Business
Sol-Gel Technologies Reports Third Quarter 2022 Financial Results and Provides Corporate Update
Growth trends for TWYNEO and EPSOLAY continue to improve, demonstrating robust uptake by prescribersSol-Gel’s cash runway expected to extend through the end
About this update from Sol-gel Technologies Ltd.
[{"type":"text","content":"Growth trends for TWYNEO and EPSOLAY continue to improve, demonstrating robust uptake by prescribersSol-Gel’s cash runway expected to extend through the end of the first quarter of 2024 NESS ZIONA, Israel, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Sol-Gel Technologies, Ltd. (NASDAQ: SLGL), a dermatology company focused on identifying, developing, commercializing or partnering branded and generic topical drug products for the treatment of skin diseases, announced today financial results for the third quarter ended September 30, 2022 and provided a corporate update. Alon Seri-Levy, PhD, Chief Executive Officer of Sol-Gel, stated, “We are very pleased with the continued growth trajectory for both TYWNEO and EPSOLAY and the effective commercial efforts of our partner, Galderma. We continue to see prescriber adoption, have received positive feedback from the dermatology community, and are pleased to report that royalty growth is now in line with volume growth.” “We are now realizing a royalty stream from net sales of both of our partnered products and are turning our attention to building out our pipeline and to identifying new revenue-generating opportunities for our products in international markets.” Third Quarter 2022 and Recent Corporate Developments Continuous improvements in growth trends, prescriber uptake and payer coverage for newly launching brands, TWYNEO and EPSOLAY.In October, Sol-Gel announced the appointment of Michael Glezin to the position of Vice President, Business Development. Third Quarter Financial Results Revenue was $0.3 million for the quarter ending September 30, 2022, which was received from the Sol-Gel’s commercial partner, Galderma, resulting from the sales of EPSOLAY and TWYNEO, and recorded as license revenue.This comparesto $8.8 million of revenue for the same period in 2021, which consisted of$7.5 million in Galderma licensing revenue and $1.3 million in collaboration revenue from partner Padagis. Research and development expenses were $2.0 million for the quarter ending September 30, 2022, compared to $6.0 million for the same period in 2021. The decrease of $4.0 million was mainly attributed to a decrease of $2.3 million in expenses related to TWYNEO and EPSOLAY and a decrease of $1.8 million in research and development expenses related to the development of Sol-Gel’s proprietary assets. General and admini...