Eton Pharmaceuticals, Inc.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the quarter ended June 30, 2026, the Company issued an aggregate of 296,215 shares of its common stock at a weighted average exercise price of $31.83 through the exercise of warrants. The warrants were exercised on a cashless exercise basis and as a result, no cash proceeds were received by the Company and 62,901 warrants were surrendered. The warrants exercised were originally issued in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended Securities Exchange Act of 1933 (the “Securities Act”), and the shares of common stock issued upon exercise of the warrants were issued in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act. The issuance was made without general solicitation or advertising, and the investor represented that they were acquiring the securities for investment purposes and not with a view to distribution.