Keratoderma, Palmoplantar, Epidermolytic

SGT-610 has “Orphan Drug” designation status in the U.S. and E.U. and “Breakthrough Therapy” designation status in the U.S., as potentially the first and only therapy aimed at preventing new BCCs in Gorlin syndromeSol-Gel to host a virtual Key Opinion Leader event to discuss the Gorlin syndrome patient experience and treatment needs, as well as the SGT-610 Phase 3 trial on Wednesday, December 6th at 12 pm ET NESS ZIONA, Israel, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Sol-Gel Technologies, Ltd. (Nasdaq: SLGL) (“Sol-Gel”), a dermatology company leveraging innovative approaches to develop pioneering treatments for patients with severe skin conditions, and with two approved large-category dermatology products, TWYNEO® and EPSOLAY®, today announced that it has begun Phase 3 testing of SGT-610 (patidegib gel, 2%) for Gorlin syndrome with the first patient screened. SGT-610 is a new topical hedgehog inhibitor being developed to prevent the new basal cell carcinoma (BCC) lesions in patients with Gorlin syndrome that is expected to have an improved safety profile compared to oral hedgehog inhibitors. Patidegib was acquired by Sol-Gel from PellePharm and is currently the only therapy in development to prevent the development of new BCC lesions in Gorlin syndrome patients. "We are pleased to initiate patient screening in this Phase 3 trial that has been long awaited by the Gorlin syndrome patient community,” said Alon Seri-Levy, Ph.D., Chief Executive Officer of Sol-Gel. “To increase the probability of success of this trial we have refined screening criteria to enroll subjects with more severe disease at baseline in terms of a higher baseline number of facial BCC lesions. This may help to better demonstrate the preventive effect of the medication. Other insights that we are using in our Phase 3 trial design strategy are to pre-screen patients for a specific genetic mutation associated with Gorlin syndrome and to ease patient study compliance by reducing the number of study visits over the 12-months of treatment. We hope that our learnings to optimize this trial’s design will help Sol-Gel advance this important drug candidate to Gorlin syndrome patients with no approved therapies.” “We anticipate SGT-610, with Orphan- and Breakthrough designation from FDA, could have a market potential of over $300 million. We look forward to discussing the experience of the Gorlin syndrome patient, the market opportunity for SGT-610, and the Phase 3 trial design during a Key Opinion Leader investor day that we are hosting on December 6th,” added Dr. Seri-Levy. Sol-Gel will conduct the Phase 3 study to investigate SGT-610 in approximately 140 subjects at approximately 40 experienced clinical centers in North America, United Kingdom and Europe. For more information about the trial and study design, visit NCT06050122. Register for Sol-Gel’s KOL event Sol-Gel will host a virtual KOL event featuring Julie Breneiser (Executive Director, Gorlin Syndrome Alliance) and Ervin Epstein Jr, M.D. (Co-Founder of PellePharm). The event will highlight the patient’s experience through the eyes of a Gorlin syndrome patient as well as discuss the therapeutic potential of SGT-610 to prevent new BCCs in Gorlin syndrome patients and Sol-Gel’s Phase 3 trial. Register for the event here. About Gorlin Syndrome and SGT-610SGT-610, a topical hedgehog signaling pathway inhibitor, has the potential to be the first ever preventive treatment for Gorlin syndrome, if approved. Gorlin syndrome, an autosomal dominant genetic disorder affecting approximately one in 27,000-31,000 people in the U.S., is mostly caused by inheritance of one defective copy of the tumor suppressor patched homolog 1 (PTCH1) gene. Normally, the PTCH1 gene blocks the smoothened, frizzle class receptor (SMO) gene, turning off the hedgehog signaling pathway when it is not needed. Mutations in the PTCH1 gene may cause a loss of PTCH1 function, release of SMO, and may allow basal cell carcinoma (BCC) tumor cells to divide uncontrollably. Patidegib, the active substance in SGT-610, is designed to block the SMO signal, thus, allowing cells to function normally and reducing the production of new tumors. About Sol-Gel TechnologiesSol-Gel Technologies, Ltd. is a dermatology company focused on identifying, developing and commercializing or partnering drug products for the treatment of skin diseases. Sol-Gel