Opaleye Management Inc. 4

What Happened Opaleye Management, Inc. — reported as a 10% owner (manager of Opaleye, L.P. and a separately managed account) — sold a total of 126,685 Eton Pharmaceuticals (ETON) shares in multiple open‑market transactions between July 2 and July 7, 2026, for aggregate proceeds of approximately $4,768,638. Individual reported trades:

• 2026-07-02: 65,000 shares @ $37.39 — $2,430,032
• 2026-07-02: 25,000 shares @ $37.39 — $934,628
• 2026-07-06: 10,000 shares @ $38.00 — $380,000
• 2026-07-07: 20,000 shares @ $38.37 — $767,456
• 2026-07-07: 6,685 shares @ $38.37 — $256,522

All transactions are sales (S) — generally a neutral or liquidity event for institutional holders rather than a purchase signal.

Key Details

• Transaction dates/prices: July 2 (sales at weighted avg ~$37.39; detailed range reported as $37.05–$37.85), July 6–7 (sales at weighted avg ~$38.00–$38.37; detailed range reported as $38.00–$38.565). Footnotes F3 and F4 note weighted‑average reporting and that multiple price points were involved.
• Total shares sold: 126,685; total proceeds reported: ~$4,768,638.
• Shares owned after transaction: not specified in the provided excerpt of the filing.
• Notable footnotes: F1–F2 explain holdings are owned directly by the Fund and a Managed Account for which Opaleye acts as investment/portfolio manager; F5 states Opaleye disclaims beneficial ownership except to the extent of pecuniary interest.
• Filing timeliness: Form filed 2026‑07‑07 reporting transactions beginning 2026‑07‑02. Form 4s are typically required within two business days of a reportable transaction; the filing date and transaction dates suggest checking the full SEC filing for any late‑filing flag (none explicitly provided here).

Context

• Opaleye is a large institutional holder (10% owner) and the trades appear to be institutional sales — such activity can reflect portfolio rebalancing, liquidity needs, or other account management rather than insider sentiment about company fundamentals. The filing’s footnotes clarify that the shares are held through funds/managed accounts and that Opaleye disclaims beneficial ownership beyond its pecuniary interest.