How many SANUWAVE Health (SNWV) shares did Opaleye-related accounts sell and at what prices?

Opaleye-related accounts sold 46,288 SANUWAVE shares on April 28, 2026 at a weighted average $18.4674, and 24,360 shares on April 29, 2026 at a weighted average $17.2476. Trades occurred within reported intraday ranges of $18.41–$18.6615 and $16.58–$17.51, respectively.

How many SANUWAVE Health (SNWV) shares do Opaleye-related entities hold after these sales?

After the reported sales, Opaleye, L.P. holds 887,650 SANUWAVE shares and a separately managed account holds 6,500 shares. Together, entities associated with Opaleye Management Inc. report ownership of 894,150 shares, while Opaleye Management disclaims beneficial ownership beyond its pecuniary interest.

Opaleye Management (SNWV) trims SANUWAVE stake with 70,648-share open-market sale

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Opaleye Management Inc., a more than 10% owner of SANUWAVE Health, Inc., reported open-market sales of the company’s common stock over two days. On April 28, 2026, accounts it manages sold 46,288 shares at a weighted average price of $18.4674 per share, in multiple trades between $18.41 and $18.6615.

On April 29, 2026, these accounts sold an additional 24,360 shares at a weighted average price of $17.2476, in trades between $16.58 and $17.51. After the transactions, Opaleye-related vehicles held 887,650 shares through Opaleye, L.P. and 6,500 shares in a separately managed account, and Opaleye Management disclaims beneficial ownership beyond its pecuniary interest.

Insights

Opaleye’s Form 4 shows moderate, routine net selling while retaining a large position.

The filing shows entities managed by Opaleye Management Inc. executed open-market sales totaling 70,648 SANUWAVE shares across two days, at weighted average prices around $18.47 and $17.25. These are discretionary sales, not option exercises or tax-related events.

Post-transaction, Opaleye-linked entities still hold about 894,150 shares in aggregate, so the sale represents a small fraction of the reported position from this filing. Footnotes clarify that shares are held by Opaleye, L.P. and a separately managed account, and that Opaleye Management disclaims beneficial ownership beyond its pecuniary interest, framing this as portfolio activity at the fund level.

Insider Trade Summary

Net Seller: 70,648 shares ($1,274,971)

Net Sell 4 txns

Insider Opaleye Management Inc.

Role null

Sold 70,648 shs ($1.27M)

Type	Security	Shares	Price	Value
Sale	Common Stock, par value $0.001 per share	23,360	$17.2476	$403K
Sale	Common Stock, par value $0.001 per share	1,000	$17.2476	$17K
Sale	Common Stock, par value $0.001 per share	43,788	$18.4674	$809K
Sale	Common Stock, par value $0.001 per share	2,500	$18.4674	$46K

Holdings After Transaction: Common Stock, par value $0.001 per share — 887,650 shares (Indirect, By Opaleye, L.P.)

Footnotes (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 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 sold in multiple transactions at prices ranging from $18.41-$18.6615 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. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $16.58-$17.51 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. 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 sold: 70,648 shares Weighted average sale price (Apr 28): $18.4674 per share Price range (Apr 28 trades): $18.41–$18.6615 +5 more

8 metrics

Total shares sold 70,648 shares Net open-market sales across April 28–29, 2026

Weighted average sale price (Apr 28) $18.4674 per share Open-market sales on April 28, 2026

Price range (Apr 28 trades) $18.41–$18.6615 Multiple transactions on April 28, 2026

Weighted average sale price (Apr 29) $17.2476 per share Open-market sales on April 29, 2026

Price range (Apr 29 trades) $16.58–$17.51 Multiple transactions on April 29, 2026

Opaleye, L.P. holdings after 887,650 shares Common stock held indirectly after sales

Managed account holdings after 6,500 shares Common stock in separately managed account after sales

Aggregate holdings after 894,150 shares Total across Opaleye, L.P. and managed account

Key Terms

open-market sale, weighted average price, separately managed account, beneficially own, +1 more

5 terms

open-market sale financial

"The transactions are coded as an open-market sale of common stock."

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

weighted average price financial

"The price reported is a weighted average price for multiple trades."

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.

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.

beneficially own regulatory

"Opaleye Management Inc. may be deemed to beneficially own the securities."

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

pecuniary interest regulatory

"Opaleye Management Inc. disclaims beneficial ownership except to the extent of its pecuniary interest."

Form 4 Insider Transactions: What Each Field Means →

04/30/2026 - 04:10 PM

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
SANUWAVE Health, Inc. [ SNWV ]

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)
04/28/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $0.001 per share	04/28/2026		S		43,788	D	$18.4674⁽³⁾	911,010	I	By Opaleye, L.P.⁽¹⁾⁽⁵⁾
Common Stock, par value $0.001 per share	04/28/2026		S		2,500	D	$18.4674⁽³⁾	7,500	I	By Managed account⁽²⁾⁽⁵⁾
Common Stock, par value $0.001 per share	04/29/2026		S		23,360	D	$17.2476⁽⁴⁾	887,650	I	By Opaleye, L.P.⁽¹⁾⁽⁵⁾
Common Stock, par value $0.001 per share	04/29/2026		S		1,000	D	$17.2476⁽⁴⁾	6,500	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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 sold in multiple transactions at prices ranging from $18.41-$18.6615 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. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $16.58-$17.51 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.

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	04/30/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What did Opaleye Management Inc. report in its latest Form 4 for SANUWAVE Health (SNWV)?

Opaleye Management Inc. reported open-market sales of SANUWAVE Health common stock totaling 70,648 shares across April 28–29, 2026. The trades were executed at weighted average prices near $18.47 and $17.25, through Opaleye, L.P. and a separately managed account it oversees.

Were Opaleye’s SANUWAVE (SNWV) transactions option exercises or routine open-market sales?

The Form 4 classifies all reported SANUWAVE trades as open-market sales of common stock, using transaction code “S.” There are no associated option exercises or derivative conversions in this filing, and the derivativeSummary section is empty, indicating only straightforward stock sales were reported.

Who actually holds the SANUWAVE Health (SNWV) shares linked to Opaleye Management Inc.?

The filing states that shares are held directly by Opaleye, L.P. and by a separately managed account. As investment manager and portfolio manager, Opaleye Management Inc. may be deemed to beneficially own these securities but expressly disclaims beneficial ownership beyond its pecuniary interest in the accounts.

How significant are Opaleye’s recent SANUWAVE (SNWV) sales relative to its remaining holdings?

Opaleye-related entities sold 70,648 SANUWAVE shares while remaining holdings total 894,150 shares in this filing. This suggests the transactions represent a modest portion of the position, with the majority of reported shares still held after the open-market sales on April 28–29, 2026.