Eton Pharmaceuticals Reports Second Quarter 2026 Financial Results

About this update from Eton Pharmaceuticals, Inc.

Record revenue, with Q2 2026 product sales of $37.6 million, representing 99% growth over Q2 2025 Q2 2026 fully diluted GAAP EPS of $0.35, non-GAAP fully diluted EPS of $0.43; EBITDA of $14.1 million , Adjusted EBITDA of $16.2 million Raising full year revenue guidance, with 2026 revenue now expected to exceed $145 million , up from previous guidance of more than $120 million Relaunched HEMANGEOL ® May 1 st , patient conversion completed ahead of schedule Acquired late-stage product candidate ASN-001, expanding the Company’s infantile hemangioma franchise, and providing a potential high-value 2027 NDA submission Submitted Prior Approval Supplement to the FDA to expand indication of KHINDIVI ® , allowing for potential H1 2027 approval of expanded indication   Received FDA Fast Track designation for endocrinology development product AMGLIDIA ® Acquired U.S . commercialization rights to orphan drug IMPAVIDO ® Management to hold conference call today at 4:30pm ET DEER PARK, Ill. , Aug. 13, 2026 (GLOBE NEWSWIRE) -- Eton Pharmaceuticals, Inc (“Eton” or “the Company”) (Nasdaq: ETON), an innovative pharmaceutical company focused on developing and commercializing treatments for rare diseases, today reported financial results for the quarter ended June 30, 2026 . “Eton reported another outstanding quarter, delivering 99% year-over-year revenue growth, reflecting the strength of our rare disease portfolio and the exceptional execution of our team. Our HEMANGEOL relaunch is off to a strong start, with the patient conversion completed ahead of schedule, positioning our therapy for continued momentum and furthering our mission to allow more infants with infantile hemangiomas to benefit from timely treatment. In addition, we further expanded our commitment to the infantile hemangioma community with the licensing of ASN-001, an exciting late-stage development program that is expected to further improve care and broaden treatment options for families, while potentially becoming the largest revenue opportunity in our pipeline. The rest of our portfolio continued to deliver in the quarter, with strong contributions from our entire pediatric endocrinology franchise, including the recently launched DESMODA™, and our metabolic products,” said Sean Brynjelsen , CEO of Eton Pharmaceuticals . “Given our first half performance and strong outlook for the remainder of the year, we’re pleased to again raise our annual revenue guidance and now expect at least $145 million of revenue this year. We are also raising our adjusted EBITDA guidance, which includes the additional expenses related to the ASN-001 transaction and development. We now expect to deliver an Adjusted EBITDA margin of at least 35%,” concluded Brynjelsen. Second Quarter and Recent Business Highlights Record revenues with 99% growth year-over-year. Eton reported second quarter 2026 revenues of $37.6 million , compared to $18.9 million in the prior year period, driven by the addition of sales from HEMANGEOL plus strong growth from across the portfolio. HEMANGEOL relaunched successfully, ensuring continuity of care for patients and families. The Company relaunched HEMANGEOL in May, offering full Eton Cares patient support, which provides comprehensive access and affordability services including $0 copay for all eligible patients. The transition to Eton’s program exceeded expectations, with approximately 95% of existing patients successfully transitioned by the end of June. Expanded presence in infantile hemangioma with licensing of product candidate ASN-001. Last week, Eton announced the licensing of product candidate ASN-001, which is under development for the treatment of moderate infantile hemangiomas. ASN-001 would complement Eton’s HEMANGEOL franchise and leverage the same commercial infrastructure. The Company plans to initiate a bioavailability study and anticipates a New Drug Application (“NDA”) submission upon the study’s completion in the second half of 2027. If approved, Eton believes ASN-001 offers the largest revenue opportunity in its pipeline. Strong year-over-year growth in pediatric endocrinology portfolio. DESMODA, which launched in March, continues to see strong adoption and patient growth while the three other products in the Company’s pediatric endocrinology portfolio all posted strong year-over-year revenue growth in the second quarter. The Company's adrenal franchise, consisting of ALKINDI SPRINKLE and KHINDIVI, surpassed 600 active patients on therapy, reflecting continued confidence from pediatric endocrinologists. INCRELEX continued to deliver strong growth, driven by appropriate dose optimization and sustained treatment, reflecting the