Eton Pharmaceuticals, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $80.0M | $39.0M | $31.6M | $21.3M | $21.8M |
| Cost of revenue | $37.2M | $15.6M | $10.6M | $6.9M | $2.8M |
| Gross profit | $42.7M | $23.4M | $21.1M | $14.3M | $19.0M |
| Research and development | $7.8M | $3.3M | $3.3M | $4.0M | $6.2M |
| Operating expenses | $43.6M | $26.0M | $22.3M | $22.6M | $20.5M |
| Operating income | -$844,000 | -$2.6M | -$1.2M | -$8.3M | -$1.5M |
| Interest expense | — | — | $1.1M | $955,000 | $1.0M |
| Pretax income | -$4.6M | -$3.8M | -$689,000 | -$9.0M | -$2.0M |
| Income tax expense | $43,000 | $15,000 | $247,000 | $0 | $0 |
| Net income | -$4.6M | -$3.8M | -$936,000 | -$9.0M | -$2.0M |
| Balance Sheet | |||||
| Cash and equivalents | $25.9M | $14.9M | $21.4M | $16.3M | $14.4M |
| Current assets | $60.6M | $41.0M | $26.8M | $20.0M | $23.6M |
| Total assets | $92.1M | $76.1M | $31.7M | $25.0M | $27.5M |
| Current liabilities | $38.5M | $19.9M | $16.2M | $6.5M | $4.6M |
| Total liabilities | $66.0M | $51.7M | $16.3M | $12.0M | $9.8M |
| Total debt | — | — | $5.5M | $6.6M | $7.0M |
| Stockholders' equity | $26.2M | $24.4M | $15.5M | $13.1M | $17.6M |
| Cash Flow Statement | |||||
| Cash from operations | $10.5M | $969,000 | $6.8M | $4.8M | -$4.7M |
| Depreciation and amortization | $41,000 | $50,000 | $44,000 | $66,000 | $155,000 |
| Stock-based compensation | $5.5M | $3.2M | $3.1M | $4.2M | $3.4M |
| Capital expenditure | $333,000 | $26,000 | $0 | $38,000 | $9,000 |
| Free cash flow | $10.2M | $943,000 | $6.8M | $4.8M | -$4.7M |
| Impairments | $0 | $0 | $0 | $0 | $0 |
Shares outstanding 27.4M · Free float 84.4%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.