Q4 2025 Eton Pharmaceuticals Inc Earnings Call

March 19, 2026

Sean Brynjelsen: Sean Brynjelsen. Thank you, David. Good afternoon, everyone, and thank you for joining us today. As you've seen, it's been a very active time at Eton with a number of major developments in the recent weeks, and we have some exciting topics to discuss today. During the call, we'll review Q4 results, provide additional color on HEMANGEOL acquisition, and an update on our recent FDA approval and commercial launch of DESMODA. We'll also cover growth trends in our on-market products and provide an update on clinical development programs. Finally, we'll provide 2026 financial guidance and unveil our new long-term goals for the company. Let me start with our financial results. It was another strong quarter for Eton, capping off an outstanding year. 2025 was truly another transformational year for our company. As we successfully launched three new products, Increlex, Galzin, and KHINDIVI.

Speaker #1: Sean Brynjelsen.

Speaker #2: Thank you, David. Good afternoon, everyone, and thank you for joining us today. As you've seen, it's been a very active time at Eton, with a number of major developments in recent weeks, and we have some exciting topics to discuss today.

Speaker #2: During the call, we'll review fourth-quarter results, provide additional color on the Hemangio acquisition, and give an update on our recent FDA approval and commercial launch of Dysmoda.

Speaker #2: We'll also cover growth trends in our on-market products and provide an update on clinical development programs. Finally, we'll provide 2026 financial guidance and unveil our new long-term goals for the company.

Speaker #2: Let me start with our financial results. It was another strong quarter for Eton, capping off an outstanding year. 2025 was truly another transformational year for our company.

Speaker #2: As we successfully launched three new products, Incrilex, Galzen, and Kindivi, these were not minor products. They represent important cornerstones of our long-term growth plan.

Sean Brynjelsen: These were not minor products. They represent important cornerstones of our long-term growth plan. These new products helped us more than double our revenue in 2025 compared to 2024 and set us up for major growth in 2026 and beyond. Our Q4 product revenue was $21.3 million, an increase of 83% year-over-year, driven by continuing strong performance from Alkindi Sprinkle and the addition of revenue from Increlex, Galzin, and KHINDIVI. Galzin and Increlex have continued to be great success stories for Eton. Both products were relaunched by Eton in early 2025 and contributed revenue well beyond our initial expectations for the year. A key goal for us in continuing to drive strong revenue growth while maintaining our focus on profitability through disciplined cost management and expanding margins.

Speaker #2: These new products helped us more than double our revenue in 2025 compared to 2024, and set us up for major growth in 2026 and beyond.

Speaker #2: Our fourth-quarter product revenue was $21.3 million, an increase of 83% year over year. This was driven by continuing strong performance from Alkindy Sprinkle, and the addition of revenue from Incrilex, Galzen, and Kindivi.

Speaker #2: Galzen and Increlex have continued to be great success stories for Eton. Both products were relaunched by Eton in early 2025 and contributed revenue well beyond our initial expectations for the year.

Speaker #2: A key goal for us is to continue driving strong revenue growth while maintaining our focus on profitability through disciplined cost management and expanding margins—and I'm pleased to report that we made meaningful progress on that in the fourth quarter, as our adjusted EBITDA margin was 29%, a significant improvement from 18% in the prior-year period.

Sean Brynjelsen: I'm pleased to report that we made meaningful progress on that in Q4 as our adjusted EBITDA margin was 29%, a significant improvement from 18% in the prior year period. We also reported GAAP net income of $1.5 million and non-GAAP net income of $5.4 million. Looking ahead, we expect our profit margin profile to continue improving as revenue scales across our portfolio, and we will further discuss our profitability outlook later in the call when we communicate new long-term goals. Now let me turn to one of our most important recent developments, the approval and launch of our oral liquid formulation of desmopressin, Desmoda, which received FDA approval at the end of February for the treatment of central diabetes insipidus.

Speaker #2: We also reported GAAP net income of $1.5 million and non-GAAP net income of $5.4 million. Looking ahead, we expect our profit margin profile to continue improving as revenue scales across our portfolio.

Speaker #2: And we will further discuss our profitability outlook later in the call when we communicate new long-term goals. Now, let me turn to one of our most important recent developments.

Speaker #2: The approval and launch of our oral liquid formulation of Desmopressin, Desmoda, which received FDA approval at the end of February, for the treatment of central diabetes insipidus.

Speaker #2: Diabetes insipidus is a serious condition caused by inadequate production of the hormone vasopressin, and treatment with desmopressin is the standard of care. Dosing is patient-specific and must be individualized and fine-tuned over time.

Sean Brynjelsen: Diabetes insipidus is a serious condition caused by inadequate production of the hormone vasopressin, and treatment with desmopressin is the standard of care. Dosing is patient-specific and must be individualized and fine-tuned over time. There were historically no products available that could provide accurate low doses of desmopressin. As a result, clinicians and caregivers were forced to use workarounds, including splitting or crushing tablets. As the only FDA-approved liquid oral formulation, DESMODA offers patients a treatment option that provides precision, consistency, and convenience, fulfilling a large unmet need frequently expressed to us by pediatric endocrinologists. Leveraging our established team of pediatric endocrinology rare disease specialists, we launched DESMODA within two weeks of FDA approval. While we are still in the early phases of launch, I could not be happier with how DESMODA launch is going.

Speaker #2: But there were historically no products available that could provide accurate low doses of desmopressin. As a result, clinicians and caregivers were forced to use workarounds, including splitting or crushing tablets.

Speaker #2: As the only FDA-approved liquid oral formulation, Desmoda offers patients a treatment option that provides precision, consistency, and convenience, fulfilling a large unmet need frequently expressed to us by pediatric endocrinologists.

Speaker #2: Leveraging our established team of pediatric endocrinology rare disease specialists, we launched Desmoda within two weeks of FDA approval. While we are still in the early phases of launch, I could not be happier with how the Desmoda launch is going.

Speaker #2: I believe this was the most well-prepared we've ever been for a commercial launch. Our entire team was ready to execute on day one, and the initial demand and interest in the product has been incredibly encouraging.

Sean Brynjelsen: I believe this was the most well prepared we've ever been for a commercial launch. Our entire team was ready to execute on day one, and the initial demand and interest in the product has been incredibly encouraging. Our team has been hard at work promoting the product for two weeks, and we've already seen significant traction. Many institutions that were historically unreceptive to sales rep visits have reached out to us asking for meetings because they are interested in learning about the product. We've already seen a number of patients begin therapy in the first week and a half of launch. Another important aspect of the approval is that DESMODA received a clean label with no age restriction. In fact, the FDA's indication even includes adults. This means that our addressable market will not be solely the 3,000 to 4,000 children in the US.

Speaker #2: Our team has been hard at work promoting the product for two weeks, and we've already seen significant traction. Many institutions that were historically unreceptive to sales rep visits have reached out to us, asking for meetings because they are interested in learning about the product.

Speaker #2: We've already seen a number of patients begin therapy in the first week and a half of launch. Another important aspect of the approval is that Desmoda received a clean label with no age restriction.

Speaker #2: In fact, the FDA's indication even includes adults. This means that our addressable market will not be solely the 3,000 to 4,000 children in the US.

Speaker #2: We will also be able to meet the therapeutic needs of the 9,000 to 10,000 adults living with central diabetes insipidus. Our historic market assessment and $30 to $50 million peak sales forecast were based solely on the pediatric market.

Sean Brynjelsen: We will also be able to meet the therapeutic needs of the 9,000 to 10,000 adults living with central diabetes insipidus. Our historic market assessment and $30 to 50 million peak sales forecasts were based solely on the pediatric market. However, we believe there could be a meaningful incremental opportunity within the adult population for patients who have difficulty swallowing tablets, require precise and titratable dosing, or simply prefer a liquid option. While the percentage of adults needing a liquid or precise dose will likely be smaller, the population is roughly three times as large, so it could be a quite meaningful number of patients. This month, we are launching a pilot initiative where our existing sales team will target high desmopressin prescribing adult endocrinologists.

Speaker #2: However, we believe there could be a meaningful incremental opportunity within the adult population for patients who have difficulty swallowing tablets, require precise and titratable dosing, or simply prefer a liquid option.

Speaker #2: While the percentage of adults needing a liquid or precise dose will likely be smaller, the population is roughly three times as large, so it could be a quite meaningful number of patients.

Speaker #2: This month, we are launching a pilot initiative where our existing sales team will target high Desmopressin-prescribing adult endocrinologists. We will assess the opportunity over the next 90 days, and if we see traction with the adult patient community, we will expand our commercial efforts to fully capture this additional opportunity.

Sean Brynjelsen: We will assess the opportunity over the next 90 days, and if we see traction with the adult patient community, we will expand our commercial efforts to fully capture this additional opportunity. Regarding pricing, the dosing varies by patient, but we believe we will net an average of approximately $80,000 per patient per year. As I said, it is still too early in the launch to say definitively, but all initial signs are pointing to a successful launch for DESMODA. For now, we're confirming our guidance of $30 to 50 million in potential peak sales. We should know more in the coming quarters, and we'll update our outlook accordingly. DESMODA also benefits from strong intellectual property protection via multiple patents extending to 2044, which we believe positions the product as a critical long-term value driver for Eton. Turning now to our other pediatric endocrinology assets.

Speaker #2: Regarding pricing, the dosing varies by patient, but we believe we will net an average of approximately $80,000 per patient per year. As I said, it is still too early in the launch to say definitively, but all initial signs are pointing to a successful launch for Desmoda.

Speaker #2: For now, we're confirming our guidance of $30 million to $50 million in potential peak sales. We should know more in the coming quarters, and we'll update our outlook accordingly.

