SCHEDULE: Dr. Frost Amends OPKO Health Stake to 32.8%

Dr. Phillip Frost and affiliated entities updated their beneficial ownership in OPKO Health, Inc. to 32.8% of outstanding common stock.

Summary

• Dr. Phillip Frost and affiliated entities collectively beneficially own 252,884,406 shares of OPKO Health, Inc. common stock.
• This ownership represents approximately 32.8% of the Issuer's outstanding common stock, based on 769,101,280 shares outstanding as of September 30, 2025.
• The beneficial ownership includes shares held individually by Dr. Frost (3,068,951 shares), Frost Nevada Investments Trust (30,127,177 shares), options exercisable within 60 days (2,600,000 shares), Gamma Trust (214,236,448 shares), and the Phillip and Patricia Frost Philanthropic Foundation, Inc. (2,851,830 shares).
• The filing is Amendment No. 27 to the original Schedule 13D, primarily filed due to a change in the Issuer's number of outstanding shares of Common Stock.
• Gamma Trust acquired 675,000 shares on the open market at $1.32 per share for an aggregate of $891,000.00 on August 8, 2025.
• Gamma Trust gifted 440,000 shares to various individuals on August 18, 2025.
• Dr. Frost's ownership excludes restricted stock units for up to 500,000 shares, which will not begin to vest until July 2026.

Sentiment

Score: 6

Explanation: The filing is largely neutral, being a routine update to beneficial ownership. The continued substantial stake of Dr. Phillip Frost and affiliated entities (32.8%) provides a degree of insider confidence. A minor open market purchase by Gamma Trust is slightly positive, while a gift of shares is a minor negative, balancing the overall sentiment.

Positives

• Dr. Phillip Frost and affiliated entities maintain a substantial beneficial ownership of 32.8% in OPKO Health, Inc., signaling strong insider confidence.
• Frost Gamma Investments Trust made an open market acquisition of 675,000 shares at $1.32 per share on August 8, 2025, indicating a recent investment.

Negatives

• Frost Gamma Investments Trust gifted 440,000 shares of common stock to various individuals on August 18, 2025, slightly reducing the overall beneficial ownership.

Risks

• No new specific risks related to company operations or financial health were disclosed in this ownership update.

Future Outlook

Dr. Frost's ownership position excludes restricted stock units that give him a contingent right to receive up to 500,000 shares of Common Stock, which will not begin to vest until July 2026.

Industry Context

This filing is a routine beneficial ownership disclosure and does not provide specific industry context or analysis.

Related Party Transactions

• The Phillip and Patricia Frost Philanthropic Foundation, Inc., controlled by Dr. Frost and his wife, owns 2,851,830 shares of Common Stock, which are included in Dr. Frost's beneficial ownership.

Stakeholder Impact

• Shareholders are informed of the updated beneficial ownership stake of a significant insider, Dr. Phillip Frost, and his affiliated entities, which can influence perceptions of corporate control and long-term commitment.

Next Steps

• Dr. Frost's restricted stock units for up to 500,000 shares will begin to vest in July 2026.

Key Dates

Recommendation

This Schedule 13D filing primarily provides transparency on a significant insider's ownership stake. While Dr. Frost's continued large holding and a recent small purchase by an affiliated trust are noted, this filing alone does not present new fundamental information to warrant a change in investment thesis for a seasoned investor. The reported transactions are not substantial enough to signal a major shift in strategy or outlook, thus a 'hold' recommendation is appropriate based solely on this disclosure.

Keywords

OPKO Health, Phillip Frost, Schedule 13D, beneficial ownership, common stock, insider ownership, healthcare, biotechnology, pharmaceutical