Company's commitment to helping patients achieve the best possible outcomes. Completed KHINDIVI label expansion study and submitted Prior Approval Supplement (PAS) to the U.S. Food and Drug Administration ( FDA ) requesting expansion of indication. The new formulation of KHINDIVI successfully demonstrated bioequivalence to ALKINDI SPRINKLE, paving the way for a potential first half of 2027 approval. The Company believes the largest unmet need for an FDA -approved oral liquid hydrocortisone remains with children under age five, and that an expanded label would dramatically increase adoption. Acquired exclusive U.S . commercialization rights to Orphan Drug IMPAVIDO. In June, Eton announced the acquisition of IMPAVIDO, a critical, life-saving medication, adding an additional 2026 product launch. The product is FDA -approved, and Eton expects to begin commercializing the product in September 2026 . Pediatric endocrinology development product candidate AMGLIDIA was granted Fast Track designation by FDA . The Fast Track designation is designed to facilitate the development and expedite the review of drugs to treat serious conditions and fill an unmet medical need. The Company plans to initiate a bioavailability study for the product later this month and remains on track to submit an NDA by the end of 2026, allowing for potential approval and launch in 2027. Continued to advance Wilson disease franchise. In addition to a strong quarter of patient additions for GALZIN, the Company’s pilot study for product candidate ET-700, its proprietary, patent-pending, extended-release formulation of zinc acetate, is underway. The study is comparing ET-700 to GALZIN and placebo. If pilot study results are successful, Eton anticipates initiating a pivotal clinical study in early 2027. Executed INCRELEX label harmonization study agreement with Clinical Research Organization; site preparation is underway. Earlier this year, Eton received clearance from the FDA to proceed with its proposed label harmonization study, designed to support an application to broaden the approved definition of severe primary IGF-1 deficiency (SPIGFD) to match the E.U. definition. If successful, this could increase the addressable population in the U.S . from an estimated 200 to 1,000 patients. The Company has initiated study preparation activities with a goal of having the first patients dosed by the end of 2026. Guidance The Company now expects 2026 revenues to exceed $145 million , an increase from prior guidance of more than $120 million . In addition, the Company now expects to report at least a 35% Adjusted EBITDA margin, an increase from prior guidance of at least 30%. The revised Adjusted EBITDA guidance is inclusive of a $3 million licensing payment for ASN-001 which will be expensed in the third quarter, incremental second half R&D expenses related to ASN-001’s bioavailability study, and a potential, one-time $4 million commercial milestone payment related to ALKINDI SPRINKLE sales performance, which may be triggered in the fourth quarter of 2026. Second quarter Financial Results Net Revenue: Total net revenue for the second quarter of 2026 was $37.6 million compared to $18.9 million in the prior year period, an increase of 99%, driven by the addition of revenue from HEMANGEOL, as well as year-over-year growth across the portfolio, in particular INCRELEX, ALKINDI SPRINKLE, GALZIN and Carglumic Acid. Second quarter 2026 revenue included $2.9 million of revenue from INCRELEX and GALZIN sales outside the United States . Gross Profit: Gross profit for the second quarter of 2026 was $25.4 million compared with $11.9 million in the prior year period, an increase of 113%, primarily due to increased product sales. Adjusted gross profit, which adjusts for the impact of acquired inventory step-up adjustments and intangible amortization, was $27.4 million in the second quarter of 2026, representing an adjusted gross margin of 73%, compared to adjusted gross profit of $14.1 million and adjusted gross margin of 75% in the prior year period. The decrease in adjusted gross margin in the second quarter of 2026 was due to higher INCRELEX sales outside the United States , which generates negative gross margin. The Company expects full year 2026 adjusted gross margin to exceed 70%, inclusive of the potential $4 million commercial milestone referred to above. Research and Development (R&D) Expenses: R&D expenses for the second quarter of 2026 were $1.0 million compared to $3.7 million in the prior year period. The decrease was primarily due to the DESMODA NDA submission fee in the prior year period. The Company expects full year R&D expenses of between $10 and $14 million , with a significant increase in the second half of 2026 due to increased development activity, including