{"url_path":"/sec/eton/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-14","source_url":"https://www.sec.gov/Archives/edgar/data/1710340/0001437749-26-017064-index.html","accession_number":"0001437749-26-017064","cik":"0001710340","ticker":"ETON","issuer_name":"Eton Pharmaceuticals, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1710340/0001437749-26-017064-index.html","primary_entity_key":"0001710340","primary_entity_name":"Eton Pharmaceuticals, Inc."},"word_count":748,"has_tables":true,"body_markdown":"eton20260331_10q.htm\n\n0001710340\nEton Pharmaceuticals, Inc.\nfalse\n--12-31\nQ1\n2026\n\n0.001\n0.001\n50,000,000\n50,000,000\n27,359,791\n27,359,791\n27,047,061\n27,047,061\n3\n5\n10\n0\n0\n0\n100\nhttp://fasb.org/us-gaap/2026#SecuredOvernightFinancingRateSofrMember\n11.8\nhttp://fasb.org/us-gaap/2026#AccruedLiabilitiesCurrent\nhttp://fasb.org/us-gaap/2026#AccruedLiabilitiesCurrent\n4,000\n6,000\n0\n0\nhttp://fasb.org/us-gaap/2026#SecuredOvernightFinancingRateSofrMember\nfalse\nfalse\nfalse\nfalse\n\n00017103402026-01-012026-03-31\nxbrli:shares\n00017103402026-05-12\nthunderdome:item\niso4217:USD\n00017103402026-03-31\n00017103402025-12-31\niso4217:USDxbrli:shares\n0001710340us-gaap:LicenseMember2026-01-012026-03-31\n0001710340us-gaap:LicenseMember2025-01-012025-03-31\n0001710340eton:ProductSalesAndRoyaltiesMember2026-01-012026-03-31\n0001710340eton:ProductSalesAndRoyaltiesMember2025-01-012025-03-31\n00017103402025-01-012025-03-31\n0001710340us-gaap:CommonStockMember2025-12-31\n0001710340us-gaap:AdditionalPaidInCapitalMember2025-12-31\n0001710340us-gaap:RetainedEarningsMember2025-12-31\n0001710340us-gaap:CommonStockMember2026-01-012026-03-31\n0001710340us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-31\n0001710340us-gaap:RetainedEarningsMember2026-01-012026-03-31\n0001710340us-gaap:CommonStockMember2026-03-31\n0001710340us-gaap:AdditionalPaidInCapitalMember2026-03-31\n0001710340us-gaap:RetainedEarningsMember2026-03-31\n0001710340us-gaap:CommonStockMember2024-12-31\n0001710340us-gaap:AdditionalPaidInCapitalMember2024-12-31\n0001710340us-gaap:RetainedEarningsMember2024-12-31\n00017103402024-12-31\n0001710340us-gaap:CommonStockMember2025-01-012025-03-31\n0001710340us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-31\n0001710340us-gaap:RetainedEarningsMember2025-01-012025-03-31\n0001710340us-gaap:CommonStockMember2025-03-31\n0001710340us-gaap:AdditionalPaidInCapitalMember2025-03-31\n0001710340us-gaap:RetainedEarningsMember2025-03-31\n00017103402025-03-31\nxbrli:pure\n0001710340us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembereton:AnovorxMember2026-01-012026-03-31\n0001710340us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembereton:AnovorxMember2025-01-012025-03-31\n0001710340us-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMembereton:AnovorxMember2026-01-012026-03-31\n0001710340us-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMembereton:AnovorxMember2025-01-012025-03-31\nutr:Y\n0001710340us-gaap:ComputerEquipmentMember2026-03-31\n0001710340us-gaap:FurnitureAndFixturesMember2026-03-31\n0001710340eton:PierreFabreMembereton:HemangeolMember2026-01-012026-02-28\n0001710340eton:HemangeolMember2026-02-28\n0001710340eton:CarglumicAcidProductRightsMember2026-03-31\n0001710340eton