Eton Pharmaceuticals (ETON) financial statements
Eton Pharmaceuticals reported revenue of $80M in fiscal 2025, up 109.0% a year over 6 years.
Net income was -$5M.
Free cash flow was $10M.
The diluted share count rose 319% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Eton Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $959,000 | $39,000 | $22M | $21M | $32M | $39M | $80M |
| Cost of revenue | — | $453,000 | $436,000 | $3M | $7M | $11M | $16M | $37M |
| Gross profit | — | $506,000 | -$397,000 | $19M | $14M | $21M | $23M | $43M |
| Research and development | $6M | $12M | $14M | $6M | $4M | $3M | $3M | $8M |
| Selling, general and admin | $5M | $8M | $13M | $14M | $19M | $19M | $23M | $36M |
| Operating income | -$10M | -$19M | -$27M | -$1M | -$8M | -$1M | -$3M | -$844,000 |
| Interest expense | — | $98,000 | $884,000 | $1M | $955,000 | $1M | $2M | $5M |
| Pre-tax income | -$13M | -$18M | -$28M | -$2M | -$9M | -$689,000 | -$4M | -$5M |
| Income tax | — | — | — | $0 | $0 | $247,000 | $15,000 | $43,000 |
| Net income | -$13M | -$18M | -$28M | -$2M | -$9M | -$936,000 | -$4M | -$5M |
| EPS (diluted) | -$5.80 | -$1.03 | -$1.33 | -$0.08 | -$0.36 | -$0.04 | -$0.15 | -$0.17 |
| Diluted shares | 6M | 18M | 21M | 25M | 25M | 26M | 26M | 27M |
| Gross margin | — | 52.8% | -1017.9% | 87.1% | 67.4% | 66.6% | 60.0% | 53.5% |
| Operating margin | — | -1939.6% | -69515.4% | -6.8% | -38.9% | -3.8% | -6.7% | -1.1% |
| Net margin | — | -1910.3% | -71717.9% | -9.0% | -42.4% | -3.0% | -9.8% | -5.8% |
Balance sheet
Fiscal years, from Eton Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $27M | $12M | $21M | $14M | $16M | $21M | $15M | $26M |
| Receivables | — | $473,000 | $48,000 | $5M | $2M | $3M | $5M | $12M |
| Inventory | — | $380,000 | $1M | $550,000 | $557,000 | $911,000 | $15M | $15M |
| Total current assets | $28M | $15M | $25M | $24M | $20M | $27M | $41M | $61M |
| Property, plant and equipment | $773,000 | $1M | $811,000 | $115,000 | $72,000 | $58,000 | $34,000 | $326,000 |
| Total assets | $28M | $17M | $26M | $27M | $25M | $32M | $76M | $92M |
| Total current liabilities | $2M | $2M | $4M | $5M | $6M | $16M | $20M | $38M |
| Long-term debt | — | — | — | — | — | — | $30M | $22M |
| Total liabilities | $2M | $7M | $11M | $10M | $12M | $16M | $52M | $66M |
| Shareholders' equity | $26M | $11M | $18M | $18M | $13M | $15M | $24M | $26M |
| Net debt | -$27M | -$12M | -$21M | -$13M | -$15M | -$16M | $15M | $5M |
Cash flow
Fiscal years, from Eton Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$8M | -$18M | -$22M | -$5M | $5M | $7M | $969,000 | $11M |
| Capital spending | $236,000 | $1M | $50,000 | $9,000 | $38,000 | $0 | $26,000 | $333,000 |
| Free cash flow | -$8M | -$19M | -$22M | -$5M | $5M | $7M | $943,000 | $10M |
| Stock-based compensation | $2M | $2M | $3M | $3M | $4M | $3M | $3M | $6M |
| Net borrowing | — | $5M | $2M | -$150,000 | -$385,000 | -$1M | $24M | $0 |
| Free cash flow margin | — | -1994.0% | -57425.6% | -21.7% | 22.5% | 21.5% | 2.4% | 12.7% |
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Open ETON in InvestinglyQuestions
What was Eton Pharmaceuticals's revenue in 2025?
$80M in fiscal 2025, from its 10-K filing.
How much free cash flow does Eton Pharmaceuticals generate?
$10M in fiscal 2025 (operating cash flow minus capital spending).
From Eton Pharmaceuticals's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.