Sol-Gel Technologies Ltd. Files 20-F Annual Report for Fiscal Year 2023

TL;DR

<b>Sol-Gel Technologies Ltd. filed its 2023 annual report (20-F) on March 13, 2024, detailing financial performance and asset information.</b>

AI Summary

Sol-Gel Technologies Ltd. (SLGL) filed a Foreign Annual Report (20-F) with the SEC on March 13, 2024. The company filed its 20-F annual report on March 13, 2024, for the fiscal year ending December 31, 2023. Investments in corporate bonds rated A or higher were less than $1 thousand as of December 31, 2023. The filing includes data for fiscal years 2020, 2021, 2022, and 2023. Details on asset purchases, including the Pellepharm Asset Purchase Agreement, are noted for January 2023. The report covers various financial statement items such as common stock, additional paid-in capital, and retained earnings across multiple fiscal years.

Why It Matters

For investors and stakeholders tracking Sol-Gel Technologies Ltd., this filing contains several important signals. This filing provides a comprehensive overview of Sol-Gel's financial position and business activities for the fiscal year 2023, which is crucial for investors to assess the company's performance and future outlook. The inclusion of detailed financial data, asset breakdowns, and historical comparisons allows stakeholders to understand the company's financial health, investment strategies, and operational status.

Risk Assessment

Risk Level: low — Sol-Gel Technologies Ltd. shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and asset disclosures within the 20-F filing to understand Sol-Gel's financial health and operational status for FY2023.

Key Numbers

• less than $1 thousand — Investments in Corporate Bonds (A or higher) (As of 2023-12-31)
• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-03-13 — Filing Date (Filed As Of Date)
• 2023-01-30 — Pellepharm Asset Purchase Agreement Date (Specific transaction date)

Key Players & Entities

• Sol-Gel Technologies Ltd. (company) — Filer
• 20-F (filing) — Form Type
• 2024-03-13 (date) — Filed As Of Date
• 2023-12-31 (date) — Conformed Period Of Report
• PHARMACEUTICAL PREPARATIONS (industry) — Standard Industrial Classification
• Pellepharm (product) — Asset Purchase Agreement

FAQ

Industry Context

Sol-Gel Technologies Ltd. operates in the pharmaceutical preparations industry, focusing on developing and commercializing drug delivery systems.

Regulatory Implications

As a foreign private issuer, Sol-Gel Technologies Ltd. files annual reports on Form 20-F with the SEC, adhering to specific disclosure requirements for non-US companies.

What Investors Should Do

1. Analyze the financial statements within the 20-F for revenue, net income, and cash flow trends.
2. Examine the details of the Pellepharm Asset Purchase Agreement and any associated milestone payments.
3. Review disclosures related to investments, assets, and liabilities to understand the company's balance sheet.

Key Dates

• 2024-03-13: Filing of 20-F Annual Report — Official disclosure of fiscal year 2023 financial and operational data.
• 2023-12-31: Fiscal Year End — End date for the reporting period covered by the 20-F.
• 2023-01-30: Pellepharm Asset Purchase Agreement — Key transaction date related to asset acquisition.

Year-Over-Year Comparison

This filing represents the annual disclosure for the fiscal year 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $1 — of NIS3.627, NIS 3.519 and NIS 3.11 to $1.00, based on the exchange rates reporte
• $14.9 million — 7. In particular, we incurred a loss of $14.9 million in 2022 and a loss of $ 27.2 million in
• $220.3 million — 2023, we had an accumulated deficit of $220.3 million. Our losses have resulted principally f