developed TWYNEO which is approved by the FDA for the treatment of acne vulgaris in adults and pediatric patients nine years of age and older; and EPSOLAY, which is approved by the FDA for the treatment of inflammatory lesions of rosacea in adults. Both drugs are exclusively licensed to and commercialized by Galderma in the U.S. The Company’s pipeline includes Orphan- and Breakthrough designated dug candidate, SGT-610, under investigation for the prevention of new basal cell carcinomas in Gorlin syndrome patients, and also includes topical drug candidate SGT-210 under investigation for the treatment of rare skin keratodermas. For additional information, please visit www.sol-gel.com. Forward-Looking StatementsThis press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, potential of SGT-610 as the first and only therapy aimed at preventing new BCCs in Gorlin syndrome; improved safety profile of SGT-610, success of the SGT-610 clinical studies, obtaining regulatory approval for our product candidates including SGT-610; and the market potential of SGT-610. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. Forward-looking statements are based on information we have when those statements are made or our management’s current expectations and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to, a delay in the timing of our clinical trials, the success of our clinical trials , and an increase in our anticipated costs and expenses, as well as the following factors: (i) the adequacy of our financial and other resources, particularly in light of our history of recurring losses and the uncertainty regarding the adequacy of our liquidity to pursue our complete business objectives; (ii) our ability to complete the development of our product candidates; (iii) our ability to find suitable co-development partners; (iv) our ability to obtain and maintain regulatory approvals for our product candidates in our target markets, the potential delay in receiving such regulatory approvals and the possibility of adverse regulatory or legal actions relating to our product candidates even if regulatory approval is obtained; (v) our collaborators’ ability to commercialize our pharmaceutical product candidates; (vi) our ability to obtain and maintain adequate protection of our intellectual property; (vii) our collaborators’ ability to manufacture our product candidates in commercial quantities, at an adequate quality or at an acceptable cost; (viii) our collaborators’ ability to establish adequate sales, marketing and distribution channels; (ix) acceptance of our product candidates by healthcare professionals and patients; (x) the possibility that we may face third-party claims of intellectual property infringement; (xi) the timing and results of clinical trials that we may conduct or that our competitors and others may conduct relating to our or their products; (xii) intense competition in our industry, with competitors having substantially greater financial, technological, research and development, regulatory and clinical, manufacturing, marketing and sales, distribution and personnel resources than we do; (xiii) potential product liability claims; (xiv) potential adverse federal, state and local government regulation in the United States, Europe or Israel; and (xv) loss or retirement of key executives and research scientists; (xvi) general market, political and economic conditions in the countries in which the Company operates; and, (xvii) the current war between Israel and Hamas and any deterioration of the war in Israel into a broader regional conflict involving Israel with other parties. These factors, and other important factors discussed in the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 10, 2023, as amended, and our other reports filed with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Except as required by law, we undertake no obligation to update any forward-looking statements in this press release. For further information, please contact:Investors:Irina KofflerInvestor relations, LifeSci Advisorsikoffler@lifesciadvisors.com+1 917 734 7387 Sol-Gel TechnologiesGilad MamlokChief Financial Officergilad.mamlok@sol-gel.com

