ETON Eton Pharmaceuticals, Inc. Insider Trading

Opaleye Management (10% owner) sells 28,315 shares at $37.54, reducing ETON stake by 41.4% to 40,000 shares

Opaleye Management executed 2 separate sales totaling 28,315 shares for $1,063,032.88 on 2026-07-14, reducing its shareholding from 68,315 shares to 40,000 shares—a -41.4% net reduction in the company's stake. This sale occurred as ETON's stock trades at $42.32, up +29.2% over the prior 30 days and +69.0% over 90 days, suggesting the insider sold into strength rather than distress. The timing is notable given that Opaleye's cross-ticker track record shows 15 prior buys averaging +35.9% 30-day returns, yet the insider has executed 5 prior sales across its portfolio—a pattern consistent with opportunistic exits at elevated valuations. At the same ticker, Opaleye has completed 5 prior sells since 2026-07-02, with measurable outcomes not yet determinable.

Opaleye Management sold 126,685 shares (70.4% of holdings) for $4.8M at $37.64 blended price.

Opaleye Management, a 10% owner, executed 5 separate sales totaling 126,685 shares for $4,768,637.17 between 2026-07-02 and 2026-07-07, reducing its stake from 180,000 shares to 53,315 shares. The sales occurred near the 52-week high ($38.62), with transaction prices of $37.39–$38.37, while the stock is currently at $37.74. The company's fundamentals show recent acceleration—annual revenue growth of +104.9% and positive net income of $1,554,000.00 in the latest quarter—though it remains unprofitable on a full-year basis. Against the insider's broader cross-ticker track record (16 prior buys with avg 30d return +13.0% vs 4 prior sells with avg 30d return -7.2%), this large, concentrated exit by a major shareholder merits observation of the sell's context, particularly given the stock's +29.6% 30-day and +43.0% 90-day gains preceding the filing date.

Director Jennifer McKie Adams sold 50,000 shares of ETON at $32.48 for $1,623,795.00; now holds 0 non-derivative shares.

Jennifer McKie Adams sold 50,000 shares on 2026-06-17 at $32.48, representing the entirety of her Table I holdings, for a total value of $1,623,795.00. The company's stock has appreciated 57.7% over the past 90 days and currently trades at $32.76, near its 52-week high of $35.66. Eton Pharmaceuticals has demonstrated strong revenue momentum with annual growth of +104.9% and generated net income of $1,554,000.00 in the latest quarter, though the company remains unprofitable on a full-year basis. This sale eliminates her non-derivative equity position while the stock remains near peak valuation levels against its 52-week range.

CEO Sean Brynjelsen sells 120,000 shares ($3.8M) at $31.88; stock now down 14.6% from 52-week high despite +79.2% quarterly rally.

Sean Brynjelsen sold 120,000 shares—a 12.6% reduction in his holdings—in 2 separate transactions at prices of $31.88 and $32.67 on 2026-05-28, for a combined $3,825,716.92. The transaction occurred near the 52-week high, with the stock currently trading at $30.45, down 14.6% from its 52-week peak of $35.66 despite a +79.2% gain over 90 days. His prior sells at ETON show a mixed timing pattern: 3 of 5 prior same-ticker sales were well-timed at the 90-day mark (negative returns post-sale), but his cross-ticker track record shows an avg 90d return of -2.1% after 5 prior sells (60% well-timed rate). Against the backdrop of the company's fundamentals—recent quarter revenue of $24,266,000.00 ($24.3M), net income of $1,554,000.00 ($1.6M), but a full-year negative net income and +104.9% annual revenue growth—this substantial CEO sale at cyclical highs warrants attention to whether elevated valuation or forward guidance changes are driving the reduction.

ETON CBO David Krempa sells 100,000 shares (79.8% of non-derivative holdings) across 5 transactions at blended $32.30; retains 25,249 shares and 256,491 option shares.

David Krempa, Chief Business Officer of Eton Pharmaceuticals, executed 5 separate sales totaling 100,000 shares for $3,229,923.24 between May 22–27, 2026, at prices ranging from $31.49 to $35.00, realizing a blended average price of $32.30. The sales reduced his non-derivative holdings by 79.8%, from 125,249 to 25,249 shares, though he retains 256,491 shares in employee stock options across five distinct option vehicles. The sales occurred while the stock was up 38.2% over the prior 30 days and 87.8% over 90 days, and the company reported annual revenue growth of 104.9% year-over-year despite negative full-year net income. The large share reduction warrants scrutiny given the magnitude and the company's still-unprofitable status despite strong top-line growth, particularly as derivative holdings remain material to the executive's total position.

