Overview
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- TickerETON on Nasdaq1
- IndustryPharmaceutical Preparations1
- HeadquartersDeer Park, Illinois1
- Incorporated inDE2
- Business address21925 W. Field Parkway, Suite 235, Deer Park, Il 60010-72782
- Filer categoryNon-accelerated filer, Smaller reporting company2
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Eton is an innovative pharmaceutical company focused on developing and commercializing treatments for rare diseases. We currently have eight commercial rare disease products: INCRELEX®, ALKINDI SPRINKLE®, KHINDIVI TM , GALZIN®, PKU GOLIKE®, Carglumic Acid, Betaine Anhydrous, and Nitisinone. We have five additional product candidates in late-stage development: ET-600, Amglidia®, ET-700, ET-800 and ZENEO® hydrocortisone autoinjector.3 From its latest annual report
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 margin4
-1.1%Operating margin4
-5.8%Net margin4
104.9%Revenue growth, 20254
-17.6%Return on equity4
0.83×Debt to equity4
$10.2MFree cash flow4
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.4 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.4
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.4
| 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.4
| 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.4
| 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.
Corporate structure
Eton Pharmaceuticals, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Eton Pharmaceuticals, Inc.
- BlackRock Filed SCHEDULE 13G/A on Eton Pharmaceuticals, Inc., latest Jul 28, 2026 (2 filings since Jul 17, 2025)
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on Eton Pharmaceuticals, Inc., latest Mar 26, 2026 (2 filings since Oct 30, 2025)
- EcoR1 Capital, LLC Filed SCHEDULE 13G/A on Eton Pharmaceuticals, Inc., latest Feb 14, 2025 (2 filings since Dec 9, 2024)
- Opaleye Management Inc. Filed SC 13G/A on Eton Pharmaceuticals, Inc., latest Sep 12, 2024 (4 filings since Jan 24, 2022)
- Harrow Health Filed SC 13D/A on Eton Pharmaceuticals, Inc., latest Apr 30, 2024 (2 filings since Jan 28, 2022)
- Eton Pharmaceuticals, Inc. Deer Park, Illinois
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Eton Pharmaceuticals, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Machinery and equipment | $52.0K4 Dec 31, 2025 | $52.0K4 Dec 31, 2024 | 0% |
| Furniture and fixtures | $265.0K4 Dec 31, 2025 | $125.0K4 Dec 31, 2024 | +112.0% |
| Computer equipment and software | $200.0K4 Dec 31, 2025 | $200.0K4 Dec 31, 2024 | 0% |
| Leasehold improvements | $295.0K4 Dec 31, 2025 | $103.0K4 Dec 31, 2024 | +186.4% |
| Property and equipment, before depreciation | $812.0K4 Dec 31, 2025 | $480.0K4 Dec 31, 2024 | +69.2% |
| Accumulated depreciation | $486.0K4 Dec 31, 2025 | $446.0K4 Dec 31, 2024 | +9.0% |
| Property and equipment, net | $326.0K4 Dec 31, 2025 | $34.0K4 Dec 31, 2024 | +858.8% |
| Operating-lease assets (leased space) | $310.0K4 Dec 31, 2025 | $175.0K4 Dec 31, 2024 | +77.1% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $25.9M4 Dec 31, 2025 | $14.9M4 Dec 31, 2024 | +73.7% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Intangible assets, net (excluding goodwill) | $30.9M4 Dec 31, 2025 | $34.9M4 Dec 31, 2024 | −11.5% |
| Finite-lived intangibles, gross | $37.3M4 Dec 31, 2025 | $37.3M4 Dec 31, 2024 | 0% |
| Accumulated amortization | $6.4M4 Dec 31, 2025 | $2.4M4 Dec 31, 2024 | +168.1% |
| Finite-lived intangibles, net | $30.9M4 Dec 31, 2025 | $34.9M4 Dec 31, 2024 | −11.5% |
Inventory
| Item | Latest | A year before | Change |
|---|---|---|---|
| Inventory, total | $15.4M4 Dec 31, 2025 | $15.2M4 Dec 31, 2024 | +1.2% |
| Raw materials | $557.0K4 Dec 31, 2025 | $5.4M4 Dec 31, 2024 | −89.6% |
| Work in process | $9.4M4 Dec 31, 2025 | $3.3M4 Dec 31, 2024 | +186.8% |
| Finished goods | $6.6M4 Dec 31, 2025 | $7.2M4 Dec 31, 2024 | −7.8% |
Properties, in its own words
We conduct all of our administrative activities for Eton Pharmaceuticals, Inc. at our 8,079 square foot leased office space located at 21925 W. Field Parkway, Suite 235, Deer Park, Illinois 60010. The lease for this facility expires in January 2031.
