Eton Pharmaceuticals, Inc.

Listed Company

ETONCIK 0001710340NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$79.95M

Net Income

$-4.60M

Total Assets

$92.11M

Equity

$26.15M

Shares Out

27.28M

Op. Cash Flow

$10.52M

Business

Eton Pharmaceuticals, Inc. is an innovative pharmaceutical company focused on developing and commercializing treatments for rare diseases. It offers seven commercial rare disease products including INCRELEX®, ALKINDI SPRINKLE®, GALZIN®, PKU GOLIKE®, Carglumic Acid, Betaine Anhydrous, and Nitisinone, and develops multiple late-stage product candidates such as ET-400, ET-600, Amglidia®, ET-700, ET-800 and the ZENEO® hydrocortisone autoinjector. Its operations include business development, regulatory strategy, research and development, and established commercial and sales functions. The company primarily markets and distributes products in the United States through an internal sales force, specialty pharmacies and patient support programs.

Summary from filing dated 2025-03-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total net revenues	80	39	32	21	22
Total cost of sales	37	16	11	7	3
Gross profit	43	23	21	14	19
Research and development	8	3	3	4	6
General and administrative	36	23	19	19	14
Total operating expenses	44	26	22	23	21
Loss from operations	−844,000	−3	−1	−8	−1
Interest and other (expense) income, net	−4	−1	503,000	−761,000	−1
Loss before income tax expense	−5	−4	−689,000	−9	−2
Income tax expense	43,000	15,000	247,000	0	0
Net loss	−5	−4	−936,000	−9	−2
Net loss per share, basic and diluted (in dollars per share)	−0.17	−0.15	−0.04	−0.36	−0.08
Weighted average number of common shares outstanding, basic and diluted (in shares)	27	26	26	25	25

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-05-31	FY 2024 2024-12-31	FY 2024 2024-06-30	FY 2023 2023-12-31
Cash and cash equivalents	26	—	15	—	21
Accounts receivable, net	12	—	5	—	3
Inventories, net	15	—	15	—	911,000
Prepaid expenses and other current assets	7	—	5	—	1
Total current assets	61	—	41	—	27
Property and equipment, net	326,000	—	34,000	—	58,000
Intangible assets, net	31	—	35	—	5
Operating lease right-of-use assets, net	310,000	333,000	175,000	219,000	92,000
Other long-term assets, net	19,000	—	12,000	—	12,000
Total assets	92	—	76	—	32
Accounts payable	11	—	4	—	2
Current portion of long-term debt, net of discount	9	—	0	—	5
Accrued Medicaid rebates	9	—	7	—	4
Accrued Liabilities, Current	9	—	9	—	5
Total current liabilities	38	—	20	—	16
Long-term debt, net of discount and including accrued fees	22	—	30	—	—
Operating lease liabilities, noncurrent	460,000	—	107,000	—	22,000
Other long-term liabilities	5	—	2	—	0
Total liabilities	66	—	52	—	16
Commitments and contingencies (Note 16)	—	—	—	—	—
Common stock, $0.001 par value; 50,000,000 shares authorized; 27,047,061 and 26,709,084 shares issued and outstanding at December 31, 2025 and 2024, respectively	27,000	—	27,000	—	26,000
Additional paid-in capital	139	—	132	—	120
Accumulated deficit	−112	—	−108	—	−104
Total stockholders equity	26	—	24	—	15
Total liabilities and stockholders equity	92	—	76	—	32

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation	6	3	3	4	3
Depreciation and amortization	4	1	901,000	2	462,000
Inventory step-up	5	0	0	—	—
Excess and obsolete inventory reserve	594,000	529,000	15,000	—	—
Debt discount amortization	696,000	1	117,000	127,000	148,000
Non-cash lease expense	44,000	70,000	67,000	62,000	—
Accounts receivable	−6	−3	−2	4	−5
Inventories	−6	−2	−369,000	−7,000	692,000
Prepaid expenses and other assets	−2	−3	94,000	2	−1
Accounts payable	7	2	53,000	−8,000	−570,000
Accrued Medicaid rebates	2	3	3	768,000	—
Accrued liabilities	1	1	2	1	116,000
Other non-current assets and liabilities	3	38,000	0	0	—
Net cash from (used in) operating activities	11	969,000	7	5	−5
Purchases of property and equipment	−333,000	−26,000	0	−38,000	−9,000
Acquisition of business	0	−30	0	0	—
Purchase of product licensing rights	0	−10	−775,000	−3	−3
Net cash from (used in) investing activities	−333,000	−40	−775,000	−3	−3
Net proceeds from the issuance of long-term debt	0	25	0	0	—
Repayment of long-term debt	0	−1	−1	−385,000	—
Common stock issued in private placement offering	0	7	0	0	—
Proceeds from stock option exercises	598,000	1	149,000	35,000	541,000
Payment of tax withholding related to net share settlement of stock option exercises	0	0	−180,000	0	—
Employee stock purchase plan	217,000	248,000	229,000	171,000	—
Net cash from (used in) financing activities	815,000	33	−957,000	−134,000	391,000
Change in cash and cash equivalents	11	−6	5	2	−7
Cash paid for interest	3	665,000	842,000	730,000	815,000
Cash paid for income taxes	118,000	82,000	247,000	0	0
Debt issuance costs	0	386,000	0	0	—
Fair value of warrants issued in connection with debt agreement	0	1	0	0	—
Adjustment of operating lease right-of-use assets and liabilities due to tenant allowance	0	0	29,000	0	0
Right-of-use assets obtained in exchange for lease liabilities	333,000	219,000	0	188,000	0

Filings

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