Sol-Gel Technologies Ltd.
SLGLHealthcare|Biotechnology|IL
$61.01
-2.00 (-3.17%)
Tangible Book / Share
$14.71
Cash / Share
$14.65
Financials
Financial Snapshot
Market Cap
$199.7M
Enterprise Value
$183.9M
Revenue (TTM)
$1.8M
Net Income (TTM)
-$16.3M
Cash & Investments
$47.9M
Net Cash
$47.2M
Free Cash Flow (TTM)
$0.00
Operating CF (TTM)
$0.00
Debt/Equity
0.02
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $7.0M | $9.0M | $63.0M | $50.4M | $50.2M | $43.2M | $33.6M | $38.0M | $23.9M | $24.0M | $47.9M | |
| Operating Cash Flow | -$18.5M | -$24.1M | -$23.5M | -$22.5M | -$25.2M | -$7.7M | -$9.5M | -$17.7M | -$13.9M | $322.0K | $0.00 | |
| Free Cash Flow | -$18.9M | -$26.0M | -$24.5M | -$23.1M | -$25.7M | -$7.8M | -$9.7M | -$17.9M | -$13.9M | $275.0K | $0.00 | |
| Capital Expenditure | -$385.0K | -$1.9M | -$1.1M | -$597.0K | -$449.0K | -$143.0K | -$171.0K | -$134.0K | -$2.0K | -$47.0K | $0.00 | |
| Financing Cash Flow | $20.0M | $28.0M | $78.8M | $10.6M | $26.5M | $837.0K | $15.0K | $21.8M | $0.00 | $6.0K | $0.00 |
R&D Spending
R&D (TTM)
$15.8M
R&D Intensity
881.3%
R&D Growth vs Prior
-30.6%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $174.0K | $129.0K | $22.9M | $8.8M | $31.3M | $3.9M | $1.6M | $11.5M | $19.4M | $1.8M | |
| R&D Expense | $17.0M | $25.8M | $28.1M | $40.6M | $27.9M | $20.4M | $12.7M | $23.5M | $17.8M | $22.8M | $15.8M | |
| R&D % of Revenue | — | 14830.5% | 21818.6% | 177.2% | 318.2% | 65.2% | 326.6% | 1514.9% | 154.3% | 117.6% | 881.3% | |
| SG&A | $3.7M | $6.0M | $5.5M | $8.3M | $11.1M | $8.5M | $7.4M | $7.4M | $5.7M | $4.2M | $3.7M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $174.0K | $129.0K | $22.9M | $8.8M | $31.3M | $3.9M | $1.6M | $11.5M | $19.4M | $1.8M | |
| Cost of Revenue | $359.0K | $300.0K | $28.1M | $40.6M | $27.9M | $20.4M | $12.7M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | -$359.0K | -$126.0K | -$28.0M | -$17.7M | -$19.1M | $10.9M | -$8.8M | $1.6M | $11.5M | $19.4M | $1.8M | |
| R&D | $17.0M | $25.8M | $28.1M | $40.6M | $27.9M | $20.4M | $12.7M | $23.5M | $17.8M | $22.8M | $15.8M | |
| SG&A | $3.7M | $6.0M | $5.5M | $8.3M | $11.1M | $8.5M | $7.4M | $7.4M | $5.7M | $4.2M | $3.7M | |
| Operating Income | -$20.8M | -$31.6M | -$33.5M | $25.9M | -$30.2M | $3.0M | -$16.2M | -$29.3M | -$12.0M | -$7.5M | -$17.7M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$20.8M | -$31.6M | -$32.2M | -$24.6M | -$29.3M | $3.2M | -$14.9M | -$27.2M | -$10.6M | -$6.1M | -$16.3M | |
| Net Income | -$20.8M | -$31.6M | -$32.2M | -$24.6M | -$29.3M | $3.2M | -$14.9M | -$27.2M | -$10.6M | -$6.1M | -$16.3M | |
| EPS (Diluted) | -1.77 | -1.76 | -1.80 | -1.26 | -1.30 | 0.14 | -0.65 | -10.01 | -3.79 | -2.20 | -5.64 | |
| EBITDA | -$20.4M | -$31.2M | -$32.8M | -$25.1M | -$29.3M | $3.8M | -$15.7M | -$29.0M | -$11.8M | -$7.4M | -$17.4M | |
| Shares Out. (M) | 11.74 | 17.99 | 17.87 | 19.53 | 22.57 | 23.57 | 23.13 | 2.71 | 2.79 | 2.79 | 3.27 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.0M | $5.0M | $5.3M | $9.4M | $7.1M | $20.1M | $12.4M | $7.5M | $19.5M | $11.0M | $16.7M | |
| Short-Term Investments | $0.00 | $4.0M | $57.7M | $41.0M | $43.1M | $23.2M | $21.2M | $30.5M | $4.4M | $13.0M | $31.3M | |
| Total Current Assets | $8.3M | $10.5M | $66.0M | $55.8M | $53.4M | $57.1M | $43.1M | $41.2M | $31.3M | $27.0M | $51.1M | |