We consider our current facilities suitable and adequate to meet our current needs.
Item 2 of the 10-K filed Mar 19, 2026.3
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 now12
- PresidentSean Brynjelsen Nov 13, 2018 to now12
- Chief financial officerJudith M. Matthews Jun 1, 2026 to now13
- Chief financial officerJames R. Gruber Apr 14, 2022 to Jun 1, 202614
- Chief financial officerWilliam Wilson Troutman Nov 13, 2018 to Feb 28, 202215
- Chief operating officerDanka Radosavljevic Aug 12, 2026 to now16
Board members and other officers (8)
- Chief Commercial OfficerIpek Erdogan-Trinkaus Dec 9, 2024 to now17
- Chief Business OfficerDavid Krempa Mar 8, 2023 to now18
- Board memberJennifer McKie Adams Mar 17, 2021 to now19
- Board memberCharles J. Casamento Nov 13, 2018 to now20
- Board memberMark L. Baum Nov 13, 2018 to Mar 16, 202021
- Board memberNorbert G. Riedel Nov 13, 2018 to now22
- Board memberPaul Maier V. Nov 13, 2018 to now23
- Board memberSean Brynjelsen Nov 13, 2018 to now12
Timeline
- Oct 14, 20268-K Entered a material agreement; Completed an acquisition or sale24
- Sep 28, 20268-K Other events25
- Aug 13, 20268-K Results of operations26
- Aug 5, 20268-K Entered a material agreement; Completed an acquisition or sale27
- Aug 4, 20268-K Executive or director change28
- Jul 29, 20268-K Other events29
- Jun 9, 20268-K Shareholder vote30
- May 19, 20268-K Entered a material agreement; Completed an acquisition or sale31
- May 14, 20268-K Results of operations32
- May 1, 20268-K Other events33
- Apr 27, 20268-K Other events34
- Apr 16, 20268-K Executive or director change; Regulation FD disclosure35
- Nov 13, 2018New chief executive Sean Brynjelsen becomes CEO12
Calendar
Coming up
- Nov 5, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.07) a share, on Nov 6, 2025.36
When it reported results
- Aug 13, 2026Reported quarterly or annual results26
- May 14, 2026Reported quarterly or annual results32
- Mar 19, 2026Reported quarterly or annual results37
- Nov 6, 2025Reported quarterly or annual results38
- Aug 7, 2025Reported quarterly or annual results39
- May 13, 2025Reported quarterly or annual results40
- Mar 18, 2025Reported quarterly or annual results41
- Nov 12, 2024Reported quarterly or annual results42
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
252 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 94 major events, 85 insider forms, 12 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 252 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
41 open-market trades by officers, directors and large owners since October 2021: 8 buys and 33 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 28, 2026 | MAIER PAUL VDirector | Sale | 50,000 | $59.07 | $3.0M | Form 4 |
| Aug 28, 2026 | MAIER PAUL VDirector | Sale | 50,000 | $59.07 | $3.0M | Form 4 |
| Aug 24, 2026 | Krempa DavidChief Business Officer | Sale | 25,000 | $65.07 | $1.6M | Form 4 |
| Aug 20, 2026 | BRYNJELSEN SEANPresident & CEO | Sale | 91,022 | $60.70 | $5.5M | Form 4 |
| Aug 19, 2026 | BRYNJELSEN SEANPresident & CEO | Sale | 8,978 | $62.65 | $562.5K | Form 4 |
| Jul 14, 2026 | Opaleye Management Inc.10% owner | Sale | 28,315 | $37.54 | $1.1M | Form 4 |
| Jul 14, 2026 | Opaleye Management Inc.10% owner | Sale | 28,315 | $37.54 | $1.1M | Form 4 |
| Jul 7, 2026 | Opaleye Management Inc.10% owner | Sale | 26,685 | $38.37 | $1.0M | Form 4 |
| Jul 6, 2026 | Opaleye Management Inc.10% owner | Sale | 10,000 | $38.00 | $380.0K | Form 4 |
| Jul 2, 2026 | Opaleye Management Inc.10% owner | Sale | 90,000 | $37.39 | $3.4M | Form 4 |
| Jun 17, 2026 | Adams Jennifer McKieDirector | Sale | 50,000 | $32.48 | $1.6M | Form 4 |
