The company's financial position is under pressure as total assets have contracted from $56.1 million in 2022Q1 to $42.0 million by 2024Q2, reflecting ongoing capital depletion.
| Total Current Assets | 38.28M | 26.97M | 31.3M | 41.17M | 43.05M | 57.11M | 53.4M | 55.79M | 65.97M | 10.55M | 8.3M | 6.14M | 839K |
| Cash & Short-Term Investments | 30.47M | 24M | 23.93M | 38M | 33.63M | 43.24M | 50.17M | 50.38M | 62.99M | 9.02M | 7M | 5.89M | 594K |
| Cash Only | 11.55M | 11.03M | 19.49M | 7.51M | 12.45M | 20.09M | 7.12M | 9.41M | 5.33M | 5.02M | 7M | 5.89M | 594K |
| Short-Term Investments | 18.92M | 12.97M | 4.44M | 30.48M | 21.18M | 23.16M | 43.05M | 40.97M | 57.66M | 4M | 0 | 0 | 0 |
| Accounts Receivable | 6.06M | 1.97M | 3.6M | 377K | 7.92M | 13.06M | 2.15M | 4.12M | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | 101.63 | 37.05 | 113.73 | 88.55 | 744.48 | 152.49 | 89.6 | 65.66 | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 1.75M | 1M | 3.77M | 2.79M | 0 | 0 | 0 | 0 | 0 | 0 | 472K | 244K | 0 |
| Total Non-Current Assets | 3.72M | 2.95M | 4.55M | 4.12M | 3.57M | 12.08M | 5.76M | 5.51M | 3.71M | 4.77M | 2.69M | 2.1M | 1.55M |
| Property, Plant & Equipment | 1.81M | 1.17M | 1.63M | 2.15M | 1.54M | 2.55M | 3.71M | 4.35M | 2.6M | 2.31M | 798K | 785K | 771K |
| Fixed Asset Turnover | 3.14x | 16.61x | 7.09x | 0.72x | 2.53x | 12.25x | 2.36x | 5.26x | 0.05x | 0.08x | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 5.11M | 1.32M | 2.31M | 1.28M | 1.29M | 8.7M | 0 | 472K | 0 | 1.77M | 0 | 92K | 0 |
| Other Non-Current Assets | 638K | 455K | 608K | 681K | 749K | 830K | 2.05M | 684K | 1.1M | 680K | 1.89M | 1.23M | 776K |
| Total Assets | 42.01M | 29.92M | 35.85M | 45.29M | 46.63M | 69.19M | 59.16M | 61.3M | 69.68M | 15.31M | 10.98M | 8.24M | 2.39M |
| Asset Turnover | 0.15x | 0.65x | 0.32x | 0.03x | 0.08x | 0.45x | 0.15x | 0.37x | 0.00x | 0.01x | - | - | - |
| Asset Growth % | -48.05% | -16.54% | -20.85% | -2.88% | -32.61% | 16.95% | -3.49% | -12.03% | 354.99% | 39.42% | 33.25% | 245.52% | - |
| Total Current Liabilities | 5.2M | 6.17M | 5.29M | 4.52M | 3.33M | 11.69M | 5.96M | 6.5M | 4.89M | 67.2M | 41.63M | 19.14M | 4.66M |
| Accounts Payable | 679K | 735K | 1.26M | 154K | 251K | 766K | 1.2M | 1.71M | 2.92M | 534K | 667K | 311K | 247K |
| Days Payables Outstanding | 9.05 | 2.46K | 1.98K | 164.36 | 7.22 | 13.72 | 15.73 | 15.38 | 37.92 | 649.7 | 678.15 | 378.38 | - |
| Short-Term Debt | 0 | 495K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 65.34M | 37.34M | 17.34M | 3.33M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 4.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 7.36x | 4.37x | 5.92x | 9.10x | 12.93x | 4.88x | 8.95x | 8.58x | 13.48x | 0.16x | 0.20x | 0.32x | 0.18x |
| Quick Ratio | 7.36x | 4.37x | 5.92x | 9.10x | 12.93x | 4.88x | 8.95x | 8.58x | 13.48x | 0.16x | 0.20x | 0.32x | 0.18x |
| Cash Conversion Cycle | 92.58 | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.9M | 935K | 1.71M | 2.12M | 1.09M | 1.9M | 2.35M | 2.33M | 878K | 810K | 694K | 626K | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 4.58M | 496K | 878K | 1.21M | 54K | 810K | 1.3M | 1.37M | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 883K | 439K | 833K | 915K | 1.03M | 1.09M | 1.05M | 958K | 878K | 810K | 694K | 626K | 0 |
| Total Liabilities | 7.1M | 7.11M | 7M | 6.64M | 4.42M | 13.6M | 8.31M | 8.84M | 5.77M | 68.01M | 42.32M | 19.76M | 4.66M |
| Total Debt | 1.39M | 991K | 1.31M | 1.65M | 772K | 1.59M | 1.97M | 2.04M | 0 | 65.34M | 37.34M | 17.34M | 3.33M |
| Net Debt | -10.15M | -10.04M | -18.18M | -5.86M | -11.68M | -18.49M | -5.15M | -7.37M | -5.33M | 60.31M | 30.34M | 11.44M | 2.74M |
| Debt / Equity | 0.04x | 0.04x | 0.05x | 0.04x | 0.02x | 0.03x | 0.04x | 0.04x | - | - | - | - | - |
| Debt / EBITDA | -0.08x | - | - | - | - | 0.41x | - | 0.08x | - | - | - | - | - |
| Net Debt / EBITDA | 0.62x | - | - | - | - | -4.81x | - | -0.27x | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 34.9M | 22.81M | 28.85M | 38.64M | 42.21M | 55.59M | 50.85M | 52.47M | 63.91M | -52.7M | -31.34M | -11.52M | -2.99M |
