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# Atlanta Biotech Fund Trails Edge Takes 5.1% Of Sol-Gel, Calls Stake Passive
- URL: https://www.bullished.co/atlanta-biotech-fund-trails-edge-takes-5-1-of-sol-gel-calls-stake-passive-6d613a13/
- Published: 2026-10-27T20:33:10.000Z
- Updated: 2026-10-27T20:33:10.000Z
- Description: Trails Edge Capital and its chief investment officer hold 166,473 Sol-Gel shares through a Cayman fund, a filing shows.
- Author: Matteo Parrino
- Tags: SEC Filings, SLGL, Industry: Healthcare

Trails Edge Capital Partners, an Atlanta investment manager, and its chief investment officer, Ortav Yehudai, disclosed a [5.1% stake](https://www.sec.gov/Archives/edgar/data/0002077247/000149315226048694/xslSCHEDULE%5F13G%5FX01/primary%5Fdoc.xml?ref=bullished.co) in Sol-Gel Technologies in a passive ownership filing on Tuesday. Sol-Gel is a dermatology company that develops topical drugs for skin conditions.

## 166,473 shares, one Cayman fund

The three filers are Trails Edge Capital, a Delaware limited partnership; Trails Edge Biotechnology Master Fund, a Cayman Islands limited partnership; and Yehudai. Each [reports 166,473 shares](https://www.sec.gov/Archives/edgar/data/0002077247/000149315226048694/xslSCHEDULE%5F13G%5FX01/primary%5Fdoc.xml?ref=bullished.co) with sole voting power, as of an October 20, 2026 event date.

All of the shares are held directly by the Cayman fund. Trails Edge Capital is that fund's investment manager, and Yehudai, as its chief investment officer, exercises voting and investment discretion over the shares, the filing says. All three may be deemed to own the stake.

The 5.1% is measured against 3,273,999 shares outstanding as of October 6, 2026, a count Sol-Gel gave in a Form 6-K filed that day.

## A stake held for passive purposes

The filers certified that the shares were not acquired and are not held to change or influence control of Sol-Gel. That certification is what lets the holder use the short passive form rather than an activist disclosure.

Sol-Gel shares closed at $68.19 on Tuesday, for a market value of $228 million.

## What Sol-Gel sells and is testing

Sol-Gel has two FDA-approved products: Twyneo, a once-daily cream for acne, and Epsolay, a once-daily cream for inflammatory lesions of rosacea. It sold its U.S. rights to both to Mayne in April 2025, and it earns money from license and commercialization deals with partners including Searchlight in Canada and Beimei in China and other Asian markets.

Its lead candidate, SGT-610 (patidegib gel 2%), is in a late-stage trial to prevent new basal cell carcinomas, a type of skin cancer, in patients with Gorlin syndrome, a rare genetic disease, according to the company's annual report for 2025.

The filers' address is 3445 Peachtree Road NE in Atlanta; Sol-Gel is based at the Weizmann Science Park in Ness Ziona, Israel.

### Sources

- [SCHEDULE 13G — Trails Edge Capital Partners, LP re: Sol-Gel Technologies Ltd. (SLGL)](https://www.sec.gov/Archives/edgar/data/0002077247/000149315226048694/xslSCHEDULE%5F13G%5FX01/primary%5Fdoc.xml?ref=bullished.co) — SEC EDGAR