Eton Pharmaceuticals (ETON) director awarded new stock options and RSUs

Rhea-AI Filing Summary

Eton Pharmaceuticals director Adams Jennifer McKie reported new equity awards. On January 12, 2026, she received an employee stock option grant for 12,196 shares with an exercise price of $15.47 per share. These options vest quarterly over 12 months from the grant date and are expected to be fully vested and exercisable by January 12, 2027.

She also received 7,757 restricted stock units (RSUs), each representing a contingent right to receive one share of Eton common stock. The RSUs vest in one annual installment beginning January 12, 2027, contingent on her continued service with the company on the vesting date(s). Following these grants, she beneficially owns 170,329 derivative securities related to stock options and 178,086 derivative securities related to RSUs, 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

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^*

Adams Jennifer McKie

(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	170,329	D
Restricted Stock Units	(2)	01/12/2026		A		7,757		(3)	(3)	Common Stock	7,757	$0	178,086	D

Explanation of Responses:

1. 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 report for director Adams Jennifer McKie?

The filing shows that Adams Jennifer McKie, a director of Eton Pharmaceuticals, Inc. (ETON), received new equity awards in the form of stock options and restricted stock units on January 12, 2026. No shares were sold; these were grants.

How many ETON stock options were granted to the director and at what price?

She was granted an employee stock option covering 12,196 shares of Eton common stock with an exercise price of $15.47 per share. These options are a right to buy shares at that fixed price once vested.

What are the vesting terms for the new ETON stock options?

According to the footnote, the 12,196 stock options vest on a quarterly basis over 12 months from the grant date and are expected to be fully vested and exercisable on January 12, 2027.

How many restricted stock units did the ETON director receive and what do they represent?

She received 7,757 restricted stock units (RSUs). Each RSU represents a contingent right to receive one share of Eton common stock, meaning she will receive actual shares if the vesting conditions are met.

When do the ETON restricted stock units granted to the director vest?

The RSUs vest in one annual installment beginning January 12, 2027, and are contingent on the reporting person being employed by Eton on the applicable vesting date(s).

Did the ETON director hold these securities directly or through another entity?

The filing indicates the ownership form as Direct (D) for both the stock options and the RSUs. There are no footnotes stating that the securities are held by a separate entity or that beneficial ownership is disclaimed.

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

After the reported transactions, she beneficially owns 170,329 derivative securities related to stock options and 178,086 derivative securities related to restricted stock units, all reported as directly owned.