Opaleye Management Inc., Opaleye, L.P., and James Silverman filed Amendment No. 8 to their Schedule 13G on November 6, 2026, disclosing a combined beneficial ownership position in Eton Pharmaceuticals, Inc. (NASDAQ:ETON) as of September 30, 2026.

Key Highlights

  • Aggregate beneficial ownership: The three reporting persons collectively report beneficial ownership of 2,440,000 shares of Eton Pharmaceuticals common stock.
  • Percent of class: The 2,440,000 shares represent 8.54% of outstanding common stock, based on 28,583,135 shares outstanding as of August 11, 2026.
  • Fund holding: Opaleye, L.P. directly holds 2,420,000 shares, representing 8.47% of the class.
  • Managed account: A separately managed account advised by Opaleye Management Inc. directly holds 20,000 shares of common stock.
  • Voting and dispositive power: All 2,440,000 shares are held with shared voting and shared dispositive power; sole voting and sole dispositive power are each reported as zero.
  • Triggering event date: The date of the event requiring this filing is September 30, 2026.
  • Key individual: James Silverman, identified as the controlling person of Opaleye Management Inc., signed the filing in his capacity as President of the Adviser, as Member of Opaleye GP LLC, and individually.

Opaleye's Position in Eton Pharmaceuticals: What the Amendment Discloses

According to the filing, Opaleye Management Inc. serves as investment adviser to both Opaleye, L.P. and a separately managed account. The fund directly holds 2,420,000 shares of Eton Pharmaceuticals common stock, par value $0.001 per share (CUSIP 29772L108), while the managed account holds an additional 20,000 shares, bringing the aggregate to 2,440,000 shares. The Adviser and James Silverman, as the controlling person of the Adviser, "may be deemed to beneficially own" all 2,440,000 shares held in aggregate across both vehicles, as the filing states.

The percent-of-class figure of 8.54% is calculated against 28,583,135 shares of common stock outstanding as of August 11, 2026, as reported by Eton Pharmaceuticals in its Form 10-Q filed on August 13, 2026, according to the filing. Opaleye, L.P. alone is identified as holding an interest exceeding 5% of the outstanding common stock, while the managed account client's interest does not cross that threshold. The reporting persons are based at One Boston Place, 26th Floor, Boston, MA 02108, and Opaleye Management Inc. is organized in Massachusetts, Opaleye, L.P. in Delaware.

The filing includes the standard certification that the securities "were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer." The statement was signed by James Silverman on November 6, 2026, in each of his three capacities. The filing also notes that it "shall not be construed as an admission that any Reporting Person is the beneficial owner of any securities covered by this statement for purposes of Section 13 of the Securities Exchange Act of 1934, as amended, or otherwise."

What Was Disclosed

Opaleye Management Inc., Opaleye, L.P., and James Silverman filed Amendment No. 8 to Schedule 13G, reporting aggregate beneficial ownership of 2,440,000 shares, or 8.54%, of Eton Pharmaceuticals, Inc. common stock as of September 30, 2026.