Eton Pharmaceuticals is holding its 2026 annual stockholders meeting virtually on June 9, 2026 at 10:00 a.m. CDT. Stockholders of record as of April 10, 2026, when 27,359,791 common shares were outstanding, can vote.
Investors are being asked to elect Jenn Adams and Charles J. Casamento as Class II directors through the 2029 meeting and to ratify Grant Thornton LLP as independent auditor for the year ending December 31, 2026. The proxy describes Eton’s staggered, largely independent board, committee structure, executive team, and pay programs, including performance-based bonuses and equity awards, along with detailed director and executive compensation and significant stockholder ownership.
Eton Pharmaceuticals director Norbert G. Riedel reported option exercises that increased his common stock holdings. On April 21, 2026, he exercised employee stock options to acquire 19,655 shares of common stock at $8.61 per share and 12,500 shares at $7.31 per share, for a total of 32,155 shares. After these transactions, he directly owns 67,155 common shares and also has 157,145 common shares held indirectly through the “Norbert G. Riedel 2002 Trust, Loan Thi Tran 2002 Trust” family trust, where he serves as trustee.
Eton Pharmaceuticals announced a planned chief financial officer transition. Judith “Judy” Matthews has been appointed Executive Vice President, Accounting and Finance and will become Chief Financial Officer, Corporate Secretary, and Treasurer effective June 1, 2026, succeeding James Gruber. Gruber will remain CFO through May 31, 2026 and then serve under a six-month consulting agreement to support continuity.
Matthews’ compensation includes an annual base salary of $440,000, plus an annual discretionary bonus targeted at 45% of base salary, tied to corporate and/or individual performance goals approved by the board. As an inducement, she received a one-time option to purchase 37,000 shares of common stock, vesting in equal annual installments over four years, and will participate in standard executive benefit plans. The company states her selection was not made pursuant to any arrangement with another person and notes no disclosable family or related-party relationships.
Eton Pharmaceuticals entered into a sixth amendment to its credit agreement with SWK Funding LLC. The amendment lowers the loan’s interest rate from Secured Overnight Financing Rate (SOFR) plus 6.75% to SOFR plus 6.55% and reduces the SOFR floor from 5.0% to 2.75%.
The interest-only period was extended to November 2026, and Eton may choose to begin principal payments in May 2026 or defer them until November 2026. No fees were paid to SWK in connection with this amendment, and the loan’s maturity date remains in December 2027.
Eton Pharmaceuticals Inc: The Vanguard Group filed an amendment to a Schedule 13G reporting beneficial ownership of 0 shares (0%) of Common Stock following an internal realignment. The filing states certain Vanguard subsidiaries will report ownership separately in reliance on SEC Release No. 34-39538, effective after the January 12, 2026 realignment.
Eton Pharmaceuticals is a Delaware-based rare disease drug company with a market value of about $360.6 million held by non‑affiliates as of June 30, 2025 and 27,284,491 common shares outstanding as of March 17, 2026. It commercializes eight U.S. rare disease products, including INCRELEX, ALKINDI SPRINKLE, KHINDIVI, GALZIN, PKU GOLIKE, Carglumic Acid, Betaine Anhydrous and Nitisinone.
The pipeline includes five late-stage candidates: ET‑600 for diabetes insipidus with a PDUFA goal date of February 25, 2026, Amglidia for neonatal diabetes, ET‑700 for Wilson disease, ET‑800 for adrenal insufficiency and a ZENEO hydrocortisone autoinjector for adrenal crisis. Eton relies on third‑party manufacturers, the FDA’s 505(b)(2) and 505(j) pathways, and maintains patents on key assets extending into the 2030s and 2040s.
The company highlights exposure to U.S. pricing reforms such as the Inflation Reduction Act, government rebate and discount programs, PBM and formulary pressure, global price controls, cybersecurity and AI data risks, counterfeit products, product liability, and strong competition in rare endocrine and metabolic markets.
Eton Pharmaceuticals reported strong fourth quarter and full-year 2025 results, with total net revenues of $79.9 million, up from $39.0 million in 2024. Growth was driven by rare disease products including INCRELEX, ALKINDI SPRINKLE, GALZIN, and KHINDIVI.
Fourth quarter 2025 net revenues were $21.3 million, an 83% increase over the prior-year period, and gross profit rose to $13.1 million. Adjusted EBITDA for 2025 improved to $15.8 million from $2.9 million, while GAAP net loss was $4.6 million. The company posted fourth quarter GAAP net income of $1.5 million.
Eton highlighted the launch of DESMODA, acquisition of orphan drug HEMANGEOL, and advancing clinical programs for INCRELEX label expansion, KHINDIVI reformulation, ET-700, and AMGLIDIA. For 2026, it expects revenue to exceed $110 million with an Adjusted EBITDA margin of at least 30%, indicating confidence in continued growth and improving profitability.
Eton Pharmaceuticals has acquired U.S. commercialization rights to HEMANGEOL, an Orphan Drug for infantile hemangioma, through a licensing deal with Pierre Fabre Medicament Sas. Eton will pay $14.0 million upfront, plus an 8% royalty on net U.S. sales for the product’s patent life.
The company will buy about $1.5 million of inventory at closing and an estimated $0.7 million in May 2026, funded from existing cash. Pierre Fabre will distribute HEMANGEOL in the U.S. until April 30, 2026, after which Eton will take over. Management expects the transaction to be accretive to 2026 earnings.
According to IQVIA data, HEMANGEOL generated $11.7 million in U.S. sales in 2025. It is currently the only treatment indicated for proliferating infantile hemangiomas requiring systemic therapy, with an estimated 5,000–10,000 infants treated annually in the United States.
Eton Pharmaceuticals reported that the U.S. FDA has approved its New Drug Application for DESMODA (desmopressin acetate) Oral Solution to manage central diabetes insipidus, or arginine vasopressin deficiency, in patients of all ages. DESMODA is described as the first and only FDA‑approved oral liquid formulation of desmopressin, designed for precise, individualized dosing in a condition where careful titration is critical to maintaining water balance.
The product is supplied as a ready‑to‑use 0.05 mg/mL solution that avoids tablet splitting, crushing, refrigeration, mixing, or shaking. Eton estimates more than 13,000 U.S. patients have central diabetes insipidus, including 3,000–4,000 pediatric patients, and expects DESMODA peak annual sales of $30–50 million. DESMODA will be promoted by Eton’s existing pediatric endocrinology rare disease team and is expected to be available on March 9 exclusively through specialty pharmacy Anovo, which will run the Eton Cares support program with services such as prescription fulfillment, insurance investigation, education, and financial assistance.
Eton Pharmaceuticals director Norbert G. Riedel reported exercising stock options and acquiring additional common shares. On 02/03/2026, he exercised an employee stock option for 30,000 shares of common stock at $4.42 per share.
Following this transaction, he directly held 35,000 shares of Eton Pharmaceuticals common stock. He also had indirect beneficial ownership of 157,145 shares held in the “Norbert G. Riedel 2002 Trust, Loan Thi Tran 2002 Trust” family trust, where he serves as a trustee.