Sol-Gel Reports Second Quarter 2024 Financial Results and Provides Corporate Updates

Core Insights - Sol-Gel Technologies is extending its cash runway into Q1 2026 following recent transactions and cost-cutting measures [1] - The company is conducting a Phase 3 clinical trial for SGT-610 targeting Gorlin Syndrome, with topline results expected by Q2 2026 [1][4] - Sol-Gel has signed new licensing agreements for its products TWYNEO and EPSOLAY in Europe and South Africa, with plans for further agreements in Latin America and other regions [2][4] Financial Performance - Total revenue for Q2 2024 was $5.4 million, a significant increase from $0.6 million in Q2 2023 [5] - Research and development expenses decreased to $2.4 million in Q2 2024 from $5.3 million in Q2 2023, attributed to various cost-saving measures [6] - General and administrative expenses were reduced to $1.4 million in Q2 2024 from $1.8 million in Q2 2023 [7] - The company reported a net income of $1.9 million for Q2 2024, compared to a net loss of $6.0 million in Q2 2023 [7] Cash Position - As of June 30, 2024, Sol-Gel had $15.6 million in cash and cash equivalents, and $14.9 million in marketable securities, totaling $30.5 million [8] - The company expects its cash resources to support operations into Q1 2026 [8] Clinical Development - The Phase 3 trial for SGT-610 is ongoing with approximately 140 subjects involved, and results are anticipated in Q2 2026 [2] - SGT-610 targets a market exceeding $300 million annually if approved [2][4] - The proof-of-concept study for SGT-210 in Darier disease is also ongoing, with market potential estimated between $200 million to $300 million [2][4] Management Changes - Mr. Mori Arkin will assume the role of interim CEO starting January 1, 2025, pending shareholder approval [3] - The current CEO, Dr. Alon Seri-Levy, will step down effective December 31, 2024, but will continue as a consultant [3]