Speaker #2: Desmoda also benefits from strong intellectual property protection via multiple patents extending to 2044, which we believe positions the product as a critical long-term value driver for Eton.

Speaker #2: Turning now to our other pediatric endocrinology assets. When we acquired Increlex in December 2024, the product only had 67 patients on therapy. We saw a tremendous opportunity to increase awareness and education of severe primary insulin-like growth factor I deficiency, otherwise known as SPIGFD.

Sean Brynjelsen: When we acquired Increlex in December 2024, the product only had 67 patients on therapy. We saw a tremendous opportunity to increase awareness and education of severe primary insulin-like growth factor-1 deficiency, otherwise known as SPIGFD. In conjunction with our relaunch of Increlex in January 2025, we kicked off an extensive disease and therapy education campaign to complement physician engagement efforts of our seasoned pediatric endocrinology sales team. This included targeted outreach to healthcare providers, strong conference engagement in endocrinology space, peer-to-peer presentations, and strategic collaboration with patients and patient advocacy groups. Increlex is approved for pediatric patients aged 2 and up and is highly effective at increasing height during critical development years. Because earlier diagnosis leads to better outcomes, increasing awareness and improving time to diagnosis are central to our strategy, ensuring that every patient achieves their full therapeutic potential.

Speaker #2: In conjunction with our relaunch of Increlex in January 2025, we kicked off an extensive disease and therapy education campaign to complement physician engagement efforts of our seasoned pediatric endocrinology sales team.

Speaker #2: This included targeted outreach to healthcare providers, strong conference engagement in the endocrinology space, peer-to-peer presentations, and strategic collaboration with patients and patient advocacy groups. Incrilex is approved for pediatric patients aged 2 and up and is highly effective at increasing height during critical development years.

Speaker #2: Because earlier diagnosis leads to better outcomes, increasing awareness and improving time to diagnosis are central to our strategy, ensuring that every patient achieves their full therapeutic potential.

Speaker #2: We are already seeing encouraging progress. Since acquiring the product, we have meaningfully reduced the average age at which patients begin therapy and continue to see steady growth in the treated population.

Sean Brynjelsen: We are already seeing encouraging progress. Since acquiring the product, we have meaningfully reduced the average age at which patients begin therapy and continue to see steady growth in the treated population. Based on ongoing discussions with physicians in the community, we remain confident that a significant opportunity for growth remains with the existing indication. We now have over 100 patients on treatment, and our goal is to reach 120 patients by year-end. So far this year, we have seen the number of patient age-outs and closures decline significantly from the level we saw earlier in Q4 2025 prior to our last earnings call. Long term, we see a big opportunity in harmonizing the patient definition between the US and the EU.

Speaker #2: Based on ongoing discussions with physicians in the community, we remain confident that a significant opportunity for growth remains with the existing indication. We now have over 100 patients on treatment, and our goal is to reach 120 patients by year-end.

Speaker #2: So far this year, we have seen the number of patient age-outs and closures decline significantly from the level we saw earlier in the fourth quarter of 2025, prior to our last earnings call.

Speaker #2: Long-term, we see a big opportunity in harmonizing the patient definition between the US and the EU. In the US, a patient meets the label criteria if their IGF-1 levels are more than three standard deviations below the median.

Sean Brynjelsen: In the US, a patient meets the label criteria if their IGF-I levels are more than 3 standard deviations below the median. In Europe, where Increlex is also available, the definition is 2 standard deviations below the median. Based on the European patient registry data collected over the past 15 years, we believe that Increlex is a safe and effective treatment for patients with IGF-I levels between -2 and -3 standard deviations. We held a meeting with the FDA in December to discuss label harmonization, which we believe was positive. As a result, we submitted the final proposed study protocol to the FDA in February, and we expect to receive their feedback, either clearance to proceed or comments, later this month.

Speaker #2: In Europe, where Incrilex is also available, the definition is two standard deviations below the median. And based on the European Patient Registry data collected over the past 15 years, we believe that Incrilex is a safe and effective treatment for patients with IGF-1 levels between -2 and -3 standard deviations.

Speaker #2: We held a meeting with the FDA in December to discuss label harmonization, which we believe was positive. As a result, we submitted the final proposed study protocol to the FDA in February, and we expect to receive their feedback—either clearance to proceed or comments—later this month.

Speaker #2: Once the FDA signs off, we will initiate the study with our CRO and would expect to see the first patient dose in the third quarter of this year.

Sean Brynjelsen: Once the FDA signs off, we will initiate the study with our CRO, and we expect to see the first patient dose in Q3 of this year. Our proposed study is an open-label study of approximately 30 patients tracked for 5 years or until they reach full adult height, with a primary endpoint of change in average annual height velocity at month 12 compared to pretreatment height velocity. Given that it is an open-label study, if the data is as compelling and clear as we expect it to be, we believe there may be an opportunity to approach the FDA with interim data after a couple of years. The study is expected to cost approximately $1 million per year. If we are successful with this label harmonization, we believe that the Increlex market opportunity could increase 5-fold in the United States.

Speaker #2: Our proposed study is an open-label study of approximately 30 patients, tracked for five years or until they reach full adult height, with a primary endpoint of change in average annual height velocity at month 12 compared to pre-treatment height velocity.

Speaker #2: Given that it is an open-label study, if the data is as compelling and clear as we expect it to be, we believe there may be an opportunity to approach the FDA with interim data after a couple of years.

Speaker #2: The study is expected to cost approximately $1 million per year. If we are successful with this label harmonization, we believe that the Increlex market opportunity could increase fivefold in the United States.

Speaker #2: Also, in our pediatric endocrinology portfolio, we continue to see strong growth from our adrenal insufficiency franchise, Alkindy Sprinkle and Kindivi. 2025 was Alkindy's fifth full calendar year on the market, and its strongest year yet in terms of number of patients on therapy and number of new patient referrals.

Sean Brynjelsen: Also, in our pediatric endocrinology portfolio, we continue to see strong growth from our adrenal insufficiency franchise, Alkindi Sprinkle and KHINDIVI. 2025 was Alkindi's fifth full calendar year on the market and its strongest year yet in terms of number of patients on therapy and number of new patient referrals. This momentum reflects the continued impact of our focused efforts to expand awareness and adoption of pediatric-appropriate hydrocortisone dosing and to reduce friction for both physicians and caregivers, making it easier for providers to diagnose, prescribe, and initiate therapy for children with adrenal insufficiency. KHINDIVI was developed to address the needs of patients that had an aversion to the texture of the Alkindi granules or who preferred a liquid option. It is the first and only FDA-approved oral solution of hydrocortisone.

Speaker #2: This momentum reflects the continued impact of our focused efforts to expand awareness and adoption of pediatric-appropriate hydrocortisone dosing, and to reduce friction for both physicians and caregivers, making it easier for providers to diagnose, prescribe, and initiate therapy for children with adrenal insufficiency.

Speaker #2: Kindivi was developed to address the needs of patients who had an aversion to the texture of Alkindy granules or who preferred a liquid option.

Speaker #2: And it is the first and only FDA-approved oral solution of hydrocortisone. Similar to Desmoda, the liquid dosage form allows for mixing and accurate dosing tailored to patient needs and does not require refrigeration, mixing, or shaking.

Sean Brynjelsen: Similar to desmopressin, the liquid dosage form allows for mixing and accurate dosing tailored to patient needs and does not require refrigeration, mixing, or shaking. Together, Alkindi and KHINDIVI allow us to offer physicians multiple pediatric-appropriate hydrocortisone options, enabling them to choose the formulation that best fits the needs of each child and caregiver. For our combined franchise, our target market is the estimated 5,000 children under the age of eight in the US with adrenal insufficiency. We believe we have captured around 12% of the market to date, and there is still a long runway ahead of us. Eton remains confident that the franchise can achieve peak annual sales of at least $50 million, which requires only around 20% market share. We ultimately believe that Eton can capture even greater market share if we are successful in expanding the KHINDIVI's label.

Speaker #2: Together, Alkindy and Kindivi allow us to offer physicians multiple pediatric-appropriate hydrocortisone options, enabling them to choose the formulation that best fits the needs of each child and caregiver.

Speaker #2: For our combined franchise, our target market is the estimated 5,000 children under the age of 8 in the US with adrenal insufficiency. We believe we have captured around 12% of the market to date, and there is still a long runway ahead of us.

Speaker #2: Eton remains confident that the franchise can achieve peak annual sales of at least $50 million, which requires only around a 20% market share, and we ultimately believe that Eton can capture even greater market share if we are successful in expanding the Kindivi's label.

Speaker #2: Kindivi is currently approved for patients 5 and over, but we believe the largest unmet need is within children under 5. The FDA restricted the age due to limited availability of safety data on the three active ingredients when these ingredients are used in combination.

Sean Brynjelsen: Khindivi is currently approved for patients 5 and over, but we believe the largest unmet need is within children under 5. The FDA restricted the age due to limited availability on safety data of the 3 active ingredients when these ingredients are used in combination. However, we've developed a new formulation which substantially lowers levels of these excipients, and Eton held a meeting with the FDA in Q4 where the agency indicated they're receptive to a label expansion. The agency requested that we run a bioequivalence study and then submit our supplement to the existing NDA. Last week, we dosed the first patient in that bioequivalence study and now plan to submit the supplement as soon as the final study report is available, which we currently expect to be in Q3.

Speaker #2: However, we've developed a new formulation which substantially lowers levels of these excipients, and Eton held a meeting with the FDA in the fourth quarter where the agency indicated they were receptive to a label expansion.

