• A smaller BioMarin Pharmaceutical focused on rare disease treatments.
• A Jazz Pharmaceuticals for developing user-friendly drug formulations.

• Biorphen: A phenylephrine injection for treating clinically important hypotension resulting from vasodilation during anesthesia.
• Carglumic Acid: Used for the treatment of acute and chronic hyperammonemia due to N-acetylglutamate Synthase deficiency.
• Rezipres: A ready-to-use formulation indicated for the treatment of clinically important hypotension occurring in the setting of anesthesia.
• Alkindi Sprinkle: A replacement therapy for adrenocortical insufficiency in children under 17 years of age.
• EPRONTIA: A liquid formulation of topiramate.
• Alaway Preservative Free: A preservative-free ophthalmic product to treat allergic conjunctivitis.
• Zonisamide Oral Suspension: An oral suspension formulation currently in development for the treatment of partial on-set seizures.
• Lamotrigine for Oral Suspension: An oral suspension formulation currently in development for the treatment of partial on-set seizures.
• Cysteine injection: An injectable product currently under development.
• Dehydrated alcohol injection: An injectable product currently under development.
• Zeneo hydrocortisone autoinjector: An autoinjector device currently under development.

Eton Pharmaceuticals (ETON) primarily sells its pharmaceutical products to other companies within the healthcare distribution and provider network, rather than directly to individual consumers. Given the nature of its products—prescription drugs, injectable medications, and treatments for various medical conditions—its major customers are typically comprised of entities involved in the distribution and dispensing of pharmaceutical products.

While specific customer company names are not disclosed in the provided background information, the categories of major business customers for a specialty pharmaceutical company like Eton Pharmaceuticals generally include:

• Pharmaceutical Wholesalers and Distributors: These companies serve as the primary purchasers from manufacturers, acquiring pharmaceutical products in bulk. They then distribute these products to a wide range of healthcare providers, including hospitals, clinics, and retail pharmacies, forming the backbone of the drug supply chain.
• Hospitals and Healthcare Systems: For products administered in clinical settings, such as injections used in surgical or critical care environments (e.g., Biorphen, Rezipres) or other hospital-based treatments, hospitals and integrated healthcare systems are direct or indirect customers, acquiring products for their internal use with patients.
• Specialty and Retail Pharmacies: These pharmacies are the final dispensing points to patients. They procure Eton's various prescription products (e.g., Carglumic Acid for rare diseases, Alkindi Sprinkle, EPRONTIA, Alaway Preservative Free) either directly from the manufacturer for certain specialty products or, more commonly, through pharmaceutical wholesalers.

• Neurocrine Biosciences, Inc. (NBIX)
• Bausch + Lomb Corporation (BLCO)
• Crossject SA

• Mr. Brynjelsen has over 20 years of experience in the pharmaceutical industry and has served as Eton Pharmaceuticals' President, CEO, and a director since 2017.
• Before joining Eton, he was Executive Vice President, Business Development at Sagent Pharmaceuticals, which was acquired by Nichi-Iko Pharmaceutical Co., Ltd.
• He also served as Senior Vice President, Global Business Development for Akorn Pharmaceuticals, Inc., where he was responsible for over 100 transactions, including product acquisitions.
• Earlier in his career, he worked in product development focusing on sterile pharmaceuticals at Baxter, Abbott, and Hospira (later Pfizer).
• He has also been an advisory board member of Covis Pharma, a private specialty pharmaceutical company, since August 2023.

• Mr. Gruber brings over 20 years of financial and accounting experience in the life sciences industry, including pharmaceuticals, medical devices, and hospital products.
• He was appointed Chief Financial Officer of Eton Pharmaceuticals in April 2022.
• Previously, Mr. Gruber was the U.S. Controller at Horizon Therapeutics for seven years, where he managed accounting activities during significant company growth and the integration of multiple public and private company acquisitions.
• He spent 14 years at Abbott Laboratories, holding various finance and accounting leadership roles across different divisions, including pharmaceuticals (AbbVie) and hospital products (Hospira/Pfizer).

• Mr. Krempa serves as the Chief Business Officer at Eton Pharmaceuticals.

• Ms. Erdogan-Trinkaus was appointed Chief Commercial Officer in December 2024.
• She brings commercial leadership experience in sales, marketing, innovation, and business strategy from her tenure at global pharmaceutical companies, growth-stage businesses, and start-ups, with expertise across various therapeutic areas.
• She previously served as Chief Commercial Officer at Jindilli Beverages LLC.

