BlackRock holds 6.9% stake in Eton Pharmaceuticals

BlackRock, Inc. reports beneficial ownership of 1,882,410 shares of Eton Pharmaceuticals, Inc. common stock, representing 6.9% of the class as of June 30, 2026.

Rhea-AI Filing Summary

BlackRock, Inc. reports beneficial ownership of 1,882,410 shares of Eton Pharmaceuticals, Inc. common stock, representing 6.9% of the class as of June 30, 2026. These holdings are attributed to certain business units of BlackRock and its subsidiaries.

BlackRock has sole voting power over 1,850,186 shares and sole dispositive power over 1,882,410 shares, with no shared voting or dispositive power. Various underlying clients have rights to dividends or sale proceeds, but no single client holds more than five percent of Eton’s outstanding common shares.

Key Figures

Beneficial ownership: 1,882,410 shares Ownership percentage: 6.9% Sole voting power: 1,850,186 shares +3 more

6 metrics

Beneficial ownership 1,882,410 shares Shares of Eton Pharmaceuticals common stock beneficially owned by BlackRock

Ownership percentage 6.9% Percent of Eton Pharmaceuticals common stock class beneficially owned by BlackRock

Sole voting power 1,850,186 shares Shares over which BlackRock has sole power to vote

Shared voting power 0 shares Shares over which BlackRock has shared power to vote

Sole dispositive power 1,882,410 shares Shares over which BlackRock has sole power to dispose

Shared dispositive power 0 shares Shares over which BlackRock has shared power to dispose

Key Terms

beneficially owned, Sole Voting Power, Sole Dispositive Power, parent holding company, +1 more

5 terms

beneficially owned financial

"this reflects the securities beneficially owned, or deemed to be beneficially owned"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole Voting Power financial

"5 | Sole Voting Power 1,850,186.00 6 | Shared Voting Power 0.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

Sole Dispositive Power financial

"7 | Sole Dispositive Power 1,882,410.00 8 | Shared Dispositive Power 0.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

parent holding company financial

"If a parent holding company has filed this schedule, pursuant to (ii)(G)"

Power of Attorney regulatory

"Exhibit 24: Power of Attorney Exhibit 99: Item 7"

A power of attorney is a legal document that allows one person to make decisions and act on behalf of another person, often in financial or legal matters. It’s like giving someone a trusted helper or agent the authority to handle important tasks if you are unable to do so yourself. This matters to investors because it can impact how their assets are managed or transferred if they become unable to oversee their affairs.

FAQ

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

How many Eton Pharmaceuticals (ETON) shares does BlackRock beneficially own?

BlackRock beneficially owns 1,882,410 shares of Eton Pharmaceuticals common stock. This stake reflects holdings of certain BlackRock business units and represents a sizable institutional position in the company’s equity.

What percentage of Eton Pharmaceuticals (ETON) does BlackRock own?

BlackRock reports owning 6.9% of the outstanding common stock of Eton Pharmaceuticals. This level of beneficial ownership makes BlackRock a significant institutional shareholder with notable influence in shareholder matters.

What voting power does BlackRock have in Eton Pharmaceuticals (ETON)?

BlackRock has sole voting power over 1,850,186 shares of Eton Pharmaceuticals. It reports no shared voting power, indicating voting authority is centralized within BlackRock for these shares.

Does any single BlackRock client own more than 5% of Eton Pharmaceuticals (ETON)?

No single client has an interest exceeding five percent of Eton Pharmaceuticals’ outstanding common shares. Various persons have rights to dividends or sale proceeds, but each holds less than this threshold.

What dispositive power does BlackRock hold over its Eton Pharmaceuticals (ETON) shares?

BlackRock reports sole dispositive power over 1,882,410 shares and no shared dispositive power. This means BlackRock alone can direct how these shares are sold or otherwise disposed of.

Who signed the BlackRock ownership report for Eton Pharmaceuticals (ETON)?

The report was signed by Spencer Fleming, a Managing Director at BlackRock. The signature reflects authorized certification of the ownership information disclosed for Eton Pharmaceuticals shares.

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

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Available on EDGAR 07/28/2026 - 04:45 PM Accepted by SEC EDGAR 07/28/2026 - 04:44 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Eton Pharmaceuticals, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

29772L108

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 29772L108

1

Names of Reporting Persons

BlackRock, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,850,186.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,882,410.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,882,410.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.9 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Eton Pharmaceuticals, Inc.
(b)	Address of issuer's principal executive offices: 21925 W. FIELD PARKWAY, SUITE 235 DEER PARK IL 60010-7278
Item 2.
(a)	Name of person filing: BlackRock, Inc. In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by certain business units (collectively, the "Reporting Business Units") of BlackRock, Inc. and its subsidiaries and affiliates. It does not include securities, if any, beneficially owned by other business units whose beneficial ownership of securities are disaggregated from that of the Reporting Business Units in accordance with such release.
(b)	Address or principal business office or, if none, residence: BlackRock, Inc., 50 Hudson Yards New York, NY 10001
(c)	Citizenship: See Item 4 of Cover Page
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 29772L108
Item 4.	Ownership
(a)	Amount beneficially owned: 1882410
(b)	Percent of class: 6.9 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1850186
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1882410
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Various persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of the common stock of Eton Pharmaceuticals, Inc.. No one person's interest in the common stock of Eton Pharmaceuticals, Inc. is more than five percent of the total outstanding common shares.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BlackRock, Inc.

Signature:	Spencer Fleming
Name/Title:	Managing Director
Date:	07/28/2026

Exhibit Information

Exhibit 24: Power of Attorney Exhibit 99: Item 7