Recent acquisition of Phase 3-ready SGT-610 (patidegib), an Orphan Drug candidate, broadens Sol-Gel’s pipeline with the potential to be the first therapy for preventing new basal cell carcinomas in Gorlin syndrome A Phase 3 study of SGT-610 is expected to initiate in the second half of 2023, with results expected by the end of 2025 The base of recurrent TWYNEO®prescribers was82% in Q4 2022,while the EPSOLAY® recurrent prescriber base has grown to 64% during the same period Following recent financing, Sol-Gel’s cash runway expected to extend into the second half of 2025 NESS ZIONA, Israel, March 10, 2023 (GLOBE NEWSWIRE) -- Sol-Gel Technologies, Ltd. (NASDAQ: SLGL), a dermatology company with two innovative dermatology products that were launched in the U.S. and an innovative pipeline, today announced financial results for the full year ended December 31, 2022 and provided a corporate update. 2022 Corporate Highlights and Recent Developments On January 27, 2023, Sol-Gel announced the acquisition of topically applied patidegib, a hedgehog signaling pathway blocker, for the treatment of Gorlin syndrome from PellePharm, Inc. for an upfront payment of $4.7 million, total development and NDA acceptance milestones of up to $6.0 million, and based on the expected market potential up to $64.0 million in commercial milestones, as well as single digit royalties. Gorlin syndrome is a rare disease with no currently approved therapies by the U.S. Food and Drug Administration (FDA) or European Medical Association (EMA). Investigational compound SGT-610 has the potential to be the first-ever drug for treatment of Gorlin syndrome, if approved. The Company is suspending the development of SGT-310 and SGT-510 in psoriasis to allow for accelerated development of SGT-610 targeted for an underserved indication. Related to the acquisition, Sol-Gel announced the pricing of $22.8 million in parallel registered direct and private placement offerings, the proceeds from which will be used to support the Phase 3 trial of patidegib beginning in late 2023 and for general corporate purposes. Shareholder approval of the $10 million private placement is still pending and is expected by end of March. Prescribers reported positive experiences with TWYNEO (launched in April 2022), with the recurring base of prescribers increasing to a high of 82% in Q4 2022, from 66% in Q3 2022. The recurring base of prescribers, defined as the percentage of all TWYNEO prescribers who have written since launch and continue to prescribe, is a positive indicator of the drug’s acceptance. According to IQVIA data, there have been over 106,000 prescriptions written for TWYNEO in 2022. Only 6 months post its June 2022 launch, EPSOLAY captured the #2 branded topical position in rosacea in Q4 2022. EPSOLAY’s recurring base of prescribers increased to 64% of its total prescribers in Q4 2022, from 22% in Q3 2022, showcasing sizeable post-trial adoption. According to IQVIA data, there have been over 26,000 prescriptions of EPSOLAY written in 2022, In the first year of market availability, TWYNEO cream has achieved broad managed care adoption and coverage of 60% of commercial covered lives across the three major Pharmacy Benefit Managers (PBMs). Additionally, commercial payer coverage for EPSOLAY is now at over 40% of commercial covered lives. Throughout the year, Galderma has had a presence promoting TWYNEO and EPSOLAY at major dermatology meetings and supporting peer-to-peer engagement. At the American Academy of Dermatology taking place on March 17-21, 2023 in New Orleans, Louisiana, Galderma plans to host several medical education events and to support brand visibility of both TWYNEO and EPSOLAY with dedicated expert presentations. Alon Seri-Levy, Ph.D., Chief Executive Officer of Sol-Gel, stated, “With the recent acquisition of patidegib, a Breakthrough-designated Orphan Drug candidate with a market potential of over $300 million, Sol-Gel has successfully pivoted towards the attractive rare disease segment and the major unmet need for Gorlin syndrome patients. We are also extremely encouraged by the rapid market uptake of our Galderma-partnered products, TWYNEO and EPSOLAY, by prescribers, patients, and payors during their first year on the market and remain confident about prospects to improve TWYNEO and EPSOLAY reimbursement and profitability over time. We will seek to out-license non-U.S. rights for TWYNEO and EPSOLAY and generate non-dilutive income.” Financial Results for the Year Ended December 31, 2022 Total revenue was $3.9 million, which consisted of $3.9 million of licensing revenue compared to revenues of $31.3 million in 2021 which consisted of $7.5 million of licensing revenue and $23.8 million of collaboration revenue. Research and development expenses were $12.7 million compared to $20.4 million in 2021. The decrease of $7.7 million was mainly attributed to a decrease in professional expenses related to EPSOLAY and TWYNEO. General and administrative expenses were $7.4 million in 2022 compared to $8.5 million in 2021. The decrease of $1.1 million was mainly attributed to a decrease in commercialization expenses related to EPSOLAY and TWYNEO. Sol-Gel reported net loss of $14.9 million in 2022 and loss of $0.65 per basic and diluted share, compared to net income of $3.2 million and earnings of $0.14 per basic and diluted share in 2021. As of December 31, 2022, Sol-Gel had $24.9million in cash, cash equivalents and bank deposits, and $8.7 million in marketable securities for a total balance of $33.6million. Following the $22.8 million raised in the recent financing, 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 Sol-Gel Technologies Sol-Gel 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 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 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, statements regarding the benefits we expect to receive under our agreement with Galderma; the benefits of and projections of our future financial performance as a result of our acquisition of SGT-610; the timing and success of any clinical studies and obtaining of regulatory approval for our product candidates, including SGT-610; our expected cash runway, and our ability to out-license non-U.S. rights for TWYNEO and EPSOLAY and generate non-dilutive income. These forward-looking statements include information about possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives. 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, the risk that the initiation or results of the Phase 3 study forSGT-610 will be delayed or not occur, the risk that our annual net sales from SGT-610, if approved, will be lower than expected, risks that our cash runway will be shorter than expected, risks relating to the current global macroeconomic climate 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 ability to commercialize our pharmaceutical product candidates; (vi) our ability to obtain and maintain adequate protection of our intellectual property; (vii) our ability to manufacture our product candidates in commercial quantities, at an adequate quality or at an acceptable cost; (viii) our 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. These 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 2021 2022 Assets CURRENT ASSETS: Cash and cash equivalents $ 20,085 $ 12,448 Bank deposits 21,448 12,500 Marketable securities 1,709 8,678 Receivables from collaborative and licensing arrangements 13,065 7,858 Prepaid expenses and other current assets 800 1,571 TOTAL CURRENT ASSETS 57,107 43,055 NON-CURRENT ASSETS: Long-term receivables from collaborative arrangements 7,402 - Restricted long-term deposits and cash 1,298 1,288 Property and equipment, net 1,051 660 Operating lease right-of-use assets 1,501 876 Funds in respect of employee rights upon retirement 830 749 TOTAL NON-CURRENT ASSETS 12,082 3,573 TOTAL ASSETS $ 69,189 $ 46,628 Liabilities and shareholders' equity CURRENT LIABILITIES: Accounts payable $ 766 $ 251 Other accounts payable 10,145 2,360 Current maturities of operating leases 781 718 TOTAL CURRENT LIABILITIES 11,692 3,329 LONG-TERM LIABILITIES: Operating leases liabilities 810 54 Liability for employee rights upon retirement 1,093 1,032 TOTAL LONG-TERM LIABILITIES 1,903 1,086 TOTAL LIABILITIES 13,595 4,415 COMMITMENTS SHAREHOLDERS' EQUITY: Ordinary shares, NIS 0.1 par value – authorized: 50,000,000 as of December 31, 2021 and 2022, respectively; issued and outstanding: 23,126,804 and 23,129,469 as of December 31, 2021 and December 31, 2022, respectively 638 638 Additional paid-in capital 233,098 234,640 Accumulated deficit (178,142 ) (193,065 ) TOTAL SHAREHOLDERS' EQUITY 55,594 42,213 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 69,189 $ 46,628 SOL-GEL TECHNOLOGIES LTD. CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. dollars in thousands, except share and per share data) Year ended December 31, 2020 2021 2022 COLLABORATION REVENUES $ 8,771 $ 23,772 $ - LICENSEREVENUES - 7,500 3,883 TOTAL REVENUES 8,771 31,272 3,883 RESEARCH AND DEVELOPMENT EXPENSES 27,913 20,381 12,682 GENERAL AND ADMINISTRATIVE EXPENSES 11,091 8,451 7,445 OTHER INCOME,net - 524 - TOTAL OPERATING INCOME (LOSS) (30,233 ) 2,964 (16,244 ) FINANCIAL INCOME, net 943 257 1,321 NET INCOME (LOSS)FOR THE YEAR $ (29,290 ) $ 3,221 $ (14,923 ) BASIC EARNINGS (LOSS) PER ORDINARY SHARE $ (1.30 ) $ 0.14 $ (0.65 ) DILUTED EARNINGS (LOSS) PER ORDINARY SHARE (1.30 ) 0.14 (0.65 ) WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF BASIC AND DILUTED EARNINGS (LOSS) PER SHARE: BASIC 22,574,688 23,063,493 23,128,722 DILUTED 22,574,688 23,566,182 23,128,722

