Opaleye Management Inc.

BOSTON, MA · CIK 1595855 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2013 · corporation

Assets managed$802.8m
Staff4 · 4 in investment roles
Main clients (by assets)Private funds 98%, Companies 2%
Private funds1 (1 hedge) · $789.2m gross assets
Form ADV · 2026-02-19SEC adviser record

$1.1bn reported value +45.6% vs Q1 2026

58positions

64.8%in top 10

13 new 15 added 13 reduced 8 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	LIQUIDIA CORPORATION COM NEW LQDA	LQDA	2,447,500	$195.1m17.67%	17.67%	Reduced -97.5k	-97,500 -3.8%
2	ETON PHARMACEUTICALS INC COM ETON	ETON	2,860,000	$103.5m9.38%	9.38%	Unchanged
3	HARROW INC COM HROW	HROW	2,400,000	$101.9m9.23%	9.23%	Reduced -432.2k	-432,230 -15.3%
4	DISC MEDICINE INC COM IRON	IRON	855,000	$62.5m5.66%	5.66%	Added +434.0k	+434,000 103.1%
5	UROGEN PHARMA LTD COM URGN	URGN	1,439,996	$53.0m4.80%	4.80%	Added +10.0k	+9,996 0.7%
6	APOGEE THERAPEUTICS INC COM COM		390,000	$51.8m4.69%	4.69%	Unchanged
7	MEIRAGTX HLDGS PLC COM MGTX	MGTX	3,550,000	$48.0m4.34%	4.34%	Added +1.4m	+1,426,741 67.2%
8	SOL-GEL TECHNOLOGIES LTD SHS NEW SLGL	SLGL	500,000	$37.1m3.36%	3.36%	Unchanged
9	REZOLUTE INC COM NEW RZLT	RZLT	6,300,000	$32.8m2.97%	2.97%	Unchanged
10	TG THERAPEUTICS INC COM TGTX	TGTX	535,000	$29.4m2.66%	2.66%	Unchanged
11	IMMIX BIOPHARMA INC COM IMMX	IMMX	2,345,000	$24.2m2.19%	2.19%	New
12	CRESCENT BIOPHARMA INC. COM CBIO	CBIO	1,319,351	$23.7m2.15%	2.15%	Added +6.7k	+6,736 0.5%
13	STOKE THERAPEUTICS INC COM STOK	STOK	700,000	$22.9m2.07%	2.07%	Unchanged
14	ALPHA COGNITION INC COM NEW ACOG	ACOG	2,895,467	$20.9m1.89%	1.89%	Added +333.5k	+333,517 13.0%
15	EDGEWISE THERAPEUTICS INC COM EWTX	EWTX	500,000	$20.3m1.84%	1.84%	Unchanged
16	REVOLUTION MEDICINES INC COM RVMD	RVMD	100,000	$18.7m1.70%	1.70%	Unchanged
17	MONTE ROSA THERAPEUTICS INC COM GLUE	GLUE	745,000	$18.0m1.63%	1.63%	New
18	ALUMIS INC COM ALMS	ALMS	550,000	$15.5m1.40%	1.40%	Unchanged
19	CODEXIS INC COM CDXS	CDXS	6,785,000	$15.3m1.39%	1.39%	Unchanged
20	REPLIMUNE GROUP INC COM REPL	REPL	1,384,993	$15.3m1.39%	1.39%	New
21	XOMA ROYALTY CORPORATION COM NEW XOMA	XOMA	338,374	$14.4m1.30%	1.30%	Added +38.4k	+38,374 12.8%
22	MBX BIOSCIENCES INC COM MBX	MBX	260,000	$14.4m1.30%	1.30%	Unchanged
