ETON on Nasdaq
Eton Pharmaceuticals, Inc.
American pharmaceutical preparations company, incorporated in Delaware.
Price unavailable
Last updated Oct 18, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
53.5%Gross margin3
-1.1%Operating margin3
-5.8%Net margin3
104.9%Revenue growth, 20253
-17.6%Return on equity3
0.83×Debt to equity3
$10.2MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Product Sales and Royalties brought in 96% of the revenue Eton Pharmaceuticals, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Product Sales and Royalties | $26.1M | $38.5M | $76.7M |
| License | $5.5M | $500.0K | $3.3M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue47¢$37.2M
- Research and development10¢$7.8M
- Other costs44¢$34.9M
- Income tax0¢$43.0K
Out of $80.0M in revenue.3 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending3¢$333.0K
- Kept or used elsewhere97¢$10.2M
Out of $10.5M of cash from operations.3
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total net revenues | $80.0M | $39.0M | $31.6M |
| Total cost of sales | $37.2M | $15.6M | $10.6M |
| Gross profit | $42.7M | $23.4M | $21.1M |
| Research and development | $7.8M | $3.3M | $3.3M |
| General and administrative | $35.8M | $22.8M | $18.9M |
| Total operating expenses | $43.6M | $26.0M | $22.3M |
| Loss from operations | -$844.0K | -$2.6M | -$1.2M |
| Interest and other (expense) income, net | -$3.7M | -$1.2M | $503.0K |
| Loss before income tax expense | -$4.6M | -$3.8M | -$689.0K |
| Income tax expense | $43.0K | $15.0K | $247.0K |
| Net loss | -$4.6M | -$3.8M | -$936.0K |
| Net loss per share, basic and diluted (in dollars per share) | -$0.17 | -$0.15 | -$0.04 |
| Weighted average number of common shares outstanding, basic and diluted (in shares) | 26.9M shares | 25.9M shares | 25.6M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 6 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2025-05-31 | 2024-12-31 | 2024-06-30 | 2023-12-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | $25.9M | $14.9M | |||
| Accounts receivable, net | $11.8M | $5.4M | |||
| Inventories, net | $15.4M | $15.2M | |||
| Prepaid expenses and other current assets | $7.5M | $5.5M | |||
| Total current assets | $60.6M | $41.0M | |||
| Property and equipment, net | $326.0K | $34.0K | |||
| Intangible assets, net | $30.9M | $34.9M | |||
| Operating lease right-of-use assets, net | $310.0K | $333.0K | $175.0K | $219.0K | |
| Other long-term assets, net | $19.0K | $12.0K | |||
| Total assets | $92.1M | $76.1M | |||
| Accounts payable | $11.0M | $4.2M | |||
| Current portion of long-term debt, net of discount | $8.8M | $0 | |||
| Accrued Medicaid rebates | $9.3M | $6.9M | |||
| Accrued Liabilities, Current | $9.4M | $8.9M | |||
| Total current liabilities | $38.5M | $19.9M | |||
| Long-term debt, net of discount and including accrued fees | $21.8M | $29.8M | |||
| Operating lease liabilities, noncurrent | $460.0K | $107.0K | |||
| Other long-term liabilities | $5.2M | $1.8M | |||
| Total liabilities | $66.0M | $51.7M | |||
| 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 | $27.0K | $27.0K | |||
| Additional paid-in capital | $138.6M | $132.3M | |||
| Accumulated deficit | -$112.5M | -$107.9M | |||
| Total stockholders equity | $26.2M | $24.4M | $15.5M | ||
| Total liabilities and stockholders equity | $92.1M | $76.1M | |||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |||
| Common stock, authorized (in shares) | 50.0M shares | 50.0M shares | |||
| Common stock, issued (in shares) | 27.0M shares | 26.7M shares | |||
| Common stock, outstanding (in shares) | 27.0M shares | 26.7M shares | 25.7M shares |
| Period ending | 2025-12-31 | 2025-05-31 | 2024-12-31 | 2024-06-30 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | $25.9M | $14.9M | ||||
| Accounts receivable, net | $11.8M | $5.4M | ||||
