Initial Statement of Beneficial Ownership of Securities

Judith M. Matthews, Chief Financial Officer of Eton Pharmaceuticals, Inc., has filed an initial statement of beneficial ownership (Form 3) reporting her holdings as of June 1, 2026. The filing details an employee stock option for 37,000 shares of Common Stock, with an exercise price of $26.05. The option is exercisable upon vesting, with the first installment vesting on April 13, 2027, and subsequent installments vesting annually until April 13, 2030. The option expires on April 12, 2036. The ownership is direct. The filing also notes that Ms. Matthews directly owns 0 securities prior to this grant. This filing is significant due to the stock option grant to a key executive.