23	RHYTHM PHARMACEUTICALS INC COM RYTM	RYTM	122,500	$13.6m1.23%	1.23%	Reduced -500	-500 -0.4%
24	EDITAS MEDICINE INC COM EDIT	EDIT	3,861,930	$12.5m1.13%	1.13%	Added +1.9m	+1,934,933 100.4%
25	PROTAGONIST THERAPEUTICS INC COM PTGX	PTGX	100,000	$12.3m1.11%	1.11%	Unchanged
26	CABALETTA BIO INC COM CABA	CABA	3,863,800	$12.0m1.09%	1.09%	Added +2.5m	+2,483,800 180.0%
27	Q32 BIO INC COM QTTB	QTTB	931,000	$11.9m1.07%	1.07%	Reduced -325.2k	-325,228 -25.9%
28	ANNEXON INC COM ANNX	ANNX	1,714,451	$9.8m0.89%	0.89%	Reduced -617.3k	-617,310 -26.5%
29	VERASTEM INC COM NEW VSTM	VSTM	1,800,000	$6.9m0.62%	0.62%	New
30	ZENTALIS PHARMACEUTICALS INC COM ZNTL	ZNTL	1,412,656	$6.9m0.62%	0.62%	Unchanged
31	RELMADA THERAPEUTICS INC COM RLMD	RLMD	935,000	$6.5m0.59%	0.59%	Unchanged
32	OCULAR THERAPEUTIX INC COM OCUL	OCUL	600,000	$5.9m0.53%	0.53%	Unchanged
33	TREVI THERAPEUTICS INC COM TRVI	TRVI	310,000	$5.8m0.52%	0.52%	Reduced -35.1k	-35,100 -10.2%
34	BRIDGEBIO ONCOLOGY THERAPEUT COM NEW BBOT	BBOT	700,000	$5.3m0.48%	0.48%	Added +646.7k	+646,718 1213.8%
35	LYELL IMMUNOPHARMA INC COM NEW LYEL	LYEL	344,025	$4.8m0.44%	0.44%	Added +264.9k	+264,928 334.9%
36	OPUS GENETICS INC COM IRD	IRD	1,125,000	$4.6m0.42%	0.42%	Added +5.0k	+5,000 0.5%
37	4D MOLECULAR THERAPEUTICS IN COM FDMT	FDMT	334,437	$4.4m0.40%	0.40%	Added +222.1k	+222,146 197.8%
38	INTELLIA THERAPEUTICS INC COM NTLA	NTLA	250,000	$4.2m0.38%	0.38%	Added +5.0k	+5,000 2.0%
39	VOYAGER THERAPEUTICS INC COM VYGR	VYGR	1,185,000	$4.1m0.38%	0.38%	Added +35.0k	+35,000 3.0%
40	BIODESIX INC COM BDSX	BDSX	180,000	$4.1m0.37%	0.37%	Reduced -58.0k	-58,047 -24.4%
41	ROCKET PHARMACEUTICALS INC COM RCKT	RCKT	1,000,000	$3.4m0.31%	0.31%	Added +45.0k	+45,000 4.7%
42	JADE BIOSCIENCES INC COM NEW JBIO	JBIO	145,000	$3.2m0.29%	0.29%	Reduced -282.6k	-282,608 -66.1%
43	SANUWAVE HEALTH INC COM SNWV	SNWV	306,140	$3.1m0.28%	0.28%	Reduced -675.1k	-675,127 -68.8%
44	FORTRESS BIOTECH INC COM NEW FBIO	FBIO	890,000	$2.7m0.25%	0.25%	Reduced -152.0k	-152,000 -14.6%
45	JOURNEY MED CORP COM DERM	DERM	350,000	$2.5m0.22%	0.22%	Reduced -610.0k	-610,000 -63.5%
46	PHATHOM PHARMACEUTICALS INC COM PHAT	PHAT	185,589	$2.0m0.18%	0.18%	New
47	INHIBRX BIOSCIENCES INC COM INBX	INBX	20,291	$1.9m0.17%	0.17%	New
