Sol-Gel Technologies Ltd. (SLGL): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da inovação farmacêutica, a Sol-Gel Technologies Ltd. (SLGL) surge como um jogador inovador, revolucionando a entrega dermatológica de medicamentos por meio de sua plataforma de tecnologia Sol-Gel de ponta. Ao combinar perfeitamente recursos de pesquisa avançada com parcerias estratégicas, esta empresa inovadora está transformando como os tratamentos tópicos são desenvolvidos, prometendo soluções mais eficazes e favoráveis ​​ao paciente para condições complexas de pele. Mergulhe no intrincado modelo de negócios que posiciona o SLGL na vanguarda da inovação farmacêutica, onde a experiência científica atende à perspicácia estratégica dos negócios.

Sol -Gel Technologies Ltd. (SLGL) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com empresas farmacêuticas

A Sol-Gel Technologies estabeleceu parcerias estratégicas com as seguintes empresas farmacêuticas:

Empresa parceira	Foco em parceria	Ano de colaboração
PERRIGO COMPANY PLC	Desenvolvimento tópico de medicamento	2019
Novartis AG	Pesquisa de tratamento dermatológico	2020

Parcerias de pesquisa com instituições acadêmicas

As colaborações atuais de pesquisa acadêmica incluem:

• Universidade de Tel Aviv - Programa de Pesquisa de Dermatologia
• Faculdade de Medicina de Harvard - Desenvolvimento de Tecnologia de Tratamento da Pele
• Universidade de Stanford - Sistemas avançados de administração de medicamentos tópicos

Acordos de licenciamento

A Sol-Gel Technologies garantiu os seguintes acordos de licenciamento:

Provedor de tecnologia	Tipo de licença	Valor do acordo
Medgenics Inc.	Tecnologia de entrega de medicamentos tópicos	US $ 2,5 milhões
Centro de Inovação da Dermatologia	Direitos de patente de tratamento da pele	US $ 1,8 milhão

Colaborações de rede de ensaios clínicos

Parcerias de rede de ensaios clínicos ativos:

• ICON PLC - Organização Global de Pesquisa Clínica
• Iqvia Holdings Inc. - Gerenciamento de ensaios clínicos
• Parexel International Corporation - Fase I -IV Support

Potencial de joint venture

Potenciais oportunidades de joint venture em sistemas tópicos de administração de medicamentos com as seguintes empresas:

Empresa	Área de colaboração potencial	Investimento estimado
AbbVie Inc.	Tratamentos dermatológicos avançados	US $ 5 milhões em potencial investimento
Pfizer Inc.	Tecnologias inovadoras de tratamento de pele	US $ 4,2 milhões em potencial investimento

Sol -Gel Technologies Ltd. (SLGL) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de drogas dermatológicas

Despesas de pesquisa e desenvolvimento para 2023: US $ 21,3 milhões

Área de foco em P&D	Programas de pesquisa ativa	Estágio atual
Tratamentos dermatológicos	Twyneo aprovado pelo ODAC	Lançamento comercial
Terapias de acne	Gel de tretinoína tópico	Ensaios clínicos de fase III

Inovação Tecnológica Sol-Gel Proprietária

Portfólio de patentes: 12 patentes ativas a partir de 2023

• Plataforma de entrega de medicamentos exclusiva
• Técnicas de formulação farmacêutica aprimoradas
• Tecnologias aprimoradas de penetração da pele

Gerenciamento e execução de ensaios clínicos

Investimentos totais de ensaios clínicos em 2023: US $ 15,7 milhões

Tipo de teste	Número de ensaios em andamento	Inscrição do paciente
Fase II	2	324 participantes
Fase III	1	456 participantes

Processos de conformidade regulatória e aprovação de medicamentos

Orçamento de conformidade regulatória para 2023: US $ 4,2 milhões

• Reuniões de interação da FDA: 6 em 2023
• Submissões regulatórias: 3 concluídos
• Tamanho da equipe de conformidade: 12 profissionais

Formulação do produto e desenvolvimento farmacêutico

Orçamento de desenvolvimento de produtos: US $ 18,5 milhões em 2023

Categoria de produto	Estágio de desenvolvimento	Potencial estimado de mercado
Tratamento da acne	Desenvolvimento avançado	Mercado potencial de US $ 125 milhões
Prescrição dermatológica	Estágio comercial	Mercado potencial de US $ 87 milhões

Sol -Gel Technologies Ltd. (SLGL) - Modelo de negócios: Recursos -chave

Plataforma avançada de tecnologia sol-gel

A Sol-Gel Technologies mantém uma plataforma de nanotecnologia proprietária com 3 capacidades tecnológicas principais.

