Sol-Gel Technologies is an Israeli dermatology company that develops topical treatments for skin conditions using a proprietary silica-based microencapsulation technology. This platform encapsulates drug substances within silica microcapsules, enabling two chemically incompatible agents to coexist in a single formulation and moderating drug release to reduce skin irritation. Sol-Gel has two FDA-approved products built on this platform: Twyneo, a once-daily topical cream combining encapsulated benzoyl peroxide and tretinoin for acne vulgaris, and Epsolay, a once-daily topical cream with encapsulated benzoyl peroxide for rosacea — the first BPO product approved for that indication. Sol-Gel has licensed or sold commercialization rights for both products to partners across the U.S., Canada, China, Europe, and other markets, earning royalties and milestone payments rather than selling directly. The primary pipeline asset is SGT-610 (patidegib gel 2%), a topical hedgehog pathway inhibitor in Phase 3 for Gorlin syndrome, a rare genetic disorder in which patients develop large numbers of basal cell carcinomas. There are currently no approved therapies for Gorlin syndrome, and SGT-610 carries FDA Orphan Drug, EC Orphan, and FDA Breakthrough Therapy designations. Top-line Phase 3 results are expected in Q4 2026. Sol-Gel also sees a potential larger opportunity in high-frequency BCC beyond Gorlin syndrome. Sol-Gel outsources manufacturing to CMOs, and R&D is the primary operating cost.