SCHEDULE: Opaleye Management Reports 7.35% Stake in Sol-Gel Tech

Opaleye Management Inc., along with affiliated entities, disclosed a 7.35% beneficial ownership of Sol-Gel Technologies Ltd. ordinary shares as of September 30, 2025, indicating a passive investment.

Summary

• Opaleye Management Inc., Opaleye, L.P., and James Silverman collectively reported beneficial ownership of 204,835 Ordinary Shares of Sol-Gel Technologies Ltd.
• This represents 7.35% of Sol-Gel Technologies Ltd.'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 hold shared voting power and shared dispositive power over all 204,835 shares.
• The investment is certified as not being for the purpose of changing or influencing control of the issuer, consistent with a passive investment strategy.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership and does not contain information that inherently indicates positive or negative sentiment regarding the company's operational or financial performance.

Positives

• Increased institutional ownership by Opaleye Management Inc. and its affiliates, which can signal confidence in Sol-Gel Technologies Ltd.'s long-term prospects.
• The reporting persons hold a significant stake of 7.35%, indicating a notable position in the company's shareholder base.

Negatives

• The filing does not contain any explicit negative information regarding Sol-Gel Technologies Ltd.'s operations or financial performance.

Risks

• The reporting persons have certified that their acquisition and holding of shares are not for the purpose of changing or influencing control of Sol-Gel Technologies Ltd., which means they are unlikely to engage in activist efforts if the company's performance falters or strategic changes are needed.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain any forward-looking statements or guidance regarding Sol-Gel Technologies Ltd.'s future performance or strategic direction.

Management Comments

• The filing of this statement should not be construed as an admission that any of the foregoing persons is, for the purposes of Section 13 of the Securities Exchange Act, the beneficial owner of the shares reported herein.
• 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.

Industry Context

This filing reflects a common practice in the investment industry where institutional investors disclose significant passive stakes in publicly traded companies. Such disclosures provide transparency regarding major shareholders and can sometimes influence market perception of a company, particularly in the biotechnology or pharmaceutical sector where investor confidence is crucial.

Stakeholder Impact

• Shareholders: Increased transparency regarding a significant institutional investor's stake. May positively influence market sentiment due to institutional backing.
• Company Management: Awareness of a significant passive shareholder, though without intent to influence control.

Key Dates

Keywords

Sol-Gel Technologies, Opaleye Management, Beneficial Ownership, Schedule 13G, Institutional Investment, Ordinary Shares, M8694L137, Passive Investment