| May 28, 2026 | BRYNJELSEN SEANPresident & CEO | Sale | 120,000 | $31.88 | $3.8M | Form 4 |
| May 27, 2026 | Krempa DavidChief Business Officer | Sale | 19,679 | $31.47 | $619.3K | Form 4 |
| May 26, 2026 | Krempa DavidChief Business Officer | Sale | 37,524 | $31.49 | $1.2M | Form 4 |
| May 22, 2026 | Krempa DavidChief Business Officer | Sale | 42,797 | $33.39 | $1.4M | Form 4 |
| Aug 20, 2025 | Gruber James R.Chief Financial Officer | Sale | 2,631 | $16.02 | $42.1K | Form 4 |
| Aug 19, 2025 | Gruber James R.Chief Financial Officer | Sale | 39,082 | $16.16 | $631.6K | Form 4 |
| Jun 16, 2025 | Krempa DavidChief Business Officer | Sale | 10,223 | $14.73 | $150.6K | Form 4 |
| Jun 13, 2025 | Krempa DavidChief Business Officer | Sale | 6,800 | $14.77 | $100.4K | Form 4 |
| Jun 12, 2025 | Krempa DavidChief Business Officer | Sale | 16,977 | $14.92 | $253.3K | Form 4 |
All 41 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- BlackRockSCHEDULE 13G/A, 2 filings Jul 17, 2025 to Jul 28, 202643
- VANGUARD GROUP INCSCHEDULE 13G/A, 2 filings Oct 30, 2025 to Mar 26, 202644
- EcoR1 Capital, LLCSCHEDULE 13G/A, 2 filings Dec 9, 2024 to Feb 14, 202545
- Opaleye Management Inc.SC 13G/A, 4 filings Jan 24, 2022 to Sep 12, 202446
- Harrow HealthSC 13D/A, 2 filings Jan 28, 2022 to Apr 30, 202447
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Sean E. Brynjelsen | 54 | $712.4K | $2.9M48 |
| 2025 | James R. Gruber | 54 | $460.5K | $1.4M48 |
| 2025 | David C. Krempa | 37 | $460.5K | $1.4M48 |
| 2025 | Ipek Erdogan-Trinkaus | 44 | $402.7K | $575.3K48 |
| 2024 | President and Chief Executive Officer | $615.5K | $2.4M48 | |
| 2024 | Chief Business Officer | $397.8K | $1.3M48 | |
| 2024 | Chief Financial Officer | $397.8K | $1.1M48 | |
| 2024 | Chief Commercial Officer | $33.6K | $775.5K48 |
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.
SEC filer profile
How Eton Pharmaceuticals, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGAREton Pharmaceuticals, Inc.1
- CIK0001710340
- Employer ID (EIN)37-18584723
- Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
- Incorporated inDelaware3
- Fiscal year endsDecember 311
- Industry code (SIC)2834 Pharmaceutical Preparations1
- SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
- Business address21925 W. Field Parkway, Suite 235, Deer Park, IL 60010-72781
- Phone(847) 787-73611
- Shares outstanding28,583,135 as of Aug 11, 202610
- Public float$360.6M as of Jun 30, 20253
- AuditorGRANT THORNTON LLP, Chicago, Illinois PCAOB ID 248; no auditor attestation of internal control over financial reporting3
- On EDGAR sinceJun 28, 20171
- Filings417 in all: 8-K (149), 4 (112), 10-Q (24), 144 (21), 3 (15), SC 13G/A (9), 10-K (8), DEF 14A (8)1
All 37 form types
UPLOAD (7), S-8 (6), CORRESP (5), 424B5 (4), 8-K/A (4), EFFECT (4), S-1/A (4), SC 13G (4), 4/A (3), S-3 (3), SCHEDULE 13G/A (3), 10-K/A (2), 424B3 (2), D (2), DEFA14A (2), SC 13D/A (2), SCHEDULE 13G (2), 144/A (1), 424B4 (1), 5 (1), 8-A12B (1), CERT (1), CT ORDER (1), DRS (1), DRS/A (1), FWP (1), NT 10-Q (1), S-1 (1), SC 13D (1)
- Latest filingsAnnual report (10-K) Mar 19, 2026
Quarterly report (10-Q) Aug 13, 2026
Proxy statement (DEF 14A) Apr 24, 2026
Latest 8-K (8-K) Oct 14, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, $0.001 par value | ETON | Nasdaq |
From the cover page of the 10-K filed Mar 19, 2026 (Section 12(b) of the Exchange Act).3
Risk factors and legal proceedings
The risks Eton Pharmaceuticals, Inc. names in Item 1A of its 10-K filed Mar 19, 2026: 51 risks under these headings, as written.3
- Risks Relating to Pricing, Reimbursement and Market Access
- The Inflation Reduction Act and related Medicare reforms may adversely affect the prices we realize and the demand for our products.
