# Eton Pharmaceuticals, Inc. (ETON)

> Source: Nexqual · https://nexqual.com/ETON · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Eton Pharmaceuticals, Inc. (ETON), nexqual.com/ETON" · informational, not investment advice.

**Price:** USD 50.02 (+1.46% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 49.3 · day 48.74–50.32 · 52w 14.27–66.37 · market cap $1.43B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $106M, net income $12.7M (12.0% margin), free cash flow $14.7M (SEC filings).
- Valuation: P/E 112.7x, EV/EBITDA 68.6x, net debt $1.1M.
- 1 of 80 tracked superinvestors hold ETON (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 9 Form 4 filings, $25.4M; 9 not under a Rule 10b5-1 plan ($25.4M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +169.8% vs S&P 500 +14.9%; 5Y +807.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-12, EPS estimate USD 0.37, revenue estimate $42.2M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $21.8M | $21.3M | $31.6M | $39.0M | $80.0M | $106M |
| Gross profit | $19.0M | $14.3M | $21.1M | $23.4M | $42.7M | — |
| Operating income | -$1.5M | -$8.3M | -$1.2M | -$2.6M | -$844K | $16.3M |
| Net income | -$2.0M | -$9.0M | -$936K | -$3.8M | -$4.6M | $12.7M |
| EPS (diluted) | -$0.08 | — | — | — | — | — |
| Free cash flow | -$4.7M | $4.8M | $6.8M | $943K | $10.2M | $14.7M |
| Gross margin | 87.1% | 67.4% | 66.6% | 60.0% | 53.5% | — |
| Operating margin | -6.8% | -38.9% | -3.8% | -6.7% | -1.1% | 15.4% |
| Net margin | -9.0% | -42.4% | -3.0% | -9.8% | -5.8% | 12.0% |
| Revenue growth | +55879.5% | -2.7% | +48.9% | +23.3% | +104.9% | — |
| Cash + short-term investments | $14.4M | $16.3M | $21.4M | $14.9M | $25.9M | — |
| Total debt | $6.7M | $6.4M | $5.4M | $29.8M | $30.6M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 112.7x · P/S 13.5x · EV/EBITDA 68.6x · EV/Sales 13.6x · P/FCF 97.0x · P/B 30.7x · FCF yield 1.03% · Earnings yield 0.89% · Net debt $1.1M · EV $1.43B

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold ETON. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.01% | $1.6M | Added +50.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 9 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-06 | Krempa David | Chief Business Officer | 4,166 | $229K | 8.8% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-28 | Maier Paul V | Director | 50,000 | $3.0M | 45.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-24 | Krempa David | Chief Business Officer | 25,000 | $1.6M | 40.3% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-19…2026-08-20 | Brynjelsen Sean | President & CEO | 100,000 | $6.1M | 9.4% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-14 | Opaleye Management Inc. |  | 28,315 | $1.1M | 1% | No | Too little history (no open-market trades in 2023) |
| 2026-07-02…2026-07-07 | Opaleye Management Inc. |  | 126,685 | $4.8M | 4.4% | No | Too little history (no open-market trades in 2023) |
| 2026-06-17 | Adams Jennifer McKie | Director | 50,000 | $1.6M | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-28 | Brynjelsen Sean | President & CEO | 120,000 | $3.8M | 12.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-22…2026-05-27 | Krempa David | Chief Business Officer | 100,000 | $3.2M | 79.8% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | HC Wainwright & Co. | Reiterated | Buy | $70 |
| 2026-08-14 | Canaccord Genuity | Target raised | Buy | $60 → $68 |
| 2026-08-14 | B. Riley Securities | Target raised | Buy | $40 → $70 |
| 2026-08-14 | HC Wainwright & Co. | Target raised | Buy | $65 → $70 |
| 2026-08-11 | HC Wainwright & Co. | Target raised | Buy | $57 → $65 |
| 2026-07-28 | Craig-Hallum | Target raised | Buy | $40 → $62 |
| 2026-07-17 | Canaccord Genuity | Initiated | Buy | $60 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +169.8% | +807.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +170.7% | +55.3% |
| Volatility (annualized) | 66.3% | 56.7% |
| Max drawdown | -25.4% (Nov 2025→Feb 2026) | -67.1% (Nov 2021→Sep 2022) |

## Peers (Drug Manufacturers - Specialty & Generic)
BHC (Bausch Health Companies Inc.) USD 6.49 +0.62% · SUPN (Supernus Pharmaceuticals, Inc.) USD 42.07 +2.09% · HCM (HUTCHMED (China) Limited) USD 14.28 -0.63% · LQDA (Liquidia Corporation) USD 39.69 +2.14% · AMLX (Amylyx Pharmaceuticals, Inc.) USD 28.57 -1.58% · INDV (Indivior Pharmaceuticals, Inc.) USD 35.33 +1.55%

## More
Full page: https://nexqual.com/ETON · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ETON's own 10-K filed 2026-03-19 (https://www.sec.gov/Archives/edgar/data/1710340/000143774926009059/eton20251231_10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | SWK Holdings | "The decrease in cash from financing activities during the twelve-months ended December 31, 2025 was primarily associated with net proceeds received from expanding our credit agreement with SWK Holdings Corporation ("SWK"…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $37.6M | 100.0% | +98.6% |
| Total revenue | $37.6M | 100% | — |

## Company outlook (8-K filed 2026-08-13)

- "The Company now expects 2026 revenues to exceed $145 million, an increase from prior guidance of more than $120 million."
- "In addition, the Company now expects to report at least a 35% Adjusted EBITDA margin, an increase from prior guidance of at least 30%."
- "The revised Adjusted EBITDA guidance is inclusive of a $3 million licensing payment for ASN-001 which will be expensed in the third quarter, incremental second half R&D expenses related to ASN-001's bioavailability study, and a potential, one-time $4 million commercial milestone payment related to ALKINDI SPRINKLE sales performance, which may be triggered in the fourth quarter of 2026."
- "The Company expects full year 2026 adjusted gross margin to exceed 70%, inclusive of the potential $4 million commercial milestone referred to above."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.37 | $0.31 | +19.4% | $42.2M | 2 |
| Next quarter (ends 2026-12-31) | $0.43 | $0.40 | +8.7% | $46.4M | 2 |
| Current fiscal year (ends 2026-12-31) | $1.40 | $1.04 | +34.0% | $149.7M | 2 |
| Next fiscal year (ends 2027-12-31) | $2.55 | $2.14 | +19.2% | $220.4M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-12): ±19.6%; last 8 reports averaged ±12.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 87.4% | ±19.6% |
| 2026-12-18 | 56 | 74.5% | ±23.6% |
| 2027-02-19 | 119 | 65.0% | ±29.5% |
| 2027-05-21 | 210 | 68.1% | ±40.7% |