:BetaineAnhydrousProductRightsMember2026-03-31\n0001710340eton:NitisinoneProductRightsMember2026-03-31\n0001710340eton:PkuGolikeMember2026-03-31\n0001710340eton:IncrelexMember2026-03-31\n0001710340eton:GlazinMember2026-03-31\n0001710340us-gaap:InProcessResearchAndDevelopmentMember2026-03-31\n0001710340eton:HemangeolMember2026-03-31\n0001710340eton:CarglumicAcidProductRightsMember2025-12-31\n0001710340eton:BetaineAnhydrousProductRightsMember2025-12-31\n0001710340eton:NitisinoneProductRightsMember2025-12-31\n0001710340eton:PkuGolikeMember2025-12-31\n0001710340eton:IncrelexMember2025-12-31\n0001710340eton:GlazinMember2025-12-31\n00017103402025-01-012025-12-31\n0001710340eton:SWKCreditAgreementMembereton:SWKHoldingsCorporationMember2019-11-13\n0001710340eton:TheAmendedAgreementMembereton:SWKHoldingsCorporationMember2024-09-30\n00017103402024-09-012024-09-30\n0001710340eton:TheAmendedAgreementMembereton:SWKHoldingsCorporationMember2024-09-012024-09-30\n0001710340eton:LiabilityInterestAndExitFeesMember2026-03-31\n0001710340eton:LiabilityInterestAndExitFeesMember2025-12-31\n0001710340eton:SWKCreditAgreementMember2026-03-31\n0001710340eton:TheTwoThousandEighteenEquityIncentivePlanMember2026-01-012026-03-31\n0001710340eton:TheTwoThousandEighteenEquityIncentivePlanMember2025-03-012025-03-31\n0001710340eton:SWKWarrantsDebtTranche1Member2026-03-31\n0001710340eton:SWKWarrantsDebtTranche2Member2026-03-31\n0001710340eton:SWKWarrantsDebtTranche3Member2026-03-31\n0001710340eton:The2018PlanMember2026-03-31\n0001710340eton:The2018PlanMember2026-01-012026-03-31\n00017103402026-01-01\n0001710340eton:GeneralAndAdministrativeExpensesMember2026-01-012026-03-31\n0001710340eton:GeneralAndAdministrativeExpensesMember2025-01-012025-03-31\n0001710340eton:ResearchAndDevelopmentExpensesMember2026-01-012026-03-31\n0001710340eton:ResearchAndDevelopmentExpensesMember2025-01-012025-03-31\n0001710340us-gaap:EmployeeStockOptionMember2026-01-012026-03-31\n0001710340us-gaap:EmployeeStockOptionMember2025-01-012025-03-31\n0001710340us-gaap:RestrictedStockUnitsRSUMember2025-12-31\n0001710340us-gaap:RestrictedStockUnitsRSUMember2026-01-012026-03-31\n0001710340us-gaap:RestrictedStockUnitsRSUMember2026-03-31\n0001710340us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-03-31\n0001710340eton:The2018EmployeeStockPurchasePlanMember2018-12-31\n0001710340eton:The2018EmployeeStockPurchasePlanMember2026-03-31\n0001710340eton:The2018EmployeeStockPurchasePlanMember2018-12-312018-12-31\n0001710340eton:The2018EmployeeStockPurchasePlanMember2026-01-012026-03-31\n0001710340eton:The2018EmployeeStockPurchasePlanMember2025-01-012025-03-31\n0001710340eton:The2018EmployeeStockPurchasePlanMember2025-12-31\n0001710340eton:SelenixMembereton:Ds200Member2024-08-302024-08-30\n0001710340eton:SelenixMembereton:Ds200Member2024-08-312024-08-31\n0001710340eton:MessaHoldingsLlcMember2026-03-31\n0001710340eton:SeanEBrynjelsenMembersrt:ChiefExecutiveOfficerMember2026-03-31\n0001710340us-gaap:LicenseMembereton:SelenixAgreementMembereton:SelenixMember2025-03-012025-03-31\n00017103402025-05-30\n0001710340eton:DiurnalLimitedMembersrt:MaximumMembereton:ExclusiveLicensingAndSupplyAgreementTheAlkindiLicenseAgreementMember2023-03-012023-12-31\n0001710340eton:DiurnalLimitedMembersrt:MinimumMembereton:ExclusiveLicensingAndSupplyAgreementTheAlkindiLicenseAgreementMember2020-03-31\n0001710340eton:DiurnalLimitedMembersrt:MaximumMembereton:ExclusiveLicensingAndSupplyAgreementTheAlkindiLicenseAgreementMember2020-03-31\n0001710340eton:LukareMembereton:ObligationBasedOnFirstCommercialSaleOfProductMember2022-09-30\n0001710340eton:LukareMembereton:ObligationBasedOnNoGenericCompetitorsLaunchingIn48MonthsMember2022-09-30\n0001710340eton:TulexPharmaceuticalsIncTulexMembereton:ObligationBasedOnFirstCommercialSaleOfProductMember2023-03-14\n0001710340eton:TulexPharmaceuticalsIncTulexMembereton:ObligationBasedOnAcceptanceOfFdaOfNdaForProductMember2023-03-14\n0001710340eton:SelenixMembereton:Ds200Member2024-08-012024-08-31\n0001710340eton:SelenixMembereton:Ds200Membersrt:MaximumMember2025-01-012025-03-31\n0001710340eton:AmmtekMembereton:ReceiptOfFdaMinutesMembereton:AmglidiaMember2025-07-31\n0001710340eton:AmmtekMembereton:NdaAcceptanceForReviewByFdaMembereton:AmglidiaMember2025-07-31\n0001710340eton:AmmtekMembereton:NdaApprovalByTheFdaAndFirstCommercialSaleMembereton:AmglidiaMember2025-07-31\n0001710340eton:AmmtekMembereton:AmglidiaMember2025-07-31\n0001710340eton:GalzinMember2024-12-31\n0001710340eton:IncrelexMember2024-12-31\n0001710340eton:IncrelexMember2025-12-31\n0001710340eton:IncrelexMember2026-03-31\niso4217:EUR\n0001710340eton:EsteveMembereton:IncrelexMember2025-03-012025-03-31\n0001710340eton:IncrelexMembereton:EsteveMember2025-03-31\n0001710340eton:EsteveMembereton:IncrelexMember2025-03-31\n0001710340eton:EsteveMembereton:IncrelexMember2025-12-31\n0001710340eton:EsteveMembereton:IncrelexMember2026-03-31\n0001710340eton:EsteveMembereton:IncrelexMember2026-01-012026-03-31\n0001710340eton:IncrelexMember2025-06-012025-06-30\n0001710340eton:IncrelexMember2025-06-30\n0001710340eton:PierreFabreMembereton:HemangeolMember2026-02-28\n0001710340eton:IndemnificationRightsAndAgreementsMember2026-03-31\n0001710340eton:IndemnificationRightsAndAgreementsMember2025-12-31\n0001710340eton:TheAmendedAgreementMembereton:SWKHoldingsCorporationMemberus-gaap:SubsequentEventMember2026-04-092026-04-09\n0001710340eton:TheAmendedAgreementMembereton:SWKHoldingsCorporationMemberus-gaap:SubsequentEventMember2026-04-09\n0001710340eton:TheAmendedAgreementMembereton:SWKHoldingsCorporationMember2023-06-30\n0001710340eton:SWKCreditAgreementMember2026-01-012026-03-31\n\n \n\n \n\n \n\n \n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n \n\n \n\n**FORM 10-Q**\n\n \n\n \n\n**(Mark One)**\n\n \n\n☒\n\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n \n\n \n**For the quarterly period ended March 31, 2026**\n\n \n\n**OR**\n\n \n\n☐\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n \n\n \n**For the transition period from****_________________**** to****_______________________**\n\n \n\n**Commission file number: 001-38738**\n\n \n\n \n\n**ETON PHARMACEUTICALS, INC.**\n\n**(Exact name of registrant as specified in its charter)**\n\n \n\n \n\n**Delaware**\n \n**37-1858472**\n\n**(State of incorporation)**\n \n**(I.R.S. Employer Identification Number)**\n\n \n\n**21925 W. Field Parkway, Suite 235**\n\n**Deer Park, Illinois 60010-7278**\n\n**(Address of principal executive offices) (Zip code)**\n\n \n\n**Registrant**’**s telephone number, including area code: (847) 787-7361**\n\n \n\n**Securities registered pursuant to Section**\n\n**12(b) of the Act**\n \n**Trading Symbol**\n \n**Name of each exchange on which**\n\n**registered**\n\nCommon stock, $0.001 par value per share\n \nETON\n \nNasdaq Global Market\n\n \n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter time that the registrant was required to submit such files). Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☒\n\n  \nEmerging growth company\n☐\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\n \n\nAs of May 12, 2026, Eton Pharmaceuticals, Inc. had outstanding 27,392,358 shares of common stock, $0.001 par value.\n\n \n\n \n\n \n\n[Table of Contents](#toc)\n\n \n\n    \n\n \n\n**Eton Pharmaceuticals, Inc.**\n\n \n\n**TABLE OF CONTENTS**\n\n \n\n**Part No**\n\n \n\n**Item No**\n\n \n\n**Description**\n\n \n\n**Page**\n\n**No.**\n\n \n \n \n \n \n \n \n\nI\n\n \n \n \n\n[FINANCIAL INFORMATION](#part1)\n\n \n\n[1](#part1)\n\n \n \n \n \n \n \n \n\n \n \n\n1\n\n \n\n[Financial Statements](#item1)\n\n \n\n[1](#item1)\n\n \n \n \n \n \n \n \n\n \n \n \n \n\n[Condensed Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025](#bs)\n\n \n\n[1](#bs)\n\n \n \n \n \n \n \n \n\n \n \n \n \n\n[Unaudited Condensed Statements of Operations for the three months ended March 31, 2026 and 2025](#ops)\n\n \n\n[2](#ops)\n\n \n \n \n \n \n \n \n\n \n \n \n \n\n[Unaudited Condensed Statements of Stockholders’ Equity for the three months ended March 31, 2026 and 2025](#eq)\n\n \n\n[3](#eq)\n\n \n \n \n \n \n \n \n\n \n \n \n \n\n[Unaudited Condensed Statements of Cash Flows for the three months ended March 31, 2026 and 2025](#cf)\n\n \n\n[4](#cf)\n\n \n \n \n \n \n \n \n\n \n \n \n \n\n[Notes to Condensed Financial Statements](#notes)\n\n \n\n[5](#notes)\n\n \n \n \n \n \n \n \n\n \n \n\n2\n\n \n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#item2mda)\n\n \n\n[18](#item2mda)\n\n \n \n \n \n \n \n \n\n \n \n\n3\n\n \n\n[Quantitative and Qualitative Disclosures About Market Risk](#item3qq)\n\n \n\n[22](#item3qq)\n\n \n \n \n \n \n \n \n\n \n \n\n4\n\n \n\n[Controls and Procedures](#item4controls)\n\n \n\n[23](#item4controls)\n\n \n \n \n \n \n \n \n\nII\n\n \n \n \n\n[OTHER INFORMATION](#partii)\n\n \n\n[24](#partii)\n\n \n \n \n \n \n \n \n\n \n \n\n1\n\n \n\n[Legal Proceedings](#legal)\n\n \n\n[24](#legal)\n\n \n \n \n \n \n \n \n\n \n \n\n1A\n\n \n\n[Risk Factors](#risk)\n\n \n\n[24](#risk)\n\n \n \n \n \n \n \n \n\n \n \n\n2\n\n \n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#unregisteredsales)\n\n \n\n[24](#unregisteredsales)\n\n \n \n \n \n \n \n \n\n \n \n\n3\n\n \n\n[Defaults Upon Senior Securities](#item3defaults)\n\n \n\n[24](#item3defaults)\n\n \n \n \n \n \n \n \n\n \n \n\n4\n\n \n\n[Mine Safety Disclosures](#item4mines)\n\n \n\n[24](#item4mines)\n\n \n \n \n \n \n \n \n\n \n \n\n5\n\n \n\n[Other Information](#item5other)\n\n \n\n[24](#item5other)\n\n \n \n \n \n \n \n \n\n \n \n\n6\n\n \n\n[Exhibits](#item6exhibits)\n\n \n\n[24](#item6exhibits)\n\n \n \n \n \n \n \n \n\n \n \n \n \n\n[Exhibit Index](#exhibitindex)\n\n \n\n[25](#exhibitindex)\n\n \n \n \n \n \n \n \n\n \n \n \n \n\n[Signatures](#sigs)\n\n \n\n[26](#sigs)\n\n \n\ni\n\n[Table of Contents](#toc)\n\n \n\n \n\n \n\n**PART I - FINANCIAL INFORMATION**"}