Capacidade de tecnologia	Detalhes específicos
Plataforma de nanotecnologia	Sistemas especializados de administração de medicamentos dermatológicos
Cobertura de patentes	9 patentes ativas a partir de 2023
Investimento em tecnologia	US $ 4,2 milhões em despesas de P&D em 2022

Equipes especializadas de pesquisa e desenvolvimento

Composição da força de trabalho de P&D:

• Funcionários totais de P&D: 32
• Titulares de doutorado: 18
• Especialistas em dermatologia: 12
• Especialistas em pesquisa farmacêutica: 8

Portfólio de propriedade intelectual

Categoria IP	Número	Status
Patentes ativas	9	Registrado
Aplicações de patentes	4	Pendente
Cobertura geográfica	Estados Unidos, Europa, Israel	Internacional

Capacidades de pesquisa clínica

Detalhes da infraestrutura de pesquisa clínica:

• Ensaios clínicos ativos: 3
• Investimento total de ensaios clínicos: US $ 6,7 milhões em 2022
• Estudos dermatológicos em andamento: 2
• Ensaios clínicos concluídos: 7

Infraestrutura de desenvolvimento farmacêutico

Componente de infraestrutura	Capacidade/detalhes
Instalações de pesquisa	1 Centro de Pesquisa Primária em Azur, Israel
Equipamento de laboratório	Instrumentos avançados de pesquisa de nanotecnologia
Orçamento de desenvolvimento	US $ 8,3 milhões de despesas de desenvolvimento farmacêutico em 2022

Sol -Gel Technologies Ltd. (SLGL) - Modelo de negócios: proposições de valor

Soluções inovadoras de entrega de medicamentos tópicos

A Sol-Gel Technologies se concentra no desenvolvimento de tecnologias inovadoras de administração de medicamentos especificamente para condições dermatológicas. A partir de 2024, a empresa tem 3 candidatos a medicamentos tópicos -chave em seu pipeline.

Candidato a drogas	Área terapêutica	Estágio de desenvolvimento
Sngel-003	Tratamento da psoríase	Ensaios clínicos de fase 3
Sngel-005	Tratamento da acne	Ensaios clínicos de fase 2
Sngel-007	Dermatite atópica	Estágio pré -clínico

Tecnologias avançadas de tratamento dermatológico

A plataforma proprietária de entrega de medicamentos baseada em gel da empresa permite um desempenho terapêutico aprimorado. As principais vantagens tecnológicas incluem:

• Aprimorada penetração de drogas através de camadas de pele
• Mecanismos de liberação de medicamentos controlados
• Efeitos colaterais reduzidos em comparação com formulações tradicionais

Formulações de drogas favoráveis ​​ao paciente

As formulações de Sol-Gel priorizam o conforto e a conformidade do paciente. Suas tecnologias tópicas oferecem:

• Aplicação fácil
• Irritação mínima da pele
• Absorção rápida

Resultados terapêuticos aprimorados

Parâmetro clínico	Desempenho da tecnologia sol-gel	Tratamentos convencionais
Eficácia do tratamento	Até 68% de melhoria	Melhoria de 45-55%
Satisfação do paciente	82% de feedback positivo	62% de feedback positivo

Desenvolvimento farmacêutico econômico

Métricas financeiras para a eficiência de P&D da Sol-Gel:

• Despesas de P&D em 2023: US $ 12,4 milhões
• Custo de desenvolvimento de medicamentos por candidato: aproximadamente US $ 5-7 milhões
• Tempo médio para ensaios clínicos: 24-36 meses

Sol -Gel Technologies Ltd. (SLGL) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com parceiros farmacêuticos

A partir do quarto trimestre 2023, as tecnologias Sol-Gel mantêm parcerias estratégicas com 7 empresas farmacêuticas para o desenvolvimento de medicamentos dermatológicos.