| Total Assets | $11.0M | $15.3M | $69.7M | $61.3M | $59.2M | $69.2M | $46.6M | $45.3M | $35.8M | $29.9M | $53.8M | |
| Total Current Liabilities | $41.6M | $67.2M | $4.9M | $6.5M | $6.0M | $11.7M | $3.3M | $4.5M | $5.3M | $6.2M | $4.9M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $42.3M | $68.0M | $5.8M | $8.8M | $8.3M | $13.6M | $4.4M | $6.6M | $7.0M | $7.1M | $5.7M | |
| Stockholders' Equity | -$31.3M | -$52.7M | $63.9M | $52.5M | $50.8M | $55.6M | $42.2M | $38.6M | $28.9M | $22.8M | $48.1M | |
| Retained Earnings | -$63.7M | -$95.3M | -$127.5M | -$152.1M | -$181.4M | -$178.1M | -$193.1M | -$220.3M | -$230.9M | -$237.0M | -$244.4M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$18.5M | -$24.1M | -$23.5M | -$22.5M | -$25.2M | -$7.7M | -$9.5M | -$17.7M | -$13.9M | $322.0K | $0.00 | |
| Capital Expenditure | -$385.0K | -$1.9M | -$1.1M | -$597.0K | -$449.0K | -$143.0K | -$171.0K | -$134.0K | -$2.0K | -$47.0K | $0.00 | |
| Free Cash Flow | -$18.9M | -$26.0M | -$24.5M | -$23.1M | -$25.7M | -$7.8M | -$9.7M | -$17.9M | -$13.9M | $275.0K | $0.00 | |
| Investing Cash Flow | -$391.0K | -$5.9M | -$54.7M | $16.0M | -$2.7M | $19.9M | $1.7M | -$9.7M | $26.7M | -$8.6M | $0.00 | |
| Financing Cash Flow | $20.0M | $28.0M | $78.8M | $10.6M | $26.5M | $837.0K | $15.0K | $21.8M | $0.00 | $6.0K | $0.00 | |
| Issuance of Stock | $0.00 | $0.00 | $78.8M | $10.6M | $26.3M | $505.0K | $15.0K | $21.5M | $0.00 | $6.0K | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $20.0M | $28.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $952.0K | $4.0M | $4.7M | $2.6M | $1.2M | $687.0K | $1.5M | $1.9M | $786.0K | $0.00 | $2.1M | |
| Net Change in Cash | $1.1M | -$2.0M | $651.0K | $4.1M | -$1.5M | $13.0M | -$7.6M | -$5.7M | $12.8M | -$8.5M | -$8.1M |
Dilution Tracker
Shares Outstanding
3M
5-Year Share Growth
-87.7%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 11.74 | 17.99 | 17.87 | 19.53 | 22.57 | 23.57 | 23.13 | 2.71 | 2.79 | 2.79 | 3.27 | |
| Change vs Prior % | — | 53.3% | -0.7% | 9.3% | 15.6% | 4.4% | -1.9% | -88.3% | 2.8% | 0.0% | 17.4% | |
| Stock Issuance | $0.00 | $0.00 | $78.8M | $10.6M | $26.3M | $505.0K | $15.0K | $21.5M | $0.00 | $6.0K | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $952.0K | $4.0M | $4.7M | $2.6M | $1.2M | $687.0K | $1.5M | $1.9M | $786.0K | $0.00 | $2.1M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | -72.4% | -21718.6% | -77.2% | -218.2% | 34.8% | -226.6% | 100.0% | 100.0% | 100.0% | 100.0% | |
| Operating Margin % | — | -18179.9% | -25985.3% | 113.3% | -344.7% | 9.5% | -418.3% | -1885.8% | -104.1% | -38.9% | -987.0% | |
| Net Margin % | — | -18142.5% | -24963.6% | -107.4% | -333.9% | 10.3% | -384.3% | -1752.8% | -91.7% | -31.6% | -910.1% | |
| EBITDA Margin % | — | -17909.2% | -25394.6% | -109.4% | -333.9% | 12.3% | -403.9% | -1863.8% | -102.1% | -38.3% | -967.7% | |
| FCF Margin % | — | -14950.6% | -19007.0% | -100.8% | -292.9% | -25.1% | -248.6% | -1149.5% | -120.4% | 1.4% | 0.0% | |
| ROE % | 66.3% | 59.9% | -50.4% | -46.9% | -57.6% | 5.8% | -35.4% | -70.5% | -36.7% | -26.9% | -44.1% | |
| ROA % | -189.1% | -206.1% | -46.2% | -40.1% | -49.5% | 4.7% | -32.0% | -60.1% | -29.5% | -20.5% | -30.4% | |
