Eton director exercises options for 30K shares

Eton Pharmaceuticals director Norbert G. Riedel reported exercising stock options and acquiring additional common shares.

Rhea-AI Filing Summary

Eton Pharmaceuticals director Norbert G. Riedel reported exercising stock options and acquiring additional common shares. On 02/03/2026, he exercised an employee stock option for 30,000 shares of common stock at $4.42 per share.

Following this transaction, he directly held 35,000 shares of Eton Pharmaceuticals common stock. He also had indirect beneficial ownership of 157,145 shares held in the “Norbert G. Riedel 2002 Trust, Loan Thi Tran 2002 Trust” family trust, where he serves as a trustee.

Insider Trade Summary

30,000 shares exercised/converted

Exercise 3 txns

Insider RIEDEL NORBERT G

Role Director

Type	Security	Shares	Price	Value
In-the-Money Exercise	Employee Stock Option (Right to Buy)	30,000	$0.00	$0.00
In-the-Money Exercise	Common Stock	30,000	$4.42	$133K
holding	Common Stock	--	--	--

Holdings After Transaction: Employee Stock Option (Right to Buy) — 0 contracts (Direct); Common Stock — 35,000 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.

FAQ

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

What insider transaction did ETON director Norbert G. Riedel report?

Director Norbert G. Riedel reported exercising an employee stock option for 30,000 shares of Eton Pharmaceuticals common stock on 02/03/2026. The transaction is coded “X,” indicating an option exercise that converted derivative securities into directly held common shares.

At what price did the ETON director acquire the 30,000 common shares?

The 30,000 Eton Pharmaceuticals common shares were acquired at $4.42 per share through the exercise of an employee stock option. The derivative line shows an exercise price of $4.42 and a price of $0 for the option itself, reflecting a standard stock option exercise.

How many ETON shares does Norbert G. Riedel own directly after this transaction?

After the 30,000-share option exercise, Norbert G. Riedel directly owned 35,000 shares of Eton Pharmaceuticals common stock. This figure reflects his direct holdings immediately following the reported 02/03/2026 transaction in the Form 4 table for non-derivative securities.

What are the indirect ETON share holdings reported by the director?

The filing reports indirect beneficial ownership of 157,145 Eton Pharmaceuticals common shares. These shares are held in the “Norbert G. Riedel 2002 Trust, Loan Thi Tran 2002 Trust” family trust, where Riedel serves as a trustee, giving him beneficial ownership through that entity.

Does the Form 4 show any remaining ETON stock options for the director?

The Form 4 indicates that 30,000 employee stock options with a $4.42 exercise price were exercised, leaving zero derivative securities beneficially owned afterward. The option covered 30,000 underlying common shares, with an expiration date of 02/12/2034 before exercise.

What is Norbert G. Riedel’s relationship to Eton Pharmaceuticals (ETON)?

Norbert G. Riedel is identified as a director of Eton Pharmaceuticals. The relationship box for “Director” is checked, while “Officer” and “10% Owner” are not, indicating his role is board-level oversight rather than an executive or large shareholder designation in this filing.

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

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Accepted by SEC EDGAR 02/05/2026 - 05:18 PM EST 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 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)
02/03/2026

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
Common Stock	02/03/2026		X		30,000	A	$4.42	35,000	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)	$4.42	02/03/2026		X			30,000	02/13/2025	02/12/2034	Common Stock	30,000	$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	02/05/2026
	** 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.