CFO James R. Gruber sold 41,713 shares (41.7K) at $16.15–$16.16 blended average for $673,713.74, reducing stake by 16.9%

CFO James R. Gruber executed two separate sales totaling 41,713 shares for $673,713.74 on August 19–20, 2025, reducing his holdings from 246,466 shares to 204,753 shares post-transaction. The sale occurred near the 52-week high of $20.25—within 18.3% of that peak—while the company trades at 30-day momentum of +14.9% and is up substantially from its 52-week low of $4.01. The company posted annual revenue growth of +23.3% but remains unprofitable, with latest quarterly net income of $-2,585,000.00. The magnitude of the reduction (16.9% of pre-transaction holdings) and execution timing relative to recent price strength warrants examination of whether this reflects portfolio management decisions or forward-looking positioning in a growth-stage, still-unprofitable pharma business.

Opaleye Management acquired 7,930 shares at $15.82 on 2025-06-10; stock now down 28.4% from 52-week high.

Opaleye Management, a 10% owner, executed two separate purchases totaling 7,930 shares for $125,483.53 at $15.82 per share on 2025-06-10. The current price of $14.51 sits -28.4% below the 52-week high of $20.25, and the stock has declined -15.0% over the past 30 days. This purchase occurred in a company that is unprofitable (latest quarter net income: -$1,572,000.00) yet growing revenue at +23.3% year-over-year. Notably, Opaleye's cross-ticker track record shows a 0.00% win rate over 90 days across 20 prior open-market buys, with an average 90-day return of -10.3%, which provides limited evidence of predictive accuracy on this specific transaction.

ETON CEO Sean Brynjelsen sold 210,000 shares across 5 trades (June 3-5) for $3,592,611.00, reducing stake by 6.8%

Sean Brynjelsen, President & CEO of Eton Pharmaceuticals, executed 5 separate sales totaling 210,000 shares for $3,592,611.00 between June 3-5, 2025, at prices ranging from $16.81 to $19.02 per share with a blended average of $17.11. The sales reduced his holdings from 3,083,513 shares to 2,873,513 shares, a reduction of 6.8%. This comes at a notable juncture: the stock currently trades at $17.25, only 3.7% above its 30-day average and 14.8% below its 52-week high of $20.25, while the company reported positive revenue growth of 23.3% year-over-year but remains unprofitable with a net loss of $1,572,000 on revenue of $17,282,000 in the latest quarter. The CEO's discretionary sale of a material portion of his stake warrants monitoring given the company's current unprofitable status despite solid top-line growth momentum.

10% owner Opaleye Management buys 10,000 shares of ETON at $7.98; 5 prior buys in 3 weeks signal sustained accumulation in unprofitable biotech.

Opaleye Management, a major 10% holder of Eton Pharmaceuticals, purchased 10,000 shares at $7.98 on 2024-10-23, adding to holdings of 2.77M shares. This transaction is part of a rapid accumulation pattern: the insider executed 5 separate buys between 2024-10-04 and 2024-10-23, all within a compressed 3-week window. The timing coincides with strong recent price momentum (+45.6% over 30 days, +126.5% over 90 days), though none of the insider's same-ticker prior buys have reached measurable outcomes yet. Fundamentally, Eton remains unprofitable (net income of $-3.0M in the latest quarter) despite 48.9% annual revenue growth, presenting a growth-stage biotech profile. The concentration of buying activity by a dominant shareholder during a period of significant stock appreciation warrants attention to whether this reflects confidence in turnaround prospects or other strategic positioning motives.

Opaleye Management (10% owner) acquired 62,070 shares for $434,136.74 across 6 purchases, 2024-10-04 to 2024-10-08.

Opaleye Management executed 6 separate purchases totaling 62,070 shares for $434,136.74 at prices ranging from $6.77 to $7.22 between October 4–8, 2024, increasing its holdings from 20,000 to 82,070 shares (+310.4%). The transaction occurred near the 52-week high of $7.40, following a 30-day surge of +61.2% and 90-day advance of +120.9% in ETON's stock price. The company remains unprofitable (net income $-3.0M in the latest quarter) despite strong revenue growth of +48.9% year-over-year. The insider's cross-ticker track record shows an average 30-day return of +41.9% and 90-day return of +107.4% on prior buys, but four prior trades at ETON itself (completed just days before this filing, on 2024-09-10 and 2024-09-11) have not yet reached measurable 30-day and 90-day outcome windows. The timing of this accumulation at elevated price levels following substantial recent momentum warrants attention to whether near-term momentum justifies the position scale relative to ETON's current profitability trajectory.