Eton Pharmaceuticals, Inc.
Business
Eton Pharmaceuticals is a pharmaceutical company focused on developing and commercializing treatments for rare diseases. The company markets eight commercial products (INCRELEX, ALKINDI SPRINKLE, KHINDIVI, GALZIN, PKU GOLIKE, Carglumic Acid, Betaine Anhydrous, and Nitisinone) and has five additional product candidates in late-stage development. Eton operates through its own sales force targeting specialty markets, relies on third-party contract manufacturers, and uses the 505(b)(2) regulatory pathway to leverage existing data for faster approval timelines. The company competes in the ultra-rare disease pharmaceutical space, with geographic focus on the United States and select international territories.
Summary from 10-K filed 2026-03-19
Financials
Consolidated Statement of Income
| Concept | Trend | 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
| Concept | Trend | 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
| Concept | Trend | 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
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Eton Pharmaceuticals, Inc.'s CIK number?
Eton Pharmaceuticals, Inc.'s SEC CIK number is 0001710340 (1710340). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Eton Pharmaceuticals, Inc.'s SEC filings?
All of Eton Pharmaceuticals, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Eton Pharmaceuticals, Inc. last report earnings?
Eton Pharmaceuticals, Inc. (ETON) most recently filed an earnings 8-K with the SEC on May 14, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001437749-26-017063). This is Eton Pharmaceuticals, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Eton Pharmaceuticals, Inc.'s most recent earnings 8-K?
Eton Pharmaceuticals, Inc.'s latest earnings 8-K (Item 2.02) was filed May 14, 2026 under accession 0001437749-26-017063. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Eton Pharmaceuticals, Inc.'s latest earnings 8-K →
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