The key risks for Eton Pharmaceuticals (ETON) are primarily centered around regulatory challenges, drug pricing pressures, and the inherent difficulties in commercializing treatments for rare diseases with small patient populations.

1. Regulatory Hurdles and Product Approval Risks: As a pharmaceutical company, Eton Pharmaceuticals faces significant risks related to regulatory processes. This includes the potential for delays in regulatory approvals, complete rejections of new drug applications (NDAs), or partial approvals that limit market access. For instance, the company has experienced FDA rejections due to manufacturing concerns and partial approvals that excluded key patient demographics. Heightened regulatory scrutiny and evolving policy reforms could also impact revenue growth and profitability. While Eton often utilizes the 505(b)(2) regulatory pathway to streamline development, it does not eliminate these regulatory risks.
2. Drug Pricing Pressures and Market Access Challenges: Eton Pharmaceuticals, like other companies in the rare disease space, is susceptible to increasing price pressure on US drug prices. There is a risk that broader political pushes for price controls could affect even orphan drugs, especially given instances of significant price increases on acquired products. The company also faces intense payer scrutiny and increasing demands for health equity, which can influence pricing strategies and distribution networks for specialty drugs.
3. Dependence on Small Patient Populations and Market Adoption: Eton's business model focuses on developing and commercializing treatments for rare diseases, which inherently means targeting small patient populations. This creates a risk that slower-than-expected market adoption or challenges with patient adherence, particularly for complex or injectable treatments, could negatively impact revenues. This dependence on niche markets means that even with a diversified portfolio of rare disease products, the success of each product relies heavily on successful penetration and sustained use within a limited patient pool.

Here are the addressable market sizes for Eton Pharmaceuticals' main products:

• Carglumic Acid (for hyperammonemia due to N-acetylglutamate Synthase deficiency):
  • The global carglumic acid market was valued at approximately USD 192.05 million in 2025 and is projected to grow to USD 277.58 million by 2031, exhibiting a compound annual growth rate (CAGR) of 6.32% during the forecast period (2026-2031).
  • The North American carglumic acid market size reached USD 75.1 million in 2025.
  • The broader N-acetylglutamate synthase deficiency market (which Carglumic Acid treats) was valued at USD 1.3 billion globally in 2022 and is projected to grow to USD 1.71 billion by 2030, at a CAGR of 3.50%.
• Alkindi Sprinkle (hydrocortisone replacement therapy for adrenocortical insufficiency in children):
  • Eton Pharmaceuticals believes the market opportunity for Alkindi Sprinkle in the United States is greater than USD 100 million annually.
  • Eton estimates approximately 5,000 pediatric patients in the United States suffer from adrenal insufficiency.
  • The oral hydrocortisone market opportunity in the U.S., which Alkindi Sprinkle and Eton's ET-400 product candidate aim to capture, is estimated at USD 200 million.
• Alaway Preservative Free (ophthalmic product to treat allergic conjunctivitis):
  • The global allergic conjunctivitis market size was valued at USD 3.37 billion in 2025 and is projected to grow from USD 3.55 billion in 2026 to USD 5.58 billion by 2034, registering a CAGR of 5.82%.
  • The North American allergic conjunctivitis market was valued at USD 1.65 billion in 2025 and USD 1.74 billion in 2026. The U.S. market alone is projected to reach USD 1.64 billion by 2026.
• Zonisamide Oral Suspension (for partial on-set seizures):
  • The global zonisamide market size is projected to grow from USD 380.1 million in 2024 to USD 644.57 million by 2035, at a CAGR of 4.9% during the forecast period (2025–2035).
  • North America holds a dominant share of the zonisamide market, accounting for 38% of the market share.
• Lamotrigine for Oral Suspension (for partial on-set seizures):
  • The global lamotrigine market size was valued at approximately USD 1.33 billion in 2025 and is expected to reach USD 2.05 billion by 2034, exhibiting a CAGR of 5.0% from 2026 to 2034.
  • North America dominates the global lamotrigine market, accounting for approximately 39% of the total market share in 2024, with a valuation of USD 487.2 million in 2024, projected to reach USD 701.4 million by 2033.
• Cysteine injection:
  • The global cysteine market size reached USD 423.9 million in 2024 and is expected to reach USD 618.0 million by 2033, exhibiting a CAGR of 4.06% during 2025-2033.
• Dehydrated alcohol injection:
  • The global dehydrated alcohol market size was valued at USD 1.27 billion in 2024 and is projected to grow from USD 1.35 billion in 2025 to reach USD 2.15 billion by 2033, growing at a CAGR of 6%.
• Zeneo hydrocortisone autoinjector (in development for adrenal insufficiency crises):
  • Eton's early evaluation of the market opportunity for Zeneo Hydrocortisone in the U.S. exceeds USD 100 million.
  • Eton aims to capture a significant share of a greater than USD 200 million market opportunity in the U.S. for adrenal insufficiency products, which includes Zeneo Hydrocortisone.
• PKU GOLIKE (medical formula for phenylketonuria (PKU)):
  • The U.S. market for PKU medical formulas is estimated at approximately USD 100 million annually.
• Nitisinone (for hereditary tyrosinemia type 1 (HT-1)):
  • The nitisinone market is valued at around USD 50 million annually.