Event to be held on December 6, 2023 will focus on preventing basal cell carcinomas associated with Gorlin syndrome with a discussion of the disease burden, SGT-610 and the upcoming Phase 3 trial NESS ZIONA, Israel, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Sol-Gel Technologies, Ltd. (Nasdaq: SLGL) (“Sol-Gel”), a dermatology company leveraging innovative approaches to develop pioneering treatments for patients with severe skin conditions, and with two approved large-category dermatology products, TWYNEO® and EPSOLAY®, today announced it will host a virtual KOL event on Wednesday, December 6, 2023 at 12:00 PM ET. To register, click here. The event will feature Julie Breneiser (Executive Director, Gorlin Syndrome Alliance) and Ervin Epstein Jr., MD (Co-Founder of PellePharm Inc.), who will discuss the significant disease burden of Gorlin syndrome patients and lack of effective therapies. Gorlin syndrome is a rare genetic disorder associated with growth of multiple basal cell carcinomas. The event will also focus on the therapeutic potential of SGT-610 (patidegib gel), a new hedgehog inhibitor (HHI), in development to prevent new basal cell carcinoma (BCC) lesions in patients with Gorlin syndrome with the potential for a more favorable tolerability profile compared to approved oral HHIs. SGT-610 has been granted Orphan Drug Designation as well as Breakthrough Designation by the FDA. Alon Seri-Levy, PhD (Co-Founder and Chief Executive Officer, Sol-Gel Therapeutics) will provide an overview of the upcoming SGT-610 Phase 3 study, including strategies intended to optimize success of the study, and insights on market potential. A live question and answer session will follow the formal presentation. About Julie Breneiser Julie Breneiser is the Executive Director of the Gorlin Syndrome Alliance (GSA). Prior to her position as director, Julie served as volunteer Board President for the GSA. Mrs. Breneiser and her two young adult children are affected with Gorlin syndrome, a rare genetic disorder caused by a tumor suppressant mutation that can affect every organ system. Her early career began as a Physician Assistant followed by teaching preschoolers with disabilities. Mrs. Breneiser’s work with the GSA focuses on collaboration with industry to bring new and/or potential treatments to clinical trial. She also provides individual support to affected patients and their caregivers along with educating health care providers about this rare disease. Mrs. Breneiser previously served as a consumer reviewer for the National Institutes of Health and the Department of Defense’s Congressionally Directed Medical Research Program. Mrs. Breneiser speaks nationally and internationally raising awareness about Gorlin syndrome.​ About Ervin Epstein, Jr., MD Dr. Ervin Epstein, Jr., MD is a leading dermatologist in Oakland, California. He received his medical degree from University of California (San Francisco) School of Medicine and was in practice for more than 50 years. He served as the Co-Founder, Medical Advisor, and Director at PellePharm, Inc. He also served as Research Dermatologist and Clinical Professor of Dermatology at the University of California, San Francisco. His research interests have focused on the molecular biology of inherited and neoplastic skin diseases. has served as President of the Society for Investigative Dermatology. Ervin Epstein has also served on the boards of numerous dermatological organizations including The American Dermatological Association. His publications have appeared in New England Journal of Medicine, Nature, and Science. About Alon Seri-Levy, PhD Alon Seri-Levy, PhD co-founded Sol-Gel and has served as chief executive officer since the Company’s inception in 1997 and as a member of the board of directors until 2014. Prior to founding Sol-Gel, Dr. Seri-Levy established the computer-aided drug design department at Peptor Ltd., an Israeli research and development company that specialized in the development of peptide-based drug products. Dr. Seri-Levy holds a PhD in Chemistry (summa cum laude) from The Hebrew University of Jerusalem, Israel, and conducted his post-doctoral studies at Oxford University, United Kingdom. Dr. Seri-Levy was reappointed to our board of directors in January 2018, immediately following the pricing of the company’s initial public offering. About Gorlin Syndrome and SGT-610 SGT-610, a hedgehog signaling pathway blocker, has the potential to be the first ever treatment for Gorlin syndrome, if approved. Gorlin syndrome, an autosomal dominant genetic disorder affecting approximately 1 in 27,000-31,000 people in the U.S., is mostly