ETON

MKT CAP:$626M

Eton Pharmaceuticals, Inc.

Market Cap

$626M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$23.14+$6.88 (+42.31%)

Apr 24, 2026

Company Details

Eton Pharmaceuticals, Inc., a specialty pharmaceutical company, focuses on developing and commercializing pharmaceutical products for rare diseases. The company offers Biorphen, a phenylephrine injection for the treatment of clinically impo...

CEO

Sean E. Brynjelsen

IPO Date

Nov 13, 2018

Website

www.etonpharma.com

Key Metrics TTM

Revenue

$80M

+104.9% YoY

Net Income

-$5M

EPS (Diluted)

-$0.17

Free Cash Flow

-$333.0K

Revenue / Share

$2.97

Gross Margin

53.5%

Operating Margin

-1.1%

Net Margin

-5.8%

FCF Margin

-0.4%

P/S

7.8x

P/E

—

Earnings Reports

Q1 2026

May 12, 2026

PENDING

FY 2025

Mar 19, 2026

$80M+104.9%EPS -$0.17

Q4 2025

Mar 19, 2026

$21M+82.7%EPS $0.05

Q3 2025

Nov 6, 2025

$22M+117.5%EPS -$0.07

Q2 2025

Aug 7, 2025

$19M+108.6%EPS -$0.10

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$2M	$1M	-$5M
Q2 22	$7M	$5M	-$1M
Q3 22	$3M	$2M	-$3M
Q4 22	$8M	$6M	$1M
Q1 23	$5M	$3M	-$3M
Q2 23	$12M	$10M	$4M
Q3 23	$7M	$4M	-$548.0K
Q4 23	$7M	$4M	-$2M
Q1 24	$8M	$5M	-$800.0K
Q2 24	$9M	$6M	-$3M
Q3 24	$10M	$6M	$509.0K
Q4 24	$12M	$6M	$629.0K
Q1 25	$17M	$10M	-$470.0K
Q2 25	$19M	$12M	-$1M
Q3 25	$22M	$8M	-$1M
Q4 25	$21M	$13M	$2M

Valuation

Quarter	P/S	P/E
Q1 22	8.7x	—
Q2 22	4.4x	—
Q3 22	2.9x	—
Q4 22	3.7x	—
Q1 23	3.9x	—
Q2 23	3.1x	—
Q3 23	3.1x	45.9x
Q4 23	4.1x	—
Q1 24	2.8x	105.6x
Q2 24	2.8x	—
Q3 24	4.5x	—
Q4 24	8.7x	—
Q1 25	7.0x	—
Q2 25	6.6x	—
Q3 25	8.6x	—
Q4 25	5.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$1M	$1M
Q2 22	$2M	$2M
Q3 22	-$2M	-$4M
Q4 22	$3M	$3M
Q1 23	-$2M	-$2M
Q2 23	$7M	$7M
Q3 23	$873.0K	$873.0K
Q4 23	$387.0K	-$388.0K
Q1 24	-$2M	-$4M
Q2 24	$1M	$1M
Q3 24	$3M	$3M
Q4 24	-$765.0K	-$777.0K
Q1 25	$2M	$2M
Q2 25	$8M	$8M
Q3 25	$12M	$12M
Q4 25	-$22M	-$22M

Capital Expenditures

Quarter	CapEx
Q1 22	$15.0K
Q2 22	$761.0K
Q3 22	$2M
Q4 22	$12.0K
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$775.0K
Q1 24	$2M
Q2 24	$0
Q3 24	$0
Q4 24	$12.0K
Q1 25	$0
Q2 25	$0
Q3 25	$284.0K
Q4 25	$49.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-81.7%	+11.2%
Q2 22	+139.9%	+61.3%
Q3 22	+315.4%	-7.7%
Q4 22	+39.5%	+55.6%
Q1 23	+143.8%	+7.9%
Q2 23	+63.0%	-6.7%
Q3 23	+118.3%	+23.9%
Q4 23	-13.9%	+25.1%
Q1 24	+50.2%	+11.8%
Q2 24	-24.4%	+48.0%
Q3 24	+46.9%	+29.6%
Q4 24	+59.3%	+18.4%
Q1 25	+116.9%	+102.5%
Q2 25	+108.6%	+69.9%
Q3 25	+117.5%	+142.7%
Q4 25	+82.7%	+70.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1M	49.8%
Q2 22	$1M	17.7%
Q3 22	$949.0K	29.5%
Q4 22	$886.0K	10.4%
Q1 23	$872.0K	16.4%
Q2 23	$0	0.0%
Q3 23	$730.0K	10.4%
Q4 23	$750.0K	10.3%
Q1 24	$821.0K	10.3%
Q2 24	$840.0K	9.3%
Q3 24	$722.0K	7.0%
Q4 24	$782.0K	6.7%
Q1 25	$1M	6.9%
Q2 25	$2M	11.1%
Q3 25	$1M	4.9%
Q4 25	$1M	5.3%