AcquisitionDrug ApprovalPhase 3Orphan DrugFinancial Statement

30 Jan 2023

·www.biospace.com

Sol-Gel Acquires Patidegib, a Phase 3, FDA-Breakthrough-Designated Orphan Product Candidate to Pursue Potential Market of Over $300 Million

NESS ZIONA, Israel, Jan. 27, 2023 (GLOBE NEWSWIRE) -- Sol-Gel Technologies, Ltd. (NASDAQ: SLGL), a dermatology company with FDA approvals for EPSOLAY® and TWYNEO®, two innovative dermatology products that were launched in the U.S. by partner Galderma during 2022, announced today the acquisition of topically-applied patidegib, a hedgehog signaling pathway blocker, for the treatment of Gorlin syndrome from PellePharm, Inc. Gorlin syndrome is a rare disease with no currently approved therapies by the U.S. Food and Drug Administration (FDA) or European Medical Association (EMA). Sol-Gel broadens its pipeline with this new chemical entity, designated as investigational compound SGT-610, which has the potential to be the first-ever drug for treatment of Gorlin syndrome. Sol-Gel expects the transaction to close on or about January 30, 2023, subject to the satisfaction of customary closing conditions. Patidegib has been granted Orphan Drug Designation by the FDA and the EMA as well as Breakthrough Therapy Designation by the FDA. Both FDA and EMA have stated that approval may be supported by a single pivotal Phase 3 study. Alon Seri-Levy, Ph.D., Chief Executive Officer of Sol-Gel, stated, “Rare diseases represent a high margin therapeutic category, and we estimate that SGT-610, if approved by the FDA, has the potential to generate, at peak, annual net sales in excess of $300 million. We believe that the risk/reward of this deal is extremely favorable to Sol-Gel and its shareholders. We conducted extensive due diligence on patidegib’s earlier development programs and consulted with expert clinicians to design a rigorous new Phase 3 trial that we believe can overcome the deficiencies of the earlier Phase 3 study to generate the safety and efficacy data necessary to support an FDA approval. We have a strong track record of conducting clinical studies of topical dermatologic drugs and we expect to leverage our experience to advance SGT-610 toward FDA approval, with the objective of providing Gorlin syndrome patients with the first drug that could prevent new basal cell carcinomas (BCCs).” Gorlin syndrome affects approximately 1 in 31,000 people in the U.S. and is an autosomal dominant genetic disorder, mostly caused by inheritance of one defective copy of the tumor suppressor gene PTCH1. Gorlin syndrome is also called nevoid BCC syndrome because approximately 90% of individuals with this syndrome develop multiple BCCs by age 35, ranging from a few to many thousands of lesions during a patient’s lifetime. Painful surgical excision is the treatment of choice for BCCs. However, as multiple BCCs continue to evolve, repeated surgical intervention becomes impractical, and therefore, an important consideration in the treatment of Gorlin syndrome is preventing the development of new BCCs. SGT-610 is intended to prevent new BCC formation in adults with Gorlin syndrome without the accompanying systemic adverse events observed with oral BCC therapies. Julie Breneiser, Executive Director of the Gorlin Syndrome Alliance, commented, “BCCs are the most burdensome manifestation reported by Gorlin syndrome patients. The volume of BCCs in Gorlin syndrome and associated need for repeated treatments leads to significant permanent scarring, anxiety, and loss of time from work, school and other daily life activities.” The planned Phase 3 study of SGT-610 will include well-defined modifications to an earlier Phase 3 study in which the patidegib arm was found to be as tolerable as the vehicle and the significant adverse events associated with oral hedgehog inhibitors were not observed. These modifications will include selecting patients positive for the PTCH1 mutation (in contrast to the previous study which included symptomatic patients without testing them for the mutation), as well as a requirement for a higher minimum number of BCCs at baseline. Sol-Gel’s Phase 3 study is expected to begin in the second half of 2023 with results expected by the end of 2025. Subject to the satisfaction of customary closing conditions, Sol-Gel will pay PellePharm an upfront payment of $4.7 million and total development and NDA acceptance milestones of up to $6.0 million, and up to $64.0 million in commercial milestones as well as single digit royalties. Dr. Seri-Levy continued, “SGT-610 is a late-stage Orphan Drug candidate and we are therefore prioritizing the development of SGT-610, along with SGT-210 in development for the treatment of rare skin keratodermas and other hyperproliferative skin disorders, which represent high-margin dermatology market opportunities, and suspend the development of SGT-310 and SGT-510 in psoriasis, a market that has turned more crowded and competitive. For these latter projects we will seek to out-license their development instead.” Mori Arkin, Executive Chairman of the Board of Sol-Gel, commented, “Given the team’s strong expertise in drug development and partnering, as well as the conviction gained from interacting with the scientific and patient communities, patidegib represents an ideal next asset for the Sol-Gel pipeline to maximize shareholder value.” Conference Call Information Sol-Gel will host an investor conference call and webcast today at 8:30 a.m. U.S. ET to discuss today’s announcement. To participate in the call, dial either the domestic or international number fifteen minutes before the conference call begins: Domestic: 1-877-704-4453 International: 1-201-389-0920 Passcode: 13736097 The live conference call and replay can also be accessed by audio webcast here and also on the Investor Relations section of the Company’s website, located at . Slides for the accompanying corporate presentation can also be viewed at this link. 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 gene PTCH1. Normally, the PTCH1 gene blocks the SMO gene, turning off the hedgehog signaling pathway when it is not needed; mutations in PTCH1 may cause loss of PTCH1 function, release of SMO, and may allow 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 is a dermatology company focused on identifying, developing and commercializing or partnering topical 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 also includes topical drug candidate SGT-210 under investigation for the treatment of rare skin keratodermas. For additional information, please visit