caused by inheritance of one defective copy of the tumor suppressor patched homolog 1 (PTCH1) gene. Normally, the PTCH1 gene blocks the smoothened, frizzle class receptor (SMO) gene, turning off the hedgehog signaling pathway when it is not needed. Mutations in the PTCH1 gene may cause a loss of PTCH1 function, release of SMO, and may allow basal cell carcinoma (BCC) tumor cells to divide uncontrollably. Patidegib, the active substance in SGT-610, is designed to block the SMO signal, thus, allowing cells to function normally and reducing the production of new tumors. About Sol-Gel Technologies Sol-Gel Technologies, Ltd. is a dermatology company focused on identifying, developing and commercializing or partnering drug products for the treatment of skin diseases. Sol-Gel developed TWYNEO which is approved by the FDA for the treatment of acne vulgaris in adults and pediatric patients nine years of age and older; and EPSOLAY, which is approved by the FDA for the treatment of inflammatory lesions of rosacea in adults. Both drugs are exclusively licensed to and commercialized by Galderma in the U.S. The Company’s pipeline includes Orphan Drug candidate, SGT-610 under investigation for the prevention of new basal cell carcinomas in Gorlin syndrome patients, and also includes topical drug candidate SGT-210 under investigation for the treatment of rare skin keratodermas. For additional information, please visit www.sol-gel.com. Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, the timing of beginning the Phase 3 clinical trial of SGT-610, success of any clinical studies, and obtaining regulatory approval for our product candidates including SGT-610;the favorable tolerability profile of SGT-610, and the market potential of SGT-610 . In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. Forward-looking statements are based on information we have when those statements are made or our management’s current expectations and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to, a delay in the timing of our clinical trials, including the timing of beginning the Phase 3 clinical trial of SGT-610, and an increase in our anticipated costs and expenses, as well as the following factors: (i) the adequacy of our financial and other resources, particularly in light of our history of recurring losses and the uncertainty regarding the adequacy of our liquidity to pursue our complete business objectives; (ii) our ability to complete the development of our product candidates; (iii) our ability to find suitable co-development partners; (iv) our ability to obtain and maintain regulatory approvals for our product candidates in our target markets, the potential delay in receiving such regulatory approvals and the possibility of adverse regulatory or legal actions relating to our product candidates even if regulatory approval is obtained; (v) our collaborators’ ability to commercialize our pharmaceutical product candidates; (vi) our ability to obtain and maintain adequate protection of our intellectual property; (vii) our collaborators’ ability to manufacture our product candidates in commercial quantities, at an adequate quality or at an acceptable cost; (viii) our collaborators’ ability to establish adequate sales, marketing and distribution channels; (ix) acceptance of our product candidates by healthcare professionals and patients; (x) the possibility that we may face third-party claims of intellectual property infringement; (xi) the timing and results of clinical trials that we may conduct or that our competitors and others may conduct relating to our or their products; (xii) intense competition in our industry, with competitors having substantially greater financial, technological, research and development, regulatory and clinical, manufacturing, marketing and sales, distribution and personnel resources than we do; (xiii) potential product liability claims; (xiv) potential adverse federal, state and local government regulation in the United States, Europe or Israel; and (xv) loss or retirement of key executives and research scientists; (xvi) general market, political and economic conditions in the countries in which the Company operates; and, (xvii) the current war between Israel and Hamas and any deterioration of the war in Israel into a broader regional conflict involving Israel with other parties. These factors, and other important factors discussed in the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 10, 2023, as amended, and our other reports filed with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Except as required by law, we undertake no obligation to update any forward-looking statements in this press release. For further information, please contact: Investors: Irina KofflerInvestor relations, LifeSci Advisorsikoffler@lifesciadvisors.com+1 917 734 7387 Sol-Gel Technologies Gilad MamlokChief Financial Officergilad.mamlok@sol-gel.com

