Opaleye Management sells Eton Pharmaceuticals shares

Opaleye Management Inc., a more-than-10% holder of Eton Pharmaceuticals, reported open-market sales totaling 28,315 shares of common stock on July 14, 2026 at a weighted average price of $37.5431 per share.

Rhea-AI Filing Summary

Opaleye Management Inc., a more-than-10% holder of Eton Pharmaceuticals, reported open-market sales totaling 28,315 shares of common stock on July 14, 2026 at a weighted average price of $37.5431 per share. The sales consisted of 13,315 shares held in a separately managed account and 15,000 shares held by Opaleye, L.P. Following these transactions, the managed account held 40,000 shares and Opaleye, L.P. held 2,665,000 shares, all reported as indirect holdings. Opaleye Management may be deemed to beneficially own these securities but disclaims beneficial ownership except to the extent of its pecuniary interest.

Insider Trade Summary

Net Seller: 28,315 shares

Net Sell 2 txns

Insider Opaleye Management Inc.

Role 10% Owner

Sold 28,315 shs ($1.06M)

Type	Security	Shares	Price	Value
Sale	Common Stock, par value $0.001 per share F3, F1, F4	15,000	$37.5431	$563K
Sale	Common Stock, par value $0.001 per share F3, F2, F4	13,315	$37.5431	$500K

Holdings After Transaction: Common Stock, par value $0.001 per share — 2,665,000 shares (Indirect, By Opaleye, L.P.); Common Stock, par value $0.001 per share — 40,000 shares (Indirect, By Managed Account)

Footnotes (4)

1. F1. Represents securities owned directly by Opaleye, L.P. (the "Fund"). As the investment manager of the Fund, Opaleye Management, Inc. may be deemed to beneficially own the securities owned directly by the Fund.
2. F2. Securities owned by a separately managed account (the "Managed Account"). As the portfolio manager of the Managed Account, Opaleye Management, Inc. may be deemed to beneficially own the securities owned directly by the Managed Account.
3. F3. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $37.0152 to $37.9148 inclusive. The reporting person undertakes to provide, upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each price.
4. F4. Opaleye Management, Inc. disclaims beneficial ownership of the shares reported herein except to the extent of its pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that Opaleye Management, Inc. is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or for any other purpose.

Key Figures

Shares sold via Managed Account: 13,315 shares Shares sold via Opaleye, L.P.: 15,000 shares Total shares sold: 28,315 shares +4 more

7 metrics

Shares sold via Managed Account 13,315 shares Open-market sale on 2026-07-14 by separately managed account

Shares sold via Opaleye, L.P. 15,000 shares Open-market sale on 2026-07-14 by Opaleye, L.P.

Total shares sold 28,315 shares Combined open-market sales reported for 2026-07-14

Weighted average sale price $37.5431 per share Weighted average for sales on 2026-07-14

Sale price range $37.0152–$37.9148 per share Range of prices for multiple sale transactions

Shares held by Managed Account after sale 40,000 shares Indirectly owned through separately managed account

Shares held by Opaleye, L.P. after sale 2,665,000 shares Indirectly owned through Opaleye, L.P.

Key Terms

weighted average price, separately managed account, beneficially own, pecuniary interest, +1 more

5 terms

weighted average price financial

"The price reported in column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

separately managed account financial

"Securities owned by a separately managed account (the "Managed Account")."

A separately managed account (SMA) is a personalized investment portfolio owned by a single investor and run by a professional manager who buys and sells securities on that investor’s behalf. It matters to investors because an SMA offers tailored asset selection, tax handling, and transparency—like hiring a personal chef who prepares meals to your dietary needs rather than sharing a set menu—so you can align holdings with your goals and see exactly what you own.

beneficially own regulatory

"may be deemed to beneficially own the securities owned directly by the Fund."

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

pecuniary interest regulatory

"disclaims beneficial ownership of the shares reported herein except to the extent of its pecuniary interest"

Section 16(a) regulatory

"for purposes of Section 16(a) of the Securities Exchange Act of 1934"

FAQ

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

What insider transaction did Opaleye Management report for ETON?

Opaleye Management reported open-market sales of 28,315 Eton Pharmaceuticals shares on July 14, 2026 at a weighted average price of $37.5431 per share, executed through Opaleye, L.P. and a separately managed account.

How many ETON shares did Opaleye Management sell from each account?

The filing shows sales of 13,315 shares held in a separately managed account and 15,000 shares held by Opaleye, L.P., for a combined total of 28,315 shares sold on July 14, 2026.

What prices were ETON shares sold for in Opaleye’s Form 4?

The reported price is a weighted average of $37.5431 per share. Footnotes state the shares were sold in multiple transactions at prices ranging from $37.0152 to $37.9148, all on July 14, 2026.

How many ETON shares does Opaleye report holding after these sales?

After the transactions, the separately managed account held 40,000 shares and Opaleye, L.P. held 2,665,000 shares of Eton Pharmaceuticals common stock, all reported as indirectly owned by Opaleye Management Inc.

Does Opaleye Management claim full beneficial ownership of the ETON shares?

No. Opaleye Management states it may be deemed to beneficially own securities held by Opaleye, L.P. and the managed account, but it disclaims beneficial ownership except to the extent of its pecuniary interest in those shares.

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

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Available on EDGAR 07/16/2026 - 05:15 PM Accepted by SEC EDGAR 07/16/2026 - 05:14 PM 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^*

Opaleye Management Inc.

(Last) (First) (Middle)

ONE BOSTON PLACE, 26TH FLOOR

(Street)

BOSTON MASSACHUSETTS 02108

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/14/2026

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, par value $0.001 per share	07/14/2026		S		15,000	D	$37.5431(3)	2,665,000	I	By Opaleye, L.P.(1)(4)
Common Stock, par value $0.001 per share	07/14/2026		S		13,315	D	$37.5431(3)	40,000	I	By Managed Account(2)(4)

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. Represents securities owned directly by Opaleye, L.P. (the "Fund"). As the investment manager of the Fund, Opaleye Management, Inc. may be deemed to beneficially own the securities owned directly by the Fund.

2. Securities owned by a separately managed account (the "Managed Account"). As the portfolio manager of the Managed Account, Opaleye Management, Inc. may be deemed to beneficially own the securities owned directly by the Managed Account.

3. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $37.0152 to $37.9148 inclusive. The reporting person undertakes to provide, upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each price.

4. Opaleye Management, Inc. disclaims beneficial ownership of the shares reported herein except to the extent of its pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that Opaleye Management, Inc. is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or for any other purpose.

	Opaleye Management, Inc., By: /s/ James Silverman, President	07/16/2026
	** 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)