# Eton Pharmaceuticals Inc. (ETON)

**Exchange:** NASDAQ  
**Sector:** Healthcare  
**Market cap:** $837M  
**Price:** $30.95 (+1.38%)

> Eton Pharmaceuticals Inc. is a biopharmaceutical company specializing in the development and commercialization of treatments for rare diseases, with particular focus on pediatric endocrinology and metabolic disorders. The company maintains a growing portfolio of FDA-approved commercial products including Increlex for severe primary IGF-1 deficiency, Alkindi Sprinkle for adrenal insufficiency, Khindivi for adrenocortical insufficiency, Galzin for Wilson disease, PKU Golike for phenylketonuria, and several other rare disease medications. Eton's business model centers on acquiring and developing ultra-rare disease treatments that larger pharmaceutical companies find commercially impractical, supported by a specialized sales force and comprehensive patient support programs including zero co-pay options for eligible patients. The company's late-stage pipeline includes candidates such as ET-600 for diabetes insipidus and ZENEO hydrocortisone autoinjector for adrenal crisis. Eton's strategy emphasizes delivering treatments to underserved patient populations with conditions affecting small numbers of individuals, positioning itself as a leader in the orphan drug market segment. Headquartered in Deer Park, Illinois, Eton serves patients through direct commercialization and partnerships with specialty pharmacy providers.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $80M | $43M | -$844,000 | -$5M | — |
| 2024 | $39M | $23M | -$3M | -$4M | — |
| 2023 | $32M | $21M | -$1M | -$936,000 | — |
| 2022 | $21M | $14M | -$8M | -$9M | — |
| 2021 | $22M | $19M | -$1M | -$2M | — |
| 2020 | $39,000 | -$397,000 | -$27M | -$28M | — |
| 2019 | $959,000 | $506,000 | -$19M | -$18M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $92M | $66M | $26M | $26M | $22M |
| 2024 | $76M | $52M | $24M | $15M | $30M |
| 2023 | $32M | $16M | $15M | $21M | — |
| 2022 | $25M | $12M | $13M | $16M | $5M |
| 2021 | $27M | $10M | $18M | $14M | $5M |
| 2020 | $26M | $11M | $18M | $21M | $7M |
| 2019 | $17M | $7M | $11M | $12M | $5M |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | $11M | $333,000 | $10M |
| 2024 | $969,000 | $26,000 | $943,000 |
| 2023 | $7M | — | $7M |
| 2022 | $5M | $38,000 | $5M |
| 2021 | -$5M | $9,000 | -$5M |
| 2020 | -$22M | $50,000 | -$22M |
| 2019 | -$18M | $1M | -$19M |
| 2018 | -$8M | $236,000 | -$8M |

Source: [CompaniesByCap](https://companiesbycap.com/company/ETON)