Sol-Gel on track to advance Orphan Drug candidate, SGT-610 (patidegib) for Gorlin syndrome into Phase 3 testing in late 2023Gorlin Syndrome KOL event to be held on December 6, 2023Sol-Gel maintains cash runway into the second half of 2025 NESS ZIONA, Israel, Nov. 09, 2023 (GLOBE NEWSWIRE) -- Sol-Gel Technologies, Ltd. (NASDAQ: SLGL) (“Sol-Gel”), a dermatology company leveraging innovative approaches to develop pioneering treatments for patients with severe skin conditions, and with two approved large-category dermatology products, TWYNEO® and EPSOLAY®, today announced financial results for the third quarter ended September 30, 2023 and provided a corporate update. “We are on track to begin pivotal Phase 3 testing for our Breakthrough-designated, Orphan Drug candidate, SGT-610, or patidegib, for the prevention of basal cell carcinoma in subjects having Gorlin syndrome, which we are planning to initiate this quarter. We anticipate this candidate will have a market potential of over $300 million as a first-ever therapy in a patient population that currently has no approved therapies,” stated Alon Seri Levy, Ph.D., Chief Executive Officer of Sol-Gel. “As we announced last quarter, SGT-610 is our primary focus due to its promising potential, and we have optimized the Phase 3 trial design and enrollment criteria to maximize the probability of success,” he added. “Additionally, we continue to have discussions with prospective partners to secure new international licenses for our marketed products, TWYNEO and EPSOLAY, to generate non-dilutive capital.” Q3 2023 and Recent Corporate Developments Based on Sol-Gel’s adoption of cost-saving measures announced in the second quarter, the Company continues to maintain its cash runway into the second half of 2025.In the third quarter of 2023, TWYNEO maintained a high recurring base of prescribers compared to the second quarter. In addition, TWYNEO’s market access position remains strong with broad commercial formulary coverage on CVS/Caremark, Express Scripts and Optum plans.According to IQVIA data, total prescriptions of TWYNEO written in the third quarter approached 27,000 with total prescriptions since launch surpassing 189,000. According to IQVIA data, there have been over 13,000 prescriptions of EPSOLAY written in the third quarter of 2023 and over 65,000 prescriptions written to date.Sol-Gel's operations remain on-going despite the current war.The Company plans to host a KOL event on December 6, 2023 to discuss Gorlin syndrome and the SGT-610 Phase 3 study. Further details are forthcoming and will be available in the Investors/Events & Presentations section of the www.sol-gel.com website. Financial Results for the Quarter Ended September 30, 2023 Total revenue in the three months was $0.2 million, which primarily consisted of licensing revenues from Galderma. Research and development expenses were $4.7 million compared to $2.0 million for the same period in 2022. The increase of $2.7 million was primarily attributed to an increase of $2.0 million related to the continuing development of SGT-610. General and administrative expenses for the third quarter of 2023 were $1.9 million compared to $1.8 million for the same period in 2022. Sol-Gel reported a net loss of $5.7 million for the third quarter of 2023 and a loss of $0.21 per basic and diluted share, compared to a net loss of $3.4 million and a net loss of $0.15 per basic and diluted share for the same period in 2022. As of September 30, 2023, Sol-Gel had $26.1 million in cash, cash equivalents and deposits, and $17.2 million in marketable securities for a total balance of $43.3 million. The Company expects that its cash resources will enable funding of operational and capital expenditure requirements into the second half of 2025. About Gorlin Syndrome and SGT-610 SGT-610, a hedgehog signaling pathway blocker, has the potential to be the first ever treatment for Gorlin syndrome, if