Eton Pharmaceuticals, Inc.
ETON evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for ETON—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · ETON
Eton Pharmaceuticals, Inc. is a rare-disease pharmaceutical company with eleven commercial products and four late-stage candidates, reporting $37.6M in revenue and $26.8M in cash as of June 30, 2026.
Key risk: Debt exceeds cash
BioSniper Score
Based on 6 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 4 pipeline candidates · 3 clinical trials · 2 catalysts · 6 FDA decisions for Eton Pharmaceuticals, Inc..
Eton Pharmaceuticals, Inc. is a rare-disease pharmaceutical company with eleven commercial products and four late-stage candidates, reporting $37.6M in revenue and $26.8M in cash as of June 30, 2026.
- Eton has eleven commercial rare-disease products including INCRELEX®, HEMANGEOL®, ALKINDI SPRINKLE®, and DESMODA™ [sec_mda · as of 2026-08-13].
- The company has four late-stage product candidates: Amglidia®, ET-700, ET-800, and ZENEO® hydrocortisone autoinjector [sec_mda · as of 2026-08-13].
- As of June 30, 2026, Eton reported cash and equivalents of $26.8M, total revenue of $37.6M, and net income of $11.6M [latest reported financials].
- The company incurred $22,072 in G&A expenses during the six months ended June 30, 2026, partly due to higher FDA fees and increased headcount [sec_mda · as of 2026-08-13].
- Eton acquired U.S. commercial rights to HEMANGEOL® in February 2026 for $14M and licensed an ultra-rare disease product candidate for $1M [sec_mda · as of 2026-05-14].
What works
- Eton has a diversified portfolio of eleven approved rare-disease products generating recurring revenue [sec_mda · as of 2026-08-13].
- The company achieved positive net income of $11.6M in the latest reported period, indicating improving profitability [latest reported financials].
- A robust pipeline of four late-stage candidates (Amglidia®, ET-700, ET-800, ZENEO®) provides potential for future growth [sec_mda · as of 2026-08-13].
- Cash from operations was $14.66M in the first half of 2026, reflecting strong operational cash generation [sec_mda · as of 2026-08-13].
What to weigh
- Eton has $27.9M in total debt, which is slightly above its cash position of $26.8M, indicating leverage [latest reported financials].
- G&A expenses increased significantly to $22,072 in H1 2026 from $18,857 in H1 2025, driven by higher FDA fees and headcount [sec_mda · as of 2026-08-13].
- The company faces upcoming patent expiry for DESMODA™ on April 3, 2044, which could eventually impact revenue exclusivity [upcoming catalysts].
- Cash used in investing activities was $15.07M in H1 2026, largely for product license acquisitions, reducing liquidity [sec_mda · as of 2026-08-13].
From the filings
Quoted directly from source documents.
As of June 30, 2026, Eton had $26.8M cash and $23.5M working capital.
“As of June 30, 2026, we had total assets of $115.8 million, cash and cash equivalents of $26.8 million and working capital of $23.5 million.”
SEC MD&A · August 13, 2026
Eton acquired HEMANGEOL® U.S. rights for $14M in February 2026.
“During the three months ended March 31, 2026, net cash used in investing activities was $15,075 and was primarily attributable to a $14,000 payment associated with the acquisition of the U.S. commercial rights to HEMANGEOL® in February 2026”
SEC MD&A · May 14, 2026
G&A expenses increased in H1 2026 due to higher FDA fees and headcount.
“The increase in G&A expenses during the six months ended June 30, 2026 was primarily attributable to higher FDA fees as the Company no longer qualifies for the orphan fee exemption and higher employee-related costs due to increased headcount to support the business.”
SEC MD&A · August 13, 2026
Catalyst timeline
- 2026-12-31 · Phase2_Topline · et-700 — Phase 2 Readout: et-700 — Topline data from the Phase 2 trial of ET-700 will be released, which could inform the candidate's development path.
