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Sol-Gel Technologies developed Twyneo cream for acne and Epsolay cream for inflammatory rosacea lesions in adults, both approved by the FDA. Pharmaceutical partners handle commercialization and pay Sol-Gel for product rights, regulatory and sales milestones, and royalties tied to sales. Revenue comes mainly from rights transactions and milestone payments rather than direct drug sales. Sol-Gel sold the U.S. rights to both products to Mayne in April 2025; Searchlight holds their Canadian licenses, while Beimei Pharma holds Twyneo rights in China and several other markets.
Sol-Gel is also developing SGT-610 to prevent basal cell carcinomas in people with Gorlin syndrome, a rare disease. It is in a late-stage clinical trial and cannot be sold without regulatory approval. The business depends on partners bringing existing products to market and on Sol-Gel funding and completing development of new medicines. It needs additional capital to continue operations and pursue development.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Sol-Gel's results hinge on SGT-610's clinical and regulatory progress and commercialization payments from partners including Mayne and Searchlight, neither of which appears in this list.
Arcutis Biotherapeutics, Inc. sells ZORYVE cream 0.3%, the branded skin treatment that Sol-Gel's collaboration with Padagis aims to copy; Sol-Gel would receive royalties on gross profits from generic sales. Watch revenue from that cream, rather than the whole ZORYVE range, for the commercial scale of the product the collaboration targets.
Palvella Therapeutics, Inc. and Sol-Gel both depend on clinical success and regulatory approval in rare skin diseases: Palvella develops treatments for serious rare skin conditions, while Sol-Gel develops topical patidegib for Gorlin syndrome. Palvella had no approved products or product revenue as of December 31, 2025, so its development and approval news—not sales—offers the relevant comparison for SGT-610.
Bausch Health Companies Inc sells dermatology medicines that compete with Sol-Gel's acne cream Twyneo and rosacea cream Epsolay, but its other businesses make overall results a weak guide to that rivalry. Watch its U.S. dermatology sales within the Diversified segment rather than group revenue, which also includes gastrointestinal medicines, eye health and aesthetic devices.
Arcutis Biotherapeutics, Inc. earningsARQT
Arcutis Biotherapeutics, Inc.’s report will show how ZORYVE cream 0.3% is selling, the product targeted by the generic Sol-Gel and Padagis are collaborating on.
Look for revenue from ZORYVE cream 0.3%, not the whole ZORYVE range. Growth would show that this product is reaching greater commercial scale, leaving a larger market for the generic Sol-Gel and Padagis are targeting; flat or falling revenue would point to a smaller market for that collaboration to address.
Palvella Therapeutics, Inc. earningsPVLA
Palvella Therapeutics, Inc.’s report will show how its rare-skin-disease drug development is progressing, a point of comparison for Sol-Gel’s topical patidegib program for Gorlin syndrome.
Look for Palvella’s clinical-development and regulatory updates, not sales: as of the end of 2025, it had no approved products or product revenue. Clear progress would show that a rare-skin-disease program can advance through clinical and regulatory hurdles, a useful comparison for Sol-Gel’s Gorlin syndrome program; delays or setbacks would underline that those hurdles remain substantial.
Sol-Gel Technologies Ltd. earningsThis company
Sol-Gel Technologies Ltd. relies on partner milestone and royalty payments for revenue, and this report will show whether those receipts are keeping pace with research and development spending and slowing cash use.
Read revenue from licensing and collaboration agreements alongside research and development expense and operating cash flow. Rising partner revenue with less operating cash used would show licensing is helping fund development; falling receipts or higher development costs with greater cash use would show the funding gap is widening.