Filing Documents

• zk2431086.htm (20-F) — 2219KB
• exhibit_1-2.htm (EX-1.2) — 170KB
• exhibit_2-2.htm (EX-2.2) — 43KB
• exhibit_2-3.htm (EX-2.3) — 106KB
• exhibit_4-3.htm (EX-4.3) — 121KB
• exhibit_4-13.htm (EX-4.13) — 5KB
• exhibit_4-22.htm (EX-4.22) — 277KB
• exhibit_4-23.htm (EX-4.23) — 286KB
• exhibit_12-1.htm (EX-12.1) — 12KB
• exhibit_12-2.htm (EX-12.2) — 12KB
• exhibit_13-1.htm (EX-13.1) — 4KB
• exhibit_13-2.htm (EX-13) — 4KB
• exhibit_15-1.htm (EX-15.1) — 3KB
• exhibit_97-1.htm (EX-97.CLAWBACKPOLICY) — 23KB
• image0.jpg (GRAPHIC) — 21KB
• image2.jpg (GRAPHIC) — 51KB
• image3.jpg (GRAPHIC) — 634KB
• 0001178913-24-000932.txt (&nbsp;) — 10288KB
• slgl-20231231.xsd (EX-101.SCH) — 58KB
• slgl-20231231_cal.xml (EX-101.CAL) — 35KB
• slgl-20231231_def.xml (EX-101.DEF) — 179KB
• slgl-20231231_lab.xml (EX-101.LAB) — 563KB
• slgl-20231231_pre.xml (EX-101.PRE) — 289KB
• zk2431086_htm.xml (XML) — 982KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No TABLE OF CONTENTS INTRODUCTION 1 ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 3 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 3 ITEM 3. KEY INFORMATION 4 ITEM 4. INFORMATION ON THE COMPANY 48 ITEM 4A. UNRESOLVED STAFF COMMENTS 75 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 75 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 86 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 105 ITEM 8. FINANCIAL INFORMATION 107 ITEM 9. THE OFFER AND LISTING 108 ITEM 10. ADDITIONAL INFORMATION 108 ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 126 ITEM 12.

DESCRIPTION OF SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 126 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 127 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 127 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 127 ITEM 16. [RESERVED] 128 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 128 ITEM 16B. CODE OF ETHICS 128 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 128 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES. 129 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS. 129 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT. 129 ITEM 16G. CORPORATE GOVERNANCE 129 ITEM 16H. MINE SAFETY DISCLOSURE 130 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 130 ITEM 16J. INSIDER TRADING POLICIES 130 ITEM 16K. CYBERSECURITY 130 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 131 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 131 ITEM 19. EXHIBITS 131 EXHIBIT INDEX 131 INTRODUCTION All references to "Sol-Gel," "Sol-Gel Technologies," "we," "us," "our," "the Company" and similar designations refer to Sol-Gel Technologies Ltd. The terms "shekels," "Israeli shekels" and "NIS" refer to New Israeli Shekels, the lawful currency of the State of Israel, the terms "dollar," "US

OFFER

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable. 3

KEY INFORMATION

ITEM 3. KEY INFORMATION A. Selected Financial Data Not applicable. B. Capitalization and Indebtedness Not applicable. C . Reasons for the Offer and Use of Proceeds Not applicable. D. Risk Factors You should carefully consider the risks we describe below, in addition to the other information set forth elsewhere in this annual report, including our financial statements and the related notes beginning on page F-1, before deciding to invest in our ordinary shares, or the "Ordinary Shares. The risks and uncertainties described below in this annual report on Form 20-F for the year ended December 31, 2023, are not the only risks facing us. We may face additional risks and uncertainties not currently known to us or that we currently deem to be immaterial. Any of the risks described below or incorporated by reference in this Form 20-F, and any such additional risks, could materially adversely affect our business, financial condition or results of operations. In such case, you may lose all or part of your investment. Summary of Risk Factors The following is a summary of some of the principal risks we face. The list below is not exhaustive, and investors should read this "Risk factors" section in full. We are a dermatology company and have incurred significant losses since our inception. We expect to incur losses for the foreseeable future and may never achieve or maintain profitability. We may need substantial additional funding to pursue our business objectives. If we are unable to raise capital when needed, we could be forced to curtail our planned operations and the pursuit of our growth strategy. If we are successful in raising additional capital, this may cause dilution to our shareholders, restrict our operations or require us to relinquish rights to our technologies or products. All of our product candidates are in development stage; therefore, we have not yet obtained regulatory approval for our product candidates in the United States or any other countr

View Full Filing

View this 20-F filing on SEC EDGAR