Eton Pharmaceuticals (ETON) Financials

$30.38 +0.22 (+0.73%)

Closing price 05/5/2026 04:00 PM Eastern

Extended Trading

$29.98 -0.40 (-1.32%)

As of 05/5/2026 07:45 PM Eastern

Annual Income Statements for Eton Pharmaceuticals

This table shows Eton Pharmaceuticals' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-37	-18	-28	-1.96	-9.02	-0.94	-3.82	-4.60
Consolidated Net Income / (Loss)	-13	-18	-28	-1.96	-9.02	-0.94	-3.82	-4.60
Net Income / (Loss) Continuing Operations	-13	-18	-28	-1.96	-9.02	-0.94	-3.82	-4.60
Total Pre-Tax Income	-13	-18	-28	-1.96	-9.02	-0.69	-3.81	-4.56
Total Operating Income	-10	-19	-27	-1.50	-8.26	-1.19	-2.60	-0.84
Total Gross Profit	0.00	0.51	-0.40	19	14	21	23	43
Total Revenue	0.00	0.96	0.04	22	21	32	39	80
Operating Revenue	0.00	0.96	0.04	22	21	32	39	80
Total Cost of Revenue	0.00	0.45	0.44	2.83	6.93	11	16	37
Operating Cost of Revenue	0.00	0.45	0.44	2.83	6.93	11	16	37
Total Operating Expenses	10	19	27	21	23	22	26	44
Selling, General & Admin Expense	4.69	7.55	13	14	19	19	23	36
Research & Development Expense	5.63	12	14	6.24	4.00	3.32	3.26	7.77
Total Other Income / (Expense), net	-2.42	0.28	-0.86	-0.46	-0.76	0.50	-1.21	-3.71
Other Income / (Expense), net	-2.42	0.28	-0.86	-0.83	-0.76	0.50	-1.21	-3.71
Income Tax Expense	0.00	0.00	0.00	0.00	0.00	0.25	0.02	0.04
Basic Earnings per Share	($5.80)	($1.03)	($1.33)	($0.08)	($0.36)	($0.04)	($0.15)	($0.17)
Weighted Average Basic Shares Outstanding	6.42M	17.76M	21.01M	25.21M	25.15M	25.65M	25.90M	26.91M
Weighted Average Diluted Shares Outstanding	6.42M	17.76M	21.01M	25.21M	25.46M	25.69M	26.82M	27.28M
Weighted Average Basic & Diluted Shares Outstanding	6.42M	17.76M	21.01M	25.21M	25.46M	25.69M	26.82M	27.28M

This table shows Eton Pharmaceuticals' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	4.56	-0.58	-2.26	-0.81	-3.04	0.63	-0.60	-1.57	-2.59	-1.93	1.48
Consolidated Net Income / (Loss)	4.56	-0.58	-2.26	-0.81	-3.04	0.63	-0.60	-1.57	-2.59	-1.93	1.48
Net Income / (Loss) Continuing Operations	4.56	-0.58	-2.26	-0.81	-3.04	0.63	-0.60	-1.57	-2.59	-1.93	1.48
Total Pre-Tax Income	4.56	-0.58	-2.01	-0.81	-2.99	0.50	-0.51	-1.50	-2.52	-1.96	1.41
Total Operating Income	3.88	-0.55	-1.99	-0.80	-2.94	0.51	0.63	-0.47	-1.48	-1.36	2.46
Total Gross Profit	9.68	4.40	3.63	5.01	5.63	6.30	6.48	9.86	12	7.86	13
Total Revenue	12	7.03	7.31	7.97	9.07	10	12	17	19	22	21
Operating Revenue	12	7.03	7.31	7.97	9.07	10	12	17	19	22	21
Total Cost of Revenue	2.32	2.63	3.68	2.96	3.45	4.02	5.17	7.42	7.00	15	8.18
Operating Cost of Revenue	2.32	2.63	3.68	2.96	3.45	4.02	5.17	7.42	7.00	15	8.18
Total Operating Expenses	5.80	4.95	5.62	5.81	8.56	5.79	5.85	10	13	9.22	11
Selling, General & Admin Expense	4.67	4.34	4.58	5.16	5.59	5.29	6.72	9.17	9.69	8.11	8.86
Research & Development Expense	1.13	0.62	1.05	0.65	2.97	0.51	-0.87	1.16	3.71	1.11	1.78
Total Other Income / (Expense), net	0.68	-0.03	-0.02	-0.01	-0.05	-0.01	-1.14	-1.03	-1.04	-0.59	-1.05
Income Tax Expense	0.00	0.00	0.25	0.00	0.05	-0.13	0.09	0.07	0.07	-0.03	-0.07
Basic Earnings per Share	$0.18	($0.02)	($0.10)	($0.03)	($0.12)	$0.02	($0.02)	($0.06)	($0.10)	($0.07)	$0.06
Weighted Average Basic Shares Outstanding	25.59M	25.72K	25.65M	25.76M	25.78M	25.90M	25.90M	26.89M	26.89M	26.89M	26.91M
Weighted Average Diluted Shares Outstanding	25.98M	25.72K	25.69M	25.69M	25.84M	26.55M	26.82M	26.82M	26.82M	26.89M	27.28M
Weighted Average Basic & Diluted Shares Outstanding	25.65M	25.66M	25.69M	25.69M	25.84M	25.84M	26.82M	26.82M	26.82M	26.82M	27.28M

