SANUWAVE Health (SNWV) holder Opaleye sells 35,581 shares

Q: What insider activity did Opaleye Management report for SNWV?

Opaleye Management reported open-market sales of 35,581 SANUWAVE Health (SNWV) shares . These sales were made indirectly through Opaleye, L.P. and a separately managed account, reflecting portfolio transactions rather than direct personal trades by an individual executive.

Q: On what dates did Opaleye Management sell SANUWAVE (SNWV) shares?

The filing shows sales on April 30 and May 1 . Both trading days involved open-market transactions in SANUWAVE Health common stock, executed through investment vehicles managed by Opaleye Management rather than direct holdings in its own name.

Q: How many SANUWAVE shares did Opaleye Management sell and at what prices?

Opaleye Management sold 35,581 shares of SANUWAVE common stock. Weighted average prices were $16.1510 on April 30 and $16.1105 on May 1, with individual trades occurring within stated intraday price ranges around those averages.

Q: What SNWV holdings remain after Opaleye Management’s reported sales?

After the reported sales, the Form 4 shows 853,569 shares held through Opaleye, L.P. and 5,000 shares in a separately managed account. These are indirect holdings , with Opaleye Management’s interest tied to its pecuniary stake in those investment vehicles.

Q: Are Opaleye Management’s SNWV trades direct or indirect holdings?

All reported SANUWAVE trades involve indirect holdings . Shares are owned by Opaleye, L.P. and a separately managed account, with Opaleye Management acting as investment manager or portfolio manager and expressly disclaiming full beneficial ownership beyond its pecuniary interest.

Q: Were the SANUWAVE (SNWV) sales executed at a single price or over a range?

The filing states that prices are weighted averages for multiple trades. Individual SANUWAVE sales occurred within ranges of $16.10–$16.775 and $16.00–$16.28 , with Opaleye Management offering to provide detailed per-trade information on request.

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Opaleye Management Inc., a more than ten percent holder of SANUWAVE Health, Inc., reported open-market sales of a total of 35,581 shares of common stock. The sales occurred on April 30 and May 1 at weighted average prices of $16.1510 and $16.1105 per share, respectively, across multiple trades within disclosed price ranges. After these transactions, the filing reports 853,569 shares held through Opaleye, L.P. and 5,000 shares in a separately managed account, all owned indirectly, with Opaleye Management disclaiming beneficial ownership beyond its pecuniary interest.

Insider Trade Summary

Net Seller: 35,581 shares ($574,240)

Net Sell 4 txns

Insider Opaleye Management Inc.

Role null

Sold 35,581 shs ($574K)

Type	Security	Shares	Price	Value
Sale	Common Stock, par value $0.001 per share	10,081	$16.1105	$162K
Sale	Common Stock, par value $0.001 per share	500	$16.1105	$8K
Sale	Common Stock, par value $0.001 per share	24,000	$16.151	$388K
Sale	Common Stock, par value $0.001 per share	1,000	$16.151	$16K

Holdings After Transaction: Common Stock, par value $0.001 per share — 853,569 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 $16.10-$16.775 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 $16.00-$16.28 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: 35,581 shares Weighted average price 30 Apr: $16.1510 per share Weighted average price 1 May: $16.1105 per share +4 more

7 metrics

Total shares sold 35,581 shares Net open-market sales reported in this Form 4

Weighted average price 30 Apr $16.1510 per share Open-market sales on April 30

Weighted average price 1 May $16.1105 per share Open-market sales on May 1

Holdings via Opaleye, L.P. 853,569 shares Total shares following May 1 transaction

Managed account holdings 5,000 shares Total shares in separately managed account after May 1 sale

Number of sale transactions 4 transactions All coded as open-market sales (S)

Net buy/sell direction Net sale of 35,581 shares transactionSummary netBuySellShares

Key Terms

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

5 terms

open-market sale financial

"transaction_action": "open-market sale""

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 in column 4 is a weighted average price."

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.

beneficially own financial

"may be deemed to beneficially own the securities owned directly by the Fund."

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.

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.

pecuniary interest financial

"disclaims beneficial ownership of the shares reported herein except to the extent of its pecuniary interest therein"

Form 4 Insider Transactions: What Each Field Means →

05/04/2026 - 04:05 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)
04/30/2026

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	04/30/2026		S		24,000	D	$16.151⁽³⁾	863,650	I	By Opaleye, L.P.⁽¹⁾⁽⁵⁾
Common Stock, par value $0.001 per share	04/30/2026		S		1,000	D	$16.151⁽³⁾	5,500	I	By Managed account⁽²⁾⁽⁵⁾
Common Stock, par value $0.001 per share	05/01/2026		S		10,081	D	$16.1105⁽⁴⁾	853,569	I	By Opaleye, L.P.⁽¹⁾⁽⁵⁾
Common Stock, par value $0.001 per share	05/01/2026		S		500	D	$16.1105⁽⁴⁾	5,000	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 $16.10-$16.775 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 $16.00-$16.28 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	05/04/2026
	** 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 insider activity did Opaleye Management report for SNWV?

Opaleye Management reported open-market sales of 35,581 SANUWAVE Health (SNWV) shares. These sales were made indirectly through Opaleye, L.P. and a separately managed account, reflecting portfolio transactions rather than direct personal trades by an individual executive.

On what dates did Opaleye Management sell SANUWAVE (SNWV) shares?

The filing shows sales on April 30 and May 1. Both trading days involved open-market transactions in SANUWAVE Health common stock, executed through investment vehicles managed by Opaleye Management rather than direct holdings in its own name.

How many SANUWAVE shares did Opaleye Management sell and at what prices?

Opaleye Management sold 35,581 shares of SANUWAVE common stock. Weighted average prices were $16.1510 on April 30 and $16.1105 on May 1, with individual trades occurring within stated intraday price ranges around those averages.

What SNWV holdings remain after Opaleye Management’s reported sales?

After the reported sales, the Form 4 shows 853,569 shares held through Opaleye, L.P. and 5,000 shares in a separately managed account. These are indirect holdings, with Opaleye Management’s interest tied to its pecuniary stake in those investment vehicles.

Are Opaleye Management’s SNWV trades direct or indirect holdings?

All reported SANUWAVE trades involve indirect holdings. Shares are owned by Opaleye, L.P. and a separately managed account, with Opaleye Management acting as investment manager or portfolio manager and expressly disclaiming full beneficial ownership beyond its pecuniary interest.

Were the SANUWAVE (SNWV) sales executed at a single price or over a range?

The filing states that prices are weighted averages for multiple trades. Individual SANUWAVE sales occurred within ranges of $16.10–$16.775 and $16.00–$16.28, with Opaleye Management offering to provide detailed per-trade information on request.