the initiation of the INCRELEX label harmonization study, a $3 million expense related to the licensing of ASN-001, and incremental spending related to ASN-001’s planned bioavailability study. General and Administrative (G&A) Expenses: G&A expenses for the second quarter of 2026 were $11.6 million compared to $9.7 million in the prior year period, an increase of 20%. Adjusted G&A expense, which removes share-based compensation, depreciation, transaction-related costs, and other one-time expenses, was $10.2 million in the quarter, compared with $7.6 million in the prior year period. The increase was attributable to increased headcount to support the growth of the business as well as increased cost of FDA program fees as the Company no longer qualifies for the orphan fee exemption. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA): EBITDA for the second quarter of 2026 was $14.1 million compared to ($0.3) million in the prior year period. Adjusted EBITDA for the second quarter of 2026 was $16.2 million or 43% of revenue, compared to $3.1 million or 16% of revenue in the prior year period. Net Income/Loss: Net income for the second quarter of 2026 was $11.6 million or $0.35 per diluted share compared to a net loss of $2.6 million or $0.10 per basic and diluted share in the prior year period. On a non-GAAP basis, the Company reported net income of $14.3 million or $0.43 per diluted share for the second quarter of 2026 compared to net income of $1.5 million , or $0.03 per diluted share in the prior year period. For a reconciliation of GAAP net income/(loss) to Earnings Before Interest, Taxes, Depreciation and Amortization EBITDA (“EBITDA”), Adjusted EBITDA and adjusted Non-GAAP basic and fully diluted earnings per share to the most directly comparable GAAP financial measure, please see the tables below. Cash Position : As of June 30, 2026 , the Company had cash and cash equivalents of $26.8 million . Conference Call and Webcast Information As previously announced, Eton Pharmaceuticals will host its Second quarter 2026 conference call as follows: Date: August 13, 2026 Time:   4:30 p.m. ET ( 3:30 p.m. CT ) Participant Call Link*:  Click Here Webcast:  Click Here In addition to taking live questions from participants on the conference call, management will be answering emailed questions from investors. Investors can email questions to: [email protected]. The live webcast can be accessed on the Investors section of Eton’s website at https://ir.etonpharma.com/ . An archived webcast will be available on Eton’s website approximately two hours after the completion of the event and for 30 days thereafter. * Conference call participants should register to obtain their dial-in and passcode details. Please be sure to register using a valid email address. About   Eton Pharmaceuticals Eton is an innovative pharmaceutical company focused on developing and commercializing treatments for rare diseases. The Company currently has eleven commercial rare disease products: KHINDIVI ® , INCRELEX ® , ALKINDI SPRINKLE ® , DESMODA™, GALZIN ® , HEMANGEOL ® , PKU GOLIKE ® , IMPAVIDO ® ( September 2026 launch), Carglumic Acid, Betaine Anhydrous, and Nitisinone. The Company has five additional product candidates in late-stage development: ASN-001, AMGLIDIA ® , ET- 700, ET -800, and ZENEO ® hydrocortisone autoinjector. For more information, please visit our website at www.etonpharma.com. Forward-Looking Statements Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements associated with the expected ability of Eton to undertake certain activities and accomplish certain goals and objectives. These statements include but are not limited to statements regarding Eton’s business strategy, Eton’s plans to develop and commercialize its product candidates, the safety and efficacy of Eton’s product candidates, Eton’s plans and expected timing with respect to regulatory filings and approvals, and the size and growth potential of the markets for Eton’s product candidates. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “believes,” “anticipates,” “plans,” “expects,” “intends,” “will,” “goal,” “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Eton’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks associated with the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such drugs. These and other risks concerning Eton’s development programs and financial position are described in additional detail in Eton’s filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. Eton undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made. Non-GAAP Financial Measures In addition to the Company’s results of operations determined in accordance with U.S. generally accepted accounting principles (GAAP), which are presented and discussed above, management also