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ETON

Eton Pharmaceuticals, Inc.

ETON

Eton Pharmaceuticals, Inc. • NASDAQ
$16.15 ▼ -0.25% (-0.04)
Market Cap $433.10 M
52w High $23.00
52w Low $11.09
Dividend Yield 0%
P/E -62.12
Volume 61.57K
Outstanding Shares 26.82M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $22.459M ▲ $9.218M ▼ $-1.927M ▲ -8.58% ▲ $-0.07 ▲ $265.999K ▲
Q2-2025 $18.928M ▲ $13.399M ▲ $-2.585M ▼ -13.657% ▼ $-0.096 ▼ $-470K ▼
Q1-2025 $17.282M ▲ $10.331M ▲ $-1.572M ▼ -9.096% ▼ $-0.059 ▼ $543K ▼
Q4-2024 $11.647M ▲ $5.847M ▲ $-598K ▼ -5.134% ▼ $-0.023 ▼ $984K ▲
Q3-2024 $10.324M $5.793M $627K 6.073% $0.024 $787K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $37.121M ▲ $104.51M ▲ $81.384M ▲ $23.126M ▼
Q2-2025 $25.379M ▲ $101.676M ▲ $77.715M ▲ $23.961M ▼
Q1-2025 $17.42M ▲ $84.032M ▲ $59.582M ▲ $24.45M ▲
Q4-2024 $14.936M ▼ $76.123M ▲ $51.695M ▲ $24.428M ▲
Q3-2024 $20.261M $35.841M $19.86M $15.981M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.927M ▲ $12.026M ▲ $-284K ▼ $0 $11.742M ▲ $11.742M ▲
Q2-2025 $-2.585M ▼ $7.959M ▲ $0 $0 ▼ $7.959M ▲ $7.959M ▲
Q1-2025 $-1.572M ▼ $2.09M ▲ $0 ▲ $394K ▼ $2.484M ▲ $2.09M ▲
Q4-2024 $-598K ▼ $-765K ▼ $-38.132M ▼ $33.572M ▲ $-5.325M ▼ $-777K ▼
Q3-2024 $627K $2.952M $0 $-385K $2.567M $2.952M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product Sales and Royalties
Product Sales and Royalties
 $20.00M ▲$10.00M ▼$20.00M ▲$20.00M ▲
License
License
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been gradually increasing from a very small base, and the company appears to have moved from meaningful losses toward roughly break‑even results in the most recent years. Gross profit has improved alongside sales, suggesting the products that are on the market can generate healthy margins. Earlier years show clear operating and net losses as the company invested in building its portfolio and commercial platform, but these losses have narrowed, indicating better cost control and scale. Overall, the income statement tells a story of an emerging, still small, but maturing specialty pharma business that is approaching consistent profitability but is not yet firmly there, with earnings still somewhat fragile.

Balance Sheet

Balance Sheet The balance sheet is lean and relatively small, which is typical for a focused specialty pharmaceutical company. Total assets have stepped up recently, helped by new product rights and related growth initiatives. Cash levels are modest and have actually come down compared with a couple of years ago, which reduces the cushion but also reflects spending to grow the business. Debt has risen from very low levels, so the company now carries a more noticeable, though still not extreme, amount of leverage relative to its size. Equity has been fairly stable, suggesting that past losses have not severely eroded the capital base. Overall, the balance sheet looks compact but not overextended, with some reliance on debt funding that will need to be supported by continued operating progress.

Cash Flow

Cash Flow Cash generation has improved meaningfully. Operating cash flow, which was negative in earlier years, has turned positive more recently, signaling that the core business is now close to self‑funding its day‑to‑day needs. Free cash flow shows a similar pattern, helped by very low capital spending requirements, since the model is more about acquiring and commercializing products than building heavy infrastructure. That said, the absolute level of cash flow is still small, so any setback in product uptake, pricing, or pipeline timing could swing cash flow back into negative territory. The trend is encouraging, but the cash position and scale remain tight, leaving limited room for prolonged missteps without additional financing or business development cash.

Competitive Edge

Competitive Edge Eton operates in a narrow but attractive niche: rare and especially pediatric endocrine and metabolic diseases. Its edge comes from focusing on patient‑friendly, specialty formulations in areas where there are few or no approved treatments, and where larger pharma companies may not prioritize the small patient populations. The company benefits from multiple layers of protection, including orphan drug exclusivity, patents on formulations and delivery devices, and a strong concentration of relationships with pediatric specialists. This combination creates meaningful barriers for generic competition and new entrants. However, the niche nature of its markets also means dependence on a limited set of products and prescribers; any clinical, regulatory, or commercial issues with key drugs could have an outsized impact. Overall, Eton’s competitive position is narrow but deep, with strength in its chosen pockets of the rare‑disease space.

Innovation and R&D

Innovation and R&D Innovation is centered on reformulating known drugs into safer, easier‑to‑use, and more precise treatments for children with serious, often lifelong conditions. Rather than inventing entirely new molecules, Eton leverages regulatory pathways that allow faster development of improved versions of existing therapies. Examples include pediatric‑specific hydrocortisone formulations, a needle‑free emergency hydrocortisone autoinjector, and oral liquid versions of drugs that were previously only available in adult tablet forms. This approach lowers scientific risk but still allows meaningful differentiation and patent protection. The pipeline is fairly advanced, with several late‑stage programs and coming regulatory milestones over the next couple of years, which could materially reshape the company’s scale. The “Eton Cares” support program adds a service layer that helps patients navigate access and adherence, reinforcing the company’s patient‑centric brand and potentially supporting better uptake of its therapies.

Summary

Eton Pharmaceuticals is a small but increasingly established rare‑disease company that appears to be crossing the line from investment‑heavy buildout toward early commercial maturity. Revenues and gross profits are rising from a low base, losses have narrowed, and cash flows have improved, though the business is still sensitive to execution and pipeline timing. The balance sheet is compact with modest cash and a growing but not excessive level of debt, which heightens the importance of sustained progress toward durable profitability. Strategically, Eton’s strength lies in its focus on overlooked pediatric and rare indications, use of orphan exclusivity and patents, specialist commercial relationships, and a pipeline of patient‑friendly formulations with near‑term regulatory events. Key uncertainties center on regulatory outcomes, the commercial performance of a handful of core products, and the company’s ability to maintain financing flexibility as it scales. Overall, it is a focused, higher‑risk, innovation‑driven niche player with clear differentiation in a small but important corner of the healthcare market.

NEWS

November 24, 2025 · 4:30 PM UTC

Eton Pharmaceuticals to Present at Piper Sandler 37th Annual Healthcare Conference on December 4th

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November 12, 2025 · 4:30 PM UTC

Eton Pharmaceuticals to Participate at 16th Annual Craig-Hallum Alpha Select Conference on November 18th

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November 6, 2025 · 4:05 PM UTC

Eton Pharmaceuticals Reports Third Quarter 2025 Financial Results

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October 23, 2025 · 4:30 PM UTC

Eton Pharmaceuticals to Report Third Quarter 2025 Financial Results on Thursday, November 6, 2025

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