The Q2 results are backward-looking and largely non-comparable due to the prior-year IP sale. The key catalyst is the SGT-610 Phase 3 readout in late November 2026. Traders should monitor enrollment completion in September and any early efficacy signals. The cash runway into Q1 2028 provides a buffer, but the stock will likely trade on pipeline news rather than quarterly financials.
Price Chart
Executive Summary
Sol-Gel Technologies reported Q2 2026 financial results with revenue of $0.6 million, a sharp decline from $17.3 million in Q2 2025, which was driven by a one-time $16.7 million IP sale to Mayne Pharma in the prior year. The company posted a net loss of $3.7 million ($1.13 per share) versus net income of $11.6 million ($4.17 per share) in Q2 2025. The core focus remains on the pivotal Phase 3 trial of SGT-610 (patidegib) for Gorlin syndrome, with top-line results on track for late November 2026, and the company has $49.3 million in cash and marketable securities, expected to fund operations into Q1 2028.
Key Facts
- Q2 2026 revenue was $0.6 million, down from $17.3 million in Q2 2025, primarily due to the absence of a $16.7 million IP sale to Mayne Pharma.
- Net loss for Q2 2026 was $3.7 million ($1.13 per share), compared to net income of $11.6 million ($4.17 per share) in Q2 2025.
- Phase 3 trial of SGT-610 (patidegib gel, 2%) for Gorlin syndrome remains on track; last patient last visit expected September 2026, top-line results in late November 2026.
- Cash, cash equivalents, deposits, and marketable securities totaled $49.3 million as of June 30, 2026, with expected runway into Q1 2028.
- Company initiated a proof-of-concept study in high-frequency BCC (HF-BCC) and a study evaluating topical patidegib as a neo-adjuvant in BCC surgery.
- A provisional patent was filed for an intra-cystic injectable hedgehog inhibitor targeting odontogenic keratocysts (OKC) in Gorlin syndrome.
- On March 23, 2026, the company completed a public offering of 459,112 shares at $72.00 per share, raising gross proceeds of approximately $33.1 million.
Financial Impact
Revenue declined by $16.7 million YoY due to a one-time IP sale in the prior year; net loss of $3.7 million vs. net income of $11.6 million; cash position strengthened to $49.3 million from $22.8 million in shareholder equity.
Risk Factors
- Phase 3 trial of SGT-610 could fail to meet endpoints, eliminating the primary pipeline value.
- Geopolitical risk from the ongoing conflict in Israel could disrupt operations or supply chain.
- Dilution risk remains as the company may need additional capital beyond Q1 2028 if SGT-610 is delayed or fails.
- Commercialization of SGT-610, if approved, may not achieve expected market penetration or revenue.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001178913-26-004205 |
| Exhibit: exhibit_99-1.htm | 0001178913-26-004205 |
| Document: zk2635954.htm | 0001178913-26-004205 |
| Document: 0001178913-26-004205-index-headers.html | 0001178913-26-004205 |
| Document: 0001178913-26-004205-index.html | 0001178913-26-004205 |
| Document: 0001178913-26-004205.txt | 0001178913-26-004205 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | SC 13G | $72.00 | awaiting T+20 | — | $68.19 (−5.29%) |
Oct 6, 2026 21d ago | 6-K | $75.64 | awaiting T+20 | — | $68.19 (−9.85%) |
Sep 30, 2026 27d ago | 6-K | $74.28 | awaiting T+20 | — | $68.19 (−8.20%) |
Sep 17, 2026 5w ago | 6-K | $64.54 $68.70 | ▲ +6.45% | ▲ +4.99% | $68.19 (+5.66%) |
Sep 14, 2026 6w ago | Insider Buy | $64.40 $68.30 | ▲ +6.06% | ▲ +3.08% | $68.19 (+5.89%) |
Sep 9, 2026 6w ago | Insider Buy | $66.79 $70.34 | ▲ +5.32% | ▲ +2.94% | $68.19 (+2.10%) |
Sep 3, 2026 7w ago | Insider Buy | $69.52 $78.95 | ▲ +13.56% | ▲ +12.96% | $68.19 (−1.91%) |
Aug 31, 2026 8w ago | Insider Buy | $69.52 $74.28 | ▲ +6.85% | ▲ +6.53% | $68.19 (−1.91%) |
Aug 20, 2026 9w ago | 6-K | $78.50 $64.54 | ▼ −17.78% | ▼ −17.78% | $68.19 (−13.13%) |
Aug 20, 2026 9w ago | Press Release | $78.50 $64.54 | ▼ −17.78% | ▼ −17.78% | $68.19 (−13.13%) |
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