| Equity Growth % | -71.24% | -20.93% | -25.34% | -8.45% | -24.07% | 9.33% | -3.08% | -17.91% | 221.27% | -68.17% | -172.07% | -285.6% | - |
| Book Value per Share | 1.25 | 8.19 | 1.04 | 1.43 | 1.83 | 2.36 | 2.25 | 2.69 | 3.58 | -2.93 | -2.67 | -0.98 | -1.11 |
| Total Shareholders' Equity | 34.9M | 22.81M | 28.85M | 38.64M | 42.21M | 55.59M | 50.85M | 52.47M | 63.91M | -52.7M | -31.34M | -11.52M | -2.99M |
| Common Stock | 774K | 774K | 774K | 774K | 638K | 638K | 635K | 561K | 520K | 82K | 82K | 82K | 82K |
| Retained Earnings | -224.67M | -237.01M | -230.88M | -220.3M | -193.06M | -178.14M | -181.36M | -152.07M | -127.46M | -95.26M | -63.69M | -42.92M | -33.26M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.98M | -1.51M | -1.15M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and dilution risk
According to recent financial disclosures, Sol-Gel's total assets have contracted from $56.1 million in 2022Q1 to $42.0 million by 2024Q2, reflecting a consistent erosion of the balance sheet as the company funds its clinical development pipeline through the depletion of its existing cash and liquid reserves.
The downward trend in total assets suggests that the company is consuming its capital base faster than it can replenish it through commercial milestones or royalty streams. This trajectory indicates a business model that remains heavily reliant on external financing to sustain operations, as the current asset base provides a shrinking buffer against ongoing operating losses.
As reported in quarterly filings, Sol-Gel's cash position has declined significantly from a peak of $21.3 million in 2022Q1 to just $11.5 million in 2024Q2, signaling a tightening liquidity profile that warrants close monitoring by investors concerned about the company's ability to fund future R&D.
While the current ratio of 7.36 appears superficially high, it is largely a function of the company's low liability base rather than an abundance of liquid assets. The rapid depletion of cash reserves suggests that the company may face a liquidity crunch in the near term, potentially forcing management to seek dilutive capital raises.
Based on the company's reported figures, the equity base has been severely impacted by an accumulated deficit that reached $224.7 million as of 2024Q2, highlighting the long-term financial strain of funding proprietary drug development without achieving consistent, self-sustaining profitability from its commercialized dermatology assets.
The persistent growth of the accumulated deficit underscores the structural challenge of the company's R&D-heavy business model. Investors should interpret this as a sign that shareholder value has been consistently eroded by the necessity of funding clinical trials, which may continue to weigh on equity quality until royalty revenues scale significantly.
Data from recent balance sheets indicates that Sol-Gel holds virtually no goodwill or significant intangible assets on its books, which, while simplifying the balance sheet, suggests that the company's proprietary technology value is not being captured in its reported book value, potentially misleading investors regarding its true worth.
The absence of capitalized intangibles implies that the company expenses its R&D costs immediately rather than amortizing them, which makes the balance sheet appear cleaner but masks the true investment made into its silica-based platform. This accounting treatment may lead to an undervaluation of the firm's intellectual property by market participants who rely solely on book value metrics.
Quick answers to the most common questions about buying SLGL stock.
As of 2025, Sol-Gel Technologies Ltd. (SLGL) had total assets of $29.9M including $27.0M in current assets.
Sol-Gel Technologies Ltd. (SLGL) carries total debt of $1.0M, offset by $24.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Sol-Gel Technologies Ltd. (SLGL) has total shareholders' equity (book value) of $22.8M ($8.19 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Sol-Gel Technologies Ltd. (SLGL) reported a current ratio of 4.37x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.