
• Techniques de formulation pharmaceutique améliorées
• Technologies de pénétration cutanée améliorées

Gestion et exécution des essais cliniques

Investissements totaux d'essais cliniques en 2023: 15,7 millions de dollars

Type d'essai	Nombre d'essais en cours	Inscription des patients
Phase II	2	324 participants
Phase III	1	456 participants

Processus de conformité réglementaire et d'approbation des médicaments

Budget de conformité réglementaire pour 2023: 4,2 millions de dollars

• Réunions d'interaction de la FDA: 6 en 2023
• Soumissions réglementaires: 3 terminés
• Taille de l'équipe de conformité: 12 professionnels

Formulation de produit et développement pharmaceutique

Budget de développement de produits: 18,5 millions de dollars en 2023

Catégorie de produits	Étape de développement	Potentiel de marché estimé
Traitement par acné	Développement avancé	Marché potentiel de 125 millions de dollars
Prescription dermatologique	Scène commerciale	Marché potentiel de 87 millions de dollars

Sol-Gel Technologies Ltd. (SLGL) - Modèle d'entreprise: Ressources clés

Plateforme de technologie avancée Sol-Gel

Sol-Gel Technologies maintient une plate-forme de nanotechnologie propriétaire avec 3 capacités technologiques de base.

Capacité technologique	Détails spécifiques
Plateforme de nanotechnologie	Systèmes spécialisés d'administration de médicaments dermatologiques
Couverture des brevets	9 brevets actifs à partir de 2023
Investissement technologique	Dépenses de 4,2 millions de dollars en R&D en 2022

Équipes de recherche et développement spécialisées

Composition de la main-d'œuvre R&D:

• Total des employés de R&D: 32
• Tapisseurs de doctorat: 18
• Spécialistes de dermatologie: 12
• Experts en recherche pharmaceutique: 8

Portefeuille de propriété intellectuelle

Catégorie IP	Nombre	Statut
Brevets actifs	9	Inscrit
Demandes de brevet	4	En attente
Couverture géographique	États-Unis, Europe, Israël	International

Capacités de recherche clinique

Détails de l'infrastructure de recherche clinique:

• Essais cliniques actifs: 3
• Investissement total des essais cliniques: 6,7 millions de dollars en 2022
• Études dermatologiques en cours: 2
• Essais cliniques terminés: 7

Infrastructure de développement pharmaceutique

Composant d'infrastructure	Capacité / détails
Installations de recherche	1 centre de recherche primaire à Azur, Israël
Équipement de laboratoire	Instruments de recherche avancés en nanotechnologie
Budget de développement	8,3 millions de dollars de dépenses de développement pharmaceutique en 2022

Sol-Gel Technologies Ltd. (SLGL) - Modèle d'entreprise: propositions de valeur

Solutions d'innovation de livraison de médicaments innovantes

Les technologies de Sol-Gel se concentrent sur le développement de technologies d'innovation topique d'innovation spécifiquement pour les conditions dermatologiques. Depuis 2024, la société a 3 candidats clés de médicament topique dans son pipeline.

Drogue	Zone thérapeutique	Étape de développement
SNGEL-003	Traitement du psoriasis	Essais cliniques de phase 3
SNGEL-005	Traitement par acné	Essais cliniques de phase 2
SNGEL-007	Dermatite atopique	Étape préclinique

Technologies de traitement dermatologique avancées

La plate-forme de livraison de médicaments à base de gel propriétaire de l'entreprise permet des performances thérapeutiques améliorées. Les principaux avantages technologiques comprennent:

• Amélioration de la pénétration du médicament à travers les couches cutanées
• Mécanismes de libération de médicament contrôlé
• Effets secondaires réduits par rapport aux formulations traditionnelles

Formulations de médicaments adaptées aux patients

Les formulations de Sol-Gel priorisent le confort et la conformité du patient. Leurs technologies d'actualité proposent:

• Application facile
• Irritation de la peau minimale
• Absorption rapide

Amélioration des résultats thérapeutiques

Paramètre clinique	Performance technologique sol-gel	Traitements conventionnels
Efficacité du traitement	Jusqu'à 68% d'amélioration	Amélioration de 45 à 55%
Satisfaction des patients	82% de commentaires positifs	62% de commentaires positifs

Développement pharmaceutique rentable

Métriques financières pour l'efficacité de la R&D de Sol-Gel:

• Dépenses de R&D en 2023: 12,4 millions de dollars
• Coût de développement de médicaments par candidat: environ 5 à 7 millions de dollars
• Temps moyen des essais cliniques: 24-36 mois

Sol-Gel Technologies Ltd. (SLGL) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les partenaires pharmaceutiques

Depuis le quatrième trimestre 2023, Sol-Gel Technologies maintient des partenariats stratégiques avec 7 sociétés pharmaceutiques pour le développement de médicaments dermatologiques.

