Eton director exercises options for 32,155 shares

Eton Pharmaceuticals director Norbert G. Riedel reported option exercises that increased his common stock holdings.

Rhea-AI Filing Summary

Eton Pharmaceuticals director Norbert G. Riedel reported option exercises that increased his common stock holdings. On April 21, 2026, he exercised employee stock options to acquire 19,655 shares of common stock at $8.61 per share and 12,500 shares at $7.31 per share, for a total of 32,155 shares. After these transactions, he directly owns 67,155 common shares and also has 157,145 common shares held indirectly through the “Norbert G. Riedel 2002 Trust, Loan Thi Tran 2002 Trust” family trust, where he serves as trustee.

Insider Trade Summary

32,155 shares exercised/converted

Exercise 5 txns

Insider RIEDEL NORBERT G

Role Director

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option (Right to Buy)	12,500	$0.00	$0.00
Exercise	Employee Stock Option (Right to Buy)	19,655	$0.00	$0.00
Exercise	Common Stock	12,500	$7.31	$91K
Exercise	Common Stock	19,655	$8.61	$169K
holding	Common Stock	--	--	--

Holdings After Transaction: Employee Stock Option (Right to Buy) — 0 contracts (Direct); Common Stock — 67,155 shares (Direct); Common Stock — 157,145 shares (Indirect, By Trust)

Footnotes (1)

1. F1. Shares held in 'Norbert. G. Riedel 2002 Trust, Loan Thi Tran 2002 Trust' family trust, as to which the Reporting Person is a trustee.

Key Figures

Options exercised at $8.61: 19,655 shares Options exercised at $7.31: 12,500 shares Total shares acquired by exercise: 32,155 shares +4 more

7 metrics

Options exercised at $8.61 19,655 shares Common stock acquired via option exercise on April 21, 2026 at $8.61

Options exercised at $7.31 12,500 shares Common stock acquired via option exercise on April 21, 2026 at $7.31

Total shares acquired by exercise 32,155 shares Aggregate common stock from two option exercises on April 21, 2026

Direct common stock holdings 67,155 shares Shares directly owned after April 21, 2026 transactions

Indirect trust holdings 157,145 shares Common stock held by family trust where Riedel is trustee

Exercised option strike price $8.61 per share Employee stock option converted into common stock

Exercised option strike price $7.31 per share Employee stock option converted into common stock

Key Terms

Employee Stock Option (Right to Buy), derivative security, indirect ownership, family trust

4 terms

Employee Stock Option (Right to Buy) financial

"Security title listed as "Employee Stock Option (Right to Buy)" for derivative entries"

derivative security financial

"Transaction code M described as "Exercise or conversion of derivative security""

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

indirect ownership financial

"Ownership type marked as indirect with nature of ownership "By Trust""

family trust financial

"Shares held in "Norbert. G. Riedel 2002 Trust, Loan Thi Tran 2002 Trust" family trust"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider activity did ETON director Norbert G. Riedel report on this Form 4?

Norbert G. Riedel reported exercising employee stock options to acquire 32,155 shares of Eton Pharmaceuticals common stock. The filing shows two option exercises on April 21, 2026, converting derivative awards into directly held common shares.

How many ETON shares did Norbert G. Riedel acquire through option exercises?

He acquired a total of 32,155 common shares through option exercises. This includes 19,655 shares at a strike price of $8.61 per share and 12,500 shares at a strike price of $7.31 per share, all on April 21, 2026.

What are Norbert G. Riedel’s ETON holdings after these transactions?

After the transactions, he directly holds 67,155 shares of Eton Pharmaceuticals common stock. In addition, 157,145 common shares are held indirectly in a family trust named the “Norbert G. Riedel 2002 Trust, Loan Thi Tran 2002 Trust,” where he serves as trustee.

What does transaction code M mean in the ETON Form 4 filing?

Transaction code M in the Form 4 indicates an exercise or conversion of a derivative security, such as an employee stock option. In this case, Riedel exercised stock options that were rights to buy Eton Pharmaceuticals common stock at fixed strike prices.

Were any of Norbert G. Riedel’s ETON shares sold in this Form 4?

The Form 4 shows only option exercises and holdings, with no reported open-market sales. Transaction code M entries convert employee stock options into common stock, and the summary data indicate no sell transactions in this filing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 04/22/2026 - 04:40 PM EDT Learn about SEC filing dates

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
Estimated average burden
hours per response:			0.5

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^*

RIEDEL NORBERT G

(Last) (First) (Middle)

C/O ETON PHARMACEUTICALS, INC.

21925 W. FIELD PARKWAY, SUITE 235

(Street)

DEERPARK ILLINOIS 60010-7208

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/21/2026

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

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

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

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	04/21/2026		M		12,500	A	$7.31	47,500	D
Common Stock	04/21/2026		M		19,655	A	$8.61	67,155	D
Common Stock								157,145	I	By Trust(1)

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)	$7.31	04/21/2026		M			12,500	02/20/2020	02/19/2029	Common Stock	12,500	$0	0	D
Employee Stock Option (Right to Buy)	$8.61	04/21/2026		M			19,655	05/03/2022	05/02/2031	Common Stock	19,655	$0	0	D

Explanation of Responses:

1. Shares held in 'Norbert. G. Riedel 2002 Trust, Loan Thi Tran 2002 Trust' family trust, as to which the Reporting Person is a trustee.

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	04/22/2026
	** 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.
* Form 4: SEC 1474 (03-26)