48	ENANTA PHARMACEUTICALS INC COM ENTA	ENTA	125,000	$1.8m0.17%	0.17%	Unchanged
49	HEMAB THERAPEUTICS HLDGS INC COM SHS COAG	COAG	47,652	$1.8m0.16%	0.16%	New
50	FIRST TRACKS BIOTHERAPEUTICS ORD SHS TRAX	TRAX	65,000	$1.3m0.12%	0.12%	New
51	CG ONCOLOGY INC COM CGON	CGON	17,789	$1.3m0.11%	0.11%	Reduced -77.0k	-77,011 -81.2%
52	BIOHAVEN LTD COM BHVN	BHVN	77,915	$1.2m0.10%	0.10%	New
53	ATEA PHARMACEUTICALS INC COM AVIR	AVIR	235,000	$1.1m0.10%	0.10%	Reduced -87.6k	-87,600 -27.1%
54	PASITHEA THERAPEUTICS CORP COM NEW KTTA	KTTA	2,050,000	$1.1m0.10%	0.10%	New
55	ADC THERAPEUTICS SA SHS ADCT	ADCT	700,000	$749.0k0.07%	0.07%	New
56	OKYO PHARMA LTD SHS NEW OKYO	OKYO	375,204	$562.8k0.05%	0.05%	New
57	PALATIN TECHNOLOGIES INC COM NEW PTN	PTN	20,500	$221.2k0.02%	0.02%	New
58	ADAGIO MED HLDGS INC COM ADGM	ADGM	18,444	$13.4k0.00%	0.00%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
PERSPECTIVE THERAPEUTICS INC CATX	CATX	4,675,000	$19.5m4.7m shares
ASSERTIO HOLDINGS INC		265,707	$5.1m265.7k shares
SUTRO BIOPHARMA INC STRO	STRO	190,671	$4.7m190.7k shares
TECTONIC THERAPEUTIC INC TECX	TECX	123,000	$3.8m123.0k shares
RIGEL PHARMACEUTICALS INC RIGL	RIGL	70,000	$1.9m70.0k shares
NEXTCURE INC NXTC	NXTC	141,181	$1.5m141.2k shares
PROTALIX BIOTHERAPEUTICS INC PLX	PLX	340,000	$737.8k340.0k shares
LB PHARMACEUTICALS INC LBRX	LBRX	14,506	$357.7k14.5k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
SOL-GEL TECHNOLOGIES LTD SLGL · 13G · filed 2026-05-06	SLGL	15.4%≈ $37.1m	-1.1 pts	13G	2026-05-06
ALPHA COGNITION INC ACOG · 13G · filed 2026-07-24	ACOG	14.2%≈ $22.3m	+0.9 pts	13G	2026-07-24
GRACE THERAPEUTICS INC GRCE · 13G · filed 2026-08-07	GRCE	13.1%≈ $5.3m	new	13G	2026-08-07
IBIO INC IBIO · 13G · filed 2025-02-14	IBIO	7.6%≈ $1.3m		13G	2025-02-14
CODEXIS INC CDXS · 13G · filed 2026-05-05	CDXS	7.5%≈ $15.3m	no change	13G	2026-05-05
REZOLUTE INC RZLT · 13G · filed 2026-05-11	RZLT	6.6%≈ $32.8m	+1.3 pts	13G	2026-05-11
HARROW INC HROW · 13G · filed 2026-07-31	HROW	6.4%≈ $101.9m	-1.2 pts	13G	2026-07-31
PASITHEA THERAPEUTICS CORP KTTA · 13G · filed 2026-07-31	KTTA	6.1%≈ $1.1m	-3.9 pts	13G	2026-07-31
Q32 BIO INC QTTB · 13G · filed 2026-07-31	QTTB	5.5%≈ $11.9m	-3.1 pts	13G	2026-07-31
GOSSAMER BIO INC GOSS · 13G · filed 2026-07-29	GOSS	5.1%≈ $4.1m	new	13G	2026-07-29