Speaker #2: The agency requested that we run a bioequivalency study and then submit our supplement to the existing NDA. Last week, we dosed the first patient in that bioequivalency study and now plan to submit the supplement as soon as the final study report is available, which we currently expect to be in the third quarter.

Speaker #2: The FDA indicated the submission would receive a 10-month review, allowing for a potential launch by mid-2027. Next, I'd like to discuss our recent acquisition, which we are very excited about.

Sean Brynjelsen: The FDA indicated the submission would receive a 10-month review aligned for a potential launch by mid-2027. Next, I'd like to discuss our recent acquisition, which we are very excited about. Earlier this month, we announced the acquisition of HEMANGEOL, the only FDA-approved treatment for infantile hemangiomas that require systemic therapy. Infantile hemangiomas are non-cancerous vascular tumors that typically appear shortly after birth, and in severe cases can lead to serious complications, including loss of vision, trouble breathing, or permanent disfigurement. An estimated 5,000 to 10,000 infants are treated with HEMANGEOL annually in the United States. We've been clear with our acquisition strategy. Eton seeks opportunities where we can meaningfully add value to a product. We are unlikely to earn remarkable returns and create value for shareholders if we are purchasing assets only to maintain the status quo of their current level of revenue and earnings.

Speaker #2: Earlier this month, we announced the acquisition of Hamangiol, the only FDA-approved treatment for infantile hemangiomas that requires systemic therapy. Infantile hemangiomas are non-cancerous vascular tumors that typically appear shortly after birth and, in severe cases, can lead to serious complications, including loss of vision, trouble breathing, or permanent disfigurement.

Speaker #2: An estimated 5,000 to 10,000 infants are treated with Hamangiol annually in the United States. We’ve been clear with our acquisition strategy. Eton seeks opportunities where we can meaningfully add value to a product.

Speaker #2: We are unlikely to earn remarkable returns and create value for shareholders if we are purchasing assets only to maintain the status quo of their current level of revenue and earnings.

Speaker #2: We look for opportunities where a rare disease company with wide expertise in commercial infrastructure can unlock significant growth and profitability. Similar to how we successfully executed on Galzen and Increlex last year, we believe there is a significant opportunity for value creation with Hemangiol.

Sean Brynjelsen: We look for opportunities where a rare disease company with wide expertise and commercial infrastructure can unlock significant growth and profitability. Similar to how we successfully executed on Galzin and Increlex last year, we believe there is a significant opportunity for value creation with HEMANGEOL. HEMANGEOL had the product characteristics we looked for. It treats a rare condition with a small prescriber base. It is the only FDA-approved treatment in its class. It has strong safety and efficacy profile, and there's a meaningful opportunity to improve operational efficiency and margin performance. Our team is hard at work preparing for our 1 May relaunch of the product. One of the key opportunities we see is optimizing the product's distribution model with our dedicated rare disease infrastructure, improving go-to-market capabilities.

Speaker #2: Hamangiol had the product characteristics we looked for. It treats a rare condition with a small prescriber base. It is the only FDA-approved treatment in its class.

Speaker #2: It has a strong safety and efficacy profile, and there's a meaningful opportunity to improve operational efficiency and margin performance. Our team is hard at work preparing for our May 1st relaunch of the product.

Speaker #2: One of the key opportunities we see is optimizing the product's distribution model with our dedicated rare disease infrastructure and proven go-to-market capabilities. Currently, the product goes through the traditional pharma distribution model, utilizing the large national wholesalers, open pharmacy distribution, and significant payer rebating.

Sean Brynjelsen: Currently, the product goes through the traditional pharma distribution model, utilizing the large national wholesalers, open pharmacy distribution, and significant payer rebating. While this may make sense for higher volume products, we believe transitioning to our rare disease-focused distribution model can significantly lower costs, improve the patient and provider experience, and significantly strengthen the long-term economics of the product by reducing gross-to-net deductions. In addition, we will implement our best-in-class Eton Cares patient support program, which we believe will improve the treatment journey for families and expand access to treatment. For instance, we will be offering our standard 0 commercial co-pay for patients, where today most patients are paying $55 a month on their co-pay. HEMANGEOL will also establish a third strategic call point for us.

Speaker #2: While this may make sense for higher-volume products, we believe transitioning to our rare disease-focused distribution model can significantly lower costs and improve the patient and provider experience, and significantly strengthen the long-term economics of the product by reducing gross-to-net deductions.

Speaker #2: In addition, we will implement our best-in-class EtonCare patient support program, which we believe will improve the treatment journey for families and expand access to treatment.

Speaker #2: For instance, we will be offering our standard zero commercial copay per patient. Where today, most patients are paying $55 a month on their copay.

Speaker #2: Hamangiol will also establish a third strategic call point for us. The majority of prescribing occurs within pediatric dermatology, but care for these patients can also involve pediatric hematology-oncology physicians who specialize in vascular anomalies.

Sean Brynjelsen: The majority of prescribing occurs within pediatric dermatology, but care for these patients can also involve pediatric hematology oncology physicians who specialize in vascular anomalies. This is a highly concentrated specialty with roughly 400 pediatric dermatologists and a smaller number of specialized pediatric hematology oncology physicians actively managing these patients. While we look for other bolt-on opportunities within pediatric dermatology, the HEMANGEOL opportunity is certainly large enough on its own to justify the dedicated commercial effort. In tandem with the transaction, we are hiring 7 new commercial employees that were previously working for the seller and fully dedicated to HEMANGEOL. They will start with Eton on 1 April, and we are excited to have them joining our organization.

Speaker #2: This is a high, highly concentrated specialty, with roughly 400 pediatric dermatologists and a smaller number of specialized pediatric hematology-oncology physicians actively managing these patients.

Speaker #2: While we look for other bolt-on opportunities within pediatric dermatology, the Hemangiol opportunity is certainly large enough on its own to justify the dedicated commercial efforts.

Speaker #2: In tandem with the transaction, we are hiring seven new commercial employees who were previously working for the seller and fully dedicated to Hamangiol. They will start with Eton on April 1, and we are excited to have them joining our organization.

Speaker #2: This existing team had done an excellent job growing Hamangiol in recent years, and we believe their current relationships, combined with Eton's rare disease infrastructure expertise and capabilities, will position the product for accelerated momentum following the relaunch in May.

Sean Brynjelsen: This existing team has done an excellent job growing HEMANGEOL in recent years, and we believe their current relationships, combined with Eton's rare disease infrastructure, expertise, and capabilities, will position the product for accelerated momentum following the relaunch in May. We were pleased that because of our strong cash flow generation in 2025, we were able to pay for the $14 million HEMANGEOL acquisition entirely with cash on hand and avoid any dilution or incremental debt. This will make the transaction even more accretive to our earnings. With our ongoing plans to streamline distribution, shrink the gross to net gap, optimize revenue, and expand access, we believe HEMANGEOL can be one of Eton's largest products in 2027. Now let me turn to Galzin, which was another very impressive contributor for the year.

Speaker #2: We were pleased that, because of our strong cash flow generation through 2025, we were able to pay for the $14 million Hamangiol acquisition entirely with cash on hand and avoid any dilution or incremental debt.

Speaker #2: This will make the transaction even more accretive to our earnings. With our ongoing plans to streamline distribution, shrink the gross-to-net gap, optimize revenue, and expand access, we believe Hamangiol can be one of Eton's largest products in 2027.

Speaker #2: Now let me turn to Galzen, which was another very impressive contributor for the year. When we acquired the product, we expected to be able to grow the product over time, but the product has actually performed well ahead of our expectations.

Sean Brynjelsen: When we acquired the product, we expected to be able to grow the product over time, but the product has actually performed well ahead of our expectations. When Eton relaunched in March 2025, we made major investments into physician education, patient awareness, and access support, and those investments are clearly paying off. Through Eton Cares, we know that more people than ever are able to access their medication, and we have heard from many patients that were previously forced to take non-FDA-approved zinc supplements because they could not afford their copay obligations. They are very grateful to now be able to receive the FDA-approved treatment. In addition, we have found that many patients and providers were unaware of the availability of Galzin or were unaware of the advantages of the prescription product. We have also seen renewed interest from patients and physicians.

Speaker #2: When Eton relaunched in March of 2025, we made major investments into physician education, patient awareness, and access support. And those investments are clearly paying off.

Speaker #2: Through EtonCare, we know that more people than ever are able to access their medication. And we have heard from many patients that were previously forced to take non-FDA-approved zinc supplements because they could not afford their copay obligations.

Speaker #2: They are very grateful to now be able to receive the FDA-approved treatment. In addition, we have found that many patients and providers were unaware of the availability of Galzen or were unaware of the advantages of the prescription product.

Speaker #2: We have also seen renewed interest from patients and physicians. Now that we know that EtonCare will provide patients with access to medication, regardless of potential insurance pushback or lack of insurance, physicians can prescribe the product with confidence and not worry that the patient will call them back in a week to complain about high copays or looking for alternatives.

Sean Brynjelsen: Now that we know that Eton Cares will provide patients with access to medication regardless of potential insurance pushback or lack of insurance, physicians can prescribe the product with confidence and not worry that the patient will call them back in a week to complain about high copays and, or looking for alternatives. The benefit to physicians is twofold. First, they have increased comfort knowing that the FDA-approved Galzin is manufactured to pharmaceutical standards for quality, potency, consistency, whereas the over-the-counter products are not. Second, patients taking the prescription product require periodic refills and return visits, so they have much better compliance with follow-up visits and regular lab monitoring and make any needed dose adjustments. Many over-the-counter users end up failing to return for regular visits, contributing to worse patient outcomes.

