Opaleye (SLGL) affiliate discloses 460,335 shares, 16.52% stake

Rhea-AI Filing Summary

Sol-Gel Technologies Ltd ownership disclosure: Opaleye Management Inc., Opaleye, L.P. and James Silverman report beneficial ownership of 460,335 Ordinary Shares, representing 16.52% of the class. The filing states 2,786,158 Ordinary Shares outstanding as of December 31, 2025.

The statement clarifies the Adviser (Opaleye Management Inc.) advises the Fund (Opaleye, L.P.), Mr. Silverman controls the Adviser, and the reported shares are directly held by the Fund. Signatures show Mr. Silverman signed in multiple capacities.

Insights

Institutional Ownership Analyst

Large passive stake disclosed by an investment adviser and affiliated fund.

The filing lists 460,335 shares and a 16.52% stake based on December 31, 2025 outstanding shares of 2,786,158. This is a material ownership disclosure under beneficial-ownership rules.

Impact depends on whether the position is active or passive; the filing describes advisory and control relationships but does not state trading intent. Subsequent filings could show changes in stake or voting arrangements.

Corporate Governance Specialist

Filing clarifies voting and dispositive power is shared, not sole.

The table reports 0 sole voting power and 460,335 shared voting and dispositive power, indicating joint control over votes and dispositions. The joint-filing agreement is attached as Exhibit 99.1.

Governance implications hinge on how shared power is exercised; shareholder meeting materials or future amendments may detail any voting coordination or arrangements.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Sol-Gel Technologies Ltd

(Name of Issuer)

Ordinary Shares, par value NIS 1.00 per share.

(Title of Class of Securities)

(CUSIP Number)

02/13/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP No.

1

Names of Reporting Persons

Opaleye Management Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MASSACHUSETTS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 460,335.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 460,335.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

460,335.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

16.52 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No.

1

Names of Reporting Persons

Opaleye, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MASSACHUSETTS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 450,335.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 450,335.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

450,335.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

16.16 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No.

1

Names of Reporting Persons

James Silverman

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 460,335.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 460,335.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

460,335.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

16.52 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Sol-Gel Technologies Ltd
(b)	Address of issuer's principal executive offices: 6 HaChoshlim St., Bldg. C, Herzliya, ISRAEL, 6701101
Item 2.
(a)	Name of person filing: This statement is filed by (i) Opaleye Management Inc. (the "Adviser"), (ii) Opaleye, L.P. (the "Fund") and (iii) James Silverman with respect to shares directly held by the Fund. The Adviser serves as investment adviser to the Fund. Mr. Silverman exercises control over the Adviser. Based on 2,786,158 Ordinary Shares outstanding as of December 31, 2025, as reported by Sol-Gel Technologies Ltd in its Annual Report on Form 20-F filed with the Securities and Exchange Commission. The filing of this statement should not be construed as an admission that any of the foregoing persons is, for the purposes of Section 13 of the Securities Exchange Act, the beneficial owner of the shares reported herein.
(b)	Address or principal business office or, if none, residence: One Boston Place, 26th Floor, Boston, MA 02108
(c)	Citizenship: Opaleye Management Inc. - Massachusetts Opaleye, L.P. - Massachusetts James Silverman - USA
(d)	Title of class of securities: Ordinary Shares, par value NIS 1.00 per share.
(e)	CUSIP No.:
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 460,335.00
(b)	Percent of class: 16.52 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 460,335.00
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 460,335.00
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Opaleye Management Inc.

Signature:	/s/ James Silverman
Name/Title:	President
Date:	03/23/2026

Opaleye, L.P.

Signature:	/s/ James Silverman
Name/Title:	General Partner
Date:	03/23/2026

James Silverman

Signature:	/s/ James Silverman
Name/Title:	Individually
Date:	03/23/2026

Exhibit Information

Exhibit 99.1 Joint Filing Agreement by and among the reporting persons

FAQ

What stake does Opaleye report in Sol-Gel Technologies (SLGL)?

Opaleye reports beneficial ownership of 460,335 Ordinary Shares, equal to 16.52% of the class. This percentage is calculated using 2,786,158 shares outstanding as of December 31, 2025.

Who are the reporting persons in the Schedule 13G/A for SLGL?

The statement is filed by Opaleye Management Inc. (Adviser), Opaleye, L.P. (Fund), and James Silverman, who the filing says controls the Adviser and signed the amendment in multiple capacities.

Does the filing state whether voting power is sole or shared?

The table reports 0 sole voting power and 460,335 shared voting power, indicating the reported voting and dispositive authority over the shares is shared rather than sole.

What date is used to calculate the percent ownership in the filing?

Percent ownership is based on 2,786,158 Ordinary Shares outstanding as of December 31, 2025, as cited in the filing and used to derive the 16.52% stake figure.