AI-extracted from the 10-Q filed 2026-08-13 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Eton swung to $12.8M operating income from a $1.5M operating loss a year ago as Q2 total revenue nearly doubled to $37.6M, aided by growth in INCRELEX, GALZIN and Carglumic Acid plus newly acquired HEMANGEOL sales.
Biggest Revenue Drivers
Product sales, net$37.6M+99% YoY
Increase was primarily the result of increased sales of INCRELEX, GALZIN, Carglumic Acid and the addition of HEMANGEOL product sales in the current period.
Licensing revenue$0flat YoY
No licensing revenue was recognized in either three-month period.
Biggest Revenue Drivers
Total revenue: $37.6M+99% YoY
Product sales, net$37.6M+99% YoY
Increase was primarily the result of increased sales of INCRELEX, GALZIN, Carglumic Acid and the addition of HEMANGEOL product sales in the current period.
Licensing revenue$0flat YoY
No licensing revenue was recognized in either three-month period.
Largest Expense Items
General and administrative$11.6M+20% YoY
Increase attributable to higher FDA fees, as the Company no longer qualifies for the orphan fee exemption, and higher employee-related costs from increased headcount.
Margins: Gross profit rose to $25.4M from $11.9M a year earlier as revenue growth outpaced cost of sales, while operating expense growth was held below revenue growth, driving income from operations of $12.8M versus a $1.5M loss in Q2 FY2025.
Watch Items from the Filing
AnovoRx, a single specialty pharmacy customer, represented 90.4% of net product revenues (six months ended June 30, 2026) and 88.1% of net accounts receivable as of June 30, 2026.
Outstanding SWK/Runway Growth Finance debt of $27.0M carries quarterly principal payments of $3.0M beginning November 2026 and a final $12.0M payment due at maturity in December 2027.
Under the May 2026 IMPAVIDO license, Eton will pay Knight Therapeutics 55% of net sales up to $7.0M/year and 50% above that, alongside up to $4.25M in fixed fees through 2030.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Gruber James R.Chief Financial OfficerShares withheld for tax or exercise price · Jan 14, 2026
About Eton Pharmaceuticals, Inc. (ETON): stock profile, AI score and financials
Eton Pharmaceuticals, Inc. (ETON) stock profile, AI quality score, and SEC EDGAR financial data, a Healthcare sector company. 13F Pro's AI-powered ranking engine scores ETON at 66.1/100 on a composite quality score built from its SEC filings, placing it at rank #436 of 2,925 stocks — the top 25% of the AI-ranked universe. ETON scores in the top quartile across revenue growth (96.8), balance sheet strength (88.5), profitability (75.1). Areas of concern include revenue scale (17.1), which score below median versus the broader universe. Shareholder dilution risk is elevated at 20.2/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), Eton Pharmaceuticals, Inc. reports quarterly revenue of $37.6M, net income of $11.6M, an operating margin of 34.0%. Top institutional holders of ETON by reported 13-F value include Opaleye Management, EcoR1 Capital, BlackRock, based on the most recent SEC filings. ETON trades on the Nasdaq exchange and files with the SEC under CIK 1710340. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate ETON daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Eton Pharmaceuticals, Inc. directly from SEC EDGAR.