utilizes Adjusted EBITDA, an unaudited financial measure that is not calculated in accordance with GAAP, to evaluate the Company’s financial results and performance and to plan and forecast future periods. Adjusted EBITDA is considered a “non-GAAP” financial measure within the meaning of Regulation G promulgated by the SEC. Management believes that this non-GAAP financial measure reflects an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results, provides a more complete understanding of the Company’s results of operations and the factors and trends affecting its business. Management believes Adjusted EBITDA provides meaningful supplemental information regarding the Company’s performance because (i) it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making; (ii) it excludes the impact of non-cash or, when specified, non-recurring items that are not directly attributable to the Company’s core operating performance and that may obscure trends in the Company’s core operating performance; and (iii) it is used by institutional investors and the analyst community to help analyze the Company’s results. However, Adjusted EBITDA and any other non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Further, non-GAAP financial measures used by the Company and the way they are calculated may differ from the non-GAAP financial measures or the calculations of the same non-GAAP financial measures used by other companies, including the Company’s competitors. Adjusted EBITDA The Company defines Adjusted EBITDA as net income/(loss), excluding the effects of stock-based compensation and expenses, interest, taxes, depreciation, amortization, and, if any and when specified, other non-recurring income or expense items. Management believes that the most directly comparable GAAP financial measure to Adjusted EBITDA is net income/(loss). Adjusted EBITDA has limitations and should not be considered as an alternative to gross profit or net income/(loss) as a measure of operating performance or to net cash provided by (used in) operating, investing, or financing activities as a measure of ability to meet cash needs. Investor Relations: Lisa M. Wilson, In-Site Communications, Inc. T: 212-452-2793 E: [email protected] Eton Pharmaceuticals, Inc. Condensed Statements of Operations (In thousands, except per share amounts) (Unaudited)           For the three months ended   For the six months ended   June 30 ,   June 30 ,   June 30 ,   June 30 ,     2026       2025       2026       2025   Revenues:           Product sales, net $ 37,589     $ 18,928     $ 61,855     $ 32,924   Licensing revenue   —       —       —       3,286   Total net revenues   37,589       18,928       61,855       36,210                   Cost of sales:               Product sales and royalties, net   12,176       7,004       21,707       13,600   Licensing revenue   —       —       —       825   Total cost of sales   12,176       7,004       21,707       14,425                   Gross profit   25,413       11,924       40,148       21,785                   Operating expenses:               Research and development   993       3,712       2,868       4,873   General and administrative   11,626       9,687       22,072       18,857   Total operating expenses   12,619       13,399       24,940       23,730                   Income (loss) from operations   12,794       (1,475 )     15,208       (1,945 )                 Other expense:               Interest and other expense, net   (1,076 )     (1,044 )     (1,916 )     (2,072 )                 Income (loss) before income tax expense   11,718       (2,519 )     13,292       (4,017 )                 Income tax expense   140       66       160       140                   Net income (loss) $ 11,578     $ (2,585 )   $ 13,132     $ (4,157 ) Net income (loss) per share, basic $ 0.42     $ (0.10 )   $ 0.48     $ (0.15 ) Weighted average number of common shares outstanding, basic   27,642       26,893       27,444       26,889   Net income (loss) per share, diluted $ 0.35     $ (0.10 )   $ 0.41     $ (0.15 ) Weighted average number of common shares outstanding, diluted   32,787       26,893       32,298       26,889                   Eton Pharmaceuticals, Inc. Condensed Balance Sheets (In thousands, except share and per share amounts)           June 30, 2026   December 31, 2025   (Unaudited)     Assets       Current assets:       Cash and cash equivalents $ 26,845     $ 25,942   Accounts receivable, net   24,886       11,757   Inventories, net   10,143       15,419   Prepaid expenses and other current assets   6,725       7,463   Total current assets   68,599       60,581           Property and equipment, net   352       326   Intangible assets, net   45,678       30,878   Operating lease right-of-use assets, net   1,114       