[Form 4] Eton Pharmaceutcials, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Eton Pharmaceuticals CFO James R. Gruber reported sales of company stock on August 19 and August 20, 2025. The Form 4 shows he sold 39,082 shares on 08/19/2025 at a weighted average price of $16.16 and 2,631 shares on 08/20/2025 at a weighted average price of $16.02, for total shares sold of 41,713. Following those transactions his beneficial ownership is reported as 205,299 shares after the 08/19 trade and 204,753 shares after the 08/20 trade, held directly. The filing is signed and dated 08/20/2025 and includes an explanation that trade details by price are available on request.

Insights

Financial Analyst

TL;DR: Company CFO sold 41,713 shares across two days, reducing direct holdings slightly.

The transactions are clearly reported and routine in form: two open-market sales by the Chief Financial Officer on consecutive days with weighted-average prices disclosed. The sale sizes (39,082 and 2,631 shares) and the remaining direct holdings (205,299 and 204,753 shares reported after each trade) are explicit. For investors, insider sales can signal liquidity needs or portfolio rebalancing rather than company-specific negative information; the filing itself provides no explanation beyond offering detailed trade breakdowns on request, so material inference cannot be drawn from the filing alone.

Corporate Governance Expert

TL;DR: Filing complies with Section 16 reporting; sales were disclosed promptly and signed.

The Form 4 appears properly completed: the reporting person is identified as an officer (CFO), transaction dates and codes are provided, and the signature date matches the last transaction date. The filer notes availability of per-trade pricing details, which supports transparency. From a governance perspective, timely and complete disclosure is the key compliance element present here; the filing contains no indication of Rule 10b5-1 plan reliance or other exemptions.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Gruber James R.

(Last) (First) (Middle)

C/O ETON PHARMACEUTICALS, INC.

21925 W. FIELD PARKWAY, SUITE 235

(Street)

DEERPARK IL 60010-7208

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Eton Pharmaceuticals, Inc. [ ETON ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/19/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/19/2025		S		39,082	D	$16.16(1)(2)(3)	205,299	D
Common Stock	08/20/2025		S		2,631	D	$16.02(1)(2)(3)	204,753	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The shares were sold in multiple trades at prices ranging from $16.01 to $16.43. The price reported above reflects the weighted average sales price.

2. The shares were sold in multiple trades at prices ranging from $15.90 to $16.19. The price reported above reflects the weighted average sales price.

3. The Reporting Person will provide upon request by the Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares purchased or sold at each separate price.

	/s/ James R. Gruber	08/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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