- Our participation in U.S. government price reporting and discount programs imposes complex and evolving obligations that could adversely affect the net prices we realize and expose us to significant liabilities.
- Third-party coverage and reimbursement and healthcare cost containment initiatives, including formulary controls and utilization management, may constrain our future revenues.
- We may operate or support patient services and assistance programs, and government scrutiny of these activities could require us to curtail such programs, reducing patient access and adversely affecting demand for our products.
- If we obtain or seek marketing authorizations and commercialization outside the United States, we may be subject to pricing controls and health technology assessment processes that could delay commercialization and reduce net prices.
- Risks Relating to Our Business
- We may need to grow the size of our organization, and we could experience difficulties in managing this growth.
- We focus on rare diseases, which may create additional risks and challenges, including that the target patient populations of our products and product candidates may be small.
- If product liability lawsuits are brought against us, we may incur substantial liabilities and may be required to limit commercialization of our product candidates.
- We may acquire businesses or products, or form strategic alliances, in the future, and we may not realize the benefits of such acquisitions.
- We rely significantly on information technology and any failure, inadequacy, interruption or security lapse of that technology, including any cybersecurity incidents, could harm our ability to operate our business effectively.
The other 41 risks
- Use of artificial intelligence-based software by us or third parties with which we contract, may lead to the release of confidential information which may impact our ability to realize the benefits of our intellectual property.
- Sales of counterfeits of any of our product candidates, as well as unauthorized sales of any of our product candidates, may have adverse effects on our revenues, business and results of operations and damage our brand and reputation.
- Risks Related to Product Development, Regulatory Approval, Manufacturing and Commercialization
- We depend entirely on the success of current approved products and our new product candidates. If we are unable to generate revenues from our approved products and new product candidates, our ability to create stockholder value will be limited.
- We face competition from other biotechnology and pharmaceutical companies and our operating results will suffer if we fail to compete effectively.
- We face substantial competition, which may result in others discovering, developing and commercializing products before or more successfully than our product candidates.
- Our competitors may obtain FDA or other regulatory approval for comparable products more rapidly than we may obtain approval for ours, and the risk of our competitors doing so may lead us to develop drug candidates without disclosing certain information with regard to such candidates.
- If we are not able to obtain any required regulatory approvals for our product candidates, we will not be able to commercialize our product candidate and our ability to generate revenue will be limited.
- If the FDA does not conclude that our product candidates satisfy the requirements for the 505(b)(2) regulatory approval pathway, or if the requirements for approval of any of our product candidates under Section 505(b)(2) are not as we expect, the approval pathway for our product candidates will likely take significantly longer, cost significantly more and encounter significantly greater complications and risks than anticipated, and in any case may not be successful.
- An NDA submitted under Section 505(b)(2) subjects us to the risk that we may be subject to a patent infringement lawsuit that would delay or prevent the review or approval of our product candidate.
- Even if we receive regulatory approval for our additional product candidates, we may not be able to successfully commercialize these products, and the revenue that we generate from those sales, if any, may be limited.
- We are subject to ongoing obligations and continued regulatory review, which may result in significant additional expense. Additionally, our product candidates could be subject to labeling and other restrictions and withdrawal from the market, and we may be subject to penalties if we fail to comply with regulatory requirements or if we experience unanticipated problems with our product candidates.