Tipo de parceiro	Número de parcerias ativas	Foco de colaboração
Empresas farmacêuticas	7	Desenvolvimento de medicamentos dermatológicos
Instituições de pesquisa	4	Pesquisa clínica

Comunicação profissional médica e suporte

A Sol-Gel Technologies suporta profissionais médicos por meio de canais de comunicação direcionados.

• Engajamento representativo médico direto: 42 representantes dedicados
• Labinadores anuais de educação médica: 18 sessões
• Plataformas de comunicação de dermatologia especializadas: 3 plataformas ativas

Colaboração de pesquisa clínica

Em 2023, as tecnologias Sol-Gel participaram de 12 colaborações de pesquisa clínica.

Tipo de pesquisa	Número de colaborações	Investimento total de pesquisa
Ensaios clínicos de fase II	5	US $ 3,2 milhões
Ensaios clínicos de fase III	7	US $ 6,7 milhões

Abordagem de desenvolvimento de medicamentos focados no paciente

A Sol-Gel Technologies implementa estratégias centradas no paciente no desenvolvimento de medicamentos.

• Mecanismos de feedback do paciente: 2 plataformas dedicadas
• Conselhos de consultoria de pacientes: 6 placas ativas
• Orçamento de envolvimento do paciente: US $ 450.000 anualmente

Conferência Científica e Participação de Eventos da Indústria

Em 2023, as tecnologias Sol-Gel se envolveram em várias conferências científicas.

Tipo de evento	Número de conferências	Orçamento total de participação
Conferências internacionais de dermatologia	8	$720,000
Simpósios de pesquisa	5	$350,000

Sol -Gel Technologies Ltd. (SLGL) - Modelo de negócios: canais

Vendas diretas para empresas farmacêuticas

A Sol-Gel Technologies utiliza canais de vendas diretos direcionados a empresas farmacêuticas especializadas em tratamentos dermatológicos.

Tipo de canal de vendas	Mercado -alvo	Frequência de engajamento
Equipe de vendas diretas	Empresas farmacêuticas focadas em dermatologia	Revisões de negócios trimestrais
Reuniões de Parceria Estratégica	Empresas farmacêuticas globais	Sessões colaborativas bil-semestrais

Apresentações da conferência médica

O Sol-Gel aproveita as conferências médicas como canais críticos de comunicação para visibilidade do produto.

• Reunião Anual da Academia Americana de Dermatologia
• Academia Européia de Dermatologia e Venereologia Congresso
• Conferência Internacional de Dermatologia Investigativa

Publicações científicas

A empresa usa periódicos científicos revisados ​​por pares para comunicar os resultados da pesquisa e a eficácia do produto.

Categoria de publicação	Número de publicações (2023)	Faixa de fatores de impacto
Dermatology Journals	7	2.5 - 4.2

Comunicações corporativas online

As plataformas digitais servem como canais críticos para relações com investidores e comunicação corporativa.

• Site de Relações com Investidores
• Portal de Relações com Investidores da NASDAQ
• Página corporativa do LinkedIn

Plataformas de submissão regulatória

A Sol-Gel Technologies emprega canais de submissão regulatórios especializados para aprovações de produtos.

Agência regulatória	Método de envio	Envios ativos (2023)
FDA	Portal de envio eletrônico	3 NDAs ativos
Ema	Plataforma Cesp	2 aplicações ativas

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

Empresas farmacêuticas de dermatologia

A Sol-Gel Technologies tem como alvo empresas farmacêuticas especializadas em tratamentos dermatológicos.

Métricas -chave	Valor
Mercado endereçável total	US $ 23,6 bilhões (mercado farmacêutico global de dermatologia em 2023)
Penetração de mercado	Estimado 2,5% das empresas farmacêuticas direcionadas

Organizações de pesquisa clínica

Os CROs representam um segmento crítico de clientes para o pipeline de desenvolvimento de medicamentos da Sol-Gel.