Speaker #2: The benefit to physicians is twofold. First, they have increased comfort knowing that the FDA-approved Galzen is manufactured to pharmaceutical standards for quality, potency, and consistency, whereas the over-the-counter products are not.

Speaker #2: Second, patients taking the prescription product require periodic refills and return visits. So they have much better compliance with follow-up visits and regular lab monitoring, and make any needed dose adjustments.

Speaker #2: Many over-the-counter users end up failing to return for regular visits, contributing to worse patient outcomes. I am pleased to share that last week we reached 300 active patients on Galzen, a big accomplishment just one year after our launch.

Sean Brynjelsen: I am pleased to share that last week we reached 300 active patients on Galzin, a big accomplishment just 1 year after our launch. We still believe there are at least 800 Wilson disease patients in the US taking zinc therapy, and potentially over 1,000. Most of the market still relies on the non-FDA-approved zinc products. We view this as a substantial opportunity for us to potentially more than double our Galzin patients in the coming years. Through our deep collaboration in the Wilson disease community on Galzin, we have seen the strong desire for an extended-release version of Galzin, and ET-700 was developed to address this need. Currently, Galzin must be taken 3 times per day, with patients fasting both before and after each dose. It's an onerous schedule that can often lead to non-compliance, especially with the middle-of-the-day dose.

Speaker #2: We still believe there are at least 800 Wilson disease patients in the U.S. taking zinc therapy, and potentially over 1,000, so most of the market still relies on the non-FDA-approved zinc products.

Speaker #2: We view this as a substantial opportunity for us to potentially more than double our Galzen patients in the coming years. Through our deep collaboration in the Wilson disease community on Galzen, we have seen the strong desire for an extended-release version of Galzen, and ET700 was developed to address this need.

Speaker #2: Currently, Galzen must be taken three times per day, with patients fasting both before and after each dose. It's an onerous schedule that can often lead to non-compliance, especially with the middle-of-the-day dose.

Speaker #2: Eton has developed a proprietary, patent-pending extended-release formula. Our clinical batches have been manufactured, and we are ready to initiate a proof-of-concept positron emission tomography, or PET, study to verify that our proprietary delayed-release formulation can effectively block copper absorption.

Sean Brynjelsen: Eton has developed a proprietary patent-pending extended-release formula. Our clinical batches have been manufactured, and we are ready to initiate a proof of concept positron emission tomography or PET study to verify that our proprietary delayed-release formulation can effectively block copper absorption. The study should begin in April, and we expect top-line results later this year. If we are successful, we expect to initiate a dose-ranging study and pivotal clinical trial in early 2027. If approved, we are confident that ET-700 has the potential for more than $100 million of peak annual sales. We've also made strong progress advancing our internal pipeline, and in fact, 2026 is set to be by far our busiest year ever in terms of clinical studies.

Speaker #2: The study should begin in April, and we expect top-line results later this year. If we are successful, we expect to initiate a dose-ranging study and pivotal clinical trial in early 2027.

Speaker #2: If approved, we are confident that ET700 has the potential for more than $100 million of peak annual sales. We've also made strong progress advancing our internal pipeline and, in fact, 2026 is set to be by far our busiest year ever in terms of clinical studies.

Speaker #2: Eton has already touched on the anticipated studies for Candivi, Increlex label harmonization, and ET-700, and we also plan to run PK studies on Amglidia and ET-800 later this year.

Sean Brynjelsen: Eton has already touched on the anticipated studies for KHINDIVI, Increlex label harmonization, and ET-700, and we also plan to run PK studies on Amglidia and ET-800 later this year. Our goal is to submit the Amglidia NDA by the end of this year and the ET-800 NDA in 2027. Our pipeline for new product launches in the coming years remains very strong. Overall, 2025 was a standout year for Eton, and we have set the stage for an even stronger 2026, which is reflected in our 2026 financial guidance. We expect 2026 revenue to exceed $110 million and to deliver an adjusted EBITDA margin of at least 30%.

Speaker #2: Our goal is to submit the Amglidia NDA by the end of this year, and the ET800 NDA in 2027. So, our pipeline for new product launches in the coming years remains very strong.

Speaker #2: Overall, 2025 was a standout year for Eton, and we have set the stage for an even stronger 2026, which is reflected in our 2026 financial guidance.

Speaker #2: We expect 2026 revenue to exceed $110 million and to deliver an adjusted EBITDA margin of at least 30%. As we wrap up 2025 and set our plans for 2026, it was a good moment to reflect on how far we've come and where we are headed.

Sean Brynjelsen: As we wrap up 2025 and set our plans for 2026, it was a good moment to reflect on how far we've come and where we are headed. A few years ago, I outlined three long-term goals for the company. Goal number 1, to have 10 commercial products. Goal number 2, to reach a $100 million revenue run rate. Goal number 3, to reach a $1 billion market cap. At this time, we had just 3 products when that goal was announced. We had only $20 million of revenue and a $100 million market cap. While these goals may have seemed miles away from the outside, internally, we had a strong conviction in the opportunity ahead of us and a belief that these goals were much more attainable than the market perceived them to be.

Speaker #2: A few years ago, I outlined three long-term goals for the company. Goal number one: to have 10 commercial products. Goal number two: to reach a $100 million revenue run rate.

Speaker #2: Goal number three: to reach a $1 billion market cap. At this time, we had just three products when that goal was announced. We had only $20 million of revenue and a $100 million market cap.

Speaker #2: While these goals may have seemed miles away from the outside, internally we had a strong conviction in the opportunity ahead of us and a belief that these goals were much more attainable than the market perceived them to be.

Speaker #2: I am pleased to share that we have now achieved two of these long-term goals. With the acquisition of Hemangel, we have reached 10 commercial products.

Sean Brynjelsen: I am pleased to share that we have now achieved two of these long-term goals. With the acquisition of HEMANGEOL, we have reached 10 commercial products. As you have heard, we are expecting more than $100 million of revenue this year. While there is still work to do on the market cap goal, we are confident that if we continue executing our strategy and delivering consistent, profitable growth that we expect to achieve, the long-term value creation will be reflected in our stock price. I believe it's important to keep pushing the organization forward towards ambitious but achievable long-term goals. As a result, we are setting some new long-term goals today. First, we want to build the largest rare disease portfolio in the United States.

Speaker #2: And as you have heard, we are expecting more than $100 million of revenue this year. While there is still work to do on the market cap goal, we are confident that if we continue executing our strategy and delivering consistent, profitable growth that we expect to achieve, the long-term value creation will be reflected in our stock price.

Speaker #2: I believe it's important to keep pushing the organization forward towards ambitious but achievable long-term goals. As a result, we are setting some new long-term goals today.

Speaker #2: First, we want to build the largest rare disease portfolio in the United States. Among the dedicated rare disease companies, we are already near the top, and reaching 13 or 14 commercial products will position Eton as having the largest portfolio of any dedicated rare disease company in the United States.

Sean Brynjelsen: Among the dedicated rare disease companies, we are already near the top, and reaching 13 or 14 commercial products will position Eton as having the largest portfolio of any dedicated rare disease company in the United States. We believe that this is very achievable in the coming years through both our internal pipeline and business development activities. Second, we want to exit 2027 at a $200 million revenue run rate. This requires roughly doubling our revenue within the next 24 months, and we see a very realistic path to doing this. Continued growth of Alkindi, Increlex, Galzin, a successful integration and relaunch of HEMANGEOL, strong launch of DESMODA, and the expected launch of KHINDIVI's expanded label in 2027. Plus, we remain confident that we can close at least one more product acquisition that will provide incremental revenue before the end of 2027.

Speaker #2: We believe that this is very achievable in the coming years through both our internal pipeline and business development activities. Second, we want to exit 2027 at a $200 million revenue run rate.

Speaker #2: This requires roughly doubling our revenue over the next 24 months, and we see a very realistic path to doing this: continued growth of Alkindi, Incrilex, and Galzen; a successful integration and relaunch of Hemangel; a strong launch of Desmota; and the expected launch of Candivi's expanded label in 2027.

Speaker #2: Plus, we remain confident that we can close at least one more product acquisition that will provide incremental revenue before the end of 2027. Third, we want to reach a 50% adjusted EBITDA margin in 2028.

Sean Brynjelsen: Third, we want to reach 50% adjusted EBITDA margin in 2028. Profit has always been a central focus of our company. Unlike many of our peers in the industry, we are not pursuing revenue growth at the expense of profitability. We have made continued progress in our profit margins and expect to continue to see improvement as we grow. Our adjusted EBITDA margins first turned positive from product sales in 2024, when we reported an 8% margin that grew to 20% in 2025, and we expect to be over 30% this year. With continued revenue growth, we expect to see the benefits of operating leverage that can drive us to 50% EBITDA margins in the coming years.

Speaker #2: Profit has always been a central focus of our company. Unlike many of our peers in the industry, we are not pursuing revenue growth at the expense of profitability.

Speaker #2: We have made continued progress in our profit margins and expect to continue to see improvement as we grow. Our adjusted EBITDA margins first turned positive from product sales in 2024 when we reported an 8% margin that grew to 20% in 2025, and we expect to be over 30% this year.

Speaker #2: With continued revenue growth, we expect to see the benefits of operating leverage that can drive us to 50% EBITDA margins in the coming years.

Sean Brynjelsen: With our existing base of commercial and operational infrastructure, as well as our products continuing to grow, and an outsized portion of that growth should fall to the bottom line. Our fourth and final goal is to reach a $500 million worth of revenue by 2030. Again, we believe that this is an achievable goal through our three-pillar growth strategy. First, our existing portfolio has strong organic growth prospects. This includes Increlex, Alkindi, KHINDIVI, Galzin, HEMANGEOL. All of these products have achieved just a fraction of the market share that we think they can reach in the years ahead. Second, our existing pipeline has several large programs that could add significant revenue by 2030.