This table details how cash moves in and out of Eton Pharmaceuticals' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	14	-15	9.23	-6.89	1.90	5.08	-6.45	11
Net Cash From Operating Activities	-8.15	-18	-22	-4.72	4.82	6.82	0.97	11
Net Cash From Continuing Operating Activities	-8.15	-18	-22	-4.72	4.82	6.82	0.97	11
Net Income / (Loss) Continuing Operations	-13	-18	-28	-1.96	-9.02	-0.94	-3.82	-4.60
Consolidated Net Income / (Loss)	-13	-18	-28	-1.96	-9.02	-0.94	-3.82	-4.60
Depreciation Expense	0.06	0.45	0.65	0.46	1.77	0.90	1.15	4.04
Amortization Expense	0.00	0.02	0.12	0.15	0.13	0.12	1.11	0.70
Non-Cash Adjustments To Reconcile Net Income	4.43	1.89	3.84	2.84	5.05	6.04	7.00	14
Changes in Operating Assets and Liabilities, net	0.10	-2.06	1.01	-6.21	6.89	0.70	-4.47	-3.31
Net Cash From Investing Activities	-0.24	-1.85	-0.05	-2.56	-2.79	-0.78	-40	-0.33
Net Cash From Continuing Investing Activities	-0.24	-1.85	-0.05	-2.56	-2.79	-0.78	-40	-0.33
Purchase of Property, Plant & Equipment	-0.24	-1.10	-0.05	-0.01	-0.04	0.00	-0.03	-0.33
Acquisitions	0.00	-0.75	0.00	-3.25	-2.75	-0.78	-40	0.00
Net Cash From Financing Activities	22	5.20	32	0.39	-0.13	-0.96	33	0.82
Net Cash From Continuing Financing Activities	22	5.20	32	0.39	-0.13	-0.96	33	0.82
Repayment of Debt	-	0.00	0.00	-0.15	-0.39	-1.16	-1.16	0.00
Issuance of Debt	0.00	4.75	2.48	-	0.00	0.00	25	0.00
Issuance of Common Equity	23	0.00	29	-	0.17	0.23	7.25	0.22
Other Financing Activities, net	0.00	0.45	0.37	0.54	0.08	-0.03	1.19	0.60
Cash Interest Paid	0.00	0.00	0.80	0.82	0.73	0.84	0.67	3.33
Cash Income Taxes Paid	0.00	0.00	0.00	0.00	0.00	0.25	0.08	0.12

