Opaleye Reports 9.99% Stake in SANUWAVE Health

SANUWAVE Health, Inc. (Common Stock) is the subject of an amended Schedule 13G/A filed by Opaleye Management Inc., Opaleye, L.P., and James Silverman.

Rhea-AI Filing Summary

SANUWAVE Health, Inc. (Common Stock) is the subject of an amended Schedule 13G/A filed by Opaleye Management Inc., Opaleye, L.P., and James Silverman. The Fund directly holds 853,569 shares and the Reporting Persons collectively report beneficial ownership of 858,569 shares, representing 9.99% of the class. The percent is calculated using 8,594,209 Common Shares outstanding as of 03/24/2026, as reported in SANUWAVE's Form 10-K.

Insights

Governance Analyst

Passive investor disclosure: Opaleye reports just under 10% ownership in SANUWAVE Health.

The filing amends a prior Schedule 13G to show the Fund's direct holding of 853,569 shares and an aggregate beneficial position of 858,569 shares. The Reporting Persons state shared voting and dispositive power for those shares.

Ownership near a 9.99% threshold can influence filing obligations; subsequent filings would reflect any change above or below that level. Future disclosures may show if this position changes.

Key Figures

Fund direct holdings: 853,569 shares Aggregate beneficial ownership: 858,569 shares Percent of class: 9.99% +2 more

5 metrics

Fund direct holdings 853,569 shares directly held by Opaleye, L.P.

Aggregate beneficial ownership 858,569 shares reported by Opaleye Management Inc./Opaleye, L.P./James Silverman

Percent of class 9.99% percent of common stock based on outstanding shares

Shares outstanding (reference) 8,594,209 shares outstanding as of 03/24/2026 per SANUWAVE Form 10-K

CUSIP 80303D305 SANUWAVE Common Stock CUSIP

Key Terms

Schedule 13G/A, beneficial ownership, shared dispositive power

3 terms

Schedule 13G/A regulatory

"amended Schedule 13G/A filed by Opaleye Management Inc."

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

beneficial ownership financial

"report beneficial ownership of 858,569 shares"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

shared dispositive power regulatory

"Shared power to dispose or to direct the disposition of: 858,569.00"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many SANUWAVE (SNWV) shares does Opaleye directly hold?

Opaleye, L.P. directly holds 853,569 shares. The statement shows the Fund's direct position as 853,569 common shares of SANUWAVE Health, Inc., recorded in the Schedule 13G/A filing.

What percentage of SNWV does the filing report as beneficially owned?

The Reporting Persons report 9.99% beneficial ownership. The aggregate beneficial ownership is stated as 858,569 shares, equal to 9.99% of the class using 8,594,209 shares outstanding as of 03/24/2026.

Who are the Reporting Persons on this Schedule 13G/A for SNWV?

Opaleye Management Inc., Opaleye, L.P., and James Silverman. The filing is joint: the Fund holds the shares, the Adviser and Mr. Silverman are reported as having shared beneficial ownership.

What voting and dispositive powers are reported for these shares?

Shared voting and shared dispositive power of 858,569 shares. The Schedule 13G/A lists 0 sole voting/dispositive power and 858,569 as shared voting and shared dispositive power.

What outstanding share count was used to compute the 9.99%?

8,594,209 Common Shares outstanding as of 03/24/2026. That figure is referenced in the filing as reported by SANUWAVE Health, Inc. in its Form 10-K filed 03/26/2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/04/2026 - 04:05 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 6)

SANUWAVE Health, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

80303D305

(CUSIP Number)

05/01/2026

(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 Number(s): 80303D305

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 858,569.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 858,569.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

858,569.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13G

CUSIP Number(s): 80303D305

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 853,569.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 853,569.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

853,569.00

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)

9.93 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Based on 8,594,209 Common Shares outstanding as of 03/24/2026 as reported by SANUWAVE Health, Inc. on 03/26/2026, in its Form 10-K.

SCHEDULE 13G

CUSIP Number(s): 80303D305

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 858,569.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 858,569.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

858,569.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SANUWAVE Health, Inc.
(b)	Address of issuer's principal executive offices: 3360 Martin Farm Rd, Suite 100, Suwanee, GA, 30024
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 (collectively, the "Reporting Persons"). The Fund directly holds 853,569 shares of common stock, par value $0.001 per share (the "Common Stock"), of SANUWAVE Health, Inc. (the "Issuer"). The Adviser, as investment adviser to the Fund and certain separately managed accounts, and Mr. Silverman, as the controlling person of the Adviser, may be deemed to beneficially own an aggregate of 858,569 shares of Common Stock. The filing of this statement shall not be construed as an admission that any Reporting Person is the beneficial owner of any securities covered by this statement for purposes of Section 13 of the Securities Exchange Act of 1934, as amended, or otherwise.
(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 - United States
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(e)	CUSIP No.: 80303D305
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: 858,569.00
(b)	Percent of class: 9.99 %
(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: 858,569.00
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 858,569.00
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:	05/04/2026

Opaleye, L.P.

Signature:	/s/ James Silverman
Name/Title:	General Partner
Date:	05/04/2026

James Silverman

Signature:	/s/ James Silverman
Name/Title:	Individually
Date:	05/04/2026

Exhibit Information

Exhibit 99.1 Joint Filing Agreement by and among the reporting persons