Opaleye adds Sol-Gel Technologies (SLGL) shares via managed fund

Rhea-AI Filing Summary

Opaleye Management Inc., a 10% owner of Sol-Gel Technologies Ltd., reported an indirect open‑market purchase of 100 ordinary shares on January 27, 2026 at $57.05 per share. These shares are held by Opaleye, L.P., bringing that fund’s reported holdings to 449,944 shares. A separately managed account associated with Opaleye holds an additional 10,000 shares. Opaleye Management Inc. states it may be deemed to beneficially own these securities through its roles with the fund and managed account, but 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

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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)
01/27/2026

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.	01/27/2026		P		100	A	$57.05	449,944	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 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. 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	01/29/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

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

Opaleye reported an indirect open-market purchase of 100 Sol-Gel Technologies ordinary shares on January 27, 2026. The shares were bought at $57.05 per share and are held by Opaleye, L.P., a fund it manages.

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

After the reported transaction, Opaleye, L.P. is shown as holding 449,944 Sol-Gel Technologies ordinary shares. These shares are reported as indirectly beneficially owned by Opaleye Management Inc. through its role as investment manager of the fund.

What was the purchase price in Opaleye’s latest Sol-Gel Technologies (SLGL) trade?

The reported transaction shows an indirect purchase of 100 ordinary shares of Sol-Gel Technologies at a price of $57.05 per share. The trade occurred on January 27, 2026, and was coded as a P (open-market purchase).

Does Opaleye Management Inc. directly own Sol-Gel Technologies (SLGL) shares?

The filing shows shares held indirectly through Opaleye, L.P. and a separately managed account. Opaleye Management Inc. states it may be deemed a beneficial owner but disclaims beneficial ownership except for its pecuniary interest in those holdings.

What additional Sol-Gel Technologies (SLGL) holdings are reported for Opaleye-managed accounts?

Besides the fund position, a separately managed account associated with Opaleye is reported as holding 10,000 Sol-Gel Technologies ordinary shares. These are also reported as indirectly beneficially owned through Opaleye’s role as portfolio manager of that managed account.

Why is Opaleye Management Inc. considered a 10% owner of Sol-Gel Technologies (SLGL)?

Opaleye Management Inc. is identified as a 10% owner because of shares held through Opaleye, L.P. and a managed account. The filing notes it may be deemed a beneficial owner of those securities through its investment management roles.