A Business at a Glance
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About Eton Eton is an innovative pharmaceutical company focused on developing and commercializing treatments for rare diseases. We currently have seven commercial rare disease products: INCRELEX®, ALKINDI SPRINKLE®, GALZIN®, PKU GOLIKE®, Carglumic Acid, Betaine Anhydrous, and Nitisinone. We have six additional product candidates in late-stage development: ET-400, ET-600, Amglidia®, ET-700, ET-800 and ZENEO® hydrocortisone autoinjector. INCRELEX® – This biologic product was approved by the FDA in August 2005 as a treatment for children who suffer from severe primary insulin-like growth factor 1 deficiency (SPIGFD). The product is approved in 40 territories, including the United States and the European Union. We acquired and launched the product in December 2024. ALKINDI SPRINKLE® – This product was approved by the FDA in September 2020 as a replacement therapy for Adrenocortical Insufficiency (“AI”) in children under 17 years of age.
| Metric | TTM | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | 70M | 39M | 32M | 21M |
| Net Income | -6.7M | -3.8M | -936K | -9.0M |
| EPS | $-0.41 | $-0.14 | $-0.03 | $-0.35 |
| Free Cash Flow | 0 | 943K | 6.8M | 4.8M |
| ROIC | -15.6% | -7.0% | -6.0% | -48.9% |
| Gross Margin | 51.4% | 60.0% | 66.6% | 67.4% |
| Debt/Equity | 1.19 | 1.22 | 0.35 | 0.49 |
| Dividends/Share | $0.00 | - | - | - |
| Operating Income | -2.7M | -2.6M | -1.2M | -8.3M |
| Operating Margin | -3.8% | -6.7% | -3.8% | -38.9% |
| ROE | -28.9% | -19.2% | -6.0% | -69.0% |
| Shares Outstanding | 27M | 27M | 27M | 26M |
| Metric | 2022 | |||
|---|---|---|---|---|
| Income Statement | ||||
| Revenue | 21M | 32M | 39M | 70M |
| Gross Margin | 67.4% | 66.6% | 60.0% | 51.4% |
| R&D | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A |
| EBIT | -8.3M | -1.2M | -2.6M | -2.7M |
| Op. Margin | -38.9% | -3.8% | -6.7% | -3.8% |
| Net Income | -9.0M | -936K | -3.8M | -6.7M |
| Net Margin | -42.4% | -3.0% | -9.8% | -9.5% |
| Non-Recurring | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||
| ROIC | -48.9% | -6.0% | -7.0% | -15.6% |
| ROE | -69.0% | -6.0% | -19.2% | -28.9% |
| ROA | -36.0% | -2.9% | -7.1% | -6.4% |
| Cash Flow | ||||
| Op. Cash Flow | 4.8M | 6.8M | 969K | 21M |
| Free Cash Flow | 4.8M | 6.8M | 943K | 0 |
| Owner Earnings | -1.2M | 2.8M | -3.3M | 17M |
| CapEx | 38K | 0 | 26K | 0 |
| Maint. CapEx | 1.8M | 901K | 1.1M | 1.1M |
| Growth CapEx | 0 | N/A | 0 | 0 |
| D&A | 1.8M | 901K | 1.1M | 1.1M |
| CapEx/OCF | 0.8% | N/A | 2.7% | 0.0% |
| Capital Allocation | ||||
| Dividends Paid | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 4.2M | 3.1M | 3.2M | 3.2M |
| Debt Repayment | 385K | 1.2M | 1.2M | 1.2M |
| Balance Sheet | ||||
| Net Debt | -9.9M | -16M | 15M | -9.5M |
| Cash & Equiv. | N/A | N/A | N/A | 37M |
| Long-Term Debt | 5.4M | 0 | 30M | 30M |
| Debt/Equity | 0.49 | 0.35 | 1.22 | 1.19 |
| Interest Coverage | N/A | -1.4 | -3.9 | -3.9 |
| Equity | 13M | 15M | 24M | 23M |
| Total Assets | 25M | 32M | 76M | 105M |
| Total Liabilities | 12M | 16M | 52M | 81M |
| Intangibles | 9.5M | 9.5M | 70M | 70M |
| Retained Earnings | -103M | -104M | -108M | -108M |
| Working Capital | 14M | 11M | 21M | 21M |
| Current Assets | 20M | 27M | 41M | 41M |
| Current Liabilities | 6.5M | 16M | 20M | 20M |
| Per Share Data | ||||
| EPS | -0.35 | -0.03 | -0.14 | -0.41 |
| Owner EPS | -0.05 | 0.10 | -0.12 | 0.63 |
| Book Value | 0.51 | 0.58 | 0.91 | 0.86 |
| Cash Flow/Share | 0.19 | 0.25 | 0.04 | -0.21 |
| Dividends/Share | N/A | N/A | N/A | 0.00 |
| Shares Out. | 25.7M | 26.8M | 26.8M | 26.8M |
| Valuation | ||||
| P/E Ratio | N/A | N/A | N/A | -66.6 |
| P/FCF | 15.4 | 18.1 | 371.1 | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A |
| Price/Book | 5.6 | 8.0 | 14.3 | 31.4 |
| Price/Sales | 3.8 | 3.2 | 3.8 | 10.3 |
| FCF Yield | 6.5% | 5.5% | 0.3% | N/A |
| Market Cap | 73M | 123M | 350M | 727M |
| Avg. Price | 3.13 | 3.79 | 5.52 | 27.12 |
| Year-End Price | 2.86 | 4.60 | 13.05 | 27.12 |
Eton Pharmaceuticals, Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 771.3x vs a median of 16.7x. The company's 5-year average gross margin is 64.6%. At current prices, the estimated annualized return to fair value is -14.9%.
Eton Pharmaceuticals, Inc. (ETON) has a 5-year average return on invested capital (ROIC) of -20.7%. This is below average and may indicate limited pricing power.
Eton Pharmaceuticals, Inc. (ETON) has a market capitalization of $727M. It is classified as a small-cap stock.
Eton Pharmaceuticals, Inc. (ETON) does not currently pay a regular dividend.
Eton Pharmaceuticals, Inc. (ETON) operates in the Pharmaceutical Preparations industry, within the Healthcare sector.
Eton Pharmaceuticals, Inc. (ETON) reported annual revenue of $39 million in its most recent fiscal year, based on SEC EDGAR filings.
Eton Pharmaceuticals, Inc. (ETON) has a net profit margin of -9.8%. The company is currently unprofitable.
Eton Pharmaceuticals, Inc. (ETON) generated $943 thousand in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Eton Pharmaceuticals, Inc. (ETON) has a debt-to-equity ratio of 1.22. This indicates moderate leverage.
Eton Pharmaceuticals, Inc. (ETON) reported earnings per share (EPS) of $-0.14 in its most recent fiscal year.
Eton Pharmaceuticals, Inc. (ETON) has a return on equity (ROE) of -19.2%. A negative ROE may indicate losses or negative equity.
Eton Pharmaceuticals, Inc. (ETON) has a 5-year average gross margin of 64.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 3 years of financial data for Eton Pharmaceuticals, Inc. (ETON), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Eton Pharmaceuticals, Inc. (ETON) has a book value per share of $0.91, based on its most recent annual SEC filing.