- 2044-04-03 · Patent_Expiry · DESMODA — Patent/Exclusivity Expiry: DESMODA — Patent or exclusivity protection for DESMODA™ expires, potentially opening the market to generic competition.
Risks & what to watch (4)›
Key risks
- Debt exceeds cash — Total debt of $27.9M exceeds cash of $26.8M as of June 30, 2026 [latest reported financials].
- Rising G&A expenses — G&A expenses rose to $22,072 in H1 2026 from $18,857 in H1 2025, driven by FDA fees and headcount [sec_mda · as of 2026-08-13].
- Patent expiry for DESMODA — DESMODA™ patent/exclusivity expires on April 3, 2044, potentially affecting future revenue [upcoming catalysts].
- Cash used in investing — Investing activities used $15.07M in H1 2026, mainly for product license acquisitions [sec_mda · as of 2026-08-13].
What to watch
- Phase 2 topline data for ET-700 expected by December 31, 2026 [upcoming catalysts].
- Commercialization of IMPAVIDO® scheduled for September 2026 [sec_mda · as of 2026-08-13].
- Progress of late-stage candidates Amglidia®, ET-800, and ZENEO® hydrocortisone autoinjector [sec_mda · as of 2026-08-13].
- Ability to manage rising G&A expenses and maintain profitability [sec_mda · as of 2026-08-13].
Sources: SEC MD&A · Generated August 29, 2026 · How we verify sources →
Run Eton Pharmaceuticals, Inc. through your own thesis
Use the pipeline, catalyst, financial, FDA, and market facts on this page as inputs to a protocol you control.
Your protocol can:
- Turn available Eton Pharmaceuticals, Inc. facts into screen rules or deeper checks
- Show cited findings, blockers, and unresolved evidence together
- Save the logic and rerun it as the company evidence changes
Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
Profitable (positive operating cash flow)
D/E 1.49 · 19% dilution
Lead: Approved
4 candidates
2 upcoming, next in ~123d
0 buys · 19 sells (180d)
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
111
Total value held
$287.4M
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 1,988,178 | $49.1M |
| blackrock, inc. | 1,717,286 | $42.4M |
| geode capital management, llc | 577,666 | $14.3M |
| state street corp | 530,215 | $13.1M |
| morgan stanley | 477,957 | $11.8M |
| oberweis asset management inc/ | 439,300 | $10.8M |
| pillsbury lake capital llc | 364,954 | $9.0M |
| cannell capital llc | 341,985 | $8.4M |
| woodline partners lp | 341,398 | $8.4M |
| bnp paribas financial markets | 302,108 | $7.5M |
Showing top 10 of 111 institutional holders of Eton Pharmaceuticals, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 21, 2026- % of float
- 8.4%
- Days to cover
- 4.3
- Shares short
- 1,634,204
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
ETON short interestGovernance
Frequently asked questions
What is the AI investment thesis for Eton Pharmaceuticals, Inc.?
Eton Pharmaceuticals, Inc. is a rare-disease pharmaceutical company with eleven commercial products and four late-stage candidates, reporting $37.6M in revenue and $26.8M in cash as of June 30, 2026.
What is Eton Pharmaceuticals, Inc.'s lead drug candidate?
Eton Pharmaceuticals, Inc.'s most advanced tracked candidate is desmoda (Approved).
What is Eton Pharmaceuticals, Inc.'s next catalyst?
Eton Pharmaceuticals, Inc.'s next tracked catalyst is a Phase2_Topline event — "Phase 2 Readout: et-700" — expected December 31, 2026.
Who is the CEO of Eton Pharmaceuticals, Inc.?
Mr. Sean E. Brynjelsen is the chief executive officer of Eton Pharmaceuticals, Inc. (ETON).
Where is Eton Pharmaceuticals, Inc. headquartered?
Eton Pharmaceuticals, Inc. (ETON) is headquartered in Deer Park, IL, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.