310   Other long-term assets, net   64       19   Total assets $ 115,807     $ 92,114           Liabilities and stockholders ’ equity       Current liabilities:       Accounts payable $ 14,405     $ 10,976   Short-term debt, net of discount   8,825       8,789   Accrued Medicaid rebates   10,969       9,317   Accrued liabilities   10,925       9,408   Total current liabilities   45,124       38,490           Long-term debt, net of current portion and debt discount and accrued exit fees   19,078       21,769   Operating lease liabilities, net of current portion   1,083       460   Other long-term liabilities   3,937       5,241   Total liabilities   69,222       65,960           Stockholders ’ equity       Common stock, $0.001 par value; 50,000,000 shares authorized; 28,289,941 and 27,047,061 shares issued and outstanding at June 30, 2026 and December 31, 2025 , respectively   28       27   Additional paid-in capital   145,919       138,621   Accumulated deficit   (99,362 )     (112,494 ) Total stockholders ’ equity   46,585       26,154           Total liabilities and stockholders ’ equity $ 115,807     $ 92,114   Eton Pharmaceuticals, Inc. Condensed Statements of Cash Flows (In thousands) (Unaudited)           For the six months ended   June 30, 2026   June 30, 2025 Cash flows from operating activities   Net income (loss) $ 13,132     $ (4,157 )         Adjustments to reconcile net income (loss) to net cash from operating activities:       Stock-based compensation   2,986       3,296   Depreciation and amortization   2,517       2,018   Inventory step-up   1,000       2,349   Excess and obsolete inventory reserve   581       110   Debt discount amortization and non-cash interest expense   278       342   Non-cash lease expense   45       30   Changes in operating assets and liabilitie:       Accounts receivable   (13,129 )     (9,092 ) Inventories   4,725       (11,019 ) Prepaid expenses and other assets   739       672   Accounts payable   3,429       7,970   Accrued Medicaid rebates   1,652       9,359   Accrued liabilities   704       (1,201 ) Other non-current assets and liabilities   (3,999 )     9,372   Net cash from operating activities   14,660       10,049           Cash flows used in investing activities       Purchase of product licensing rights   (15,000 )     —   Purchase of property and equipment   (70 )     —   Net cash used in investing activities   (15,070 )     —           Cash flows from financing activities       Proceeds from stock option exercises   4,043       394   Proceeds from shares issued under the ESPP   270       —   Repayment of long-term debt   (3,000 )     —   Net cash from financing activities   1,313       394           Change in cash and cash equivalents   903       10,443   Cash and cash equivalents at beginning of period   25,942       14,936   Cash and cash equivalents at end of period $ 26,845     $ 25,379           Supplemental disclosures of cash flow information       Cash paid for interest $ 1,697     $ 852   Cash paid for income taxes $ 85     $ 89   Eton Pharmaceuticals, Inc. Adjusted non-GAAP EBITDA Calculation and US GAAP to Non-GAAP Reconciliation (in thousands, except per share amounts) (Unaudited)                   For the three months ended   For the six months ended   June 30 ,   June 30 ,   June 30 ,   June 30 ,     2026     2025       2026     2025           GAAP Net income (loss) $ 11,578   $ (2,585 )   $ 13,132   $ (4,157 ) Depreciation (1)   22     4       44     16   Intangible amortization expense (2)   1,364     1,001       2,473     2,002   Interest expense (including debt discount amortization and non-cash interest expenses)   1,013     1,198       2,149     2,361   Income tax expense   140     66       160     140   EBITDA $ 14,117   $ (316 )   $ 17,958   $ 362   Other non-GAAP adjustments:               Inventory step-up expense (3)   650     1,207       1,000     2,349   Stock-based compensation (4)   1,468     2,096       2,986     3,296   Severance expense (5)   —     —       —     335   Acquisition/divestiture-related costs (6)   —     64       —     384   Total of Other non-GAAP adjustments   2,118     3,367       3,986     6,364   Adjusted EBITDA $ 16,235   $ 3,051     $ 21,944   $ 6,726                   GAAP Net income (loss) $ 11,578   $ (2,585 )   $ 13,132   $ (4,157 ) Non-GAAP adjustments:               Depreciation (1)   22     4       44     16   Intangible amortization expense (2)   1,364     1,001       2,473     2,002   Inventory step-up expense (3)   650     1,207       1,000     2,349   Share-based compensation (4)   1,468     2,096       2,986     3,296   Severance expense (5)   —     —       —     335   Acquisition/divestiture-related costs (6)   —     64       —     384   Total pre-tax non-GAAP adjustments   3,504     4,372       