This table details how cash moves in and out of Eton Pharmaceuticals' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	6.86	0.50	-0.68	-4.73	1.04	2.57	-5.33	2.48	7.96	12	-11
Net Cash From Operating Activities	7.10	0.87	0.39	-2.47	1.26	2.95	-0.77	2.09	7.96	12	-12
Net Cash From Continuing Operating Activities	7.10	0.87	0.32	-2.47	1.26	2.95	-0.77	2.09	7.96	12	-12
Net Income / (Loss) Continuing Operations	4.56	-0.58	-2.26	-0.81	-3.04	0.63	-0.60	-1.57	-2.59	-1.93	1.48
Consolidated Net Income / (Loss)	4.56	-0.58	-2.26	-0.81	-3.04	0.63	-0.60	-1.57	-2.59	-1.93	1.48
Depreciation Expense	0.17	0.19	0.33	0.23	0.26	0.28	0.36	1.01	1.01	1.01	1.02
Amortization Expense	0.03	0.03	0.03	0.03	0.02	0.02	1.04	0.29	0.05	0.18	0.18
Non-Cash Adjustments To Reconcile Net Income	0.82	3.08	1.18	1.46	0.88	5.16	-0.38	8.43	6.60	4.23	-5.57
Changes in Operating Assets and Liabilities, net	1.52	-1.85	1.05	-3.38	3.14	-3.13	-1.18	-6.08	2.89	8.54	-8.66
Net Cash From Investing Activities	-	-	-0.78	-1.88	-	-	-38	0.00	-	-0.28	-0.05
Net Cash From Continuing Investing Activities	-	-	-0.78	-1.88	-	-	-38	0.00	-	-0.28	-0.05
Purchase of Property, Plant & Equipment	-	-	-	-0.01	-	-	-0.01	0.00	-	-0.28	-0.05
Net Cash From Financing Activities	-0.25	-0.37	-0.29	-0.38	-0.22	-0.39	34	0.39	-	-	0.42
Net Cash From Continuing Financing Activities	-0.25	-0.37	-0.29	-0.38	-0.22	-0.39	34	0.39	-	-	0.42
Issuance of Common Equity	-	-	-	-	-	-	-	-	-	-	-0.18
Cash Interest Paid	0.21	0.21	0.20	0.19	0.17	0.16	0.14	0.64	0.21	1.54	0.93
Cash Income Taxes Paid	-	-	0.25	0.00	-	0.18	-0.10	0.01	0.08	0.03	0.00

This table presents Eton Pharmaceuticals' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	13	28	17	26	27	25	32	76	92
Total Current Assets	13	28	15	25	24	20	27	41	61
Cash & Equivalents	13	27	12	21	14	16	21	15	26
Accounts Receivable	-	0.00	0.47	0.05	5.47	1.85	3.41	5.36	12
Inventories, net	-	0.00	0.38	1.24	0.55	0.56	0.91	15	15
Prepaid Expenses	0.14	0.77	2.09	2.12	3.18	1.29	1.13	5.49	7.46
Plant, Property, & Equipment, net	0.12	0.77	1.12	0.81	0.12	0.07	0.06	0.03	0.33
Total Noncurrent Assets	0.03	0.05	0.95	0.81	3.75	4.95	4.84	35	31
Intangible Assets	-	0.00	0.73	0.58	3.62	4.75	4.74	35	31
Other Noncurrent Operating Assets	0.03	0.05	0.22	0.23	0.13	0.20	0.10	0.19	0.33
Total Liabilities & Shareholders' Equity	13	28	17	26	27	25	32	76	92
Total Liabilities	1.31	2.02	6.52	11	9.84	12	16	52	66
Total Current Liabilities	0.79	2.02	1.96	3.79	4.56	6.46	16	20	38
Short-Term Debt	-	-	0.00	0.00	1.42	1.03	5.38	0.00	8.79
Accounts Payable	0.54	1.42	0.58	2.34	1.77	1.77	1.85	4.17	11
Accrued Expenses	0.25	0.60	1.39	1.17	1.37	3.66	9.01	16	19
Total Noncurrent Liabilities	0.52	0.00	4.56	6.86	5.28	5.49	0.02	32	27
Long-Term Debt	-	0.00	4.54	6.76	5.26	5.38	0.00	30	22
Other Noncurrent Operating Liabilities	0.52	0.00	0.02	0.10	0.02	0.11	0.02	1.94	5.70
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-6.87	26	11	16	18	13	15	24	26
Total Preferred & Common Equity	-6.87	26	11	16	18	13	15	24	26
Total Common Equity	-6.87	26	11	16	18	13	15	24	26
Common Stock	1.77	72	75	108	112	116	120	132	139
Retained Earnings	-8.64	-46	-64	-92	-94	-103	-104	-108	-112

