Eton Pharmaceuticals (ETON) grants stock options and RSUs to director

Rhea-AI Filing Summary

Eton Pharmaceuticals director Paul V. Maier reported new equity awards. On January 12, 2026, he received an employee stock option for 12,196 shares of common stock at a $15.47 exercise price. These options vest quarterly over 12 months from the grant date and are fully exercisable on January 12, 2027.

He also received 7,757 restricted stock units, each representing a contingent right to one share of Eton common stock. These RSUs vest in one annual installment beginning January 12, 2027, contingent on his continued employment with the company. After these derivative awards, the filing shows 286,496 derivative securities following the option grant and 294,253 following the RSU grant, all held directly.

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

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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^*

MAIER PAUL V

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
01/12/2026

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

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
Employee Stock Option (Right to Buy)	$15.47	01/12/2026		A		12,196		(1)	01/11/2036	Common Stock	12,196	$0	286,496	D
Restricted Stock Units	(2)	01/12/2026		A		7,757		(3)	(3)	Common Stock	7,757	$0	294,253	D

Explanation of Responses:

1. The shares subject to the option shall vest on a quarterly basis over 12 months from the date of grant until fully vested and exercisable on January 12, 2027.

2. Each restricted stock unit represents a contingent right to receive one share of ETON Common Stock.

3. The restricted stock units vest in one annual installment beginning January 12, 2027, contingent upon the reporting person being employed by the issuer on the date(s) of vesting.

Remarks:

The reporting person has authorized and designated the named person to file this Form 4 on the reporting person's behalf for indefinite duration.

	/s/ James R. Gruber	01/14/2026
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider activity did Eton Pharmaceuticals (ETON) report in this Form 4?

Director Paul V. Maier reported the grant of an employee stock option for 12,196 shares of common stock at a $15.47 exercise price and a grant of 7,757 restricted stock units, both dated January 12, 2026.

How do Paul V. Maier’s new ETON stock options vest?

The employee stock option covering 12,196 shares vests on a quarterly basis over 12 months from the grant date and becomes fully vested and exercisable on January 12, 2027.

What are the terms of the restricted stock units granted to the ETON director?

The 7,757 restricted stock units each represent a contingent right to one share of Eton common stock. They vest in one annual installment beginning January 12, 2027, contingent on the reporting person being employed by the company on the vesting date.

Is this ETON Form 4 a purchase or a grant of securities?

This Form 4 reflects awards (transaction code A) of derivative securities to director Paul V. Maier, consisting of an employee stock option and restricted stock units, rather than open-market purchases or sales.

How many derivative securities does the ETON director hold after these awards?

After the option award, the filing reports 286,496 derivative securities beneficially owned, and after the restricted stock unit award it reports 294,253 derivative securities beneficially owned, all held directly.

Does the ETON Form 4 mention any special conditions on the RSU vesting?

Yes. The RSUs vest in one annual installment beginning January 12, 2027, and vesting is contingent on the reporting person being employed by Eton Pharmaceuticals on the applicable vesting date.