# Opaleye Management Inc.

> Opaleye Management Inc. is an SEC-registered investment advisory firm in Boston, MA, registered since 2013, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated February 19, 2026.

- CRD: 124513
- Filed as: OPALEYE MANAGEMENT INC.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Boston, MA
- Filing period: October 2026
- Form ADV filing dated: February 19, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/124513
- AdvisorCensus page: https://advisorcensus.com/firm/opaleye-management-inc-boston-ma-124513

## Quick answers

**How is Opaleye Management Inc. compensated?**
On its Form ADV (Item 5.E, October 2026), Opaleye Management Inc. reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**Where is Opaleye Management Inc. located?**
Opaleye Management Inc.'s principal office is in Boston, MA, according to its Form ADV.

**Is Opaleye Management Inc. registered with the SEC or a state?**
Opaleye Management Inc. is an SEC-registered investment advisory firm, registered since 2013. Status as filed: Approved. CRD 124513.

**How much does Opaleye Management Inc. manage?**
Opaleye Management Inc. reports $802,773,181 in regulatory assets under management in its Form ADV filing dated February 19, 2026 (100% discretionary).

**How have Opaleye Management Inc.'s assets and staff changed since 2021?**
In the Form ADV data for Opaleye Management Inc.: Regulatory assets under management: $833,440,399 in the October 2021 data and $802,773,181 in the October 2026 data, down 4%. Total employees: 3 in October 2021 and 4 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Opaleye Management Inc. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (1); corporations or other businesses not listed above (1).

**Does Opaleye Management Inc. report any disciplinary disclosures?**
Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.D(4) (another regulator's order in the past ten years). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/124513

**Does Opaleye Management Inc. state an account minimum?**
Its Form ADV Part 2A brochure dated February 19, 2026 says: "There is a $1,000,000 minimum investment amount requirement to invest in the fund, however, Opaleye may accept less at its discretion."

**What changed in Opaleye Management Inc.'s recent Form ADV filings?**
In the March 2026 filing data: Its Item 11 disclosure answers changed. Employees performing advisory functions went from 3 to 4. Regulatory assets under management went from $639,571,499 to $802,773,181 (+26%). Registered or notice-filed in NY.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated February 19, 2026)

- Account minimum: $1,000,000 (the brochure says it may be waived or negotiated)

> There is a $1,000,000 minimum investment amount requirement to invest in the fund, however, Opaleye may accept less at its discretion.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $802,773,181
- Discretionary: $802,773,181
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 1 | $789,221,306 |
| Corporations or other businesses not listed above | 1 | $13,551,875 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2013 (12 years)
- Employees: 4 total, 4 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: MA, NY
- Disclosures (Item 11): Reports 1 disclosure item on Form ADV Item 11.

### Item 11 questions answered yes
- 11.D(4): In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/124513

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $833,440,399 | 3 | March 31, 2021 |
| October 2022 | $572,206,000 | 3 | April 1, 2022 |
| October 2023 | $421,979,116 | 3 | March 27, 2023 |
| October 2024 | $432,480,569 | 4 | March 26, 2024 |
| October 2025 | $639,571,499 | 3 | July 29, 2025 |
| October 2026 | $802,773,181 | 4 | February 19, 2026 |

Regulatory assets under management: $833,440,399 in the October 2021 data and $802,773,181 in the October 2026 data, down 4%.
Total employees: 3 in October 2021 and 4 in October 2026.

## Changes in the filing (last 12 months)

### March 2026
- Its Item 11 disclosure answers changed.
- Employees performing advisory functions went from 3 to 4.
- Regulatory assets under management went from $639,571,499 to $802,773,181 (+26%).
- Registered or notice-filed in NY.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Opaleye Management Inc. (CRD 124513): Form ADV filing data as of October 2026.