Phase 3Orphan DrugDrug ApprovalBreakthrough TherapyAcquisition

10 Nov 2022

·www.biospace.com

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 prescribers Sol-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 administrative expenses were $1.8 million for the quarter ending September 30, 2022, compared to $2.1 million for the same period in 2021. The decrease of $0.3 million was mainly attributed to a decrease in professional services. Sol-Gel reported a loss of $3.4 million for the third quarter of 2022 compared to net income of $1.3 million for the same period in 2021. As of September 30, 2022, Sol-Gel had $25.5 million in cash, cash equivalents and deposits, and $9.8 million in marketable securities for a total balance of $35.3 million. the Company expects that its existing cash resources together with cash receipts from its previously announced agreements with Galderma regarding EPSOLAY and TWYNEO and the generics sale agreement with Padagis, will enable funding of operational and capital expenditure requirements through the first quarter of 2024. About EPSOLAY EPSOLAY is a topical cream containing benzoyl peroxide, 5%, for the treatment of inflammatory lesions of rosacea in adults. EPSOLAY utilizes a proprietary technology to encapsulate benzoyl peroxide within silica-based microcapsules to create a barrier between the medication and the skin. The silica-based shell is designed to slowly release benzoyl peroxide over time to provide a favorable efficacy and safety profile. Visit for further information, including full Prescribing Information. About TWYNEO TWYNEO is a topical cream containing a fixed-dose combination of tretinoin, 0.1% and benzoyl peroxide, 3% cream for the treatment of acne vulgaris in adults and pediatric patients 9 years of age and older. TWYNEO is the first acne treatment that contains a fixed-dose combination of benzoyl peroxide and tretinoin. Tretinoin and benzoyl peroxide are widely prescribed separately for acne vulgaris; however, benzoyl peroxide causes degradation of the tretinoin molecule, thereby potentially reducing its effectiveness if used at the same time or combined in the same formulation. TWYNEO uses silica (silicon dioxide) core shell structures to separately micro-encapsulate tretinoin crystals and benzoyl peroxide crystals enabling inclusion of the two active ingredients in the cream. Visit for further information, including full Prescribing Information. About Sol-Gel Technologies Sol-Gel is a dermatology company focused on identifying, developing and commercializing branded and generic topical drug products for the treatment of skin diseases. Sol-Gel leveraged its proprietary microencapsulation technology platform for TWYNEO, which is approved for the treatment of acne vulgaris in adults and pediatric patients nine years of age and older; and EPSOLAY, which is approved for the treatment of inflammatory lesions of rosacea in adults. Both drugs are exclusively licensed to Galderma for U.S. commercialization. Founded in 1981, Galderma is the world’s largest independent dermatology company. The Company’s pipeline also includes topical drug candidates SGT-210, SGT-310 and SGT-510 under investigation for the treatment of plaque psoriasis and other dermatologic indications. For additional information, please visit 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, statements regarding the benefits we expect to receive under our agreement with Galderma; expected net sales and royalty income in line with volume growth of EPSOLAY and/or TWYNEO; and our expected cash runway. These forward-looking statements include information about possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives. 