Opaleye/James Silverman Disclose 5% Ownership in SLGL

Rhea-AI Filing Summary

Opaleye Management Inc., Opaleye, L.P. and James Silverman reported beneficial ownership of 139,386 ordinary shares of Sol-Gel Technologies Ltd (SLGL), representing 5.00% of the class based on 2,785,787 shares outstanding. The shares are held by the Fund with voting and dispositive power shared among the reporting persons; no sole voting or dispositive power is reported. The filing states the stake was not acquired to change or influence control of the issuer and includes a joint filing agreement signed by James Silverman.

Insights

Financial Analyst

TL;DR: A 5.0% passive stake is disclosed, indicating a notable minority position but no control intent.

The Schedule 13G shows Opaleye-related entities and James Silverman collectively hold 139,386 shares, equal to 5.00% of Sol-Gel's outstanding ordinary shares as cited in the filing. The position is reported under Rule 13d-1(b)/(c) style reporting for passive investors, with shared voting and dispositive power only. For investors, this is a material ownership disclosure because it meets the 5% reporting threshold, but the filing explicitly disclaims any intent to influence control, which keeps the filing within routine passive-investor disclosure norms.

Corporate Governance Expert

TL;DR: Ownership structure signals a coordinated position without governance control.

The report attributes shared voting and disposition among an adviser, fund, and individual, and includes a joint filing agreement. That structure suggests coordinated reporting and shared decision-making rights for disclosure purposes, but the absence of sole voting power and the certification that the stake is not held to change control indicate no immediate governance threat. This is a governance-relevant disclosure primarily for transparency rather than an activist signal.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Sol-Gel Technologies Ltd

(Name of Issuer)

Ordinary Shares, par value NIS 1.00 per share.

(Title of Class of Securities)

M8694L137

(CUSIP Number)

08/22/2025

(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)

SCHEDULE 13G

CUSIP No. M8694L137

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 139,386.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 139,386.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

139,386.00

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)

5.00 %

12

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13G

CUSIP No. M8694L137

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 139,386.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 139,386.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

139,386.00

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)

5.00 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Based on 2,785,787 Ordinary Shares outstanding as reported by Sol-Gel Technologies Ltd. in its most recent SEC filing (Form POS AM).

SCHEDULE 13G

CUSIP No. M8694L137

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 139,386.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 139,386.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

139,386.00

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)

5.00 %

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: Opaleye Management Inc. Opaleye, L.P. James Silverman 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. 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.: M8694L137
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: 139,386.00
(b)	Percent of class: 5.00%
(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: 139,386.00
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 139,386.00
Item 5.	Ownership of 5 Percent or Less of a Class.
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:	08/29/2025

Opaleye, L.P.

Signature:	/s/ James Silverman
Name/Title:	General Partner
Date:	08/29/2025

James Silverman

Signature:	/s/ James Silverman
Name/Title:	Individually
Date:	08/29/2025

Exhibit Information

Exhibit 99.1 Joint Filing Agreement by and among the reporting persons

FAQ

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

The reporting persons disclosed beneficial ownership of 139,386 shares, representing 5.00% of Sol-Gel's outstanding ordinary shares.

Who filed the Schedule 13G for SLGL?

The filing was made jointly by Opaleye Management Inc., Opaleye, L.P. and James Silverman.

Does the filing indicate control intent over SLGL?

No; the filing includes a certification stating the shares were not acquired and are not held to change or influence control of the issuer.

What voting and disposal powers are reported for the SLGL shares?

The reporting persons state 0 sole voting power and 139,386 shared voting power; similarly, 0 sole dispositive power and 139,386 shared dispositive power.

On what share count is the 5.00% calculated?

The percentage is based on 2,785,787 ordinary shares outstanding as reported by Sol-Gel in its most recent SEC filing (Form POS AM).