Trades reported as a company insider since 1 Apr 2026

Owning 10% or more of a company, or having someone on its board, makes this manager an insider there: it reports its trades in that company's shares on Form 4 within two business days. Open-market and private purchases and sales only.

Date	Company	Ticker	Trade	Shares	Value	Their holding
2026-09-25	ALPHA COGNITION INC 10% owner · By Opaleye, L.P.	ACOG	Bought	13,426	$113.7k13.4k shares	+<1%
2026-09-24	ALPHA COGNITION INC 10% owner · By Opaleye, L.P.	ACOG	Bought	18,337	$157.1k18.3k shares	+1%
2026-09-23	GRACE THERAPEUTICS INC 10% owner · By Opaleye, L.P.	GRCE	Bought	5,318	$11.2k5.3k shares	+<1%
2026-09-21	GRACE THERAPEUTICS INC 10% owner · By Opaleye, L.P.	GRCE	Bought	9,771	$20.5k9.8k shares	+<1%
2026-09-16	ALPHA COGNITION INC 10% owner · By Opaleye, L.P.	ACOG	Bought	80,170	$682.4k80.2k shares	+3%
2026-09-15	ALPHA COGNITION INC 10% owner · By Opaleye, L.P.	ACOG	Bought	3,375	$28.8k3.4k shares	+<1%
2026-09-14	ALPHA COGNITION INC 10% owner · By Opaleye, L.P.	ACOG	Bought	40,373	$351.2k40.4k shares	+1%
2026-09-11	SOL-GEL TECHNOLOGIES LTD 10% owner · By Opaleye, L.P.	SLGL	Bought	1,493	$98.5k1.5k shares	+<1%
2026-09-10	SOL-GEL TECHNOLOGIES LTD 10% owner · By Opaleye, L.P.	SLGL	Bought	1,631	$109.0k1.6k shares	+<1%
2026-09-09	SOL-GEL TECHNOLOGIES LTD 10% owner · By Opaleye, L.P.	SLGL	Bought	3,097	$212.8k3.1k shares	+1%
2026-09-09	GRACE THERAPEUTICS INC 10% owner · By Opaleye, L.P.	GRCE	Bought	5,836	$12.2k5.8k shares	+<1%
2026-09-08	SOL-GEL TECHNOLOGIES LTD 10% owner · By Opaleye, L.P.	SLGL	Bought	3,861	$265.7k3.9k shares	+1%
2026-09-08	GRACE THERAPEUTICS INC 10% owner · By Opaleye, L.P.	GRCE	Bought	9,393	$19.7k9.4k shares	+<1%
2026-09-04	SOL-GEL TECHNOLOGIES LTD 10% owner · By Opaleye, L.P.	SLGL	Bought	3,018	$208.7k3.0k shares	+1%
2026-09-02	SOL-GEL TECHNOLOGIES LTD 10% owner · By Opaleye, L.P.	SLGL	Bought	900	$62.1k900 shares	+<1%
2026-09-01	SOL-GEL TECHNOLOGIES LTD 10% owner · By Opaleye, L.P.	SLGL	Bought	783	$54.4k783 shares	+<1%
2026-08-31	SOL-GEL TECHNOLOGIES LTD 10% owner · By Opaleye, L.P.	SLGL	Bought	5,217	$356.2k5.2k shares	+1%
2026-08-28	SOL-GEL TECHNOLOGIES LTD 10% owner · By Opaleye, L.P.	SLGL	Bought	35,113	$2.4m35.1k shares	+7%
2026-08-14	GRACE THERAPEUTICS INC 10% owner · By Opaleye, L.P.	GRCE	Bought	11,608	$24.3k11.6k shares	+<1%
2026-08-12	SOL-GEL TECHNOLOGIES LTD 10% owner · By Opaleye, L.P.	SLGL	Bought	951	$68.0k951 shares	+<1%
2026-08-03	ALPHA COGNITION INC 10% owner · By Opaleye, L.P.	ACOG	Bought	50,000	$400.0k50.0k shares	+2%
2026-07-31	ALPHA COGNITION INC 10% owner · By Opaleye, L.P.	ACOG	Bought	2,900	$23.0k2.9k shares	+<1%
2026-07-24	ALPHA COGNITION INC 10% owner · By Opaleye, L.P.	ACOG	Bought	130	$1.0k130 shares	+<1%
2026-07-23	ALPHA COGNITION INC 10% owner · By Opaleye, L.P.	ACOG	Bought	49,849	$388.8k49.8k shares	+2%
2026-07-22	ALPHA COGNITION INC 10% owner · By Opaleye, L.P.	ACOG	Bought	140,237	$1.1m140.2k shares	+5%