- We are subject to Drug Supply Chain Security Act requirements, and failure to comply could disrupt our distribution and result in enforcement action.
- Significant additional labeling or warning requirements or limitations on the availability of our products may inhibit sales of affected products.
- Changes in U.S. trade policy, threats of international tariffs, and changes to the U.S. political landscape may adversely affect our business, results of operations, financial condition, and prospects.
- If we market our existing approved products or any of our new product candidates in a manner that violates health care fraud and abuse laws, we may be subject to civil or criminal penalties.
- We are completely dependent on third parties to manufacture our approved products and new product candidates, and our commercialization of our product candidates could be halted, delayed or made less profitable if those third parties fail to obtain manufacturing approval from the FDA or comparable foreign regulatory authorities, fail to provide us with sufficient quantities of our product candidates or fail to do so at acceptable quality levels or prices.
- We may not be able to establish agreements with third parties with whom we wish to collaborate and, if we are able to establish them, we may not be able to establish them on commercially reasonable terms, which could result in alterations or delays of our development and commercialization plans.
- We may need to rely on third parties to conduct clinical trials for our future product candidates. If these third parties do not successfully carry out their contractual duties or meet expected deadlines, we may not be able to obtain regulatory approval for or commercialize any of our product candidates and our business would be substantially harmed.
- We enter into various contracts in the normal course of our business, some or all of which may require us to indemnify the other party to the contract. In the event we have to perform under these indemnification provisions, it could have an adverse effect on our business, financial condition and results of operations.
- Any termination or suspension of, or delays in the commencement or completion of, any necessary studies of any of our product candidates for any indications could result in increased costs to us, delay or limit our ability to generate revenue and adversely affect our commercial prospects.
- Clinical drug development involves a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results.
- We are subject to extensive laws and regulations related to data privacy, and our failure to comply with these laws and regulations could harm our business.
- Risks Relating to Our Intellectual Property Rights
- We will depend on rights to certain pharmaceutical compounds that have been acquired by us. We do not have complete control over these pharmaceutical compounds and any loss of our rights to them could prevent us from selling our products.
- It may be difficult and costly to protect our intellectual property rights, and we cannot ensure the protection of these rights.
- We may not be able to protect our intellectual property rights throughout the world.
- Changes in either U.S. patent law or interpretation of such laws could diminish the value of patents in general, thereby impairing our ability to protect our products.
- Our product candidates may infringe the intellectual property rights of others, which could increase our costs and delay or prevent our development and commercialization efforts.
- Others may claim an ownership interest in our intellectual property, which could expose us to litigation and have an adverse effect on our prospects.
- We may be subject to claims that we have wrongfully hired an employee from a competitor or that we or our employees have wrongfully used or disclosed alleged confidential information or trade secrets of their former employers.
- Risks Related to Owning Our Common Stock
- An active, liquid and orderly trading market for our shares may not continue to be developed or sustained.
- The trading price of the shares of our common stock may continue to be volatile, and purchasers of our common stock could incur substantial losses.
- We are a “smaller reporting company” and we cannot be certain if the reduced disclosure requirements applicable to smaller reporting companies will make our common stock less attractive to investors.
- If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, stockholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our common shares.
- We have not paid dividends in the past and have no immediate plans to pay dividends, so any returns will be limited to the value of our stock.
- If equity research analysts do not publish research or reports about our business or if they issue unfavorable commentary or downgrade our shares, the price of our shares could decline.
- Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
- Assuming a market for our common stock continues to develop, sales of a substantial number of shares of our common stock in the public market by our existing stockholders could cause our stock price to fall.
- Our charter documents and Delaware law may inhibit a takeover that stockholders consider favorable.
- Our amended and restated certificate of incorporation designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain litigation that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or stockholders.
- Ownership portions held by our executives and directors may limit our stockholders’ ability to influence corporate matters.
Sources
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- 18SEC EDGARDavid Krempa, Chief Business Officer
- 19SEC EDGARJennifer McKie Adams, Board member
- 20SEC EDGARCharles J. Casamento, Board member
- 21SEC EDGARMark L. Baum, Board member
- 22SEC EDGARNorbert G. Riedel, Board member
- 23SEC EDGARPaul Maier V., Board member
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- 25SEC EDGAROther events
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- 28SEC EDGARExecutive or director change
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- 30SEC EDGARShareholder vote
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