6,503     8,382   Income tax effect of pre-tax non-GAAP adjustments (7)   735     247       806     290   Total non-GAAP adjustments   2,769     4,125       5,697     8,092   Non-GAAP Net income $ 14,347   $ 1,540     $ 18,829   $ 3,935                   Weighted average number of common shares outstanding, basic   27,642     26,893       27,444     26,889   Weighted average number of common shares outstanding, diluted   32,787     31,141       32,298     31,066                   GAAP income (loss) per share - Basic $ 0.42   $ (0.10 )   $ 0.48   $ (0.15 ) Non-GAAP adjustments   0.10     0.15       0.21     0.30   Non-GAAP earnings per share - Basic $ 0.52   $ 0.05     $ 0.69   $ 0.15                   GAAP income (loss) per share - Diluted $ 0.35   $ (0.10 )   $ 0.41   $ (0.15 ) Non-GAAP adjustments   0.08     0.13       0.18     0.26   Non-GAAP earnings per share - Diluted $ 0.43   $ 0.03     $ 0.59   $ 0.11       (1) Represents depreciation expense related to our property and equipment. (2) Intangible amortization expenses are associated with the Company's intellectual property rights related to INCRELEX®, HEMANGEOL®, GALZIN®, PKU GOLIKE®, IMPAVIDO®, Carglumic Acid, Betaine Anhydrous and Nitisinone. (3) During the three and six months ended June 30, 2026 and 2025, the Company recognized in cost of sales $650 and $1,000 , respectively, compared to $1,207 and $2,349 during the three and six months ended June 30, 2025 , respectively, for inventory step-up expense primarily attributable to the HEMANGEOL® inventory revalued in connection with the product acquisition in 2026 period, and the INCRELEX® inventory revalued in connection with this product acquisition in the 2025 periods.  (4) Represents share-based compensation expense associated with the Company's stock option and restricted stock unit grants to employees and non-employee directors and the Company's employee share purchase plan. (5) Represents severance and benefit expenses associated with role redundancy within commercial operations during the first quarter of 2025. (6) Represents legal expense and other divestiture-related costs associated with the out-licensing of the INCRELEX® commercial rights in territories outside of the U.S . (7) Income tax adjustments on pre-tax non-GAAP adjustments represent the estimated income tax impact of each pre-tax non-GAAP adjustment based on the effective income tax rate for the period. The Company is in a full income tax valuation allowance position and the income tax effect on pre-tax non-GAAP adjustments is commensurate with the performance measure. Eton Pharmaceuticals, Inc. Second Quarter and YTD 2026 GAAP to Non-GAAP Net Income (Loss) Reconciliation (in thousands) (Unaudited)                                 Second Quarter 2026   GAAP   Depreciation and Intangible Amortization   Inventory Step-Up Expense   Stock Based Compensation   Severance Expense   Acquisition/ Divestiture Related Costs   Non- GAAP   Cost of sales   $ 12,176   (1,364 )   (650 )   -     -     -     $ 10,162   Research and development     993   -     -     (50 )   -     -       943   General and administrative     11,626   (22 )   -     (1,418 )   -     -       10,186   Interest and other expense, net     1,076   -     -     -     -     -       1,076                                   Second Quarter 2025                               Cost of sales   $ 7,004   (1,001 )   (1,207 )   -     -     -     $ 4,796   Research and development     3,712   -     -     (39 )   -     -       3,673   General and administrative     9,687   (4 )   -     (2,057 )   -     (64 )     7,562   Interest and other expense, net     1,044   -     -     -     -     -       1,044                                   Second Quarter YTD 2026   GAAP   Depreciation and Intangible Amortization   Inventory Step-Up Expense   Stock Based Compensation   Severance Expense   Acquisition/ Divestiture Related Costs   Non- GAAP   Cost of sales   $ 21,707   (2,473 )   (1,000 )   -     -     -     $ 18,234   Research and development     2,868   -     -     (99 )   -     -       2,769   General and administrative     22,072   (44 )   -     (2,887 )   -     -       19,141   Interest and other expense, net     1,916   -     -     -     -     -       1,916                                   Second Quarter YTD 2025                               Cost of sales   $ 14,425   (2,002 )   (2,349 )   -     -     -     $ 10,074   Research and development     4,873   -     -     (82 )   -     -       4,791   General and administrative     18,857   (16 )   -     (3,214 )   (335 )   (384 )     14,908   Interest and other expense, net     2,072   -     -     -     -     -       2,072   Source: Eton Pharmaceuticals 2026 GlobeNewswire, Inc., source Press Releases

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