Opaleye Management Inc. 4

What Happened Opaleye Management, Inc. — reported as a 10% owner/manager for affiliated accounts — purchased a total of 1,712 shares of Sol‑Gel Technologies Ltd. (SLGL) in open‑market transactions. The filing shows 312 shares bought on 2026‑07‑01 at $71.99 ($22,461) and 1,400 shares bought on 2026‑07‑02 at $71.97 ($100,759), for a combined cash outlay of about $123,220. These were purchases (which market observers often view as a more informative/bullish signal than sales).

Key Details

• Transaction dates and prices: 312 shares @ $71.99 on 2026‑07‑01; 1,400 shares @ $71.97 on 2026‑07‑02. Filing reports a weighted average and notes prices ranged $71.96–$71.99.
• Total shares acquired: 1,712; total reported value ≈ $123,220.
• Shares owned after transaction: not specified in the Form 4 provided.
• Footnotes of note:
  • F1/F2: Shares are owned directly by Opaleye, L.P. (the Fund) and a separately managed account; Opaleye Management, Inc. is the investment/portfolio manager and may be deemed to beneficially own those securities.
  • F3: Weighted average price; multiple execution prices between $71.96–$71.99; holder can provide per‑trade breakdown on request.
  • F4: Opaleye Management disclaims beneficial ownership except for its pecuniary interest.
• Filing timeliness: Report filed 2026‑07‑02 for transactions on 2026‑07‑01 and 07‑02; appears to be timely under the Form 4 reporting rules.

Context These are open‑market purchases by an institutional manager of a Fund and a Managed Account, not a typical executive insider trade. The filing’s footnotes clarify ownership structure and a disclaimer of beneficial ownership beyond pecuniary interest. Purchases by institutional holders can signal additional demand but do not, by themselves, explain motives.