Eton Pharmaceuticals, Inc. (ETON) Financial Statements — Income, Balance Sheet, Cash Flow

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Financial Statements — ETON

Balance Sheet

(in millions USD)

Metric	Q2 2026	Q1 2026	Q3 2025	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022	Q3 2021	Q2 2021	Q1 2021
Cash & Equivalents	26.85	19.66	37.12	25.38	17.42	20.26	17.69	16.66	22.07	21.57	14.71	13.38	17.05	15.23	22.71	25.80	25.11
Accounts Receivable	24.89	13.41	13.08	14.45	16.40	5.59	4.87	4.24	3.50	3.08	2.87	1.50	0.83	0.80	0.39	0.30	0.30
Inventory	10.14	14.47	16.86	23.79	13.62	1.94	2.07	2.32	1.05	0.82	0.44	0.48	0.53	0.51	0.33	1.24	1.35
Total Current Assets	68.60	53.25	72.00	68.44	49.96	29.75	25.43	24.26	27.16	26.33	19.12	16.42	19.78	18.75	25.86	29.08	30.27
Property, Plant & Equipment	0.35	0.37	0.29	0.02	0.02	0.03	0.05	0.06	0.04	0.05	0.06	0.07	0.09	0.11	0.13	0.16	0.18
Intangible Assets	45.68	43.74	31.88	32.88	33.88	5.85	6.12	6.39	4.21	4.39	4.57	4.97	3.11	4.24	0.46	0.50	0.54
Total Non-current Assets*	47.21	44.47	32.51	33.23	34.07	6.09	6.39	6.53	4.37	4.60	4.81	5.10	3.27	4.45	0.74	0.83	0.91
Total Assets	115.81	97.71	104.51	101.68	84.03	35.84	31.82	30.79	31.53	30.93	23.93	21.52	23.05	23.20	26.61	29.91	31.19
Accounts Payable	14.41	13.49	14.26	12.14	4.87	2.68	2.13	2.26	1.71	2.30	1.23	1.05	1.30	2.13	3.27	1.52	1.76
Short-term Debt	8.82	11.81	2.78	2.77	--	--	--	--	--	--	--	--	--	--	--	--	--
Total Current Liabilities	45.12	44.18	44.18	38.60	25.35	19.73	18.22	15.30	10.39	9.59	7.49	4.66	3.81	3.48	5.36	3.11	3.20
Long-term Debt	19.08	18.94	27.59	27.41	29.99	--	--	--	4.20	4.55	5.11	5.68	5.99	6.33	5.55	5.86	6.18
Total Non-current Liabilities*	24.10	22.92	37.20	39.12	34.23	0.13	0.14	0.00	4.24	4.62	5.19	5.68	5.99	6.33	5.59	6.06	6.43
Total Liabilities	69.22	67.10	81.38	77.72	59.58	19.86	18.36	15.30	14.63	14.21	12.69	10.34	9.80	9.81	10.95	9.17	9.63
Retained Earnings	(99.36)	(110.94)	(113.98)	(112.05)	(109.46)	(107.29)	(107.92)	(104.88)	(101.81)	(101.23)	(105.79)	(104.05)	(101.00)	(99.44)	(95.15)	(89.06)	(87.04)
Total Stockholder Equity	46.59	30.62	23.13	23.96	24.45	15.98	13.46	15.49	16.89	16.73	11.24	11.18	13.24	13.38	15.66	20.74	21.56

* Derived from reported values

Income Statement

(in millions USD) (except per-share rows)

