9AT: OPALEYE MANAGEMENT INC.

other names

OPALEYE MANAGEMENT INC.
SILVERMAN, JAMES AARON
RISK REWARD CAPITAL MANAGEMENT CORP.

Adviser Profile

As of Date	07/29/2025
ADV Location	BOSTON, MA, United States
Adviser Type - Large advisory firm
Number of Employees	3
of those in investment advisory functions	3
Registration	SEC, Approved, 10/29/2013

AUM^*	639,571,499 52%
of that, discretionary	639,571,499 52%
Private Fund GAV^*	623,381,418 48%
Avg Account Size	319,785,750 52%
SMA’s	Yes
Private Funds	1
Contact Info	617 xxxxxxx

Client Types

- Pooled investment vehicles
- Other investment advisers

Advisory Activities

- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Fund Type	Count	GAV
Fund TypeHedge Fund	Count1	GAV$623,381,418

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser STONY POINT CAPITAL	Hedge Fund78.4m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV78.4m	AUM1.1b	#Funds3
Adviser SW INVESTMENT MANAGEMENT LLC	Hedge Fund651.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV651.5m	AUM651.5m	#Funds1
Adviser PRICE CAPITAL MANAGEMENT, INC.	Hedge Fund313.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV313.2m	AUM348.4m	#Funds4
Adviser SICART ASSOCIATES, LLC	Hedge Fund18.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV18.8m	AUM380.3m	#Funds1
Adviser RINGS CAPITAL MANAGEMENT LLC	Hedge Fund537.6m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV537.6m	AUM537.6m	#Funds3
Adviser THAMES CAPITAL MANAGEMENT, LLC	Hedge Fund455.6m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV455.6m	AUM455.6m	#Funds3
Adviser TRI LOCUM PARTNERS LP	Hedge Fund178.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV178.8m	AUM752.9m	#Funds3
Adviser OLYMPIAD RESEARCH LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM591.6m	#Funds-
Adviser HYPERION CAPITAL ADVISORS LP	Hedge Fund269.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV269.5m	AUM505.9m	#Funds8
Adviser BAYSHORE CAPITAL	Hedge Fund330.3m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund4.3m	Total Private Fund GAV334.6m	AUM740.8m	#Funds11

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker415858109	Stock NameHARROW HEALTH INC	$ Position$119,258,700	% Position24.00%	$ Change13.00%	# Change-1.00%
Stck Ticker29772L108	Stock NameETON PHARMACEUTICALS INC	$ Position$40,755,000	% Position8.00%	$ Change10.00%	# Change0.00%
Stck Ticker45257U108	Stock NameIMMUNOME INC	$ Position$32,825,103	% Position7.00%	$ Change37.00%	# Change-1.00%
Stck Ticker80303D305	Stock NameSANUWAVE HEALTH INC	$ Position$32,202,800	% Position7.00%	$ Change-6.00%	# Change1.00%
Stck Ticker53635D202	Stock NameLIQUIDIA CORPORATION	$ Position$30,838,500	% Position6.00%	$ Change-7.00%	# Change10.00%
Stck Ticker192005106	Stock NameCODEXIS INC	$ Position$30,744,000	% Position6.00%	$ Change20.00%	# Change33.00%
Stck Ticker76243J105	Stock NameRHYTHM PHARMACEUTICALS INC	$ Position$30,015,250	% Position6.00%	$ Change16.00%	# Change-3.00%
Stck Ticker88322Q108	Stock NameTG THERAPEUTICS INC	$ Position$19,254,650	% Position4.00%	$ Change-9.00%	# Change0.00%
Stck Ticker04335A105	Stock NameARVINAS INC	$ Position$12,364,800	% Position3.00%	$ Change-11.00%	# Change-15.00%
Stck Ticker67576A100	Stock NameOCULAR THERAPEUTIX INC	$ Position$14,801,600	% Position3.00%	$ Change27.00%	# Change0.00%

Brochure Summary

Overview

Firm Description and History Opaleye Management Inc. is a Massachusetts corporation formerly named Risk/Reward Capital Management Corporation formed in 1996. Risk/Reward Capital Management Corporation changed the name to Opaleye Management Inc. in 2014. James Silverman is the sole owner. Business Summary Opaleye provides discretionary investment management services to Opaleye, L.P., a Delaware limited partnership (hereafter the “Fund”). Opaleye GP LLC, a Delaware limited liability company, is the general partner (the “General Partner”) to the Fund. Opaleye is related to the Fund’s General Partner by virtue of common ownership and control. Opaleye manages the Fund on a discretionary basis in accordance with the terms and conditions of the Fund's confidential private placement memorandum and its limited partnership agreement (collectively, the “Offering Documents”). We do not tailor the Fund’s management to the particular needs of any investor in the Fund. The Fund generally invests in equity securities of U.S. and foreign small and mid-cap biotechnology and specialty pharmaceutical and device companies, which may include private companies. Typically, these companies are developing therapies and treatments intended for humans. Interests in the Fund are offered in

reliance upon various exemptions available under the securities laws for transactions in securities not involving a public offering. Investors in the Fund should be aware of additional risks, restrictions on withdrawals and redemptions, and other important information associated with an investment in the Fund. This information is outlined in the Fund's Offering Documents. Accordingly, prospective investors should refer to the Offering Documents for information regarding these important additional considerations and risks. In addition, Opaleye also serves as a portfolio manager and provides discretionary investment management services for a separately managed account (the “Managed Account”). The Managed Account is a parallel managed account that pursues a similar investment objective and strategy and invests side-by-side in most of the same positions as the Fund. We managed the Managed Account as outlined in the management account agreement between Opaleye and the Managed Account client. We do not tailor the Managed Account’s management to the particular needs of the Managed Account client. Client Assets Under Management Discretionary assets under our firm’s management were approximately 432,500,000 as of December 31, 2023. We do not currently manage any non-discretionary assets.

OPALEYE MANAGEMENT INC.

Adviser Profile

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview