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• A nimble Jazz Pharmaceuticals, focused on developing and commercializing drugs for rare diseases and specialty conditions.
• Like a smaller Pfizer or Merck, but exclusively focused on developing and selling drugs for rare diseases and specialized conditions.
• Alexion Pharmaceuticals for emerging drug candidates and niche markets.

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• ALKINDI SPRINKLE (hydrocortisone granules): An FDA-approved medication used for the treatment of adrenal insufficiency in children under 17 years of age.
• LAMZERE (diazepam injection): An intravenous benzodiazepine approved for the treatment of convulsive status epilepticus in adults.
• EYSUVIS (loteprednol etabonate ophthalmic suspension): An ophthalmic corticosteroid indicated for the treatment of postoperative inflammation and pain following ocular surgery.

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Eton Pharmaceuticals (symbol: ETON) primarily sells its products to other companies, specifically wholesale pharmaceutical distributors, who then distribute the products to pharmacies, hospitals, and other healthcare providers.

According to their latest 10-K filings, the company's major customers, accounting for a significant portion of their net product sales, are:

• Cardinal Health (NYSE: CAH)
• McKesson (NYSE: MCK)

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Sean Brynjelsen, Chief Executive Officer & Director

Sean Brynjelsen has over 25 years of experience in the pharmaceutical industry. He previously served as Executive Vice President, Business Development at Sagent Pharmaceuticals, which was acquired by Nichi-Iko Pharmaceutical Co., Ltd for over $700 million. Prior to Sagent, he was Senior Vice President, Global Business Development at Akorn, Inc., where he completed over 100 transactions, including product acquisitions contributing over $300 million in annual revenue. He also held leadership roles at Hospira and Baxter. Brynjelsen's expertise includes sterile injectable drugs and the 505(b)(2) regulatory pathway. He holds an MBA from the University of Notre Dame and MS and BS degrees in Chemistry and Biochemistry from the University of Illinois Chicago.

James Gruber, Chief Financial Officer, Corporate Secretary and Treasurer

James Gruber brings more than 20 years of financial and accounting experience in the life sciences industry, covering pharmaceuticals, medical devices, and hospital products. Before joining Eton, he was Vice President and U.S. Controller at Horizon Therapeutics, where he managed accounting activities during rapid growth, oversaw Sarbanes-Oxley compliance, and integrated multiple acquisitions of both public and private companies. Prior to Horizon, he spent 14 years at Abbott Laboratories in various finance and accounting leadership positions across different divisions, including pharmaceuticals. He holds a BS in Accounting from Indiana University and an MBA from Northwestern University, Kellogg School of Management. Gruber was appointed CFO effective April 11, 2022.

Ipek Erdogan-Trinkaus, Chief Commercial Officer

Ipek Erdogan-Trinkaus offers extensive commercial leadership experience in sales, marketing, innovation, and business strategy, gained from her time at global pharmaceutical companies, growth-stage businesses, and start-ups. Her expertise spans various therapeutic areas within healthcare, including nutrition and medical devices. Her previous roles include General Manager, Pediatric Endocrinology / Vice President, Global Marketing and Commercial Strategy at Tolmar Pharmaceuticals Inc., Chief Commercial Officer at Jindilli Beverages, and Vice President, Global Marketing at Ameda Inc.. She also held positions at Mead Johnson and Abbott Laboratories.

David Krempa, Chief Business Officer

David Krempa has experience in business development, having worked at Sagent Pharmaceuticals and Akorn, Inc.. He was also an equity analyst at Morningstar, Inc., where he covered the specialty pharmaceutical industry. Krempa is a Chartered Financial Analyst (CFA).

Scott Grossenbach, Senior Vice President - Sales Operations

Scott Grossenbach is responsible for the commercialization of Eton Pharmaceuticals' products. He has more than 20 years of experience in pharmaceutical sales and marketing, commercial operations, and supply chain.

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The key risks to Eton Pharmaceuticals (ETON) primarily revolve around the inherent challenges of the pharmaceutical industry, particularly concerning product development and market dynamics, alongside financial considerations.

1. Pipeline Failures and Product Approval Risks: A significant risk for Eton Pharmaceuticals, as with any pharmaceutical company, is the potential for pipeline failures or the inability to obtain regulatory approval for its product candidates. Although Eton focuses on acquiring FDA-approved products or those in advanced stages of development, the failure of a product to achieve approval can severely impact future revenue and growth prospects.
2. Increased Pressure on US Drug Prices: The pharmaceutical industry faces ongoing pressure regarding drug pricing in the United States. This external factor, while difficult to quantify, poses an important risk to Eton Pharmaceuticals' profitability and revenue, as it could lead to reduced margins and sales for its commercialized products.
3. High Debt-to-Equity Ratio: Eton Pharmaceuticals has been noted to have a high debt-to-equity ratio, significantly exceeding a commonly recommended threshold. A higher level of debt necessitates more stringent capital management and can increase the financial risk associated with investing in the company.

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Eton Pharmaceuticals focuses on developing and commercializing treatments for rare diseases, with several key products and pipeline candidates. The addressable markets for their main products or services are as follows:

• ALKINDI SPRINKLE (for pediatric adrenocortical insufficiency): The market opportunity in the United States is estimated to be greater than $100 million annually.
• Carglumic Acid (for hyperammonemia due to N-acetylglutamate synthase (NAGS) deficiency): The global carglumic acid market was valued at approximately $137.2 million in 2023 and is projected to reach $281.81 million by 2033, growing at a CAGR of 7.38% from 2024 to 2033. The North American market for carglumic acid accounted for $60.4 million in revenue in 2023.
• Betaine Anhydrous (for homocystinuria): This product targets fewer than 2,000 patients in the United States, with an estimated annual market of $10 million.
• Dehydrated Alcohol Injection (for methanol poisoning): The U.S. market for dehydrated alcohol injection is estimated to be greater than $100 million annually.
• ZENEO® hydrocortisone autoinjector (for adrenal insufficiency crises): The early evaluation of the market opportunity for ZENEO® Hydrocortisone in the U.S. exceeds $100 million.
• KHINDIVI™ (formerly ET-400, a hydrocortisone oral solution for adrenal insufficiency): This therapy targets an estimated $200 million market in the U.S.
• For INCRELEX, Nitisinone, PKU GOLIKE, GALZIN, ET-600, and Amglidia, specific addressable market sizes in dollar figures were not consistently available in the provided information.

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Eton Pharmaceuticals (NASDAQ: ETON) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Growth of Recently Launched and Acquired Products: Eton Pharmaceuticals anticipates continued significant revenue contributions from recently acquired and relaunched products such as INCRELEX® (mecasermin) and GALZIN® (zinc acetate). Both products have performed ahead of initial expectations, with INCRELEX® patient counts reaching 100 ahead of schedule and GALZIN® exceeding its year-end patient target of 200. These products, along with ALKINDI SPRINKLE® and Carglumic Acid, were major contributors to the company's strong sequential product revenue growth.
2. Launch of New Pipeline Products: The company's pipeline includes several late-stage product candidates poised for launch. ET-600 (oral desmopressin solution) has an accepted New Drug Application (NDA) with the FDA and a PDUFA date set for February 25, 2026, with a potential launch in Q1 2026. Additionally, KHINDIVI™ (hydrocortisone) Oral Solution was recently launched, marking Eton's eighth commercial product, and is expected to contribute to revenue. Eton also has other candidates like Amglidia®, ET-700, ET-800, and ZENEO® hydrocortisone autoinjector in various stages of development.
3. Label Expansions for Existing Products: Eton is actively pursuing label expansions for key products to broaden their approved patient populations and market opportunities. This includes plans for a revised KHINDIVI™ formulation in 2026 to address age label expansion and potential FDA approval in 2027. The company has also submitted a proposed clinical study to the FDA to support the harmonization and expansion of the INCRELEX® label.
4. Strategic Acquisitions: Eton Pharmaceuticals continues to evaluate and engage in late-stage discussions for potential acquisitions of additional ultra-rare disease products. Management aims to launch at least two more products through acquisitions in 2026, demonstrating an ongoing inorganic growth strategy to expand its diversified portfolio.

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Share Issuance

• In March 2020, Eton Pharmaceuticals raised $7.8 million through the sale of 2.6 million shares of common stock at $3.00 per share in an equity financing led by Opaleye Management.
• Concurrently in March 2020, Eton issued 379,474 shares of common stock to Diurnal, valued at approximately $1.5 million, as part of the acquisition of U.S. marketing rights for Alkindi® Sprinkle.
• As of September 30, 2025, the company had 26,817,535 shares of common stock issued and outstanding, an increase from 26,709,084 shares at December 31, 2024.

Inbound Investments

• Eton secured $7.8 million in equity financing in March 2020 from the sale of common stock, with Opaleye Management leading the investment.
• In March 2020, Eton's credit facility with SWK Holdings was amended, allowing for an immediate draw of $2 million in debt financing and an option for an additional $3 million after Alkindi Sprinkle's approval.
• As of October 2025, Eton Pharmaceuticals has raised a total of $20.1 million in funding over two rounds, with the latest Post-IPO round on April 8, 2020, contributing $7.5 million.

Outbound Investments

• In March 2020, Eton acquired the U.S. marketing rights to Alkindi® Sprinkle from Diurnal Group plc for an initial payment of $3.5 million in cash and 379,474 shares of Eton common stock, valued at approximately $1.5 million.
• Eton relaunched INCRELEX® in the U.S. during the first quarter of 2025, following its acquisition in late December, and out-licensed the international rights for the product.
• The company established a Wilson disease franchise in Q1 2025 by acquiring and relaunching GALZIN® (zinc acetate) capsules.

Capital Expenditures

• As of September 30, 2025, Eton Pharmaceuticals reported that its existing cash and cash equivalents of $37.1 million, along with product revenues, are expected to be sufficient to cover operating expenses and capital expenditure requirements for at least the next twelve months.