Speaker #2: With our existing base of commercial and operational infrastructure, as well as our products continue to—continuing to grow in and outside, a portion of that growth should fall to the bottom line.

Speaker #2: Our fourth and final goal is to reach $500 million in revenue by 2030. Again, we believe that this is an achievable goal through our three-pillar growth strategy.

Speaker #2: First, our existing portfolio has strong organic growth prospects. This includes Incrilex, Alkindi, Candivi, Galzen, and Desmota. All of these products have achieved just a fraction of the market share that we think they can reach in the years ahead.

Speaker #2: Second, our existing pipeline has several large programs that could add significant revenue by 2030. This includes ET700, which we believe has peak revenue potential well in excess of $100 million annually on its own.

Sean Brynjelsen: This includes ET-700, which we believe has peak revenue potential well in excess of $100 million annually on its own, plus our Increlex label expansion opportunity and Amglidia, ET-800, and other programs in development that we have not yet announced. Finally, we will layer on more business development deals. We believe we have proven our ability to close, integrate, and create significant value through acquisitions, and we expect to sign more deals like Increlex, Galzin, HEMANGEOL, which will further boost our revenue in the years to come. It's clear that we've come a long way over the last few years, but I truly believe that we are just getting started. We have found a proven winning strategy, assembled the right team, accumulated a diversified portfolio of growing products, and built an attractive pipeline to fuel long-term growth.

Speaker #2: Plus, our Increlex label expansion opportunity and Amglidia ET800, and other programs in development that we have not yet announced. And finally, we will layer on more business development deals. We believe we have proven our ability to close, integrate, and create significant value through acquisitions, and we expect to sign more deals like Increlex, Galzen, and Hemangel, which will further boost our revenue in the years to come.

Speaker #2: It's clear that we've come a long way over the last few years, but I truly believe that we are just getting started. We have found a proven, winning strategy, assembled the right team, accumulated a diversified portfolio of growing products, and built an attractive pipeline to fuel long-term growth.

Sean Brynjelsen: We're in the best position we've ever been. Thank you for your continued support, and we look forward to keeping you updated on our critical developments in the months and the years ahead. With that, I'll hand it over to James, our Chief Financial Officer, to discuss the financials. James?

Speaker #2: We're in the best position we've ever been. Thank you for your continued support, and we look forward to keeping you updated on our critical developments in the months and years ahead.

Speaker #2: With that, I'll hand it over to James, our Chief Financial Officer, to discuss the financials. James? Thank you, Sean. Our fourth quarter revenue increased 83% to $21.3 million, compared to $11.6 million in the fourth quarter of 2024, and revenue was comprised entirely of product sales in both periods.

James Gruber: Thank you, Sean. Our Q4 revenue increased 83% to $21.3 million, compared to $11.6 million in Q4 2024, and revenue was comprised entirely of product sales in both periods. Revenue growth in the quarter was driven primarily by increased sales of Alkindi Sprinkle, plus the addition of sales from Increlex, Galzin, and KHINDIVI. As we discussed previously, our Q3 revenue included a meaningful contribution from Increlex outside the US, tied to the transition of that business to a new licensing partner. Looking strictly at US product sales, our revenue grew sequentially by 8% in the fourth quarter relative to the third quarter. We expect our reported total revenue to resume sequential quarterly growth in Q1 2026 and continue to ramp throughout the year.

Speaker #2: Revenue growth in the quarter was driven primarily by increased sales of Alkindi Sprinkle, plus the addition of sales from Incrilex, Galzen, and Candivi. As we discussed previously, our third quarter revenue included a meaningful contribution from Incrilex outside the US, tied to the transition of that business to a new licensing partner.

Speaker #2: Looking strictly at US product sales, our revenue grew sequentially by 8% in the fourth quarter relative to the third quarter. We expect our reported total revenue to resume sequential quarterly growth in the first quarter of 2026 and continue to ramp throughout the year.

James Gruber: Cost of sales for Q4 was $8.2 million, compared to $5.2 million in Q4 2024. Adjusted gross profit, which adjusts for the impact of acquired inventory step-up adjustments and intangible amortization, was $15.5 million in Q4 2025, or 73% compared to adjusted gross profit of $6.8 million and 59% in the prior year period. The margin improvement was driven by favorable product mix as well as manufacturing cost efficiencies as the products have grown. HEMANGEOL and desmopressin are both expected to have margin profiles well above our historic company average, so they should be positive contributors to future gross margins.

Speaker #2: Cost of sales for the fourth quarter was $8.2 million, compared to $5.2 million in the fourth quarter of 2024. Adjusted gross profit, which adjusts for the impact of acquired inventory step-up adjustments and intangible amortization, was $15.5 million in the fourth quarter of 2025, or 73%, compared to adjusted gross profit of $6.8 million and 59% in the prior year period.

Speaker #2: The margin improvement was driven by favorable product mix, as well as manufacturing cost efficiencies as the products have grown. Hemangeol and Desmopta are both expected to have margin profiles well above our historic company average, so they should be positive contributors to future gross margins.

James Gruber: We may still see a slightly lower adjusted gross margin profile in early 2026 due to margin dilutive orders of Increlex outside the US as our licensing partner ramps up their distribution efforts in more countries. On a full year basis, we expect adjusted gross margin to be comfortably above 70%, and this margin is expected to continue to ramp and reach between 75% and 80% in the coming years. R&D expenses for the quarter were $1.8 million, an increase of $2.7 million compared to -$0.9 million in the prior year period, due primarily to increased expenses associated with our development activities.

Speaker #2: We may still see a slightly lower adjusted gross margin profile in early 2026 due to margin dilution of orders of Increlex outside the US, as our licensing partner ramps up their distribution efforts in more countries.

Speaker #2: But on a full-year basis, we expect adjusted gross margin to be comfortably above 70%, and this margin is expected to continue to ramp and reach between 75% and 80% in the coming years.

Speaker #2: R&D expenses for the quarter were $1.8 million, an increase of $2.7 million compared to -$0.9 million in the prior-year period, due primarily to increased expenses associated with our development activities.

James Gruber: In addition, during Q4 2024, Eton's ET-400 product was granted orphan drug designation by the FDA, which resulted in Eton receiving a $2.0 million refund of the NDA filing fee that was paid and expensed in a prior quarter. R&D expense for 2026 will depend on the timing and final protocol of the numerous studies that we have planned for this year, and we believe it will likely increase from the $7.8 million in 2025, but remain below $10 million for 2026.

Speaker #2: In addition, during the fourth quarter of 2024, Eton’s ET400 product was granted orphan drug designation by the FDA, which resulted in Eton receiving a $2.0 million refund of the NDA filing fee that was paid in expense in a prior quarter.

Speaker #2: R&D expense for 2026 will depend on the timing and final protocol of the numerous studies that we have planned for this year. And we believe it will likely increase from the $7.8 million in 2025, but we'll remain below $10 million for 2026.

James Gruber: General and administrative expenses for the quarter were $8.9 million compared with $6.7 million in the prior year period, primarily due to increased promotional and launch-related investments associated with the expansion of our product portfolio, an increase in compensation and benefit expenses due to increased general administrative headcount, and an increase in FDA program fees. On an adjusted basis, which removes the impact of share-based compensation, transaction-related costs, and other one-time expenses, G&A expense was $7.8 million compared to $5.8 million in the prior year period. We have talked extensively about the one-time increase of additional investments made in 2025 to support our long-term growth driving increased spending in SG&A. However, we are pleased that the increased G&A investment was substantially less than our growth in revenue. One of the factors driving increased G&A spend is the FDA's annual program fees.

Speaker #2: General administrative expenses for the quarter were $8.9 million, compared with $6.7 million in the prior year period. This was primarily due to increases associated with the expansion of our product portfolio, an increase in compensation and benefit expenses due to increased general administrative headcount, and an increase in FDA program fees.

Speaker #2: On an adjusted basis, which removes the impact of share-based compensation, transaction-related costs, and other one-time expenses, G&A expense was $7.8 million, compared to $5.8 million in the prior year period.

Speaker #2: We have talked extensively about the one-time increase of additional investments made in 2025 to support our long-term growth, driving increased spending in SG&A. However, we are pleased that the increased G&A investment was substantially less than our growth in revenue.

Speaker #2: One of the factors driving increased G&A spend is the FDA's annual program fees. For all NDA products, the FDA charges a program fee each year.

James Gruber: For all NDA products, the FDA charges a program fee each year. The FDA grants an exemption for products that have orphan designations if the parent company has gross sales of less than $50 million. Eton has previously received these exemptions and thus avoided the fees. However, starting with the 1 October 2025 annual program fees, Eton no longer qualified for an exemption. For the FDA's fiscal year 2026, the annual program fee is $442,000 per strength for NDA products. As of 25 October when the annual fee was assessed, Eton had 8 unique strengths for a total annual fee of $3.5 million. This annual fee is prepaid on 1 October, and for accounting purposes, the expense is amortized throughout the year. As a result, $0.9 million was recorded as an SG&A expense in Q4 of 2025.

Speaker #2: The FDA grants an exemption for products that have orphan designations if the parent company has gross sales of less than $50 million. Eton has previously received these exemptions and thus avoided the fees.

Speaker #2: However, starting with the October 1, 2025, annual program fees, Eton no longer qualified for an exemption. For the FDA's fiscal year 2026, the annual program fee is $442,000 per strength for NDA products.

