The EPS beat is a low-quality artifact of a tiny base and consensus noise; the stock will trade on the SGT-610 Phase 3 readout in late November 2026. Monitor enrollment completion in September and any early data leaks. The cash runway into Q1 2028 provides a long no-dilution window, but the stock is a binary event play on the Phase 3 outcome.
Price Chart
Executive Summary
Sol-Gel reported Q2 2026 EPS of -$1.13, beating consensus of -$2.31 by 51.1%, but revenue plunged to $0.6M from $17.3M a year ago due to the absence of a prior-year IP sale. The core focus remains the pivotal Phase 3 readout for SGT-610 (patidegib) in Gorlin syndrome, with top-line results expected in late November 2026, and the company has $49.3M in cash to fund operations into Q1 2028. The EPS beat is largely a mechanical artifact of a tiny base and does not reflect operational improvement, making the overall event neutral with a modest positive tilt from pipeline progress.
Key Financial Metrics
Key Facts
- Q2 2026 EPS of -$1.13 beat consensus of -$2.31 by 51.1%
- Q2 2026 revenue was $0.6M, down from $17.3M in Q2 2025 due to absence of $16.7M IP sale
- Pivotal Phase 3 trial of SGT-610 (patidegib gel) for Gorlin syndrome: last patient last visit expected September 2026, top-line results in late November 2026
- Cash, cash equivalents, deposits, and marketable securities total $49.3M as of June 30, 2026; cash runway into Q1 2028
- Dropout rate in Phase 3 trial is 9% (10 of 113 patients), lower than anticipated
- Initiated proof-of-concept study for patidegib in high-frequency BCC (non-Gorlin); enrollment expected October 2026
- Initiated study of topical patidegib as neo-adjuvant in BCC surgery; enrollment expected October 2026
- Filed provisional patent for intra-cystic injectable HHi for odontogenic keratocysts (OKC) in Gorlin syndrome
Financial Impact
EPS beat of 51.1% on a -$2.31 consensus, but revenue decline of 96.6% YoY; net loss of $3.7M vs net income of $11.6M in Q2 2025
Risk Factors
- Phase 3 trial failure or delay in top-line results
- Revenue decline is structural (no recurring IP sale), not a one-time miss
- High cash burn rate relative to market cap; dilution risk if trial fails
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3348342 |
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%) |
US Market Status
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