Statement of Changes in Beneficial Ownership (Form 4)

FORM 4 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 that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * Krempa David 2. Issuer Name and Ticker or Trading Symbol Eton Pharmaceuticals, Inc. [ETON] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Chief Business Officer (Last) (First) (Middle) C/O ETON PHARMACEUTICALS, INC., 21925 W. FIELD PARKWAY, SUITE 235 3. Date of Earliest Transaction (Month/Day/Year) 05/22/2026 (Street) DEERPARK, IL 60010-7208 4. If Amendment, Date Original Filed (Month/Day/Year) 6. Individual or Joint/Group Filing (Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) 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 05/22/2026 M 30,591 A $3.58 68,046 D Common Stock 05/22/2026 S 32,963 D $33.2208(1)(7) 35,083 D Common Stock 05/22/2026 S 9,315 D $33.8802(1)(2) 25,768 D Common Stock 05/22/2026 S 519 D $35 25,249 D Common Stock 05/26/2026 M 25,000 A $1.38 50,249 D Common Stock 05/26/2026 M 12,524 A $1.37 62,773 D Common Stock 05/26/2026 S 37,524 D $31.4927(1)(3) 25,249 D Common Stock 05/27/2026 M 12,476 A $1.37 37,725 D Common Stock 05/27/2026 M 7,203 A $3.58 44,928 D Common Stock 05/27/2026 S 19,679 D $31.4739(1)(5) 25,249 D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 Underlying Securities (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 of Derivative Security: 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

$3.58

05/22/2026

M

30,591

03/12/2020(4)

03/11/2030

Common Stock

30,591

$ 0

125,609

D

Employee Stock Option

$1.38

05/26/2026

M

25,000

08/07/2017(8)

08/06/2027

Common Stock

25,000

$ 0

0

D

Employee Stock Option

$1.37

05/26/2026

M

12,524

11/10/2017(6)

11/09/2027

Common Stock

12,524

$ 0

12,476

D

Employee Stock Option

$1.37

05/27/2026

M

12,476

11/10/2017(6)

11/09/2027

Common Stock

12,476

$ 0

0

D

Employee Stock Option

$3.58

05/27/2026

M

7,203

03/12/2020(4)

03/11/2030

Common Stock

7,203

$ 0

118,406

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Krempa David C/O ETON PHARMACEUTICALS, INC. 21925 W. FIELD PARKWAY, SUITE 235 DEERPARK, IL 60010-7208			Chief Business Officer

Signatures

/s/ Judith Matthews		05/27/2026
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(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 were sold in multiple trades at prices ranging from $33.68 to $34.66. The price reported above reflects the weighted average sales price.
(3)	The shares were sold in multiple trades at prices ranging from $31.27 to $32.16. The price reported above reflects the weighted average sales price.
(4)	The shares subject to the option vested in 48 equal monthly installments from the date of grant (3-12-2020) until fully vested.
(5)	The shares were sold in multiple trades at prices ranging from $31.25 to $31.825. The price reported above reflects the weighted average sales price.
(6)	The shares subject to the option vested annually from the date of grant (11-10-2017) in four equal installments.
(7)	The shares were sold in multiple trades at prices ranging from $32.67 to $33.65. The price reported above reflects the weighted average sales price.
(8)	The shares subject to option vested annually from the date of grant (8-7-2017) in four equal installments.
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.

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