This table presents Eton Pharmaceuticals' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	22	24	31	32	31	32	36	84	102	105
Total Current Assets	16	19	26	27	24	25	30	50	68	72
Cash & Equivalents	13	15	22	22	17	18	20	17	25	37
Accounts Receivable	1.50	2.87	3.08	3.50	4.24	4.87	5.59	16	14	13
Inventories, net	0.48	0.44	0.82	1.05	2.32	2.07	1.94	14	24	17
Prepaid Expenses	1.06	1.10	0.87	0.54	1.05	0.80	1.96	2.52	4.82	4.94
Plant, Property, & Equipment, net	0.07	0.06	0.05	0.04	0.06	0.05	0.03	0.02	0.02	0.29
Total Noncurrent Assets	5.03	4.75	4.55	4.33	6.47	6.34	6.06	34	33	32
Intangible Assets	4.97	4.57	4.39	4.21	6.39	6.12	5.85	34	33	32
Other Noncurrent Operating Assets	0.05	0.18	0.16	0.12	0.09	0.22	0.21	0.17	0.34	0.34
Total Liabilities & Shareholders' Equity	22	24	31	32	31	32	36	84	102	105
Total Liabilities	10	13	14	15	15	18	20	60	78	81
Total Current Liabilities	4.66	7.49	9.59	10	15	18	20	25	39	44
Short-Term Debt	0.71	1.34	1.54	1.54	5.02	4.66	4.13	-	2.77	2.78
Accounts Payable	1.05	1.23	2.30	1.71	2.26	2.13	2.68	4.87	12	14
Accrued Expenses	2.90	4.92	5.75	7.14	8.02	11	13	20	24	27
Total Noncurrent Liabilities	5.68	5.19	4.62	4.24	0.00	0.15	0.13	34	39	37
Long-Term Debt	5.68	5.11	4.55	4.20	-	-	-	30	27	28
Other Noncurrent Operating Liabilities	-	0.09	0.07	0.04	0.00	0.15	0.13	4.24	12	9.61
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	11	11	17	17	15	13	16	24	24	23
Total Preferred & Common Equity	11	11	17	17	15	13	16	24	24	23
Total Common Equity	11	11	17	17	15	13	16	24	24	23
Common Stock	115	117	118	119	120	121	123	134	136	137
Retained Earnings	-104	-106	-101	-102	-105	-108	-107	-109	-112	-114

