Opaleye Management (SLGL) boosts Sol-Gel stake with open-market share buys

Rhea-AI Filing Summary

Opaleye Management Inc., a ten percent owner of Sol-Gel Technologies Ltd., reported open-market purchases of the company’s ordinary shares through affiliated accounts. On May 12 and May 13, an affiliated fund, Opaleye, L.P., bought a total of 3,437 ordinary shares in two open-market transactions. The purchases were made at weighted average prices of $67.9833 and $66.8701 per share. After these trades, Opaleye, L.P. held 488,437 ordinary shares, while a separately managed account overseen by Opaleye Management held 15,000 ordinary shares. Opaleye Management disclaims beneficial ownership of these shares beyond its pecuniary interest.

Insider Trade Summary

Net Buyer: 3,437 shares ($231,502)

Net Buy 3 txns

Insider Opaleye Management Inc.

Role null

Bought 3,437 shs ($232K)

Type	Security	Shares	Price	Value
Purchase	Ordinary Shares, par value NIS 1.00 per share.	1,937	$66.8701	$130K
Purchase	Ordinary Shares, par value NIS 1.00 per share.	1,500	$67.9833	$102K
holding	Ordinary Shares, par value NIS 1.00 per share.	--	--	--

Holdings After Transaction: Ordinary Shares, par value NIS 1.00 per share. — 488,437 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. 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. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $67.95-$68.00 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 purchased at each price. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $66.00-$67.3820 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 purchased at each price. 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.

Key Figures

Total shares bought: 3,437 shares Purchase price May 12: $67.9833 per share Purchase price May 13: $66.8701 per share +2 more

5 metrics

Total shares bought 3,437 shares Open-market purchases on May 12–13

Purchase price May 12 $67.9833 per share Weighted average price on May 12 purchase

Purchase price May 13 $66.8701 per share Weighted average price on May 13 purchase

Fund holdings after trades 488,437 shares Opaleye, L.P. ordinary shares after purchases

Managed account holdings 15,000 shares Separately managed account ordinary shares

Key Terms

open-market purchase, beneficial ownership, separately managed account, weighted average price, +1 more

5 terms

open-market purchase financial

"transaction_action: "open-market purchase" for the May 12 and May 13 trades"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

beneficial ownership financial

"may be deemed to beneficially own the securities owned directly by the Fund"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

separately managed account financial

"Securities owned by a separately managed account (the "Managed Account")."

A separately managed account (SMA) is a personalized investment portfolio owned by a single investor and run by a professional manager who buys and sells securities on that investor’s behalf. It matters to investors because an SMA offers tailored asset selection, tax handling, and transparency—like hiring a personal chef who prepares meals to your dietary needs rather than sharing a set menu—so you can align holdings with your goals and see exactly what you own.

weighted average price financial

"The price reported in column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

pecuniary interest financial

"disclaims beneficial ownership of the shares reported herein except to the extent of its pecuniary interest"

Form 4 Insider Transactions: What Each Field Means →

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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 MASSACHUSETTS 02108

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/12/2026

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

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

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

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.	05/12/2026		P		1,500	A	$67.9833(3)	486,500	I	By Opaleye, L.P.(1)(5)
Ordinary Shares, par value NIS 1.00 per share.	05/13/2026		P		1,937	A	$66.8701(4)	488,437	I	By Opaleye, L.P.(1)(5)
Ordinary Shares, par value NIS 1.00 per share.								15,000	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 Management, Inc. 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 $67.95-$68.00 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 purchased at each price.

4. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $66.00-$67.3820 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 purchased at each price.

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	05/14/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did Opaleye report for Sol-Gel Technologies (SLGL)?

Opaleye-related entities reported buying a total of 3,437 Sol-Gel ordinary shares in open-market transactions on May 12 and May 13, at weighted average prices around the high-$60 range, increasing their reported share holdings modestly.

At what prices were the Sol-Gel (SLGL) shares purchased by Opaleye entities?

The reported Sol-Gel share purchases were made at weighted average prices of $67.9833 per share on May 12 and $66.8701 per share on May 13, reflecting multiple trades within narrow intraday price ranges.

How many Sol-Gel (SLGL) shares does Opaleye, L.P. hold after these Form 4 transactions?

Following the reported open-market purchases, Opaleye, L.P. held 488,437 ordinary shares of Sol-Gel Technologies. This figure reflects the updated position after buying 1,500 shares on May 12 and 1,937 shares on May 13 through the fund entity.

What is the separately managed account position in Sol-Gel (SLGL) overseen by Opaleye?

A separately managed account overseen by Opaleye Management held 15,000 ordinary shares of Sol-Gel Technologies as of the reported date. This holding is reported indirectly, distinct from the larger position owned directly by Opaleye, L.P.

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

Opaleye Management Inc. disclaims beneficial ownership of the reported Sol-Gel shares except to the extent of its pecuniary interest. The Form 4 attributes direct ownership to Opaleye, L.P. and to a separately managed account for reporting purposes.

Were the recent Sol-Gel (SLGL) insider trades open-market purchases?

Yes. The Form 4 classifies the two main transactions as open-market purchases (code P). Footnotes explain that reported prices are weighted averages for multiple trades executed within specified price ranges on the respective trading days.