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MARKETS / NASDAQ / ETON
NASDAQ · PHARMACEUTICAL PREPARATIONS · SMALL CAP

Eton Pharmaceuticals, Inc. ETON

8 fiscal years on record · USD · FY2025 reported · SEC filings only
$80.0M
▲ 104.9% YoY
$-4.6M
$10.2M
▲ 980.7% YoY
In brief

What this company does

Eton currently has eight commercial rare disease products: INCRELEX, ALKINDI SPRINKLE, KHINDIVI, GALZIN, PKU GOLIKE, Carglumic Acid, Betaine Anhydrous, and Nitisinone. Eton has five additional product candidates in late-stage development: ET-600, Amglidia, ET-700, ET-800 and ZENEO hydrocortisone autoinjector. INCRELEX is a biologic product that was approved by the FDA in August 2005 as a treatment for children who suffer from severe primary insulin-like growth factor 1 deficiency (SPIGFD). GALZIN is FDA-approved as a maintenance treatment for patients with Wilson disease who have been initially treated with a chelating agent. At December 31, 2025, Eton had 44 full-time employees, twelve of whom are engaged in research and development activities, twenty-four are engaged in sales and marketing operations and eight of whom are engaged in general corporate and strategy roles. Eton was incorporated under the laws of the state of Delaware in April 2017.

Written from the business description in Eton Pharmaceuticals, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 19 March 2026. Every sentence was checked against that document before publication.

Growth
USD 80.0M
Revenue, FY2025 · full 8-year series below
Revenue $M Net income $M
FY2025 · Revenue 80.0 · Net income -4.6
40M-10M-20M20182019202020212022202320242025
Compound annual growth
+55.5%
+359.6%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +359.6% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−6 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -1.1% · Net -5.8%
-20000%-40000%-60000%20182019202020212022202320242025
ROE
FY2025 · ROE -18.2%
-50%-100%-150%20182019202020212022202320242025

Each USD of equity lost 18 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 10.2
4M8M-8M-16M20182019202020212022202320242025

Total assetsUSD 92.1M
EquityUSD 26.2M
CashUSD 25.9M
Gross debtUSD 30.6M
Net debtUSD 4.6M
Current ratio1.57×

Net debt stands at 18% of equity.

The 8-year record
8 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 20252024202320222021202020192018
Revenue $B0.10.00.00.00.00.00.0·
Operating income $B−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
EBITDA $B−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Income tax $B0.00.00.00.00.0···
Net income $B−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Free cash flow $B0.00.00.00.0−0.0−0.0−0.0−0.0
EPS, diluted $····−0.08−1.33−1.03−5.80
Dividend / sh $········
Payout %········
ROE %−18.2−19.2−6.6−58.8−11.1−198.5−99.4−131.1
Shares out B0.030.030.030.030.020.020.020.02

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 42 reconciliationsAUDITED

Reconciled in 9 of 19 fiscal years. 53 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityPharmaceutical Preparations
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2017

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