Eton Pharmaceuticals Inc
etonpharma.comWhat Do They Do?
Develops and commercializes treatments for rare diseases, including medicines for endocrine and metabolic conditions, for patients.
10-K for FY2025, filed Mar 19, 2026
How Do They Make Money?
Pharmacy distributors pay for medicines when products are delivered or shipped to fill patient orders. Eton also receives licensing fees and milestone payments, plus royalties tied to licensee sales.
10-K for FY2025, filed Mar 19, 2026The Company stores its INCRELEX®, ALKINDI SPRINKLE®, KHINDIVITM, GALZIN®, PKU GOLIKE®, Carglumic Acid, Betaine Anhydrous, and Nitisinone.…View ↗
Licensing revenue during the twelve-months ended December 31, 2025 was $3.3 million, compared to $0.5 million in licensing revenue during…View ↗
Milestone Payments – If a commercial contract arrangement includes development and regulatory milestone payments, the Company will evaluate…View ↗
Royalties – For arrangements that include sales-based royalties, including milestone payments based on a level of sales, which are the…View ↗
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10-K for FY2025, filed Mar 19, 2026
FY2025 revenue by product or service ↗
$80M
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10-K for FY2025, filed Mar 19, 2026
$80M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
License
Licensed
|
4.1%
FY2022: 47%
|
License, FY2025
$3.3M Sources
|
Licensed |
|
Product Sales and Royalties
Sold outright
10-K for FY2025, filed Mar 19, 2026 |
96%
FY2022: 53%
|
Product Sales and Royalties, FY2025
$76.7M Sources
|
Sold outright |
Who Are Their Customers?
Eton sells its medicines to specialty pharmacy customers, which handle orders, inventory storage and distribution to patients.
10-K for FY2025, filed Mar 19, 2026
10-K for FY2025, filed Mar 19, 2026
The Company's revenues and its accounts receivable balances are highly concentrated and consist of sales to and amounts due from AnovoRx…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $4.6M in FY2025, but brought in more cash than it spent: $10.2M of free cash flow.
10-K for FY2025, filed Mar 19, 2026
−$844KView ↗
10-K for FY2025, filed Mar 19, 2026
−$4.6MView ↗
10-K for FY2025, filed Mar 19, 2026
$10.2MView ↗
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Aug 13, 2026
$11.6MView ↗
- ▲ Now profitable
- vs −$2.6M in Q2 FY2025
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Aug 5, 2026
Licensed late-stage rare-disease candidate ASN-001
Eton will run a bridging study and intends to seek FDA approval if it succeeds.
Sources
8-K, filed Aug 5, 2026
On July 31, 2026, Eton Pharmaceuticals, Inc. (“Eton” or the “Company”) entered into a license agreement (the "Agreement") for a late-stage…View ↗
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May 19, 2026
Secured U.S. commercialization rights to IMPAVIDO
Eton will pay the supplier a share of sales and handle sales and marketing.
Sources
8-K, filed May 19, 2026
On May 18, 2026, Eton Pharmaceuticals, Inc. (“Eton” or the “Company”) entered into a supply and distribution agreement for the United…View ↗
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May 1, 2026
Launched HEMANGEOL oral solution
The launch includes patient support and assistance programs.
Sources
8-K, filed May 1, 2026
On May 1, 2026, Eton Pharmaceuticals, Inc. (the “Company”) issued a press release announcing that it has launched HEMANGEOL® (propranolol)…View ↗
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Apr 16, 2026
Appointed Judith Matthews as CFO
She will succeed James Gruber effective June 1, 2026.
Sources
8-K, filed Apr 16, 2026
On April 16, 2026, Eton Pharmaceuticals, Inc. (the “Company”) issued a press release announcing the appointment of Judith Matthews as…View ↗
Growing. Revenue grew 3.7x in 4 years, from $21.8M in FY2021 to $80M in FY2025, about 38% a year.
Expanded own-label lineup
Eton's own-label commercial lineup has expanded from ALKINDI SPRINKLE, Carglumic Acid and Betaine Anhydrous to include INCRELEX, KHINDIVI, GALZIN, PKU GOLIKE and Nitisinone.
10-K for FY2022, filed Mar 16, 2023 10-K for FY2025, filed Mar 19, 2026We currently commercialize three orphan products under our own label with our internal infrastructure and sales force. We currently…View ↗
We currently commercialize eight products under our own label with our internal infrastructure and sales force. We market and sell…View ↗
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