approved. Gorlin syndrome, an autosomal dominant genetic disorder affecting approximately 1 in 27,000-31,000 people in the U.S., is mostly caused by inheritance of one defective copy of the tumor suppressor patched homolog 1 (PTCH1) gene. Normally, the PTCH1 gene blocks the smoothened, frizzle class receptor (SMO) gene, turning off the hedgehog signaling pathway when it is not needed. Mutations in the PTCH1 gene may cause a loss of PTCH1 function, release of SMO, and may allow basal cell carcinoma (BCC) tumor cells to divide uncontrollably. Patidegib, the active substance in SGT-610, is designed to block the SMO signal, thus, allowing cells to function normally and reducing the production of new tumors. About TWYNEO TWYNEO (tretinoin and benzoyl peroxide) Cream, 0.1%/3% is used for the topical treatment of acne vulgaris in adults and pediatric patients 9 years of age and older. TWYNEO utilizes a proprietary, patented technology where tretinoin and BPO are encapsulated within silica-based microcapsules to create a barrier between the medication and the skin. The patented microencapsulation technology in TWYNEO Cream segregates and envelopes the active ingredients in silica core shells (microcapsules) so that tretinoin is protected from the oxidizing effects of BPO, allowing the combination of both drugs into one product and gradual release onto the skin. Sol-Gel Technologies received U.S. Food and Drug Administration (“FDA”) approval for TWYNEO Cream on July 27, 2021, and granted exclusive rights to Galderma to commercialize the treatment in the U.S. About EPSOLAY EPSOLAY is a topical cream containing encapsulated benzoyl peroxide (BPO), 5%, for the treatment of inflammatory lesions of rosacea in adults. EPSOLAY utilizes a proprietary, patented technology to encapsulate BPO within silica-based microcapsules to create a barrier between the medication and the skin. The silica-based shell is designed to slowly release BPO over time to provide a tolerable and effective treatment. Sol-Gel Technologies received FDA approval for EPSOLAY Cream on April 22, 2022, and granted exclusive rights to Galderma to commercialize the treatment in the U.S. About Sol-Gel Technologies Sol-Gel Technologies, Ltd. is a dermatology company focused on identifying, developing and commercializing or partnering drug products for the treatment of skin diseases. Sol-Gel developed TWYNEO which is approved by the FDA for the treatment of acne vulgaris in adults and pediatric patients nine years of age and older; and EPSOLAY, which is approved by the FDA for the treatment of inflammatory lesions of rosacea in adults. Both drugs are exclusively licensed to and commercialized by Galderma in the U.S. The Company’s pipeline includes Orphan Drug candidate, SGT-610 under investigation for the prevention of new basal cell carcinomas in Gorlin syndrome patients, and also includes topical drug candidate SGT-210 under investigation for the treatment of rare skin keratodermas. For additional information, please visit www.sol-gel.com. Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, the timing of beginning the Phase 3 clinical trial of SGT-610, success of any clinical studies, and obtaining regulatory approval for our product candidates including SGT-610; our expected cash runway; our ability to out-license additional international rights for TWYNEO and EPSOLAY; and the commercial acceptance and profitability of TWYNEO and EPSOLAY. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. Forward-looking statements are based on information we have when those statements are made or our management’s current expectations and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to, a delay in the timing of our clinical trials, including the timing of beginning the Phase 3 clinical trial of SGT-610, and an increase in our anticipated costs and expenses, as well as the following factors: (i) the adequacy of our financial and other resources, particularly in light of our history of recurring losses and the uncertainty regarding the adequacy of our liquidity to pursue our complete business objectives; (ii) our ability to complete the development of our product candidates; (iii) our ability to find suitable co-development partners; (iv) our ability to obtain and maintain regulatory approvals for our product candidates in our target markets, the potential delay in receiving such regulatory approvals and the