OpEx Breakdown

Quarter	R&D	G&A
Q1 22	$2M	$5M
Q2 22	$690.0K	$5M
Q3 22	$744.0K	$4M
Q4 22	$944.0K	$4M
Q1 23	$535.0K	$5M
Q2 23	$1M	$5M
Q3 23	$615.0K	$4M
Q4 23	$1M	$5M
Q1 24	$651.0K	$5M
Q2 24	$3M	$6M
Q3 24	$505.0K	$5M
Q4 24	—	$7M
Q1 25	$1M	$9M
Q2 25	$4M	$10M
Q3 25	$1M	$8M
Q4 25	$2M	$9M

Revenue Segments

Quarter	Product	Royalty	Product Sales and Royalties	License
Q1 22	$2M	$23.0K	—	—
Q3 22	—	—	$3M	—
Q1 23	—	—	$5M	—
Q2 23	—	—	$6M	$6M
Q3 23	—	—	$7M	—
Q4 23	—	—	$7M	—
Q1 24	—	—	$8M	—
Q2 24	—	—	$9M	—
Q3 24	—	—	$10M	$500.0K
Q1 25	—	—	$14M	$3M
Q2 25	—	—	$19M	—
Q3 25	—	—	$22M	—
Q4 25	—	—	$21M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$15M	$0	$15M
Q2 22	$17M	$0	$17M
Q3 22	$13M	$0	$13M
Q4 22	$16M	$0	$16M
Q1 23	$15M	$0	$15M
Q2 23	$22M	$0	$22M
Q3 23	$22M	$0	$22M
Q4 23	$21M	$0	$21M
Q1 24	$17M	$0	$17M
Q2 24	$18M	$0	$18M
Q3 24	$20M	$0	$20M
Q4 24	$15M	$0	$15M
Q1 25	$17M	$0	$17M
Q2 25	$25M	$0	$25M
Q3 25	$37M	$0	$37M
Q4 25	$26M	$0	$26M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	25M	-2.5%	-4.7%
Q2 22	25M	-0.7%	-0.3%
Q3 22	25M	+1.0%	+0.4%
Q4 22	26M	+1.3%	-1.0%
Q1 23	26M	-0.6%	+0.9%
Q2 23	26M	+1.8%	+3.4%
Q3 23	26M	-1.0%	+1.4%
Q4 23	26M	+0.1%	+0.2%
Q1 24	26M	+0.1%	+0.9%
Q2 24	26M	+0.1%	-0.8%
Q3 24	27M	+3.0%	+3.2%
Q4 24	26M	-1.6%	+1.5%
Q1 25	27M	+2.9%	+4.4%
Q2 25	27M	+0.0%	+4.3%
Q3 25	27M	0.0%	+1.3%
Q4 25	27M	+0.1%	+3.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$128.0K	17
Q2 22	$432.8K	17
Q3 22	$189.4K	17
Q4 22	$303.5K	28
Q1 23	$189.4K	28
Q2 23	$428.5K	28
Q3 23	$251.0K	28
Q4 23	$243.8K	30
Q1 24	$265.5K	30
Q2 24	$302.5K	30
Q3 24	$344.1K	30
Q4 24	$375.7K	31
Q1 25	$557.5K	31
Q2 25	$610.6K	31
Q3 25	$724.5K	31
Q4 25	$483.7K	44

Revenue / Employee