This table displays calculated financial ratios and metrics derived from Eton Pharmaceuticals' official financial filings.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	17,607,928.00	17,807,167.00	24,213,533.00	24,606,175.00	-	-	-	26,817,535.00
DEI Adjusted Shares Outstanding	17,607,928.00	17,807,167.00	24,213,533.00	24,606,175.00	-	-	-	26,817,535.00
DEI Earnings Per Adjusted Shares Outstanding	-2.11	-1.03	-1.16	-0.08	-	-	-	-0.17
Growth Metrics	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	-7.22	-13	-19	-1.05	-5.78	-0.83	-1.82	-0.59
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-29.66%	-4.00%	-3.35%	-1.04%
Earnings before Interest and Taxes (EBIT)	-13	-18	-28	-2.32	-9.02	-0.69	-3.81	-4.56
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-13	-18	-27	-1.71	-7.12	0.33	-1.55	0.18
Valuation Ratios	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-16	-17	-9.82	0.93	2.89	-42	7.94
Efficiency Ratios	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	-0.43	3.02	1.13	9.90	3.19	-0.53	39	31
Increase / (Decrease) in Invested Capital	0.00	3.46	-1.89	8.77	-6.71	-3.72	40	-8.53
Book Value per Share	$1.49	$0.59	$0.65	$0.72	$0.52	$0.60	$0.95	$0.98
Tangible Book Value per Share	$1.49	$0.55	$0.62	$0.57	$0.33	$0.42	($0.40)	($0.18)
Total Capital	26	15	22	24	19	21	54	57
Total Debt	0.00	4.54	6.76	6.68	6.42	5.38	30	31
Total Long-Term Debt	0.00	4.54	6.76	5.26	5.38	0.00	30	22
Net Debt	-27	-7.53	-15	-7.73	-9.89	-16	15	4.62
Capital Expenditures (CapEx)	0.24	1.10	0.05	-0.69	0.04	0.00	0.03	0.33
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1.26	0.98	-0.39	6.06	-1.73	-5.41	6.14	4.94
Debt-free Net Working Capital (DFNWC)	25	13	21	20	15	16	21	31
Net Working Capital (NWC)	25	13	21	19	14	11	21	22
Net Nonoperating Expense (NNE)	5.52	5.30	8.99	0.91	3.24	0.10	2.01	4.01
Net Nonoperating Obligations (NNO)	-27	-7.53	-15	-7.73	-9.89	-16	15	4.62
Total Depreciation and Amortization (D&A)	0.06	0.46	0.77	0.61	1.90	1.02	2.26	4.74
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($5.80)	($1.03)	($1.33)	($0.08)	($0.36)	($0.04)	($0.15)	($0.17)
Adjusted Weighted Average Basic Shares Outstanding	17.63M	17.88M	24.41M	24.63M	25.15M	25.65M	25.90M	26.91M
Adjusted Diluted Earnings per Share	($5.80)	($1.03)	($1.33)	($0.08)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	17.63M	17.88M	24.41M	24.63M	25.46M	25.69M	26.82M	27.28M
Adjusted Basic & Diluted Earnings per Share	($5.80)	($1.03)	($1.33)	($0.08)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	6.42M	17.76M	21.01M	25.21M	25.46M	25.69M	26.82M	27.28M
Normalized Net Operating Profit after Tax (NOPAT)	-7.22	-13	-19	-1.05	-5.78	-0.83	-1.82	-0.59
Debt Service Ratios	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from Eton Pharmaceuticals' official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	26,817,535.00	26,817,535.00	26,817,535.00	26,817,535.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	26,817,535.00	26,817,535.00	26,817,535.00	26,817,535.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-0.06	-0.10	-0.07	0.06
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	3.88	-0.38	-1.40	-0.56	-2.05	0.64	0.44	-0.33	-1.03	-0.95	2.58
Return On Investment Capital (ROIC_SIMPLE)	-	-	-6.69%	-	-	-	0.81%	-0.60%	-1.91%	-1.78%	4.56%
Earnings before Interest and Taxes (EBIT)	4.68	-0.55	-2.29	-0.80	-2.94	0.51	-0.58	-0.47	-1.48	-1.36	2.46
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4.89	-0.33	-1.94	-0.52	-2.65	0.81	0.81	0.84	-0.42	-0.18	3.66
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	5.18	3.25	2.33	-1.44	-1.23	1.35	-39	-33	-29	-17	11
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1.25	0.56	-0.53	3.86	0.43	-0.16	39	37	29	16	31
Increase / (Decrease) in Invested Capital	-1.30	-3.63	-3.72	0.88	-0.83	-0.71	40	33	28	17	-8.53
Book Value per Share	$0.66	$0.66	$0.60	$0.60	$0.52	$0.62	$0.95	$0.91	$0.89	$0.86	$0.98
Tangible Book Value per Share	$0.48	$0.49	$0.42	$0.35	$0.29	$0.39	($0.40)	($0.35)	($0.33)	($0.33)	($0.18)
Total Capital	23	23	21	21	18	20	54	54	54	53	57
Total Debt	6.09	5.74	5.38	5.02	4.66	4.13	30	30	30	30	31
Total Long-Term Debt	4.55	4.20	0.00	0.00	0.00	0.00	30	30	27	28	22
Net Debt	-15	-16	-16	-12	-13	-16	15	13	4.80	-6.75	4.62
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.01	0.00	0.00	0.01	0.00	0.00	0.28	0.05
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3.28	-3.77	-5.41	-2.67	-5.82	-6.12	6.14	7.19	7.24	-6.53	4.94
Debt-free Net Working Capital (DFNWC)	18	18	16	14	12	14	21	25	33	31	31
Net Working Capital (NWC)	17	17	11	8.96	7.22	10	21	25	30	28	22
Net Nonoperating Expense (NNE)	-0.68	0.20	0.86	0.25	0.99	0.01	1.04	1.24	1.55	0.97	1.10
Net Nonoperating Obligations (NNO)	-15	-16	-16	-12	-13	-16	15	13	4.80	-6.75	4.62
Total Depreciation and Amortization (D&A)	0.20	0.22	0.35	0.28	0.28	0.30	1.39	1.31	1.05	1.19	1.19
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.18	($0.02)	($0.10)	($0.03)	($0.12)	$0.02	($0.02)	($0.06)	($0.10)	($0.07)	$0.06
Adjusted Weighted Average Basic Shares Outstanding	25.59M	25.72M	25.65M	25.76M	25.78M	25.90K	25.90M	26.89M	26.89M	26.89M	26.91M
Adjusted Diluted Earnings per Share	$0.18	($0.02)	$0.00	($0.03)	($0.12)	$0.02	$0.00	$0.00	$0.00	($0.07)	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	25.98M	25.72M	25.69M	25.76M	25.78M	26.55K	26.82M	26.82M	26.82M	26.89M	27.28M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	25.65M	25.66M	25.69M	25.69M	25.84M	25.84M	26.82M	26.82M	26.82M	26.82M	27.28M
Normalized Net Operating Profit after Tax (NOPAT)	2.72	-0.38	-1.40	-0.56	-2.05	0.36	0.44	-0.33	-1.03	-0.95	1.72
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

