Opaleye's indirect stake in SANUWAVE rises to 966,267 shares

Rhea-AI Filing Summary

Opaleye Management Inc. reported acquiring 1,267 shares of SANUWAVE Health, Inc. (SNWV) on 10/06/2025 at a weighted average price of $30.277 per share. After the transaction, Opaleye reports beneficial ownership of 966,267 shares through Opaleye, L.P. and an additional 15,000 shares held in a separately managed account for a total indirect position reported.

The filing clarifies the price is a weighted average from multiple trades between $29.75 and $30.50, and states that Opaleye Management Inc. disclaims beneficial ownership except to the extent of pecuniary interest. The Form 4 is signed by James Silverman, President, dated 10/09/2025.

Positive

• Incremental purchase of 1,267 shares shows continued investment at ~$30.28 per share
• Substantial indirect position of 966,267 shares held by Opaleye, L.P.
• Price transparency provided: trades ranged $29.75–$30.50 with weighted average disclosed

Negative

• None.

Insights

Insider Transactions Analyst

Insider-level purchase increases Opaleye's indirect stake to 966,267 shares.

Opaleye executed a small incremental purchase of 1,267 shares at a weighted average price of $30.277, adding to an existing indirect position held by Opaleye, L.P. The filing shows the trades occurred across prices from $29.75 to $30.50, which explains the reported weighted average.

The main dependency is the composition of the indirect holdings: 966,267 shares are tied to the Fund and 15,000 to a managed account. Watch for future Form 4 filings or schedule changes over the next 90 days that may report further purchases or dispositions.

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
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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 MA 02108

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
10/06/2025

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
Common Stock, par value $0.001 per share	10/06/2025		P		1,267	A	$30.277(2)	966,267	I	By Opaleye, L.P.(1)(3)(4)
Common Stock, par value $0.001 per share								15,000	I	By Managed account(2)(4)

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. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $29.75-$30.50 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. 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	10/09/2025
	** 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).
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FAQ

What exactly did Opaleye Management buy in SANUWAVE (SNWV)?

Opaleye Management reported acquiring 1,267 shares of SANUWAVE at a weighted average price of $30.277 per share on 10/06/2025.

How many SNWV shares does Opaleye indirectly own after the transaction?

Opaleye reports beneficial ownership of 966,267 shares via Opaleye, L.P. and 15,000 shares via a managed account, as of the filing.

What price range did the reported SNWV purchases occur at?

The filing states the shares were purchased in multiple transactions at prices ranging from $29.75 to $30.50.

Does Opaleye Management claim direct beneficial ownership of these SNWV shares?

No. The filing includes a disclaimer that Opaleye Management Inc. disclaims beneficial ownership except to the extent of its pecuniary interest.

Who signed the Form 4 for Opaleye Management?

The Form 4 was signed by James Silverman, President on 10/09/2025.