possibility of adverse regulatory or legal actions relating to our product candidates even if regulatory approval is obtained; (v) our collaborators’ ability to commercialize our pharmaceutical product candidates; (vi) our ability to obtain and maintain adequate protection of our intellectual property; (vii) our collaborators’ ability to manufacture our product candidates in commercial quantities, at an adequate quality or at an acceptable cost; (viii) our collaborators’ ability to establish adequate sales, marketing and distribution channels; (ix) acceptance of our product candidates by healthcare professionals and patients; (x) the possibility that we may face third-party claims of intellectual property infringement; (xi) the timing and results of clinical trials that we may conduct or that our competitors and others may conduct relating to our or their products; (xii) intense competition in our industry, with competitors having substantially greater financial, technological, research and development, regulatory and clinical, manufacturing, marketing and sales, distribution and personnel resources than we do; (xiii) potential product liability claims; (xiv) potential adverse federal, state and local government regulation in the United States, Europe or Israel; and (xv) loss or retirement of key executives and research scientists; (xvi) general market, political and economic conditions in the countries in which the Company operates; and, (xvii) the current war between Israel and Hamas and any deterioration of the war in Israel into a broader regional conflict involving Israel with other parties. These factors, and other important factors discussed in the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 10, 2023, as amended, and our other reports filed with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Except as required by law, we undertake no obligation to update any forward-looking statements in this press release. For further information, please contact: Investors: Irina Koffler Investor relations, LifeSci Advisors ikoffler@lifesciadvisors.com +1 917 734 7387 Sol-Gel Technologies Gilad Mamlok Chief Financial Officer gilad.mamlok@sol-gel.com SOL-GEL TECHNOLOGIES LTD.CONSOLIDATED BALANCE SHEETS(U.S. dollars in thousands, except share and per share data) December 31, September 30, 2022 2023A s s e t s CURRENT ASSETS: Cash and cash equivalents$12,448 $14,135 Bank deposits 12,500 12,000 Marketable securities 8,678 17,183 Receivables from collaborative arrangements 7,858 - Prepaid expenses and other current assets 1,571 2,154 TOTAL CURRENT ASSETS 43,055 45,472 NON-CURRENT ASSETS: Restricted long-term deposits and cash 1,288 1,290 Property and equipment, net 660 499 Operating lease right-of-use assets 876 1,921 Funds in respect of employee rights upon retirement 749 680 TOTAL NON-CURRENT ASSETS 3,573 4,390 TOTAL ASSETS$46,628 $49,862 Liabilities and shareholders' equity CURRENT LIABILITIES: Accounts payable$251 $234 Other accounts payable 2,360 3,806 Current maturities of operating leases 718 467 TOTAL CURRENT LIABILITIES 3,329 4,507 LONG-TERM LIABILITIES: Operating leases liabilities 54 1,222 Liability for employee rights upon retirement 1,032 1,007 TOTAL LONG-TERM LIABILITIES 1,086 2,229 TOTAL LIABILITIES 4,415 6,736 SHAREHOLDERS' EQUITY: Ordinary Shares, NIS 0.1 par value – authorized: 50,000,000 as of December 31, 2022 and September 30, 2023: 23,129,469 and 27,857,620as of December 31, 2022 and September 30, 2023, respectively. 638 774 Additional paid-in capital 234,640 257,819 Accumulated deficit (193,065) (215,467)TOTAL SHAREHOLDERS' EQUITY 42,213 43,126 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$46,628 $49,862 SOL-GEL TECHNOLOGIES LTD.CONSOLIDATED STATEMENTS OF OPERATIONS(U.S. dollars in thousands, except share and per share data) Nine months endedSeptember 30 Three months endedSeptember 30 2022 2023 2022 2023 LICENSE REVENUES$3,783 $1,107 $261 $213 RESEARCH AND DEVELOPMENT EXPENSES 8,465 19,370 2,042 4,672 GENERAL AND ADMINISTRATIVE EXPENSES 5,357 5,649 1,844 1,862 OTHER INCOME, net - 14 - 14 OPERATING LOSS (10,039) (23,898) (3,625) (6,307)FINANCIAL INCOME, net 901 1,496 218 596 LOSS FOR THE PERIOD$(9,138) $(22,402) $(3,407) $(5,711)BASIC AND DILUTED LOSS PER ORDINARY SHARE (0.40) (0.84) (0.15) (0.21)WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF BASIC AND DILUTED LOSS PER SHARE 23,128,469 26,826,458 23,129,469 27,844,212