Sol-Gel posts a $1.72 per-share loss in the third quarter and expects trial results in late November
Key Facts
Sol-Gel Technologies reported on November 12 results for the third quarter ended September 30, 2026, posting a basic and diluted loss of $1.72 per share, compared with a loss of $2.13 in the same period of 2025. The reported loss was higher than the Zacks consensus estimate of $1.54 per share. Net loss, meanwhile, narrowed to $5.622 million from $5.942 million a year earlier. The results showed quarterly revenue falling to $41,000, compared with $400,000 in the third quarter of 2025. The figures put the quarter's financial performance in focus as the company awaits results from a pivotal clinical trial, which it expects to announce in late November.
The year-over-year revenue decline followed a drop from $400,000 to $41,000 in the third quarter. The company's statement did not provide revenue estimates or compare actual revenue with estimates. In the second quarter of 2026, revenue was $0.6 million, compared with $17.3 million in the same period of 2025. The company attributed a major part of the second-quarter gap to $16.7 million in revenue from the sale of intellectual property rights under the Mayne agreement in 2025. Research and development expenses in the second quarter were $3.7 million, compared with $4.6 million a year earlier. This provides context for the difference in quarterly revenue, while the third-quarter year-over-year comparison remained far below the year-earlier period.
Research and development expenses were $5.1 million in the third quarter of 2026, compared with $5.7 million in the same period of 2025. The company said the $0.6 million decline was primarily due to lower clinical trial expenses related to SGT-610. Net loss nevertheless stood at $5.622 million, down from $5.942 million a year earlier. These items show two concurrent trends in the results: lower year-over-year revenue and lower research and development expenses. Per-share loss improved from the $2.13 loss recorded in the third quarter of 2025, but exceeded Zacks' estimate for the current quarter.
Cash, cash equivalents, deposits and marketable securities totaled $45.7 million as of September 30, 2026. The balance comprised $14.4 million in cash, cash equivalents and deposits, and $31.3 million in marketable securities. The company said its cash resources are expected to cover its needs through the first quarter of 2028. That stated runway gives the company funding to continue operations while it develops SGT-610 and completes the trial's analytical process. The company confirmed it intends to retain all U.S. commercial rights to the product if approved, while using an outside organization for commercialization.
Investors are focused on the pivotal Phase 3 trial of SGT-610, after the company announced on September 17 that the last patient had completed the final scheduled visit. The trial enrolled 113 patients, of whom 102 completed the study. The next steps were database lock followed by statistical analysis, with top-line results expected in late November 2026. Participants and researchers remained blinded to assigned treatment. Executive Chairman Maury Arkin said the company “is now moving to database lock, followed by statistical analysis of the study results.”
The study aims to prevent basal cell carcinoma lesions in patients with Gorlin syndrome and is a randomized, double-blind, vehicle-controlled trial over 12 months. The primary endpoint is the number of new basal cell carcinoma lesions on the face at month 12 after twice-daily treatment. This measure ties the expected results to an assessment of new facial lesions during the study period. The company said it intends to retain full U.S. commercial rights to SGT-610 if it is approved. It also plans to use an outside organization for commercialization, a path that follows the trial results and completion of the necessary evaluation procedures.
SLGL shares closed at $63.4 on November 11, 2026, according to EL7 data. That close was in the session before the company announced its results on November 12. No reliable public range for the stock's movement during the November 11 session was available. The third-quarter results, including revenue and per-share loss, remain the focus of the reported financial results, while the Phase 3 results expected in late November are the next milestone the company has set for SGT-610.