Eton Pharmaceuticals, Inc.
ETON · Pharmaceutical Preparations · 27.4M shares · +73%/yr ↑ dilution · EDGAR filings ↗
Reference price $32.48 · est. market cap ~$890M — last insider sale, 2026-06-17 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C58Rare-disease commercial pharma — near breakeven with positive free cash flow.
Strengths
- Positive free cash flow — FCF $10M (83rd), FCF margin 13%
Risks
- Near-breakeven/net loss — operating margin -1%, net margin -6%
- Thin liquidity, leverage — current ratio 1.6 (21st), D/E 0.83
- Small-portfolio/competition risk — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -5.8%)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +73%/yr over 3y (dilution, book value/share -87%)
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 8 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$9M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
53.5%
Operating margin
-1.1%
Net margin
-5.8%
Return on equity
-17.6%
Return on assets
-5.0%
ROIC
-1.4%
Revenue growth (QoQ)
14.0%
Debt / equity
0.8×
Net debt / EBITDA
-1.3×
Current ratio
1.6×
Free cash flow
$10M
EBITDA
$3M
Tangible book value
-$5M
Cash & investments
$26M
Stock comp / revenue
6.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-17 | Adams Jennifer McKie | Option exercise | 50K | $3.78 |
| 2026-06-17 | Adams Jennifer McKie | Sell | 50K | $32.48 |
| 2026-05-28 | BRYNJELSEN SEAN | Sell | 120K | $31.88 |
| 2026-05-28 | BRYNJELSEN SEAN | Sell | 148 | $32.67 |
| 2026-05-27 | Krempa David | Sell | 20K | $31.47 |
| 2026-05-27 | Krempa David | Option exercise | 7.2K | $3.58 |
| 2026-05-27 | Krempa David | Option exercise | 12K | $1.37 |
| 2026-05-26 | Krempa David | Option exercise | 25K | $1.38 |
| 2026-05-26 | Krempa David | Option exercise | 13K | $1.37 |
| 2026-05-26 | Krempa David | Sell | 38K | $31.49 |
| 2026-05-22 | Krempa David | Option exercise | 31K | $3.58 |
| 2026-05-22 | Krempa David | Sell | 9.3K | $33.88 |
| 2026-05-22 | Krempa David | Sell | 33K | $33.22 |
| 2026-05-22 | Krempa David | Sell | 519 | $35.00 |
| 2026-04-21 | RIEDEL NORBERT G | Option exercise | 12K | $7.31 |
| 2026-04-21 | RIEDEL NORBERT G | Option exercise | 20K | $8.61 |
| 2026-02-03 | RIEDEL NORBERT G | Option exercise | 30K | $4.42 |
| 2026-01-14 | Gruber James R. | Tax withheld | 2.3K | $15.47 |
| 2026-01-14 | Krempa David | Tax withheld | 1.9K | $15.62 |
| 2026-01-01 | BRYNJELSEN SEAN | Tax withheld | 5.0K | $15.39 |
| 2025-12-12 | Erdogan-Trinkaus Ipek | Tax withheld | 85 | $16.90 |
| 2025-12-12 | Krempa David | Tax withheld | 6.3K | $17.00 |
| 2025-12-12 | Gruber James R. | Tax withheld | 4.5K | $16.99 |
| 2025-12-12 | BRYNJELSEN SEAN | Tax withheld | 6.7K | $16.83 |
| 2025-08-20 | Gruber James R. | Sell | 2.6K | $16.02 |
| 2025-08-19 | Gruber James R. | Sell | 39K | $16.16 |
| 2025-06-16 | Krempa David | Sell | 10K | $14.73 |
| 2025-06-13 | Krempa David | Sell | 6.8K | $14.77 |
| 2025-06-12 | Krempa David | Sell | 17K | $14.92 |
| 2025-06-10 | Opaleye Management Inc. | Buy | 5.0K | $15.82 |
| 2025-06-10 | Opaleye Management Inc. | Buy | 2.9K | $15.82 |
| 2025-06-05 | BRYNJELSEN SEAN | Sell | 70K | $16.81 |
| 2025-06-04 | BRYNJELSEN SEAN | Sell | 70K | $17.00 |
| 2025-06-03 | BRYNJELSEN SEAN | Sell | 400 | $19.02 |
| 2025-06-03 | BRYNJELSEN SEAN | Sell | 61K | $17.38 |
| 2025-06-03 | BRYNJELSEN SEAN | Sell | 8.7K | $18.38 |
| 2025-01-03 | RIEDEL NORBERT G | Option exercise | 27K | $3.58 |
| 2025-01-03 | RIEDEL NORBERT G | Option exercise | 50K | $3.78 |
| 2025-01-03 | RIEDEL NORBERT G | Option exercise | 25K | $3.47 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-09 | Shareholder vote | filing ↗ |
| 2026-05-19 | Material agreementAcquisition/dispositionExhibits | filing ↗ |
| 2026-05-14 | ResultsExhibits | filing ↗ |
| 2026-05-01 | OtherExhibits | filing ↗ |
| 2026-04-27 | OtherExhibits | filing ↗ |
| 2026-04-16 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-04-15 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-03-19 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-09 | 2026-06-09 | 0001437749-26-020005 ↗ |
| 8-K | 2026-05-19 | 2026-05-18 | 0001437749-26-017799 ↗ |
| 10-Q | 2026-05-14 | 2026-03-31 | 0001437749-26-017064 ↗ |
| 8-K | 2026-05-14 | 2026-05-14 | 0001437749-26-017063 ↗ |
| 8-K | 2026-05-01 | 2026-05-01 | 0001437749-26-014315 ↗ |
| 8-K | 2026-04-27 | 2026-04-27 | 0001437749-26-013369 ↗ |
| 8-K | 2026-04-16 | 2026-04-16 | 0001437749-26-012488 ↗ |
| 8-K | 2026-04-15 | 2026-04-09 | 0001437749-26-012381 ↗ |
| 8-K | 2026-03-19 | 2026-03-19 | 0001437749-26-009060 ↗ |
| 10-K | 2026-03-19 | 2025-12-31 | 0001437749-26-009059 ↗ |
| 8-K | 2026-03-02 | 2026-02-27 | 0001437749-26-006209 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0001437749-26-005537 ↗ |