Skinvisible, Inc.
Skinvisible, Inc. is a U.S.-based pharmaceutical research and development company focused on its patented Invisicare® polymer delivery system and a portfolio of topical skin products. Through its wholly owned subsidiary, Skinvisible Pharmaceuticals Inc., it develops and out-licenses prescription, over-the-counter, and other topical or transdermal formulations to third-party manufacturers and marketers worldwide.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenuePatented polymer-based skin delivery system used to formulate topical and transdermal products.
Prescription and OTC products developed with Invisicare and licensed to third parties.
Ongoing royalties from commercialized licensed products and sublicensing arrangements.
Early-stage formulation support for pharmaceutical clients before clinical development.
Reformulation work for products coming off patent to extend product value.
Customers
Skinvisible sells primarily to pharmaceutical companies, consumer health companies, and other brand owners that need topical formulations or a delivery platform they can commercialize under their own brands. Its customers typically buy for access to patented formulation science, faster product development, and a way to extend or differentiate existing products.
Buy patented topical or transdermal formulations for development and commercialization.
License skin-care and over-the-counter formulations for branded consumer products.
Use co-development support to optimize formulations before clinical testing.
Seek reformulations and line extensions for products facing patent expiry.
Strategy
Skinvisible’s strategy is to monetize its patented Invisicare platform through out-licensing, royalties, and co-development rather than building a large internal manufacturing footprint. It also seeks to extend the platform into adjacent medical markets where a topical or transdermal delivery approach can replace more invasive alternatives.
Upfront fees and royalties are the core monetization path for the platform.
More licensees increase the number of products that can reach market without heavy internal capex.
Applying Invisicare outside dermatology can enlarge the commercial opportunity set.
Geography
Skinvisible is headquartered in the United States, but its licensing model is global and its products are out-licensed to manufacturers and marketers internationally. The company’s commercial exposure is therefore tied to where licensees develop, approve, and sell Invisicare-based products, including the United States and Europe.
Risks
Skinvisible depends on third parties to advance, approve, and commercialize licensed products, so revenue timing and scale are tied to partner execution and regulatory outcomes. As a development-stage licensing company, it also faces financing risk, intellectual property risk, and the possibility that its platform does not gain broad commercial adoption.
The company may need external capital to fund operations before licensing cash flows scale.
Exposure: Corporate liquidity and operating runway
Royalties and milestones depend on licensees advancing products through development and approval.
Exposure: Quoin and other licensees
The business model relies on patents protecting Invisicare and related formulations.
Exposure: Patent portfolio and exclusivity
Milestones and commercialization can be delayed or blocked by FDA/EU review outcomes.
Exposure: Licensed topical and transdermal products
Accounting
Judgemental itemsRevenue depends on when licensee sales occur and when contractual rights are earned.
Impact: Can create lumpy quarterly results
Revenue is booked at title transfer, making shipment timing important.
Impact: Affects quarter-to-quarter comparability
Patents and related assets may require capitalization and impairment assessment.
Impact: Can affect asset values and expense recognition
Limited cash and reliance on external funding require careful disclosure and judgment.
Impact: Important for assessing solvency and continuity
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Last updated: 29/04/2026