[Form 4] Sol-Gel Technologies Ltd. Insider Trading Activity

Rhea-AI Filing Summary

Opaleye Management Inc. reported open market purchases of Sol-Gel Technologies Ltd. (SLGL) ordinary shares. On 11/24/2025, an affiliated fund bought 6 ordinary shares at $35.5 per share, and on 11/26/2025 it bought another 943 shares at a weighted average price of $40.00. Following these transactions, the fund is shown as beneficially owning 364,100 Sol-Gel ordinary shares, with an additional 10,000 shares held in a separately managed account. Opaleye Management Inc. states that it may be deemed to beneficially own these securities through its roles with the fund and the managed account and disclaims beneficial ownership except to the extent of 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

OMB APPROVAL

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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)
11/24/2025

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.	11/24/2025		P		6	A	$35.5	363,157	I	By Opaleye, L.P.(1)(4)
Ordinary Shares, par value NIS 1.00 per share.	11/26/2025		P		943	A	$40	364,100	I	By Opaleye, L.P.(1)(3)(4)
Ordinary Shares, par value NIS 1.00 per share.								10,000	I	By Managed Account(2)(4)

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 in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $39.99 - $40.00 inclusive. The reporting person undertakes to provide, upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each price.

4. 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	11/26/2025
	** 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 4 (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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What Form 4 transaction did Opaleye report for Sol-Gel Technologies (SLGL)?

Opaleye Management Inc. reported open market purchases of Sol-Gel Technologies Ltd. ordinary shares, with two small buy transactions in late November 2025.

How many Sol-Gel (SLGL) shares did Opaleye-related entities purchase?

An affiliated fund purchased 6 Sol-Gel ordinary shares on 11/24/2025 at $35.5 per share and 943 shares on 11/26/2025 at a weighted average price of $40.00.

How many Sol-Gel (SLGL) shares are shown as beneficially owned after these transactions?

After the reported transactions, the fund is shown as beneficially owning 364,100 Sol-Gel ordinary shares, and a separately managed account is shown as holding an additional 10,000 shares.

Are the Sol-Gel (SLGL) trades by Opaleye reported as purchases or sales?

The Form 4 lists the transactions with code P and type A, indicating purchases of Sol-Gel ordinary shares.

How does Opaleye describe its beneficial ownership of Sol-Gel (SLGL) shares?

Opaleye Management Inc. states it may be deemed to beneficially own shares held by the fund and the managed account, but it disclaims beneficial ownership except to the extent of its pecuniary interest.

What price range is disclosed for the 11/26/2025 Sol-Gel (SLGL) purchase?

The 11/26/2025 purchase is reported at a weighted average price of $40.00, with individual trades executed between $39.99 and $40.00, inclusive.