| Inventories, net | $15.4M | $15.2M | ||||
| Prepaid expenses and other current assets | $7.5M | $5.5M | ||||
| Total current assets | $60.6M | $41.0M | ||||
| Property and equipment, net | $326.0K | $34.0K | ||||
| Intangible assets, net | $30.9M | $34.9M | ||||
| Operating lease right-of-use assets, net | $310.0K | $333.0K | $175.0K | $219.0K | ||
| Other long-term assets, net | $19.0K | $12.0K | ||||
| Total assets | $92.1M | $76.1M | ||||
| Accounts payable | $11.0M | $4.2M | ||||
| Current portion of long-term debt, net of discount | $8.8M | $0 | ||||
| Accrued Medicaid rebates | $9.3M | $6.9M | ||||
| Accrued Liabilities, Current | $9.4M | $8.9M | ||||
| Total current liabilities | $38.5M | $19.9M | ||||
| Long-term debt, net of discount and including accrued fees | $21.8M | $29.8M | ||||
| Operating lease liabilities, noncurrent | $460.0K | $107.0K | ||||
| Other long-term liabilities | $5.2M | $1.8M | ||||
| Total liabilities | $66.0M | $51.7M | ||||
| 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 | $27.0K | $27.0K | ||||
| Additional paid-in capital | $138.6M | $132.3M | ||||
| Accumulated deficit | -$112.5M | -$107.9M | ||||
| Total stockholders equity | $26.2M | $24.4M | $15.5M | $13.1M | ||
| Total liabilities and stockholders equity | $92.1M | $76.1M | ||||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||||
| Common stock, authorized (in shares) | 50.0M shares | 50.0M shares | ||||
| Common stock, issued (in shares) | 27.0M shares | 26.7M shares | ||||
| Common stock, outstanding (in shares) | 27.0M shares | 26.7M shares | 25.7M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | -$4.6M | -$3.8M | -$936.0K |
| Stock-based compensation | $5.5M | $3.2M | $3.1M |
| Depreciation and amortization | $4.0M | $1.1M | $901.0K |
| Inventory step-up | $5.1M | $0 | $0 |
| Excess and obsolete inventory reserve | $594.0K | $529.0K | $15.0K |
| Debt discount amortization | $696.0K | $1.1M | $117.0K |
| Non-cash lease expense | $44.0K | $70.0K | $67.0K |
| Accounts receivable | -$6.4M | -$3.1M | -$1.6M |
| Inventories | -$5.9M | -$1.8M | -$369.0K |
| Prepaid expenses and other assets | -$2.0M | -$3.3M | $94.0K |
| Accounts payable | $6.8M | $2.3M | $53.0K |
| Accrued Medicaid rebates | $2.5M | $3.2M | $2.8M |
| Accrued liabilities | $1.0M | $1.5M | $2.5M |
| Other non-current assets and liabilities | $3.1M | $38.0K | $0 |
| Net cash from (used in) operating activities | $10.5M | $969.0K | $6.8M |
| Purchases of property and equipment | -$333.0K | -$26.0K | $0 |
| Acquisition of business | $0 | -$30.0M | $0 |
| Purchase of product licensing rights | $0 | -$10.0M | -$775.0K |
| Net cash from (used in) investing activities | -$333.0K | -$40.0M | -$775.0K |
| Net proceeds from the issuance of long-term debt | $0 | $25.3M | $0 |
| Repayment of long-term debt | $0 | -$1.2M | -$1.2M |
| Common stock issued in private placement offering | $0 | $7.0M | $0 |
| Proceeds from stock option exercises | $598.0K | $1.2M | $149.0K |
| Payment of tax withholding related to net share settlement of stock option exercises | $0 | $0 | -$180.0K |
| Employee stock purchase plan | $217.0K | $248.0K | $229.0K |
| Net cash from (used in) financing activities | $815.0K | $32.6M | -$957.0K |
| Change in cash and cash equivalents | $11.0M | -$6.5M | $5.1M |
| Cash paid for interest | $3.3M | $665.0K | $842.0K |
| Cash paid for income taxes | $118.0K | $82.0K | $247.0K |
| Debt issuance costs | $0 | $386.0K | $0 |
| Fair value of warrants issued in connection with debt agreement | $0 | $1.2M | $0 |
| Adjustment of operating lease right-of-use assets and liabilities due to tenant allowance | $0 | $0 | $29.0K |
| Right-of-use assets obtained in exchange for lease liabilities | $333.0K | $219.0K | $0 |
No quarter-by-quarter statement was filed.
