Trails Edge Capital Partners, LP, Trails Edge Biotechnology Master Fund, LP, and Ortav Yehudai jointly filed a Schedule 13G with the SEC on October 27, 2026, disclosing beneficial ownership of ordinary shares in Sol-Gel Technologies Ltd. as of October 20, 2026.

Key Highlights

  • Three filers: Trails Edge Capital Partners, LP (Delaware), Trails Edge Biotechnology Master Fund, LP (Cayman Islands), and Ortav Yehudai each report beneficial ownership of 166,473 ordinary shares of Sol-Gel Technologies Ltd.
  • Ownership percentage: The 166,473 shares represent 5.1% of the issuer's outstanding shares as of October 20, 2026.
  • Share basis: The percentage is calculated using 3,273,999 shares issued and outstanding as of October 6, 2026, as reported by the issuer.
  • Sole voting and dispositive power: Each filer reports sole voting power and sole dispositive power over all 166,473 shares, with zero shared voting or dispositive power reported.
  • Shares held directly: According to the filing, all 166,473 shares are held directly by Trails Edge Biotechnology Master Fund, LP.
  • Key role: Ortav Yehudai is identified as the Chief Investment Officer of Trails Edge Capital Partners, LLC, and is described as exercising voting and investment discretion over the reported securities.

Trails Edge Reaches Reporting Threshold in Sol-Gel Technologies Ordinary Shares

According to the Schedule 13G filing, the event that triggered the reporting obligation occurred on October 20, 2026, when each of the three filers may be deemed to have beneficially owned an aggregate of 166,473 ordinary shares, par value NIS 1.00 per share, of Sol-Gel Technologies Ltd. Sol-Gel Technologies is an Israel-based company whose principal executive offices are located at 7 Golda Meir St., Weizmann Science Park, Ness Ziona, Israel. The shares carry CUSIP number M8694L137 and are identified in the filing as ordinary shares listed with NASDAQ:SLGL.

The filing explains the relationship among the three filers: Trails Edge Capital Partners, LP serves as the investment manager to Trails Edge Biotechnology Master Fund, LP, which directly holds all 166,473 shares. Ortav Yehudai, as Chief Investment Officer of Trails Edge Capital, "exercises voting and investment discretion with respect to these securities and as such may be deemed to beneficially own 5.1% of the outstanding Shares of the Issuer as of the Event Date," according to the filing. The ownership percentage is based on 3,273,999 shares issued and outstanding as of October 6, 2026, as reported by the issuer in Exhibit 99.1 of a Form 6-K filed with the SEC on October 6, 2026.

The filing's certifications state that 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 240.14a-11. All three filers share the same business address of 3445 Peachtree Road NE, Suite 900, Atlanta, GA 30326. A Joint Filing Agreement is included as Exhibit 1 to the filing.

What Was Disclosed

Three affiliated entities and individuals - Trails Edge Capital Partners, LP, Trails Edge Biotechnology Master Fund, LP, and Ortav Yehudai - jointly reported beneficial ownership of 166,473 ordinary shares of Sol-Gel Technologies Ltd., representing 5.1% of the issuer's outstanding shares as of October 20, 2026.