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

1. Continued Growth of Key Commercial Rare Disease Products: Eton Pharmaceuticals anticipates sustained revenue increases from its existing portfolio of rare disease products. Flagship products such as Alkindi Sprinkle, Increlex, and Galzin have demonstrated strong sales performance and are expected to continue contributing significantly. Additionally, products like PKU Golike, Carglumic Acid, Betaine Anhydrous, and Nitisinone are also expected to fuel this growth.
2. New Product Launches and Pipeline Advancements: The company has a robust pipeline with several products recently launched or slated for launch within the next 2-3 years. This includes ET-400 (hydrocortisone oral solution), which had a potential launch in early 2025 and is projected to achieve combined peak sales of over $50 million annually with Alkindi Sprinkle. ET-600, also known as DESMODA (desmopressin oral solution for central diabetes insipidus), received FDA approval in February 2026 and is expected to launch in March 2026, with projected peak annual sales of $30 million to $50 million. Eton also acquired U.S. rights to Hemangeol (for infantile hemangioma) in March 2026, with commercialization commencing in May 2026, a product that generated approximately $12 million in U.S. sales in 2025. Furthermore, an unspecified ultra-rare disease product, licensed in early 2026, is targeted for a mid-2026 launch as the first and only generic alternative for its condition. Looking further ahead, Amglidia (glyburide oral suspension for neonatal diabetes) has an estimated NDA submission in 2026, with estimated peak sales of $10-$30 million, and the ZENEO® Hydrocortisone Autoinjector (ET-800 for adrenal crises) has U.S. filings expected by 2026, with estimated peak sales of $100 million. The ET-700 program for Wilson disease is also progressing with a pilot study expected in mid-2026 and a potential NDA filing in 2027, with a potential for over $100 million in peak sales.
3. Potential Label Expansions for Existing Products: Eton is focusing on expanding market opportunities through potential FDA label expansions for its current products. A notable example is the planned study initiation in the first half of 2026 for Increlex, aiming to harmonize the U.S. definition with the E.U., which could lead to up to $250 million in peak sales.
4. Strategic Acquisitions and Licensing Deals: Eton Pharmaceuticals actively pursues and integrates high-value, ultra-rare disease product opportunities through acquisitions and licensing deals. This ongoing strategy enables the company to continually broaden its portfolio and leverage its existing commercial infrastructure to introduce new treatments for rare diseases.

Share Issuance

• Eton Pharmaceuticals had 26,817,535 shares issued and outstanding as of September 30, 2025, an increase from 26,709,084 shares issued and outstanding on December 31, 2024.
• As of April 30, 2022, Eton Pharmaceuticals, Inc. had 25,224,452 shares of common stock outstanding.

Outbound Investments

• Eton Pharmaceuticals acquired the U.S. commercialization rights to HEMANGEOL® (propranolol hydrochloride) Oral Solution, with the transaction financed by cash on hand and expected to be accretive to 2026 earnings. This was a Corporate Asset Purchase with Pierre Fabre for United States Rights for Hemangeol.
• In February 2026, Eton licensed U.S. marketing rights for an ultra-rare disease product candidate, which is under FDA review and anticipated to launch in mid-2026 as potentially the first generic alternative for a condition affecting under 100 U.S. patients.
• Eton acquired GALZIN in December 2024 and subsequently relaunched it in March 2025.

Capital Expenditures

• Capital expenditures for Eton Pharmaceuticals were $284K in the third quarter of 2025.
• As of March 2026, capital expenditures of $26K absorbed a significant portion of operating cash flow.
• The company anticipated its cash and cash equivalents of $15,229 as of March 31, 2022, would cover operating expenses and capital expenditure requirements for at least the subsequent twelve months.