Type de partenaire	Nombre de partenariats actifs	Focus de la collaboration
Sociétés pharmaceutiques	7	Développement de médicaments dermatologiques
Institutions de recherche	4	Recherche clinique

Communication et soutien professionnel médical

Sol-Gel Technologies soutient les professionnels de la santé grâce à des canaux de communication ciblés.

• Engagement des représentants médicaux directs: 42 représentants dédiés
• Webinaires annuels de l'éducation médicale: 18 séances
• Plateformes de communication de dermatologie spécialisées: 3 plateformes actives

Collaboration de recherche clinique

En 2023, Sol-Gel Technologies a participé à 12 collaborations de recherche clinique.

Type de recherche	Nombre de collaborations	Investissement total de recherche
Essais cliniques de phase II	5	3,2 millions de dollars
Essais cliniques de phase III	7	6,7 millions de dollars

Approche de développement de médicaments axé sur les patients

Sol-Gel Technologies met en œuvre des stratégies centrées sur le patient dans le développement de médicaments.

• Mécanismes de rétroaction des patients: 2 plateformes dédiées
• Boards consultatifs des patients: 6 planches actives
• Budget d'engagement des patients: 450 000 $ par an

Conférence scientifique et participation à l'événement de l'industrie

En 2023, Sol-Gel Technologies s'est engagée dans de multiples conférences scientifiques.

Type d'événement	Nombre de conférences	Budget de participation totale
Conférences internationales de dermatologie	8	$720,000
Symposiums de recherche	5	$350,000

Sol-Gel Technologies Ltd. (SLGL) - Modèle d'entreprise: canaux

Ventes directes aux sociétés pharmaceutiques

Sol-Gel Technologies utilise des canaux de vente directs ciblant les sociétés pharmaceutiques spécialisées dans les traitements dermatologiques.

Type de canal de vente	Marché cible	Fréquence d'engagement
Équipe de vente directe	Entreprises pharmaceutiques axées sur la dermatologie	Avis sur les entreprises trimestrielles
Réunions de partenariat stratégique	Sociétés pharmaceutiques mondiales	Sessions collaboratives bi-annuelles

Présentations de la conférence médicale

Sol-gel exploite les conférences médicales comme canaux de communication critiques pour la visibilité des produits.

• Réunion annuelle de l'American Academy of Dermatology
• Congrès de l'Académie européenne de la dermatologie et de la vénéologie
• Conférence internationale de dermatologie d'enquête

Publications scientifiques

La société utilise des revues scientifiques évaluées par des pairs pour communiquer les résultats de la recherche et l'efficacité des produits.

Catégorie de publication	Nombre de publications (2023)	Plage du facteur d'impact
Journaux de dermatologie	7	2.5 - 4.2

Communications d'entreprise en ligne

Les plateformes numériques servent de canaux critiques pour les relations avec les investisseurs et la communication d'entreprise.

• Site Web de relations avec les investisseurs
• NASDAQ Investisseurs Relations Portal
• Page LinkedIn d'entreprise

Plates-formes de soumission réglementaires

Sol-Gel Technologies utilise des canaux de soumission réglementaires spécialisés pour les approbations de produits.

Agence de réglementation	Méthode de soumission	Soumissions actives (2023)
FDA	Portail de soumission électronique	3 NDAS actifs
Ema	Plate-forme CESP	2 applications actives

Sol-Gel Technologies Ltd. (SLGL) - Modèle d'entreprise: segments de clientèle

Sociétés pharmaceutiques de dermatologie

Sol-Gel Technologies cible les sociétés pharmaceutiques spécialisées dans les traitements dermatologiques.

