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Eton Pharmaceuticals, Inc. (ETON) is the issuer named in an amended beneficial-ownership statement by Opaleye Management Inc. (the Adviser), Opaleye, L.P. (the Fund), and James Silverman, the Adviser’s controlling person. The Adviser and Mr. Silverman may be deemed to beneficially own 2,440,000 shares, or 8.54%, comprising 2,420,000 shares held directly by the Fund and 20,000 shares held by a separately managed account advised by the Adviser. The Fund beneficially owns 2,420,000 shares, or 8.47%. These percentages are based on 28,583,135 ETON shares outstanding as of August 11, 2026. The reporting persons disclosed shared voting and dispositive power over their respective reported shares and no sole voting or dispositive power.
Key Figures
Beneficial ownership:2,440,000 sharesBeneficial ownership percentage:8.54%Fund beneficial ownership:2,420,000 shares+2 more
5 metrics
Beneficial ownership2,440,000 sharesOpaleye Management Inc. and James Silverman may be deemed beneficial owners
Beneficial ownership percentage8.54%Opaleye Management Inc. and James Silverman
Fund beneficial ownership2,420,000 shares8.47% of ETON common stock
Managed account shares20,000 sharesSeparately managed account advised by Opaleye Management Inc.
Shares outstanding28,583,135 sharesAs of August 11, 2026
"may be deemed to beneficially own the 2,440,000 shares"
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.
shared voting powerregulatory
"Shared Voting Power 2,440,000.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerregulatory
"shared dispositive power over all such shares"
separately managed accountfinancial
"a separately managed account advised by the Adviser"
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.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many ETON shares did Opaleye report beneficially owning?
Opaleye Management Inc. and James Silverman may be deemed to beneficially own 2,440,000 ETON shares, or 8.54%; the total comprises 2,420,000 shares held directly by Opaleye, L.P. and 20,000 shares held by a separately managed account advised by Opaleye Management.
What percentage of ETON does Opaleye, L.P. report owning?
Opaleye, L.P. reported beneficial ownership of 2,420,000 shares, or 8.47%, with shared voting and dispositive power over those shares. The percentage is based on 28,583,135 ETON shares outstanding as of August 11, 2026.
Who receives dividends or sale proceeds from the reported ETON shares?
The Fund and the separately managed account client are entitled to dividends and sale proceeds from their respective shares. The Fund’s interest exceeds 5% of ETON’s outstanding common stock.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 8)
ETON PHARMACEUTICALS, INC.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
29772L108
(CUSIP Number)
09/30/2026
(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
Opaleye Management 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
MASSACHUSETTS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,440,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,440,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,440,000.00
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)
8.54 %
12
Type of Reporting Person (See Instructions)
IA, CO
Comment for Type of Reporting Person: Based on 28,583,135 shares of Common Stock outstanding as of August 11, 2026, as reported by Eton Pharmaceuticals, Inc. in its Form 10-Q filed on August 13, 2026.
SCHEDULE 13G
CUSIP Number(s):
29772L108
1
Names of Reporting Persons
Opaleye, L.P.
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
0.00
6
Shared Voting Power
2,420,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,420,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,420,000.00
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)
8.47 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
29772L108
1
Names of Reporting Persons
Silverman James
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,440,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,440,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,440,000.00
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)
8.54 %
12
Type of Reporting Person (See Instructions)
IN
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, Illinois 60010
Item 2.
(a)
Name of person filing:
This statement is filed by (i) Opaleye Management Inc. (the "Adviser"), (ii) Opaleye, L.P. (the "Fund"), and (iii) James Silverman (collectively, the "Reporting Persons"). The Fund directly holds 2,420,000 shares of Common Stock, par value $0.001 per share (the "Common Stock"), of Eton Pharmaceuticals, Inc. (the "Issuer"), and a separately managed account advised by the Adviser (the "Managed Account") directly holds 20,000 shares of Common Stock. The Adviser, as investment adviser to the Fund and the Managed Account, and Mr. Silverman, as the controlling person of the Adviser, may be deemed to beneficially own the 2,440,000 shares of Common Stock held in the aggregate by the Fund and the Managed Account. The filing of this statement shall not be construed as an admission that any Reporting Person is the beneficial owner of any securities covered by this statement for purposes of Section 13 of the Securities Exchange Act of 1934, as amended, or otherwise.
(b)
Address or principal business office or, if none, residence:
One Boston Place, 26th Floor, Boston, MA 02108
(c)
Citizenship:
Opaleye Management Inc. - Massachusetts Opaleye, L.P. - Delaware James Silverman - United States
(d)
Title of class of securities:
Common Stock, par value $0.001 per share
(e)
CUSIP No.:
29772L108
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
2,440,000.00
Items 4(a) through 4(c) reflect the beneficial ownership of the Adviser and Mr. Silverman. The Fund beneficially owns 2,420,000 shares of Common Stock (8.47%), with shared voting and dispositive power over all such shares. See Rows 5 through 11 of each cover page.
(b)
Percent of class:
8.54%
Based on 28,583,135 shares of Common Stock outstanding as of August 11, 2026, as reported by the Issuer in its Form 10-Q filed on August 13, 2026.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0.00
(ii) Shared power to vote or to direct the vote:
2,440,000.00
(iii) Sole power to dispose or to direct the disposition of:
0.00
(iv) Shared power to dispose or to direct the disposition of:
2,440,000.00
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.
The Fund and the Managed Account client are entitled to dividends and sale proceeds from their respective shares. Only the Fund's interest exceeds 5% of the outstanding Common Stock.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
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 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.
Opaleye Management Inc.
Signature:
/s/ James Silverman
Name/Title:
President
Date:
11/06/2026
Opaleye, L.P.
Signature:
Opaleye GP LLC, its general partner /s/ James Silverman
Name/Title:
Member of Opaleye GP LLC, General Partner of Opaleye, L.P.
Date:
11/06/2026
Silverman James
Signature:
/s/ James Silverman
Name/Title:
Individually
Date:
11/06/2026
Exhibit Information
Exhibit 99.1 Joint Filing Agreement by and among the reporting persons