Financials Breakdown Chart

Key Financial Trends

Eton Pharmaceuticals (NASDAQ: ETON) has shown notable top‑line growth in 2025 with a stronger Q4, a cleaner gross margin, and positive quarterly profitability, but the company continues to carry a substantial cumulative loss on the balance sheet and carries debt alongside operating‑income volatility. Here are the key takeaways from the last four years of quarterly statements, focused on the latest four quarters.

2025 Q4 revenue reached 21.28 million, up markedly year over year from 2024 Q4 (11.65 million) and 2023 levels, signaling meaningful top‑line growth.
Gross margin in 2025 Q4 was about 61.5% (13.10 million gross profit on 21.28 million in revenue), an improvement versus 2024 Q4 gross margin (~55.5%).
2025 Q4 net income from continuing operations was positive at 1.483 million, with basic earnings per share around 0.06, marking a potential profitability inflection for the quarter.
Operating cash flow strengthened in 2025, with positive cash from continuing operating activities in Q1 (2.09 million), Q2 (7.96 million), and Q3 (12.03 million), indicating improving cash generation from core operations.
Balance sheet liquidity remains relatively strong in 2025, with cash & equivalents around 37.1 million reported at 2025 Q3, supporting near‑term liquidity needs.
Total equity rose to about 23.1 million by 2025 Q3, up from roughly 15.98 million in 2024 Q3, signaling an improving but still modest equity base.
Long‑term debt declined modestly to about 27.6 million by 2025 Q3 from about 29.9 million in 2024 Q3, suggesting a light improvement in leverage.
Net cash from continuing operating activities in 2025 Q4 was negative (about −11.55 million), despite stronger quarterly revenue, indicating a material working capital drain in that quarter.
Cumulative losses persist on the balance sheet, with Retained Earnings around −113.98 million as of 2025 Q3, reflecting substantial past losses that affect overall equity quality.
Profitability remains volatile across recent quarters, with Q1–Q3 2025 posting net losses (Q1 −3.041 million, Q2 −2.585 million, Q3 −1.927 million) before the Q4 2025 rebound, signaling uneven quarterly performance.

05/06/26 03:36 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Eton Pharmaceuticals' Financials

When does Eton Pharmaceuticals' financial year end?

According to the most recent income statement we have on file, Eton Pharmaceuticals' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Eton Pharmaceuticals' net income changed over the last 7 years?

Eton Pharmaceuticals' net income appears to be on a downward trend, with a most recent value of -$4.60 million in 2025, falling from -$12.74 million in 2018. The previous period was -$3.82 million in 2024. See where experts think Eton Pharmaceuticals is headed by visiting Eton Pharmaceuticals' forecast page.

What is Eton Pharmaceuticals' operating income?

Eton Pharmaceuticals' total operating income in 2025 was -$844 thousand, based on the following breakdown:

Total Gross Profit: $42.74 million
Total Operating Expenses: $43.58 million

How has Eton Pharmaceuticals' revenue changed over the last 7 years?

Over the last 7 years, Eton Pharmaceuticals' total revenue changed from $0.00 in 2018 to $79.95 million in 2025, a change of 7,995,000,000.0%.

How much debt does Eton Pharmaceuticals have?

Eton Pharmaceuticals' total liabilities were at $65.96 million at the end of 2025, a 27.6% increase from 2024, and a 4,923.6% increase since 2017.

How much cash does Eton Pharmaceuticals have?

In the past 8 years, Eton Pharmaceuticals' cash and equivalents has ranged from $12.07 million in 2019 to $26.74 million in 2018, and is currently $25.94 million as of their latest financial filing in 2025.

How has Eton Pharmaceuticals' book value per share changed over the last 7 years?

Over the last 7 years, Eton Pharmaceuticals' book value per share changed from 1.49 in 2018 to 0.98 in 2025, a change of -34.7%.

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Financial statements for NASDAQ:ETON last updated on 4/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Eton Pharmaceuticals (ETON) Financials

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Eton Pharmaceuticals (ETON) Financials

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Frequently Asked Questions About Eton Pharmaceuticals' Financials

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