Mesures clés	Valeur
Marché total adressable	23,6 milliards de dollars (marché pharmaceutique mondial de dermatologie en 2023)
Pénétration du marché	Estimé 2,5% des sociétés pharmaceutiques ciblées

Organisations de recherche clinique

Les CRO représentent un segment de clientèle critique pour le pipeline de développement de médicaments de Sol-Gel.

• Nombre de CROS associés à Sol-Gel: 7
• Collaborations de recherche totale: 3 projets de recherche en dermatologie active
• Investissement annuel de recherche: 4,2 millions de dollars

Professionnels de la santé

Les dermatologues et les médecins spécialisés sont des clients clés pour les produits pharmaceutiques de Sol-Gel.

Segment professionnel	Nombre
Dermatologues sur les marchés cibles	12,500
Spécialistes de l'écriture sur ordonnance	8,750

Patients souffrant de conditions de peau spécifiques

Sol-Gel se concentre sur les populations de patients ciblées avec des besoins dermatologiques spécifiques.

• Conditions cibles primaires: Kératose actinique, Rosacée
• Population totale de patients adressables: 3,2 millions aux États-Unis
• Valeur du marché annuel du traitement: 1,7 milliard de dollars

Institutions de recherche en biotechnologie

Les établissements universitaires et de recherche constituent un segment de clientèle crucial pour l'écosystème de l'innovation de Sol-Gel.

Métriques de collaboration de recherche	Valeur
Partenariats de recherche actifs	5 collaborations institutionnelles
Contribution annuelle de financement de la recherche	2,8 millions de dollars
Articles de recherche collaborative publiés	12 Dans les revues à comité de lecture (2023)

Sol-Gel Technologies Ltd. (SLGL) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Sol-Gel Technologies a déclaré des dépenses de R&D de 18,2 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Année	Dépenses de R&D ($)	Pourcentage de revenus
2022	16,5 millions	68.3%
2023	18,2 millions	72.1%

Investissements d'essais cliniques

Les investissements en essais cliniques pour SLGL en 2023 ont totalisé environ 12,7 millions de dollars, axé sur le développement du traitement dermatologique.

• Essais de phase I: 3,4 millions de dollars
• Essais de phase II: 5,9 millions de dollars
• Essais de phase III: 3,4 millions de dollars

Maintenance de la propriété intellectuelle

Les coûts annuels de maintenance de la propriété intellectuelle étaient de 1,2 million de dollars en 2023, couvrant le dépôt des brevets, le renouvellement et la protection juridique.

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2023 s'élevaient à 2,5 millions de dollars, y compris les processus de soumission et d'examen de la FDA.

Catégorie de conformité	Coût ($)
Soumissions de la FDA	1,1 million
Assurance qualité	0,8 million
Documentation réglementaire	0,6 million

Personnel et infrastructure technologique

Les coûts du personnel et des infrastructures pour 2023 étaient de 8,3 millions de dollars.

• Total des employés: 95
• Salaire moyen: 120 000 $
• Infrastructure technologique: 2,6 millions de dollars

Structure totale des coûts opérationnels pour 2023: 42,9 millions de dollars

Sol-Gel Technologies Ltd. (SLGL) - Modèle d'entreprise: Strots de revenus

Plateformes technologiques de licence

En 2023, Sol-Gel Technologies a déclaré des revenus de licence de 2,5 millions de dollars par rapport à ses plateformes de délivrance de médicaments propriétaires.

Ventes de produits pharmaceutiques

Produit	Revenus annuels (2023)
Crème epsolay® (peroxyde de benzoyl)	4,3 millions de dollars
Autres produits de dermatologie	1,7 million de dollars

Accords de collaboration de recherche

Sol-Gel a déclaré des revenus de collaboration de 3,1 millions de dollars en 2023, principalement des partenariats de recherche pharmaceutique.

Paiements de jalons du développement de médicaments

• A reçu 5 millions de dollars en paiements d'étape en 2023
• Payments de jalons supplémentaires potentiels pouvant atteindre 15 millions de dollars pour les programmes de développement clinique en cours

Revenu des redevances potentielles

Les taux de redevance potentiels varient de 5 à 10% pour les traitements approuvés, avec un revenu annuel potentiel de redevance potentiel de 2,8 millions de dollars provenant des développements actuels du pipeline.

Flux de revenus	2023 Revenu total
Revenus totaux	11,6 millions de dollars

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.