Speaker #2: As of October 25, when the annual fee was assessed, Eton had eight unique strengths for a total annual fee of $3.5 million. This annual fee is prepaid on October 1, and for accounting purposes, the expense is amortized throughout the year.

Speaker #2: As a result, $0.9 million was recorded as an SG&A expense in Q4 of 2025. These program fees are estimated to drive an incremental $2.8 million increase in SG&A spend for 2026 over 2025.

James Gruber: These program fees are estimated to drive an incremental $2.8 million increase in SG&A spend for 2026 over 2025. Regarding overall SG&A spending for 2026, we have two main growth drivers, FDA program fees and HEMANGEOL. The FDA program fees are estimated to add an incremental $2.8 million expense over 2025, and the HEMANGEOL acquisition is expected to add approximately $3.5 million in annualized SG&A spend and about $2.5 million in the partial year of 2026. Separately from those two one-time step-ups, we believe that our base SG&A spending would have increased by less than 10% in 2026.

Speaker #2: Regarding overall SG&A spending for 2026, we have two main growth drivers: FDA program fees and Hemangel. The FDA program fees are estimated to add an incremental $2.8 million expense over 2025.

Speaker #2: And the Hemangel acquisition is expected to add approximately $3.5 million in annualized SG&A spend, and about $2.5 million in the partial year 2026. Separately from those two one-time step-ups, we believe that our base SG&A spending would have increased by less than 10% in 2026.

James Gruber: Adjusted EBITDA for Q4 2025 was $6.2 million or 29% of revenue compared to $2.1 million or 18% of revenue in Q4 2024. Again, adjusted EBITDA will likely see large fluctuations quarter to quarter, depending on the timing of inconsistent R&D expenses and ex-US Incux orders, but we expect the full-year adjusted EBITDA margin to be above 30%.

Speaker #2: Adjusted EBITDA for the fourth quarter of 2025 was $6.2 million, or 29% of revenue, compared to $2.1 million, or 18% of revenue, in the fourth quarter of 2024.

Speaker #2: Again, adjusted EBITDA will likely see large fluctuations quarter to quarter, depending on the timing of inconsistent R&D expenses and XUS Increlex orders, but we expect the full-year adjusted EBITDA margin to be above 30%.

James Gruber: Total company GAAP net income was $1.5 million for the quarter, compared to a net loss of $0.6 million in the prior year period. Net income per basic and diluted share during the quarter was 6 cents and 5 cents, respectively, compared to a net loss per basic and diluted share of 2 cents in the prior year period. On a non-GAAP basis, we reported net income of $5.4 million for Q4 2025, compared to $0.7 million in the prior year period, and diluted earnings per share of 19 cents for Q4 2025, compared to 2 cents per share in the prior year period. Eton finished Q4 with $25.9 million of cash on hand.

Speaker #2: Total company GAAP net income was $1.5 million for the quarter, compared to a net loss of $0.6 million in the prior year period. Net income per basic and diluted share during the quarter was $0.06 and $0.05, respectively, compared to a net loss per basic and diluted share of $0.02 in the prior year period.

Speaker #2: On a non-GAAP basis, we reported net income of $5.4 million for the fourth quarter of 2025, compared to $0.7 million in the prior year period, and diluted earnings per share of $19.00 for the fourth quarter of 2025, compared to $0.02 per share in the prior year period.

Speaker #2: Eton finished the fourth quarter with $25.9 million of cash on hand. We had an operating cash outflow of $11.6 million in Q4 of 2025.

James Gruber: We had an operating cash outflow of $11.6 million in Q4 of 2025, compared to an operating cash inflow of $12.0 million in the previous quarter. Q4 included $12.4 million of Medicaid rebate payments as multiple quarters' worth of Increlex rebates were paid in Q4, $3.5 million of the aforementioned FDA program fees, and $1.4 million of inventory payments associated with the one-time transition of ex-US Increlex distribution in Europe. Looking forward, we expect to generate significant operating cash flow throughout 2026 and beyond. This concludes our remarks on Q4 results. With that, we'll turn it back over to the operator for Q&A.

Speaker #2: Compared to an operating cash inflow of $12.0 million in the previous quarter, the fourth quarter included $12.4 million of Medicaid rebate payments, as multiple quarters' worth of Incrilex rebates were paid in Q4.

Speaker #2: $3.5 million of the aforementioned FDA program fees and $1.4 million of inventory payments associated with the one-time transition of XUS Increlex distribution in Europe.

Speaker #2: Looking forward, we expect to generate significant operating cash flow throughout 2026 and beyond. This concludes our remarks on fourth quarter results. And with that, we'll turn it back over to the operator for Q&A.

Operator: Thank you. As a reminder, to ask a question, you will need to press star one one on your telephone. To remove yourself from the queue, you may press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Chase Knickerbocker of Craig-Hallum. Your line is open, Chase.

Speaker #1: Thank you. As a reminder, to ask a question, you will need to press star 1 1 on your telephone. To remove yourself from the queue, you may press star 1 1 again.

Speaker #1: Please stand by while we compile the Q&A roster. Our first question comes from the line. Up next, Chase Knickerbocker of Craig-Hallum, your line is open, Chase.

Chase Knickerbocker: Good afternoon. Congrats on all the progress here. A lot to get to, but maybe just first on HEMANGEOL. You mentioned that that could be one of your largest products in 2027. That implies quite a lot of growth from kind of the roughly $12 million in 2025 sales. Can you walk us through your assumptions on how the product gets there? You know, what do you think from a volume perspective? And then what does that assume as far as any actions on price or gross to net improvements? Thanks.

Speaker #2: Good afternoon. Congrats on all the progress here. A lot to get to. But maybe just first on Hemangeol—you mentioned that that could be one of your largest products in 2027.

Speaker #2: That implies quite a lot of growth from kind of the roughly $12 million in 2025 sales. Can you walk us through your assumption on how the assumptions on how the product gets there?

Speaker #2: What do you think from a volume perspective? And then, what does that assume as far as any actions on price or gross-to-net improvements?

Sean Brynjelsen: Hi, Chase. This is Sean. Thanks for the question. We believe we will increase the number of patients on product. Partly that zero copay was preventing a lot of patients from using the product. It previously had a higher copay amount, and it, you know, they went to other alternatives. We think that's part of it. That will certainly drive more patient adoption. We will be raising awareness, working with the advocacy groups, and certainly detailing the product at a much more aggressive level. We want to use that word. To us, we want to be able to reach out, make sure that all the patients that can use the product will get the product. You know, in terms of the pricing, we haven't made any final decisions on that.

Speaker #2: Thanks.

Speaker #3: Hi, Chase. This is Sean. Thanks for the question. We believe we will increase the number of patients on product, partly that zero copay was preventing a lot of patients from using the product.

Speaker #3: It previously had a higher copay amount, and they went to other alternatives. So we think that's part of it. That will certainly drive more patient adoption.

Speaker #3: We will be raising awareness, working with the advocacy groups, and certainly detailing the product at a much more aggressive level. We want to use that word, but to us, we want to be able to reach out, make sure that all the patients that can use the product will get the product.

Speaker #3: And in terms of the pricing, we haven't made any final decisions on that. We'll launch it on May 1st, and we'll see where we end up on that.

Sean Brynjelsen: We'll launch it on 1 May, and you know, we'll see where, you know, where we end up on that. Our philosophy has always been to be at the lower end of rare disease pricing. As a general rule, that's our approach. It's largely based upon how many patients are out there and making sure that the pricing is competitive with the rare disease products out.

Speaker #3: But our philosophy has always been to be at the lower end of rare disease pricing, and so, as a general rule, that's our approach.

Speaker #3: And it's largely based upon how many patients are out there, and making sure that the pricing is competitive with the rare disease products out.

Chase Knickerbocker: Got it. Maybe just on DESMODA, kinda how you see the pace to peak. The value proposition is pretty similar to kinda the idea behind KHINDIVI. You obviously know all these physicians already, and selling the multiple assets. How do you kinda think about-

Speaker #2: Got it. And maybe just on Desmota, on kind of how you see the pace to peak the value proposition is pretty similar to kind of the idea behind Kindivi.

Speaker #2: You obviously know all these physicians already and are selling them multiple assets. How do you kind of think about the time to peak sales as far as being potentially quicker here because of those dynamics?

Sean Brynjelsen: Yeah.

Chase Knickerbocker: The time to peak sales, as far as being potentially quicker here because of those dynamics?

Sean Brynjelsen: Well, I don't know if I can comment too much on the time to peak sales, but I can tell you the launch has gone well. We're very pleased. We're getting scripts continuously. Doctors are very excited about the product. I will say I believe the launch to peak sales will be far quicker than what we had in the Alkindi. You know, this is a very specific unmet need. Obviously Alkindi was an unmet need in a bit of a different way. But unlike Alkindi, there were not a lot of compounders out there compounding desmopressin. So doctors are thrilled to have the product. We know that the uptake has been right according to plan, if not better. I would say that it will be faster.

Speaker #3: Well, I don't know if I could comment too much on the time to peak sales, but I can tell you the launch has gone well.

Speaker #3: We're very pleased. We're getting scripts continuously. Doctors are very excited about the product. I will say, I believe the launch to peak sales will be far quicker than what we had with Alkindi.

Speaker #3: This is a very specific unmet need. Obviously, Alkindi was an unmet need in a bit of a different way, but unlike Alkindi, there were not a lot of compounders out there compounding desmopressin, so doctors are thrilled to have the product.

Speaker #3: We know that the uptake has been right according to plan, if not better. So I would say that it will be faster. We got into that $30 to $50 million.

Sean Brynjelsen: We guided to that $30 to 50 million. I'm hoping we're well on our way there in, you know, six months or so.

