SLGL

MKT CAP:$211M

Sol-Gel Technologies Ltd.

Market Cap

$211M

Healthcare·Biotechnology·🇮🇱 Israel·NASDAQ

Healthcare·Biotechnology·🇮🇱·NASDAQ

Stock Price

$72.30+$30.15 (+71.53%)

Apr 23, 2026

Company Details

Sol-Gel Technologies Ltd., a clinical stage specialty pharmaceutical company, focuses on developing and commercializing topical dermatological drug products based on its proprietary microencapsulation delivery system in Israel. The company'...

CEO

Moshe Arkin

IPO Date

Feb 1, 2018

Website

www.sol-gel.com

Key Metrics TTM

Revenue

$19M

+68.0% YoY

Net Income

-$6M

EPS (Diluted)

$0.65

Free Cash Flow

$0

Revenue / Share

$6.96

Gross Margin

99.4%

Operating Margin

54.4%

Net Margin

-31.6%

FCF Margin

0.0%

P/S

10.9x

P/E

—

Earnings Reports

FY 2025

Mar 19, 2026

$19M+68.0%EPS -$2.20

Q4 2025

Mar 19, 2026

$696.0K+150.4%EPS -$1.07

Q3 2025

Sep 29, 2025

$400.0K-92.5%EPS -$2.13

Q2 2025

Aug 15, 2025

$17M+217.7%EPS $4.17

Q1 2025

Mar 31, 2025

$1M+121.2%EPS -$0.32

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 20	$2M	-$6M	-$9M
Q4 20	$2M	-$4M	-$7M
Q1 21	$701.0K	-$2M	-$4M
Q2 21	$928.0K	-$6M	$8M
Q3 21	$9M	$3M	$1M
Q2 23	$594.0K	-$5M	-$7M
Q3 23	$213.0K	-$4M	-$6M
Q4 23	$447.0K	-$4M	-$5M
Q1 24	$466.0K	-$5M	-$7M
Q2 24	$5M	$3M	$2M
Q3 24	$5M	$5M	-$828.0K
Q4 24	$278.0K	$278.0K	-$6M
Q1 25	$1M	$1M	$9M
Q2 25	$17M	$17M	$11M
Q3 25	$400.0K	$400.0K	-$6M
Q4 25	$696.0K	$587.0K	-$3M

Valuation

Quarter	P/S	P/E
Q3 20	156.5x	—
Q4 20	250.4x	—
Q1 21	440.4x	—
Q2 21	490.6x	—
Q3 21	167.7x	—
Q2 23	83.3x	—
Q3 23	41.1x	—
Q4 23	33.4x	—
Q1 24	161.2x	—
Q2 24	36.5x	—
Q3 24	16.2x	—
Q4 24	27.0x	—
Q1 25	12.0x	—
Q2 25	8.6x	—
Q3 25	4.2x	—
Q4 25	6.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 19	$0	$0
Q2 19	-$5M	-$4M
Q3 19	$0	$0
Q4 19	-$10M	-$10M
Q1 20	$0	$0
Q2 20	-$10M	-$10M
Q3 20	$0	$0
Q4 20	-$3M	-$3M
Q1 21	$0	$0
Q2 21	$0	$0
Q3 21	$0	$0
Q2 23	$0	$0
Q3 23	$0	$0
Q4 23	$0	$0
Q1 24	$0	$0
Q2 24	$0	$0

Capital Expenditures

Quarter	CapEx
Q1 19	$0
Q2 19	$308.0K
Q3 19	$0
Q4 19	$315.0K
Q1 20	$0
Q2 20	$358.0K
Q3 20	$0
Q4 20	$76.0K
Q1 21	$0
Q2 21	$0
Q3 21	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 20	-55.3%	-12.2%
Q4 20	-48.8%	+121.3%
Q1 21	-79.8%	+230.9%
Q2 21	-18.1%	-181.9%
Q3 21	+317.6%	-30.5%
Q2 23	-71.1%	-18.5%
Q3 23	-69.6%	+32.4%
Q4 23	-51.8%	+182.3%
Q1 24	-94.7%	-5.1%
Q2 24	+814.6%	-46.5%
Q3 24	+2416.9%	-5.1%
Q4 24	-37.8%	+8.9%
Q1 25	+121.2%	-212.0%
Q2 25	+217.7%	+58.3%
Q3 25	-92.5%	+8.1%
Q4 25	+150.4%	-34.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 19	$0	0.0%
Q2 19	$0	0.0%
Q3 19	$0	0.0%
Q4 19	$3M	63.5%
Q1 20	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q4 20	$3M	124.1%
Q1 21	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$2M	415.9%
Q1 24	$0	0.0%
Q2 24	$275.0K	5.1%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q3 20	$8M	$3M	—
Q4 20	$6M	$3M	—
Q1 21	$2M	$2M	—
Q2 21	$7M	$2M	—
Q3 21	$6M	$2M	—
Q2 23	$5M	$2M	—
Q3 23	$5M	$2M	—
Q4 23	$4M	$2M	—
Q1 24	$5M	$2M	—
Q2 24	$2M	$1M	—
Q3 24	$5M	$1M	—
Q4 24	$5M	$1M	—
Q1 25	$9M	—	$1M
Q2 25	$5M	$1M	—
Q3 25	$6M	$957.0K	—
Q4 25	$4M	—	$577.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$21M	$15M	$36M
Q2 22	$6M	$31M	$37M
Q3 22	$9M	$27M	$35M
Q4 22	$12M	$21M	$34M
Q1 23	$7M	$27M	$34M
Q2 23	$16M	$31M	$47M
Q3 23	$14M	$29M	$43M
Q4 23	$8M	$30M	$38M
Q1 24	$11M	$22M	$33M
Q2 24	$12M	$19M	$30M
Q3 24	$13M	$15M	$28M
Q4 24	$19M	$4M	$24M
Q1 25	$17M	$12.0K	$17M
Q2 25	$10M	$14M	$24M
Q3 25	$7M	$14M	$21M
Q4 25	$11M	$13M	$24M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 20	23M	+0.3%	+16.2%
Q4 20	23M	0.0%	+7.7%
Q1 21	23M	+0.0%	+7.7%
Q2 21	23M	+0.1%	+0.5%
Q3 21	24M	+2.8%	+3.0%
Q2 23	28M	+16.8%	+20.3%
Q3 23	28M	+0.7%	+21.0%
Q4 23	28M	+0.0%	+21.0%
Q1 24	28M	0.0%	+17.6%
Q2 24	28M	0.0%	+0.7%
Q3 24	28M	0.0%	+0.0%
Q4 24	28M	0.0%	0.0%
Q1 25	28M	0.0%	0.0%
Q2 25	3M	-90.0%	-90.0%
Q3 25	3M	0.0%	-90.0%
Q4 25	3M	+0.0%	-90.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 20	$34.7K	61
Q4 20	$31.6K	65
Q1 21	$10.8K	65
Q2 21	$14.3K	65
Q3 21	$135.9K	65
Q2 23	$10.8K	55
Q3 23	$3.9K	55
Q4 23	$12.4K	36
Q1 24	$12.9K	36
Q2 24	$150.9K	36
Q3 24	$148.9K	36
Q4 24	$8.2K	34
Q1 25	$30.3K	34
Q2 25	$507.7K	34
Q3 25	$11.8K	34
Q4 25	$3	200K

Revenue / Employee