伊顿制药公司2025年季度报告

FORM10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedSeptember 30, 2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_________________to_______________________ Commission file number:001-38738 ETON PHARMACEUTICALS, INC.(Exact name of registrant as specified in its charter) Delaware37-1858472(State of incorporation)(I.R.S. Employer Identification Number) 21925 W. Field Parkway, Suite 235Deer Park,Illinois60010-7278(Address of principal executive offices) (Zip code) Registrant’s telephone number, including area code: (847)787-7361 Name of each exchange on whichregistered NasdaqGlobal Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange 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☒ Indicateby check mark whether the registrant has submitted electronically every Interactive Data File required to besubmittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter timethat the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Accelerated filer☐Smaller reporting company☒Emerging growth company☐ Large accelerated filer☐Non-accelerated filer☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒As of November 5, 2025,Eton Pharmaceuticals, Inc. had outstanding26,817,535shares of common stock, $0.001 par value. Eton Pharmaceuticals, Inc. TABLE OF CONTENTS PartNoItemNoDescriptionPageNo.IFINANCIAL INFORMATION11Financial Statements1Condensed Balance Sheetas of September 30, 2025 (unaudited) and December 31, 20241Unaudited Condensed Statements of Operations for the three and ninemonths ended September30, 2025 and20242Unaudited Condensed Statements of Stockholders’Equity for the three and ninemonths ended September30,2025 and 20243Unaudited Condensed Statements of Cash Flows for the ninemonths ended September30, 2025 and 20245Notes to Condensed Financial Statements62Management’s Discussion and Analysis of Financial Condition and Results of Operations183Quantitative and Qualitative Disclosures About Market Risk224Controls and Procedures23IIOTHER INFORMATION241Legal Proceedings241ARisk Factors242Unregistered Sales of Equity Securities and Use of Proceeds243Defaults Upon Senior Securities244Mine Safety Disclosures245Other Information246Exhibits24Exhibit Index25Signatures26i PART I - FINANCIAL INFORMATION Eton Pharmaceuticals, Inc.Condensed Balance Sheet(in thousands, except share and per share amounts) Long-term debt, net of current portion, debt discount and accrued exit fees27,59129,811Operating lease liabilities, net of current portion480107Long-term inventory payable5,188—Other long-term liabilities3,9421,830Total liabilities81,38451,695 Eton Pharmaceuticals, Inc.Condensed Statements of Operations(In thousands, except per share amounts)(Unaudited) Eton Pharmaceuticals, Inc.Condensed Statements of Stockholders’EquityFor the three months ended September 30, 2025 and 2024(in thousands, except share amounts)(Unaudited) Eton Pharmaceuticals, Inc.Condensed Statements of Stockholders’EquityFor thenine months ended September 30, 2025 and 2024(in thousands, except share amounts)(Unaudited) Eton Pharmaceuticals, Inc.Notes to Condensed Financial Statements(in thousands, except share and per share amounts)(Unaudited) Note1—Company Overview Eton Pharmaceuticals, Inc. is an innovative pharmaceutical company focused on developing and commercializing treatments forrare diseases. The Company currently haseight commercial rare disease products: INCRELEX®, ALKINDI SPRINKLE®,KHINDIVITM, GALZIN®, PKU GOLIKE®,Carglumic Acid, Betaine Anhydrousand Nitisinone. The Company hasfiveadditionalproduct candidates in late-stage development: ET-600,Amglidia®, ET-700,ET-800and ZENEO® hydrocortisone autoinjector. Note2—Liquidity Considerations The Company believes its existing cash and cash equivalents of $37,121as ofSeptember 30, 2025in addition torevenues fromproducts will be sufficient to fun