Speaker #3: I'm hoping we're well on our way there in six months or so.

Chase Knickerbocker: Got it. Maybe just a last kinda two-parter here. Maybe just one for James on how you see cash flow conversion from EBITDA in 2026. Then Sean, just kinda lastly on that $200 million run rate I think 2027, can you kinda delineate between, you know, what might come through BD and kinda how you see the existing portfolio today kinda performing to get to that run rate at the end of 2027? Thanks for taking the question.

Speaker #2: Got it. And maybe just one last kind of two-parter here. Maybe just one for James: on how you see cash flow conversion from EBITDA in 2026. And then, Sean, just kind of lastly, on that $200 million run rate exiting 2027.

Speaker #2: Could you kind of delineate between what might come through BD and how you see the existing portfolio today performing to get to that run rate at the end of '27?

Sean Brynjelsen: Sure. Yeah, sure. James, why don't you take the first part? Sure. Yeah, we can try to give some context on the Q3, Q4 cash flow at the end of 2025. 2026, we'll firmly be in positive operating cash flow territory. You know, we will have some timing with supplier commitments, namely with Increlex, that we'll, you know, plan for the second half of the year. In the first half of the year, there should be not nearly as much as we experienced in Q3 of 2025, but some of the larger than average volume with study orders in Europe for Increlex. But other than that, we are firmly in positive operating cash flow territory.

Speaker #2: Thanks for taking the question.

Speaker #3: Sure. Yeah, sure. James wanted to take the first part.

Speaker #4: Sure. We tried to give some context. The Q3 and Q4 cash flow at the end of 2025—2026, we'll firmly be in positive operating cash flow territory.

Speaker #4: We do have—we will have—some timing with supplier commitments, namely with Incrilex. That will plan for the second half of the year. In the first half of the year, there should not be nearly as much as we experienced in Q3 of 2025, but some of the larger-than-average volume with study orders in Europe for Incrilex.

Speaker #4: But other than that, we are firmly in positive operating cash flow territory. We will start making debt principal payments, which will be new in 2026 versus 2025, but even with that, we'll be generating a lot of positive cash flow.

Sean Brynjelsen: We will start making debt principal payments, which will be new in 2026 versus 2025. Even with that, we'll be generating a lot of positive cash flow. Okay, Chase, regarding your question on the $200 million run rate. As you know, and as I think we've demonstrated throughout our history of our company, we generally set goals which are achievable. We believe the $200 million run rate in Q4 of next year is entirely achievable, primarily based on what we have on deck. This doesn't really include new product deals, licensing, that type of thing. We believe that Comangene will be a great product for the company. We believe DESMODA will continue to grow quickly. We're seeing higher sales than ever on Alkindi and KHINDIVI. Those continue to increase.

Speaker #3: Okay. And then, Chase, regarding your question on the $200 million run rate, as you know, and as I think we've demonstrated throughout the history of our company, we generally set goals which are achievable.

Speaker #3: We believe the $200 million run rate in Q4 of next year is entirely achievable, primarily based on what we have on deck. This doesn't really include new product deals, licensing, that type of thing.

Speaker #3: We believe that Hemangel will be a great product for the company. We believe Desmota will continue to grow quickly. We're seeing higher sales than ever on Alkindi and Kindivi.

Speaker #3: Those continue to increase. We're very pleased with the Increlex business and how that grows, and it's been nice because we haven't lost as many of the older patients, and now we're gaining momentum and going forward on that.

Sean Brynjelsen: We're very pleased with the Increlex business and how that grows, and it's been nice because it, you know, we haven't lost a lot of the older patients, and now we're gaining momentum and going forward on that. That's been solid. Really all areas of the business are functioning well. There's a lot of growth prospects in the coming quarters in terms of the revenue. Hitting the $200 million run rate in Q4 of next year, I think is entirely achievable. We will be providing further updates on future conference calls to try to better ascertain, you know, what's the number, what can it be, and that type of thing.

Speaker #3: That's been solid. And really, all areas of the business are functioning well. There's a lot of growth prospects in the coming quarters in terms of the revenue.

Speaker #3: And hitting the $200 million run rate in Q4 of next year, I think, is entirely achievable. We will be providing further updates on future conference calls.

Speaker #3: To try to better ascertain what’s the number, what can it be, and that type of thing.

Chase Knickerbocker: Awesome. Thanks again.

Speaker #2: Awesome. Thanks again.

Sean Brynjelsen: Sure. No problem. Welcome.

Speaker #3: Sure. No problem. Welcome.

Operator: Thank you. Our next question comes from the line of Madison El-Saadi of B. Riley Securities. Your line is open, Madison.

Speaker #1: Thank you. Our next question comes from the line of Madison Asadi with B. Riley Securities. Your line is open, Madison.

Madison El-Saadi: Hey, guys. Thanks for taking our question, and congrats on a lot of positive updates here. Maybe to follow up on Desmoda. It sounds like you're having interest both de novo and from existing. Could you kinda characterize if the majority of interest is from the existing Alkindi population and how much of it is de novo? Also curious if you're seeing already some adult patient interest. Then secondly, on Increlex, as you prepare for this registry study, just wondering if you had any payer discussions regarding potential interim payer reimbursements for the registry patients. If that's something that's possible. Thanks.

Speaker #4: Hey, guys. Thanks for taking our question, and congrats. A lot of positive updates here. Maybe to follow up on Desmota—it sounds like you're having interest both de novo and from existing?

Speaker #4: Could you kind of characterize if the majority of interest is from the existing Alkindi population, and how much of it is de novo? Also curious if you're seeing already some adult patient interest?

Speaker #4: And then secondly, on Increlex, as you prepare for this registry study, just wondering if you had any payer discussions regarding potential interim payer reimbursements for the registry patients?

Speaker #4: Have that something that's possible? Thanks.

Sean Brynjelsen: Sure. Madison, I'm gonna have Ipek, our Chief Commercial Officer, answer the first part of your question with regards to DESMODA and the pediatric versus adult.

Speaker #3: Sure. So, Madison, I'm going to have EPAC, our Chief Commercial Officer, answer the first part of your question with regards to Desmota and the pediatric versus adult.

[Chief Commercial Officer] (Eton Pharmaceuticals): Hi, Madison. I think you are right from our script. More than 97-98% of our existing relationships within pediatric endocrinology are actually the, our target subscribers for central diabetes insipidus, which is desmopressin. These relationships are already there from day one of launch, which was 9 March. Our team was already talking to these physicians. There's a lot of excitement from key writers, thought leaders, big institutions already in the past two weeks. What we are excited about is call points that our team traditionally have not gone after, which are the adult endocrinologists, like Sean mentioned. We gave our team two weeks ago when we launched the product, more than 3,000 new targets, and they just started going after those.

Ipek Erdogan-Trinkaus: Hi, Madison. I think you are right from our script. More than 97-98% of our existing relationships within pediatric endocrinology are actually the, our target subscribers for central diabetes insipidus, which is desmopressin. These relationships are already there from day one of launch, which was 9 March. Our team was already talking to these physicians. There's a lot of excitement from key writers, thought leaders, big institutions already in the past two weeks. What we are excited about is call points that our team traditionally have not gone after, which are the adult endocrinologists, like Sean mentioned. We gave our team two weeks ago when we launched the product, more than 3,000 new targets, and they just started going after those.

Speaker #5: Hi, Madison. So far, I think you're right from our scripts. More than 97%, 98% of our existing relationships within pediatric endocrinology are actually our target prescribers for central diabetes insipidus, which is for Desmota.

Speaker #5: So these relationships are already there from day one, off launch, which was March 9th. Our team was already talking to these physicians. There's a lot of excitement from key writers, thought leaders, big institutions already in the past two weeks.

Speaker #5: What we are excited about is call points that our team traditionally have not gone after, which are the adult endocrinologists, like Sean mentioned.

Speaker #5: It is, we gave our team two weeks ago when we launched the product more than 3,000 new targets, and they just started going after those.

[Chief Commercial Officer] (Eton Pharmaceuticals): We've talked with few of them actually who are big in the adult space. Some of them actually end up still keeping the pediatric patients. They definitely see a role and it as a right therapy for several adult patients as well. They also see the pediatric patients based on the region and institution. There's definitely a dual path opportunity that is incremental to our existing relationships there.

Ipek Erdogan-Trinkaus: We've talked with few of them actually who are big in the adult space. Some of them actually end up still keeping the pediatric patients. They definitely see a role and it as a right therapy for several adult patients as well. They also see the pediatric patients based on the region and institution. There's definitely a dual path opportunity that is incremental to our existing relationships there.

Speaker #5: We've talked to a few of them, actually, who are big in the adult space. Some of them actually end up still keeping the pediatric patients, so they definitely see a room and it is the right therapy for several adult patients as well.

Speaker #5: And they also see the kid pediatric patients based on the region and institution. So there's definitely a dual path opportunity that is incremental to our existing relationships there.

Madison El-Saadi: Understood.

Speaker #1: Understood.

Sean Brynjelsen: Remind me again the second part of your question.

Speaker #3: Good. And remind me again the second part of your question.

Madison El-Saadi: On Increlex, if there's been any early payer discussions related to-

Speaker #1: And then, oh, no. Increlex, if there’s been any early payer discussions related to—no.

Sean Brynjelsen: Uh, so-

Madison El-Saadi: Yeah.

Sean Brynjelsen: Yeah. The payer discussions haven't happened because we feel it wouldn't be any different. Like, if we get the label expansion, there shouldn't be any issues with payers. Right now, you know, if a doctor has to even prescribe something off label from time to time, due to a medical need and can demonstrate that there's, you know, will be reimbursement, but generally speaking, what we wanna do is initiate that study as soon as possible. That protocol feedback should happen by the end of this month. I'm quite confident that we will be undertaking the study later this year. Obviously it's gonna have a huge impact on our Increlex sales.

