ETON Stock — Eton Pharmaceuticals Inc.: Cash, EV, Pipeline

What they do

We currently have eight commercial rare disease products: INCRELEX®, ALKINDI SPRINKLE®, KHINDIVI TM , GALZIN®, PKU GOLIKE®, Carglumic Acid, Betaine Anhydrous, and Nitisinone. We have five additional product candidates in late-stage development: ET-600, Amglidia®, ET-700, ET-800 and ZENEO® hydrocortisone autoinjector.

Source: 10-K FY2025 via SEC EDGAR

Share price

$56.46

Market cap

$1,613.8M

Cash

$55.6M

Enterprise value

$1,581.2M

Balance sheet

Cash	$55.6M
Debt	$23.1M
Net cash	$32.6M
Enterprise value	$1,581.2M
Basic shares	28.8M shares
Fully diluted shares	35.4M shares
Fully diluted market cap	$1,999.9M
Cash per share	$1.93
Quarterly burn	+$7.3M generated

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

28.6M

Pre-funded warrants

0.0M

Options

5.4M

RSUs

0.5M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

1.0M

FDSO

35.4M

Cap table as of 2026-06-30.

Price history

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Next catalyst

AMGLIDIA · Dec 1-31 · guided in 24d

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDDec 1-31 in 24d	AMGLIDIA	Not disclosed	Not disclosed	by the end of 2026
GUIDEDEst. Apr 1, 2027 in 8 wks half midpoint	KHINDIVI	Not disclosed	Not disclosed	H1 2027
GUIDEDEst. Sep 30, 2027 in 8 mo half midpoint	ASN-001	Not disclosed	Not disclosed	2H 2027

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Amglidia

Stage not disclosed · Active Modality: oral suspension

Partnerships AMMTeK: U.S. rights licensed Nov 2024; up to $1,850 milestones ($550 on NDA acceptance, $1,300 on approval/first sale); 14% royalty

Indications

Neonatal diabetes mellitus (Stage not disclosed)

Status note Glyburide oral suspension; approved by EMA 2018; FDA Orphan Drug Designation. Eton's U.S. NDA submission to be supported by AMMTeK's 5-year post-approval study; NDA not yet submitted.

ET-700

Preclinical · Active

Indications

not disclosed (Preclinical)

Catalysts

— 2026
— late 2026 or early 2027

Status note Proprietary patent-pending extended-release formulation; indication not stated in excerpts. Patent pending.

ET-800

Stage not disclosed · Active

Indications

not disclosed (Stage not disclosed)

Status note Late-stage development per filing; no further detail in excerpts.

ZENEO hydrocortisone autoinjector

Stage not disclosed · Active Modality: needle-free autoinjector (drug-device)

Partnerships Crossject: U.S. and Canada rights acquired Jun 2021; up to $3.5M development milestones + $6M commercial milestones; 10% royalty

Indications

Adrenal crisis (Stage not disclosed)

Status note Late-stage development; rescue treatment for adrenal crisis. No clinical phase stated in excerpts.

ASN-001

Stage not disclosed · Active Modality: topical gel

Partnerships Auson Pharmaceuticals: licensed Jul 31, 2026; $3M upfront; approval/sales milestones; tiered royalties 10-15%

Indications

Proliferating superficial infantile hemangiomas (Stage not disclosed)

Catalysts

— second half of 2027

Status note Timolol topical gel. Eton to run bioavailability bridging study before NDA submission in 2H 2027.

Per-asset detail extracted from the 10-Q filed 2026-08-13. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

No lead program on file for this company.

No active ClinicalTrials.gov trials matched to this company as sponsor or collaborator.

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
EcoR1 Capital	2,171,938	no change	3.90%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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ETON — Eton Pharmaceuticals Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Specialist fund holders

Latest news

ETON — Eton Pharmaceuticals Inc.