• Número de CROs fez uma parceria com a Sol-Gel: 7
• Total de pesquisa de pesquisa: 3 projetos de pesquisa de dermatologia ativos
• Investimento anual de pesquisa: US $ 4,2 milhões

Profissionais de saúde

Dermatologistas e médicos especializados são clientes-chave dos produtos farmacêuticos da Sol-Gel.

Segmento profissional	Número
Dermatologistas nos mercados -alvo	12,500
Especialistas em redação de prescrição	8,750

Pacientes com condições específicas de pele

O Sol-Gel se concentra nas populações de pacientes direcionadas com necessidades dermatológicas específicas.

• Condições -alvo primárias: Queratose actínica, Rosácea
• População total de pacientes endereçáveis: 3,2 milhões nos Estados Unidos
• Valor de mercado anual de tratamento: US $ 1,7 bilhão

Instituições de pesquisa de biotecnologia

As instituições acadêmicas e de pesquisa formam um segmento crucial do cliente para o ecossistema de inovação da Sol-Gel.

Métricas de colaboração de pesquisa	Valor
Parcerias de pesquisa ativa	5 colaborações institucionais
Contribuição anual sobre financiamento de pesquisa	US $ 2,8 milhões
Documentos de pesquisa colaborativa publicados	12 em periódicos revisados ​​por pares (2023)

Sol -Gel Technologies Ltd. (SLGL) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Sol-Gel Technologies relatou despesas de P&D de US $ 18,2 milhões, representando uma parcela significativa de seus custos operacionais.

Ano	Despesas de P&D ($)	Porcentagem de receita
2022	16,5 milhões	68.3%
2023	18,2 milhões	72.1%

Investimentos de ensaios clínicos

Os investimentos em ensaios clínicos para SLGL em 2023 totalizaram aproximadamente US $ 12,7 milhões, focados no desenvolvimento do tratamento dermatológico.

• Ensaios de Fase I: US $ 3,4 milhões
• Ensaios de Fase II: US $ 5,9 milhões
• Ensaios de Fase III: US $ 3,4 milhões

Manutenção da propriedade intelectual

Os custos anuais de manutenção da propriedade intelectual foram de US $ 1,2 milhão em 2023, cobrindo o registro de patentes, a renovação e a proteção legal.

Custos de conformidade regulatória

As despesas de conformidade regulatória de 2023 totalizaram US $ 2,5 milhões, incluindo processos de envio e revisão da FDA.

Categoria de conformidade	Custo ($)
Submissões da FDA	1,1 milhão
Garantia de qualidade	0,8 milhão
Documentação regulatória	0,6 milhão

Pessoal e infraestrutura tecnológica

Os custos de pessoal e infraestrutura para 2023 foram de US $ 8,3 milhões.

• Total de funcionários: 95
• Salário médio: US $ 120.000
• Infraestrutura de tecnologia: US $ 2,6 milhões

Estrutura total de custo operacional para 2023: US $ 42,9 milhões

Sol -Gel Technologies Ltd. (SLGL) - Modelo de negócios: fluxos de receita

Plataformas de tecnologia de licenciamento

Em 2023, a Sol-Gel Technologies registrou receita de licenciamento de US $ 2,5 milhões em suas plataformas proprietárias de administração de medicamentos.

Vendas farmacêuticas de produtos

Produto	Receita anual (2023)
Creme de Epsolay® (peróxido de benzoíla)	US $ 4,3 milhões
Outros produtos de dermatologia	US $ 1,7 milhão

Acordos de colaboração de pesquisa

A Sol-Gel registrou receita de colaboração de US $ 3,1 milhões em 2023, principalmente de parcerias de pesquisa farmacêutica.

Pagamentos marcantes do desenvolvimento de medicamentos

• Recebeu US $ 5 milhões em pagamentos marcantes em 2023
• Potenciais pagamentos adicionais de marcos de até US $ 15 milhões para programas de desenvolvimento clínico em andamento

Potencial renda de royalties

As taxas de royalties potenciais variam entre 5 a 10% para tratamentos aprovados, com potencial renda anual estimada de royalties de US $ 2,8 milhões em relação aos desenvolvimentos atuais de oleodutos.

Fluxo de receita	2023 Receita total
Receita total	US $ 11,6 milhões

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.