Sol-Gel Technologies Ltd. (NASDAQ: SLGL), a clinical-stage dermatology company, announced its financial results for the first quarter ended March 31, 2025. The company reported total revenue of $1 million, a significant increase from the $0.5 million recorded in the same period in 2024. However, Sol-Gel reported a net loss of $8.8 million for the first quarter of 2025, compared to a net loss of $6.3 million in the same period in 2024. Research and development expenses rose to $8.8 million from $5.3 million in the first quarter of 2024. This increase of $3.5 million was primarily due to a $3.6 million rise in expenses related to supplier-led manufacturing development for the future commercialization of SGT-610, and an additional $0.5 million related to the commercialization of EPSOLAY and TWYNEO outside the U.S. These increases were partially offset by a $0.5 million decrease in clinical trial expenses related to SGT-610. General and administrative expenses decreased to $1.3 million from $1.8 million in the same period in 2024, mainly due to a reduction in payroll and stock-based compensation as a result of cost measures implemented in 2024. As of March 31, 2025, the company held $16.9 million in cash, cash equivalents, and deposits. Sol-Gel expects its cash resources to fund its cash requirements into the first quarter of 2027.
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