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

Rhea-AI Filing Summary

Sol-Gel Technologies Ltd. (SLGL) director Opaleye Management Inc. reported buying additional ordinary shares. On 11/20/2025, an affiliated fund purchased 5,784 ordinary shares at a weighted average price of $35.8305 per share in multiple trades within a price range of $35.132 to $36.10. After this transaction, Opaleye Management Inc. reports indirect beneficial ownership of 363,151 ordinary shares through Opaleye, L.P. and 10,000 ordinary shares through a separately managed account. The firm states it may be deemed to beneficially own these securities as investment manager and portfolio manager, while disclaiming beneficial ownership beyond its economic 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)
11/20/2025

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.	11/20/2025		P		5,784	A	$35.8305	363,151	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 $35.132 - $36.10 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	11/21/2025
	** 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 insider transaction did Opaleye Management Inc. report for Sol-Gel Technologies (SLGL)?

Opaleye Management Inc., a director of Sol-Gel Technologies (SLGL), reported that on 11/20/2025 an affiliated fund purchased 5,784 ordinary shares of Sol-Gel.

At what price were the Sol-Gel (SLGL) shares purchased by the reporting person?

The 5,784 Sol-Gel ordinary shares were bought at a weighted average price of $35.8305 per share, in multiple trades between $35.132 and $36.10.

How many Sol-Gel (SLGL) shares does Opaleye Management Inc. report beneficially owning after this trade?

After the reported purchase, Opaleye Management Inc. reports indirect beneficial ownership of 363,151 ordinary shares through Opaleye, L.P. and 10,000 ordinary shares through a separately managed account.

How are the Sol-Gel (SLGL) shares held by Opaleye Management Inc. structured?

The filing states that 363,151 shares are owned directly by Opaleye, L.P., and 10,000 shares are held in a separately managed account, for which Opaleye acts as investment manager or portfolio manager.

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

No. Opaleye Management Inc. states it disclaims beneficial ownership of the reported shares except to the extent of its pecuniary interest and notes that its role is as investment manager or portfolio manager.

What does the weighted average price disclosure mean in this Sol-Gel (SLGL) Form 4?

The filing explains that the reported $35.8305 price is a weighted average for multiple purchases and that the shares were bought in several transactions within the $35.132–$36.10 price range.