SCHEDULE: Opaleye Management Boosts Sol-Gel Stake to 13.19%

Opaleye Management Inc. and affiliates have disclosed an increased beneficial ownership of 13.19% in Sol-Gel Technologies Ltd.'s Ordinary Shares.

Summary

• Opaleye Management Inc., Opaleye, L.P., and James Silverman collectively reported beneficial ownership of 367,367 Ordinary Shares of Sol-Gel Technologies Ltd.
• This aggregate ownership represents 13.19% of the issuer's outstanding Ordinary Shares.
• The percentage is based on 2,785,787 Ordinary Shares outstanding as of September 24, 2025, as reported by Sol-Gel Technologies Ltd in its 2025 Proxy Statement.
• The reporting persons share both voting and dispositive power over these 367,367 shares.
• The filing states that the securities were not acquired or held for the purpose of changing or influencing control of the issuer, other than activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 7

Explanation: The disclosure of a significant and increased beneficial ownership by an investment firm is generally viewed positively, indicating confidence in the company. The explicit statement against seeking control influence mitigates potential concerns about activist pressure, though the allowance for nominations under 14a-11 suggests a degree of potential engagement.

Positives

• A significant stake of 13.19% held by an investment management firm like Opaleye Management Inc. can signal confidence in Sol-Gel Technologies Ltd.'s future prospects.
• The investment firm's continued ownership suggests a long-term interest in the company's performance.

Risks

• While the filing disclaims intent to influence control, the significant stake held by Opaleye Management Inc. could still lead to increased shareholder activism or pressure on management in the future, particularly concerning board nominations.

Future Outlook

NA

Management Comments

• James Silverman, President of Opaleye Management Inc. and General Partner of Opaleye, L.P., certified that, to the best of his knowledge and belief, the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

This filing reflects a specific investment decision by an asset manager and does not provide broader industry trends or competitive analysis for Sol-Gel Technologies Ltd.

Stakeholder Impact

• Shareholders: The disclosure of a significant stake by an institutional investor may be perceived as a positive signal, potentially boosting investor confidence and share price.
• Management: While the filing disclaims intent to influence control, the substantial ownership by Opaleye Management Inc. could lead to increased scrutiny or engagement from this significant shareholder, particularly regarding board nominations.

Key Dates

Recommendation

The filing indicates a significant, passive stake by an investment firm, which is generally a positive signal of confidence. However, without additional financial or operational updates from Sol-Gel Technologies Ltd., this filing alone does not provide sufficient information to warrant a 'buy' or 'sell' recommendation. The 'hold' recommendation reflects the stability implied by a large institutional investor maintaining a substantial position, suggesting no immediate catalysts for significant upward or downward movement based solely on this ownership disclosure.

Keywords

Sol-Gel Technologies, Opaleye Management, Beneficial Ownership, Schedule 13G, Investment Management, Ordinary Shares, Equity Stake, SEC Filing