Speaker #3: Yeah, the payer discussions haven't happened because we feel it wouldn't be any different. If we get the label expansion, there shouldn't be any issues with payers right now.

Speaker #3: If a doctor has to even prescribe something off-label from time to time due to a medical need, and can demonstrate that there will be reimbursement.

Speaker #3: But generally speaking, what we want to do is initiate that study as soon as possible. That protocol feedback should happen by the end of this month.

Speaker #3: And I'm quite confident that we will be undertaking the study later this year. And obviously, it's going to have a huge impact on our Increlex sales.

Sean Brynjelsen: We're hoping that when we're portion of that way into the study's open label, we can go to the agency and get that label updated as soon as possible.

Speaker #3: We're hoping that when we're a portion of the way into the studies, open label, we can go to the agency and get that label updated as soon as possible.

Madison El-Saadi: Got it. Congrats again, guys.

Speaker #1: Got it. Congrats again, guys.

Sean Brynjelsen: Thank you.

Speaker #3: Thank you.

Operator: Thank you. Our next question comes from the line of RK with H.C. Wainwright. Your line is open, RK.

Speaker #1: Thank you. Our next question comes from the line of RK with HC Wainwright. Your line is open, RK.

Swayampakula Ramakanth: Thank you. This is RK from H.C. Wainwright. Good afternoon, Sean and James. So I mean, obviously there's a lot of things to chew here, and all good stuff. In terms of the ongoing business, especially focusing on Galzin, you know, you said you have already eclipsed, you know, 300 active patients at this point. With still about 500 remaining out there, possibly on OTC products, you know, what portion of that is achievable, you know, in the immediate couple of quarters?

Speaker #4: Thank you. This is RK from H.C. Wainwright. Good afternoon, Sean and James. So, I mean, obviously, there's a lot of things to chew on here.

Speaker #4: And all good stuff. In terms of the ongoing business, especially focusing on Gals, and you said you had already eclipsed 300 active patients at this point.

Speaker #4: And then, with still about 500 remaining out there, and possibly on OTC products, what portion of that is achievable in the immediate couple of quarters?

Swayampakula Ramakanth: How much contribution as of that are you assuming going into 2027, you know, when you're trying to hit that $50 million per quarter on the Q4?

Speaker #4: And how much of that are you—how much contribution of that are you assuming going into 2027 when you're trying to hit that $50 million per quarter in the fourth quarter?

Swayampakula Ramakanth: How much contribution as of that are you assuming going into 2027, you know, when you're trying to hit that $50 million per quarter on the Q4?

Sean Brynjelsen: Thanks, RK, for the question. We obviously hit the 300 patients much faster than we had expected. That continues to increase week over week. I'm gonna ask Ipek actually to comment a little bit more on the second part.

Speaker #3: Thanks, RK, for the question. We obviously hit the 300 patients much faster than we had expected. That continues to increase week over week. I'm going to ask EPAC, actually, to comment a little bit more on the second part.

[Chief Commercial Officer] (Eton Pharmaceuticals): Hi, RK. I think your diagnosis of the fact that there's the next chapter of growth needing to come from the OTC products is correct. The good part is we, you know, in Wilson disease space, obviously the Wilson centers of excellence are pretty established. At this point, after a year into launch, we have pretty strong relationships and ongoing initiatives with several of these centers of excellence, thought leaders, and the top prescribers. We do know where some of these patients, some of that population is.

Ipek Erdogan-Trinkaus: Hi, RK. I think your diagnosis of the fact that there's the next chapter of growth needing to come from the OTC products is correct. The good part is we, you know, in Wilson disease space, obviously the Wilson centers of excellence are pretty established. At this point, after a year into launch, we have pretty strong relationships and ongoing initiatives with several of these centers of excellence, thought leaders, and the top prescribers. We do know where some of these patients, some of that population is.

Speaker #5: Hi, RK. I think your diagnosis of the fact that the next chapter of growth needing to come from the OTC products is correct. The good part is, we in the Wilson disease space, obviously, the centers of excellence are pretty established.

Speaker #5: And at this point, after a year into launch, we have pretty strong relationships and ongoing initiatives with several of these centers of excellence, thought leaders, and the top prescribers.

Speaker #5: So, we do know where some of these patients and some of that population are. I think, based on our projections, I am confident to say that within that time frame you mentioned, we would be able to get to half of that remaining population.

[Chief Commercial Officer] (Eton Pharmaceuticals): I think based on our projections, I am confident to say, within that timeframe that you mentioned, we would be able to get to half of that remaining population out there who are on zinc therapy of some form that is not FDA-approved, between everything that we are doing in this field with these prescribers, as well as the awareness and education initiatives that we are closely working on with the Wilson Disease Association, which is the key patient advocacy group. Really a lot of patients are very much in sync and present in that community as part of that community.

Ipek Erdogan-Trinkaus: I think based on our projections, I am confident to say, within that timeframe that you mentioned, we would be able to get to half of that remaining population out there who are on zinc therapy of some form that is not FDA-approved, between everything that we are doing in this field with these prescribers, as well as the awareness and education initiatives that we are closely working on with the Wilson Disease Association, which is the key patient advocacy group. Really a lot of patients are very much in sync and present in that community as part of that community.

Speaker #5: Out there, who are on zinc therapy of some form that is not FDA approved, between everything that we are doing in the field with these prescribers, as well as the awareness and education initiatives that we are closely working on with the Wilson Disease Association— which is the key patient advocacy group— and really, a lot of patients are very much in sync and present in that community as part of that community.

Swayampakula Ramakanth: Great. My next question is on the label expansions or the indication expansions that you're trying to achieve. One is on the Increlex. What specific feedback do you need from the FDA at this point, you know, in terms of harmonizing the definition of SPIGFD, and to get your study going? The second part is on the KHINDIVI one. You know, if the patient population gets increased successfully, you know, below age five, what sort of population are we, you know, assuming that you will have access to?

Speaker #4: Great. So my next question is on the label expansions or indication expansions that you're trying to achieve. One is on the Increlex. What specific feedback do you need from the FDA at this point in terms of harmonizing the definition of SPIGFD and to get your study going?

Speaker #4: And the second part is on the Kindevi one. If the patient population gets increased successfully—below age five—what sort of population are we assuming that you will have access to?

Sean Brynjelsen: Sure. On the Increlex, we've already received feedback from the agency on that. We took the feedback and put that in the formal study protocol. You know, when they send you feedback, the general letter, they say we want to see this, and this. Then you formalize that in a scientific protocol. That takes a number of weeks. Then you submit it to the agency. They then should look at that, make sure that they feel you've incorporated their thoughts and comments. Hopefully when we get it back, there's few or no changes. If that's the case, which it should be unless they change their mind, then our belief is we can start the study. We hope to have that protocol back by the end of this month. That's that one.

Speaker #3: Sure. On the Increlex, we've already received feedback from the agency on that. We took the feedback and put that in the form of a protocol.

Speaker #3: So, when they send you feedback, it's a general letter. They say, "We want to see this, and this, and this." Then you formalize that in a scientific protocol that takes a number of weeks.

Speaker #3: Then you submit it to the agency. They should look at that, make sure that they feel you incorporated their thoughts and comments. And hopefully, when we get it back, there's fewer, if any, changes.

Speaker #3: If that's the case, which it should be unless they change their mind, then our belief is we can start the study. We hope they have that protocol back by the end of this month.

Speaker #3: So that's that one. And then regarding the Kindevi formulation, we should have that wrapped up, the study here, shortly. Get it submitted in the third or fourth quarter.

Sean Brynjelsen: Regarding the KHINDIVI formulation, well, we should have that wrapped up, the study here shortly. Get it submitted in the Q3, Q4, maybe Q3. I'm guessing Q3 submission, and then it will launch next year. The population, it's really intended for under five. That's really what the whole product was about. We believe, I believe it will do an excess of $20 million of additional revenue, you know, in rather short order.

Speaker #3: Maybe third quarter. I'm guessing third quarter submission, and then it will launch next year. The population it's really intended for: under five. That's really what the whole product was about.

Speaker #3: We believe—I believe—it will do in excess of $20 million of additional revenue in rather short order.

Swayampakula Ramakanth: Okay. The last question is on the inventory burn off. You know, how much is on the remaining inventory step up, you know, from the Aptean acquisitions, and you know, to be fully amortized, you know, through the P&L?

Speaker #4: Okay. And then the last question is on the inventory burnoff. How much is on the remaining inventory step-up from the acquisitions, and to be fully amortized through the P&L?

James Gruber: Yeah, very little. There will be a slight amount remaining in early 2026, but a small fraction. We burn through most of it in 2025.

Speaker #3: Yeah, very little. There will be a slight amount remaining in early 2026, but a small fraction. We burn through most of it in 2025.

Swayampakula Ramakanth: Perfect. Thank you. Thanks for taking all my questions.

Speaker #4: Perfect. Thank you. Thanks for taking all my questions.

James Gruber: Thanks, Rakesh.

Speaker #3: Thanks, RK.

Operator: Thank you. That is all the time we have for Q&A today and does conclude today's conference call. Thank you for participating. You may now disconnect.

Speaker #1: Thank you. And that is all the time we have for Q&A today. And does conclude today's conference call. Thank you for participating. You may now disconnect.

Q4 2025 Eton Pharmaceuticals Inc Earnings Call

Request a DemoDemo

ETON

Eton Pharmaceuticals

Earnings