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, the risk that we will not receive all of the anticipated benefits under our agreement with Galderma, the risk that EPSOLAY and/or TWYNEO will not provide treatment to the number of patients anticipated, risks that our cash runway will be shorter than expected, risks relating to the effects of COVID-19 (coronavirus) 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 ability to commercialize our pharmaceutical product candidates; (vi) our ability to obtain and maintain adequate protection of our intellectual property; (vii) our ability to manufacture our product candidates in commercial quantities, at an adequate quality or at an acceptable cost; (viii) our 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. These and other important factors discussed in the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on April 4, 2022, 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) (Unaudited) December 31, September 30, 2021 2022 A s s e t s CURRENT ASSETS: Cash and cash equivalents $ 20,085 $ 8,501 Bank deposits 21,448 17,000 Marketable securities 1,709 9,799 Receivables from collaborative arrangements 13,065 10,783 Prepaid expenses and other current assets 800 1,472 TOTAL CURRENT ASSETS 57,107 47,555 NON-CURRENT ASSETS: Long-term receivables from collaborative arrangements 7,402 - Restricted long-term deposits and cash 1,298 1,287 Property and equipment, net 1,051 728 Operating lease right-of-use assets 1,501 988 Funds in respect of employee rights upon retirement 830 730 TOTAL NON-CURRENT ASSETS 12,082 3,733 TOTAL ASSETS $ 69,189 $ 51,288 Liabilities and shareholders' equity CURRENT LIABILITIES: Accounts payable $ 766 $ 167 Other accounts payable 10,145 1,741 Current maturities of operating leases liabilities 781 689 TOTAL CURRENT LIABILITIES 11,692 2,597 LONG-TERM LIABILITIES: Operating leases liabilities 810 193 Liability for employee rights upon retirement 1,093 1,024 TOTAL LONG-TERM LIABILITIES 1,903 1,217 COMMITMENTS TOTAL LIABILITIES $ 13,595 $ 3,814 SHAREHOLDERS' EQUITY: Ordinary Shares, NIS 0.1 par value – authorized: 50,000,000 as of December 31, 2021 and September 30, 2022; issued and outstanding: 23,000,782 and 23,129,469 as of December 31, 2021 and September 30, 2022, respectively. 638 638 Additional paid-in capital 233,098 234,116 Accumulated deficit (178,142 ) (187,280 ) TOTAL SHAREHOLDERS' EQUITY 55,594 47,474 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 69,189 $ 51,288 SOL-GEL TECHNOLOGIES LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. dollars in thousands, except share and per share data) (Unaudited) Nine months ended Three months ended September 30, September 30, 2021 2022 2021 2022 COLLABORATION REVENUES $ 2,965 - $ 1,336 - LICENSE REVENUES $ 7,500 $ 3,783 $ 7,500 $ 261 TOTAL REVENUE 10,465 3,783 8,836 261 RESEARCH AND DEVELOPMENT EXPENSES 15,388 8,465 5,989 2,042 GENERAL AND ADMINISTRATIVE EXPENSES 6,625 5,357 2,129 1,844 OTHER INCOME, net 554 - 554 - OPERATING INCOME (LOSS) (10,994 ) (10,039 ) 1,272 (3,625 ) FINANCIAL INCOME, net 184 901 14 218 NET INCOME (LOSS) FOR THE PERIOD $ (10,810 ) $ (9,138 ) $ 1,286 $ (3,407 ) BASIC INCOME (LOSS) PER ORDINARY SHARE (0.47 ) (0.40 ) 0.06 (0.15 ) DILUTED INCOME (LOSS) PER ORDINARY SHARE (0.47 ) (0.40 ) 0.05 (0.15 ) WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF INCOME (LOSS) PER SHARE : BASIC 23,043,701 23,128,469 23,097,379 23,129,469 DILUTED 23,043,701 23,128,469 23,682,601 23,129,469

CollaborateFinancial StatementGeneric Drug

100 Deals associated with SGT-310

R&D Status

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Indication	Highest Phase	Country/Location	Organization	Date
Psoriasis	Phase 1	IL	Sol-Gel Technologies Ltd.	22 Dec 2021
Skin Diseases	Phase 1	IL	Sol-Gel Technologies Ltd.	22 Dec 2021

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