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021
Total Revenue	37.59	24.27	21.28	22.46	18.93	17.28	11.65	10.32	9.07	7.97	7.31	7.03	12.00	5.30	8.50	3.22	7.36	2.18	6.09	0.78
Cost of Revenue*	12.18	9.53	8.18	14.60	7.00	7.42	5.17	4.02	3.45	2.96	3.68	2.63	2.32	1.96	2.27	1.20	2.75	0.72	0.28	0.62
Gross Profit	25.41	14.74	13.10	7.86	11.92	9.86	6.48	6.30	5.63	5.01	3.63	4.40	9.68	3.35	6.23	2.02	4.61	1.46	5.81	0.16
Research & Development	0.99	1.88	1.78	1.11	3.71	1.16	(0.87)	0.51	2.97	0.65	1.05	0.62	1.13	0.54	0.94	0.74	0.69	1.62	0.68	2.68
Selling, General & Admin	11.63	10.45	8.86	8.11	9.69	9.17	6.72	5.29	5.59	5.16	4.58	4.34	4.67	5.35	4.22	4.17	5.26	4.93	3.82	3.33
Total Operating Expenses	12.62	12.32	10.64	9.22	13.40	10.33	5.85	5.79	8.56	5.81	5.62	4.95	5.80	5.88	5.17	4.91	5.95	6.55	4.50	6.01
Operating Income	12.79	2.41	2.46	(1.36)	(1.47)	(0.47)	0.63	0.51	(2.93)	(0.80)	(1.99)	(0.55)	3.88	(2.53)	1.06	(2.89)	(1.34)	(5.09)	1.31	(5.85)
Interest Expense	1.01	1.14	--	1.21	1.20	1.16	--	0.21	0.22	0.24	0.36	0.81	0.27	0.27	0.26	0.23	0.22	0.25	0.28	0.25
Pretax Income	11.72	1.57	1.41	(1.95)	(2.52)	(1.50)	(0.51)	0.50	(2.99)	(0.81)	(2.01)	(0.58)	4.56	(2.66)	0.91	(3.04)	(1.56)	(5.33)	1.04	(6.09)
Tax Provision	0.14	0.02	(0.07)	(0.03)	0.07	0.07	0.09	(0.13)	0.05	0.00	0.25	0.00	0.00	0.00	--	--	--	--	--	--
Net Income	11.58	1.55	1.48	(1.93)	(2.58)	(1.57)	(0.60)	0.63	(3.04)	(0.81)	(2.26)	(0.58)	4.56	(2.66)	0.91	(3.04)	(1.56)	(5.33)	1.04	(6.09)
Basic EPS	0.42	0.06	0.06	(0.07)	(0.10)	(0.06)	(0.02)	0.02	(0.12)	(0.03)	99.80	(0.02)	0.18	(100.00)	0.03	(0.12)	(0.06)	(0.21)	--	--
Diluted EPS	0.35	0.05	--	(0.07)	--	--	--	0.02	(0.12)	(0.03)	--	(0.02)	0.18	--	--	(0.12)	(0.06)	(0.21)	--	--

* Derived from reported values

Cash Flow Statement

(in millions USD)

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021
Operating Cash Flow	7.26	7.41	(11.55)	12.03	7.96	2.09	(0.76)	2.95	1.25	(2.47)	0.39	0.87	7.10	(1.55)	2.84	(1.70)	2.46	1.22	(5.12)	(2.95)
Capital Expenditures	-0.00	0.08	0.05	0.28	0.00	0.00	0.01	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.01	0.00	0.01	0.02	0.00	0.00
Free Cash Flow*	7.26	7.33	(11.60)	11.74	7.96	2.09	(0.78)	2.95	1.25	(2.49)	0.39	0.87	7.10	(1.55)	2.83	(1.70)	2.45	1.21	(5.12)	(2.95)
Investing Cash Flow	0.01	(15.07)	(0.05)	(0.28)	0.00	0.00	(38.13)	0.00	0.00	(1.88)	(0.77)	0.00	0.00	0.00	(0.01)	(2.00)	(0.76)	(0.01)	(3.25)	-0.00
Financing Cash Flow	(0.08)	1.39	0.42	0.00	0.00	0.39	33.57	(0.38)	(0.22)	(0.38)	(0.29)	(0.37)	(0.25)	(0.05)	0.10	0.04	0.12	(0.38)	0.07	(0.14)

* Derived from reported values