| ROIC % | -310.0% | -234.7% | -51.7% | 46.8% | -56.1% | 5.1% | -36.9% | -71.1% | -38.8% | -31.1% | -35.9% | |
| R&D / Revenue % | — | 14830.5% | 21818.6% | 177.2% | 318.2% | 65.2% | 326.6% | 1514.9% | 154.3% | 117.6% | 881.3% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | -25.9% | 17655.0% | -61.7% | 256.5% | -87.6% | -60.0% | 642.5% | 68.0% | |
| Gross Profit | -19.7% | 64.9% | -22135.7% | 36.9% | -8.3% | 156.9% | -180.8% | 117.7% | 642.5% | 68.0% | |
| Operating Income | -115.2% | -52.4% | -6.0% | 177.4% | -216.5% | 109.8% | -648.0% | -80.4% | 59.0% | 37.3% | |
| Net Income | -115.0% | -52.0% | -2.0% | 23.6% | -19.0% | 111.0% | -563.3% | -82.5% | 61.2% | 42.1% | |
| EPS (Diluted) | -115.9% | 0.6% | -2.3% | 30.0% | -3.2% | 110.8% | -564.3% | -1440.0% | 62.1% | 42.0% | |
| Operating Cash Flow | -129.9% | -30.2% | 2.6% | 4.1% | -12.2% | 69.5% | -23.3% | -86.9% | 21.7% | 102.3% | |
| Free Cash Flow | -126.5% | -37.8% | 5.7% | 5.8% | -11.2% | 69.5% | -23.2% | -85.0% | 22.2% | 102.0% | |
| R&D Expense | 137.0% | 51.6% | 9.1% | 44.2% | -31.2% | -27.0% | -37.8% | 85.6% | -24.4% | 28.1% | |
| SG&A Expense | 51.6% | 60.8% | -8.3% | 50.4% | 34.0% | -23.8% | -11.9% | -1.0% | -22.0% | -27.4% | |
| Total Assets | 33.2% | 39.4% | 355.0% | -12.0% | -3.5% | 17.0% | -32.6% | -2.9% | -20.8% | -16.5% | |
| Book Value / Share | -172.1% | -9.7% | 222.1% | -24.9% | -16.1% | 7.0% | -24.3% | 681.7% | -27.4% | -20.9% | |
| Debt | 115.4% | 75.0% | -100.0% | 0.0% | -3.6% | -19.3% | -51.5% | 114.1% | -20.9% | -24.2% | |
| Diluted Shares | 0.0% | 53.3% | -0.7% | 9.3% | 15.6% | 4.4% | -1.9% | -88.3% | 2.8% | 0.0% |
Valuation
P/E (TTM)At Loss
P/S111.28
10Y Low / Med / High2.25 / 146.27 / 14098.64
P/B4.15
10Y Low / Med / High0.78 / 24.98 / 63.86
EV/EBITDAAt Loss
EV/Revenue102.43
10Y Low / Med / High0.67 / 145.95 / 14445.27
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$14.71
Net Current Assets / Share
$13.87
Graham Net-Net
$13.09
Cash / Share
$14.65
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -77.06 | -77.50 | -33.44 | -136.11 | -75.31 | 52.86 | -70.15 | -1.11 | -2.45 | -19.15 | -10.82 | |
| P/S Ratio | 0.00 | 14098.64 | 8338.21 | 146.27 | 251.97 | 54.58 | 271.61 | 19.35 | 2.25 | 6.06 | 111.28 | |
| P/B Ratio | -51.08 | -46.55 | 16.83 | 63.86 | 43.46 | 30.70 | 24.98 | 0.78 | 0.90 | 5.15 | 4.15 | |
| EV/EBITDA | -79.96 | -80.66 | -32.67 | -133.38 | -75.29 | 439.18 | -66.51 | -0.84 | -0.66 | -14.45 | -10.58 | |
| EV/Revenue | 0.00 | 14445.27 | 8296.93 | 145.95 | 251.39 | 53.98 | 268.61 | 15.58 | 0.67 | 5.54 | 102.43 |
Analyst Estimates & Quality
Altman Z-Score
14.81
Safe
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $1.0M | $850.0K | $9.6M |
| Net Income | -$21.6M | -$24.0M | -$32.7M |
| EPS | $-7.75 | $-9.06 | $-10.90 |
| # Analysts (EPS) | 2 | 3 | 2 |
Revenue Segments
By Product
| Segment | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| License | $3.9M | $1.6M | $9.8M | $18.6M |
| Royalty | — | — | $1.6M | $707.0K |
| Service, Other | — | — | $126.0K | $82.0K |
By Geography
| Segment | 2024 | 2025 |
|---|---|---|
| CANADA | $681.0K | $1.7M |
| CHINA | $4.9M | $27.0K |
| ISRAEL | $3.8M | — |
| SWITZERLAND | $1.5M | $711.0K |
| Segment Geographical Groups Of Countries Group Five | $691.0K | $278.0K |
| UNITED STATES | — | $16.7M |