[Form 3] Sol-Gel Technologies Ltd. Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Sol-Gel Technologies Ltd. (SLGL) received an initial ownership report from Opaleye Management Inc. as a 10% owner. The filing shows indirect beneficial ownership of 357,367 ordinary shares through Opaleye, L.P. and 10,000 ordinary shares through a separately managed account. Opaleye Management Inc. states it may be deemed to beneficially own these securities as investment manager and portfolio manager, but expressly disclaims beneficial ownership beyond its economic interest.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Opaleye Management Inc.

Role 10% Owner

Type	Security	Shares	Price	Value
holding	Ordinary Shares, par value NIS 1.00 per share	--	--	--
holding	Ordinary Shares, par value NIS 1.00 per share	--	--	--

Holdings After Transaction: Ordinary Shares, par value NIS 1.00 per share — 357,367 shares (Indirect, By Opaleye, L.P.)

Footnotes (1)

1. Represents securities owned directly by Opaleye, L.P. (the "Fund"). As the investment manager of the Fund, Opaleye Management Inc. may be deemed to beneficially own the securities owned directly by the Fund. Represents securities owned by a separately managed account (the "Managed Account"). As the portfolio manager of the Managed Account, Opaleye Management Inc. may be deemed to beneficially own the securities owned directly by the Managed Account. Opaleye Management Inc. disclaims beneficial ownership of the shares reported herein except to the extent of its pecuniary interest therein, and the filing of this Form 3 shall not be construed as an admission that Opaleye Management Inc. is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or for any other purpose.

Understanding Insider Trading Forms →

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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1. Name and Address of Reporting Person^*

Opaleye Management Inc.

(Last) (First) (Middle)

ONE BOSTON PLACE, 26TH FLOOR

(Street)

BOSTON MA 02108

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
11/13/2025

3. Issuer Name and Ticker or Trading Symbol
Sol-Gel Technologies Ltd. [ SLGL ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Ordinary Shares, par value NIS 1.00 per share	357,367	I	By Opaleye, L.P.(1)(3)
Ordinary Shares, par value NIS 1.00 per share	10,000	I	By Managed Account(2)(3)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents securities owned directly by Opaleye, L.P. (the "Fund"). As the investment manager of the Fund, Opaleye Management Inc. may be deemed to beneficially own the securities owned directly by the Fund.

2. Represents securities owned by a separately managed account (the "Managed Account"). As the portfolio manager of the Managed Account, Opaleye Management Inc. may be deemed to beneficially own the securities owned directly by the Managed Account.

3. Opaleye Management Inc. disclaims beneficial ownership of the shares reported herein except to the extent of its pecuniary interest therein, and the filing of this Form 3 shall not be construed as an admission that Opaleye Management Inc. is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or for any other purpose.

	Opaleye Management Inc. By: /s/ James Silverman, President	11/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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