Leadership
Who has led Eton Pharmaceuticals, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
Chief operating officer
20202025
- Chief executive officerSean Brynjelsen Nov 13, 2018 to now11
- PresidentSean Brynjelsen Nov 13, 2018 to now11
- Chief financial officerJudith M. Matthews Jun 1, 2026 to now12
- Chief financial officerJames R. Gruber Apr 14, 2022 to Jun 1, 202613
- Chief financial officerWilliam Wilson Troutman Nov 13, 2018 to Feb 28, 202214
- Chief operating officerDanka Radosavljevic Aug 12, 2026 to now15
Board members and other officers (8)
- Chief Commercial OfficerIpek Erdogan-Trinkaus Dec 9, 2024 to now16
- Chief Business OfficerDavid Krempa Mar 8, 2023 to now17
- Board memberJennifer McKie Adams Mar 17, 2021 to now18
- Board memberCharles J. Casamento Nov 13, 2018 to now19
- Board memberMark L. Baum Nov 13, 2018 to Mar 16, 202020
- Board memberNorbert G. Riedel Nov 13, 2018 to now21
- Board memberPaul Maier V. Nov 13, 2018 to now22
- Board memberSean Brynjelsen Nov 13, 2018 to now11
Timeline
- Nov 13, 2018New chief executive Sean Brynjelsen becomes CEO11
Filings
249 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 94 major events, 85 insider forms, 9 large holders, 40 other. The latest 20:
- Oct 14, 20268-K EDGAR
- Oct 6, 2026144 EDGAR
- Oct 6, 20264 EDGAR
- Sep 28, 20268-K EDGAR
- Aug 31, 20264/A EDGAR
- Aug 28, 2026144 EDGAR
- Aug 28, 20264 EDGAR
- Aug 24, 2026144 EDGAR
- Aug 24, 20264 EDGAR
- Aug 20, 2026144/A EDGAR
- Aug 20, 20264 EDGAR
- Aug 19, 2026144 EDGAR
- Aug 13, 202610-Q EDGAR
- Aug 13, 20268-K EDGAR
- Aug 12, 20263 PRIMARY DOCUMENT EDGAR
- Aug 5, 20268-K EDGAR
- Aug 4, 20264 EDGAR
- Aug 4, 20264 EDGAR
- Aug 4, 20264 EDGAR
- Aug 4, 20264 EDGAR
The 249 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 9 such filings since October 2021:
- Jul 28, 2026SCHEDULE 13G/A
- Mar 26, 2026SCHEDULE 13G/A
- Oct 30, 2025SCHEDULE 13G
- Feb 14, 2025SCHEDULE 13G/A
- Dec 9, 2024SC 13G
- Sep 12, 2024SC 13G/A
- Feb 9, 2024SC 13G/A
- Jan 20, 2023SC 13G/A
- Jan 24, 2022SC 13G/A
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Opaleye Management Inc. | 2,860,000 | $103.5M | 9.4% | No change |
| Nantahala Capital Management, LLC | 2,351,902 | $85.1M | 2.6% | +1,175,951 |
| EcoR1 Capital, LLC | 2,171,938 | $78.6M | 3.9% | No change |
| BlackRock, Inc. | 1,895,833 | $68.6M | 0.0% | +178,547 |
| Vanguard Capital Management LLC | 976,570 | $35.4M | 0.0% | −17,519 |
| Morgan Stanley | 767,972 | $27.8M | 0.0% | +290,015 |
| State Street Corp | 701,786 | $25.4M | 0.0% | +171,571 |
| Geode Capital Management, LLC | 652,303 | $23.6M | 0.0% | +74,637 |
| Oberweis Asset Management Inc/ | 501,600 | $18.2M | 0.4% | +62,300 |
| National Philanthropic Trust | 492,112 | $17.8M | 0.3% | No change |
| Westside Investment Management, Inc. | 431,160 | $15.6M | 2.1% | −36,755 |
| Pillsbury Lake Capital LLC | 387,157 | $14.0M | 3.8% | +22,203 |
| Nuveen, LLC | 375,707 | $13.6M | 0.0% | +317,757 |
| Bnp Paribas Financial Markets | 322,466 | $11.7M | 0.0% | +20,358 |
| Woodline Partners LP | 310,879 | $11.3M | 0.0% | +140,180 |
| Northern Trust Corp | 255,849 | $9.3M | 0.0% | +18,017 |
| Marshall Wace, Llp | 249,182 | $9.0M | 0.0% | +166,461 |
| Panoramic Capital, LLC | 208,192 | $7.5M | 3.2% | +23,192 |
| Vanguard Portfolio Management LLC | 194,591 | $7.0M | 0.0% | +42,843 |
| Jpmorgan Chase & Co | 191,635 | $7.0M | 0.0% | +21,759 |
| D. E. Shaw & Co., Inc. | 188,452 | $6.8M | 0.0% | New |
| Jane Street Group, LLC | 185,697 | $6.7M | 0.0% | +90,277 |
| Lumbard & Kellner, LLC | 175,909 | $6.4M | 1.9% | −2 |
| Cannell Capital LLC | 170,747 | $6.2M | 4.3% | −171,238 |
| Norges Bank | 169,500 | $6.1M | 0.0% | New |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 17SEC EDGARDavid Krempa, Chief Business Officer
- 18SEC EDGARJennifer McKie Adams, Board member
- 19SEC EDGARCharles J. Casamento, Board member
- 20SEC EDGARMark L. Baum, Board member
- 21SEC EDGARNorbert G. Riedel, Board member
- 22SEC EDGARPaul Maier V., Board member