Opaleye entity adds Sol-Gel Technologies (SLGL) stake with share buys

Rhea-AI Filing Summary

Opaleye Management Inc., a 10% owner of Sol-Gel Technologies Ltd. (SLGL), reported January open-market share purchases made through affiliated investment vehicles. On January 22, 2026, Opaleye, L.P. bought 2,173 ordinary shares at a weighted average price of $56.5681 per share, and on January 23, 2026 it bought another 1,151 shares at a weighted average price of $55.9809. After these transactions, 449,844 ordinary shares were held indirectly through Opaleye, L.P., and an additional 10,000 shares were held indirectly via a separately managed account. The filing notes that prices reflect weighted averages across multiple trades within disclosed price ranges and that Opaleye Management Inc. disclaims beneficial ownership beyond its pecuniary interest.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
01/22/2026

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Ordinary Shares, par value NIS 1.00 per share.	01/22/2026		P		2,173	A	$56.5681	448,693	I	By Opaleye, L.P.(1)(3)(5)
Ordinary Shares, par value NIS 1.00 per share.	01/23/2026		P		1,151	A	$55.9809	449,844	I	By Opaleye, L.P.(1)(3)(4)(5)
Ordinary Shares, par value NIS 1.00 per share.								10,000	I	By Managed Account(2)(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	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. Securities owned by a separately managed account (the "Managed Account"). As the portfolio manager of the Managed Account, Opaleye may be deemed to beneficially own the securities owned directly by the Managed Account.

3. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $56.00 to $57.00. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range.

4. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $52.66 to $57.00. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range.

5. 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 4 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	01/23/2026
	** Signature of Reporting Person	Date
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FAQ

What insider activity did Opaleye report in Sol-Gel Technologies (SLGL)?

The filing shows affiliated entities of Opaleye Management Inc. purchased Sol-Gel Technologies ordinary shares in open-market transactions on January 22 and 23, 2026, increasing indirect holdings reported for the 10% owner.

How many Sol-Gel (SLGL) shares were bought and at what prices?

On January 22, 2026, Opaleye, L.P. bought 2,173 ordinary shares at a weighted average price of $56.5681 per share. On January 23, 2026, it bought another 1,151 shares at a weighted average price of $55.9809 per share.

What is Opaleye Management Inc.’s reported indirect stake in Sol-Gel (SLGL) after these trades?

After the reported transactions, 449,844 ordinary shares were indirectly held through Opaleye, L.P., and 10,000 ordinary shares were indirectly held through a separately managed account, as disclosed in the Form 4.

Who actually holds the Sol-Gel (SLGL) shares reported in this Form 4?

The shares are held by Opaleye, L.P. and by a separately managed account. The footnotes state that Opaleye Management Inc. is the investment manager or portfolio manager and may be deemed to beneficially own the securities owned by those entities.

What does the weighted average price disclosure mean in this SLGL Form 4?

The footnotes explain that each reported price is a weighted average of multiple trades. For example, some shares were bought at prices ranging from $56.00 to $57.00, and the filer offers to provide the exact breakdown upon request.

Does Opaleye Management Inc. claim full beneficial ownership of the Sol-Gel (SLGL) shares?

No. A footnote states that Opaleye Management Inc. disclaims beneficial ownership of the reported shares except to the extent of its pecuniary interest, and clarifies that the filing should not be seen as an admission of beneficial ownership.