Eton director exercises options, sells 50K shares

Eton Pharmaceuticals director Jennifer McKie Adams reported an option exercise paired with an open-market sale of common stock.

Rhea-AI Filing Summary

Eton Pharmaceuticals director Jennifer McKie Adams reported an option exercise paired with an open-market sale of common stock. She exercised employee stock options for 50,000 shares of common stock at an exercise price of $3.78 per share, then sold 50,000 shares in open-market transactions at a weighted average price of $32.4759 per share.

The sale was executed in multiple trades at prices ranging from $32.10 to $32.71, and the option grant, which vested quarterly, was fully vested by February 7, 2023. Following these transactions, Adams reported no remaining holdings of common stock or employee stock options.

Insider Trade Summary

Exercise and Sale: 50,000 shares ($1.43M approx. pre-tax spread)

Exercise and Sale 3 txns

Insider Adams Jennifer McKie

Role Director

Sold 50,000 shs ($1.62M)

Approx. gross sale proceeds $1.62M

Approx. exercise cost $189K

Approx. pre-tax spread $1.43M

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option	50,000	$0.00	$0.00
Exercise	Common Stock	50,000	$3.78	$189K
Sale	Common Stock	50,000	$32.4759	$1.62M

Holdings After Transaction: Employee Stock Option — 0 contracts (Direct); Common Stock — 0 shares (Direct)

Footnotes (3)

1. F1. The Reporting Person will provide upon request by the Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.
2. F2. The shares subject to the option vested on a quarterly basis over 12 months from the date of grant until fully vested on February 7, 2023.
3. F3. The shares were sold in multiple trades at prices ranging from $32.10 to $32.71. The price reported above reflects the weighted average sales price.

Key Figures

Shares sold: 50,000 shares Weighted average sale price: $32.4759 per share Sale price range: $32.10–$32.71 per share +3 more

6 metrics

Shares sold 50,000 shares Open-market sale of common stock on June 17, 2026

Weighted average sale price $32.4759 per share Common stock sales in multiple trades

Sale price range $32.10–$32.71 per share Price range across multiple sale trades

Options exercised 50,000 shares Employee stock option exercise into common stock

Option exercise price $3.78 per share Exercise price for employee stock option

Common shares after transaction 0 shares Reported direct holdings following transactions

Key Terms

open-market sale, derivative exercise/conversion, Employee Stock Option, weighted average sales price, +1 more

5 terms

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

derivative exercise/conversion financial

"transaction_action": "derivative exercise/conversion""

Employee Stock Option financial

""security_title": "Employee Stock Option""

An employee stock option is a promise that lets a worker buy company shares later at a predetermined price, often after they stay for a certain period or meet performance goals — think of it like a coupon that locks in today's price for a future purchase. It matters to investors because options align employees’ incentives with company performance, can increase the number of shares outstanding (dilution) when exercised, and represent a compensation cost that affects reported profits and shareholder value.

weighted average sales price financial

"The price reported above reflects the weighted average sales price."

vested financial

"vested on a quarterly basis over 12 months from the date of grant"

FAQ

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

What insider transaction did Eton Pharmaceuticals (ETON) director Jennifer McKie Adams report?

Jennifer McKie Adams reported exercising options for 50,000 Eton Pharmaceuticals shares and selling 50,000 shares in open-market trades the same day. This combined exercise-and-sale sequence converted her option position into cash and eliminated her reported holdings.

How many Eton Pharmaceuticals (ETON) shares did Jennifer McKie Adams sell and at what price?

She sold 50,000 shares of Eton Pharmaceuticals common stock at a weighted average price of $32.4759 per share. The trades occurred in multiple transactions, with individual sale prices ranging from $32.10 to $32.71 according to the filing footnote.

What was the option exercise price in the Eton Pharmaceuticals (ETON) Form 4 filing?

The employee stock option exercised by Jennifer McKie Adams had an exercise price of $3.78 per underlying share. She exercised options for 50,000 shares of common stock, converting her derivative position into shares before selling those shares in open-market transactions.

Does Jennifer McKie Adams still hold Eton Pharmaceuticals (ETON) common stock after this Form 4?

After the reported transactions, Jennifer McKie Adams reported holding zero shares of Eton Pharmaceuticals common stock. The filing shows 50,000 shares sold and zero shares listed as owned directly following the transaction, indicating a full exit from reported common stock holdings.

When did the employee stock options in the Eton Pharmaceuticals (ETON) Form 4 fully vest?

The employee stock options fully vested on February 7, 2023. The footnote explains the options vested on a quarterly basis over 12 months from the grant date until they became fully vested on that February 7, 2023 vesting date.

Over what price range were the Eton Pharmaceuticals (ETON) shares sold in this insider transaction?

The shares were sold in multiple trades at prices ranging from $32.10 to $32.71 per share. The reported transaction price of $32.4759 represents the weighted average sales price across those individual trades, as specified in the filing’s footnote.

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

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Accepted by SEC EDGAR 06/17/2026 - 05:08 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^*

Adams Jennifer McKie

(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)
06/17/2026

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	06/17/2026		M		50,000	A	$3.78	50,000	D
Common Stock	06/17/2026		S		50,000	D	$32.4759(1)(3)	0	D

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	$3.78	06/17/2026		M			50,000	02/07/2023(2)	02/06/2032	Common Stock	50,000	$0	0	D

Explanation of Responses:

1. The Reporting Person will provide upon request by the Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.

2. The shares subject to the option vested on a quarterly basis over 12 months from the date of grant until fully vested on February 7, 2023.

3. The shares were sold in multiple trades at prices ranging from $32.10 to $32.71. The price reported above reflects the weighted average sales price.

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/ Judith Matthews	06/17/2026
	** 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)