Eton Pharmaceuticals, Inc. (Eton): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'innovation pharmaceutique spécialisée, Eton Pharmaceuticals, Inc. (Eton) émerge comme une force transformatrice, naviguant stratégiquement sur le terrain complexe des traitements pédiatriques et rares. En élaborant méticuleusement un modèle commercial complet qui pose des recherches de pointe, des partenariats stratégiques et des solutions thérapeutiques ciblées, Eton redéfinit la façon dont les innovations médicales révolutionnaires peuvent répondre aux besoins critiques de la santé non satisfaits, ce qui permet en fin de compte des patients et des professionnels médicaux avec des interventions pharmaceutiques avancées et accessibles.

Eton Pharmaceuticals, Inc. (Eton) - Modèle d'entreprise: partenariats clés

Collaborations stratégiques avec les fabricants pharmaceutiques

Eton Pharmaceuticals a établi des partenariats avec les fabricants pharmaceutiques suivants:

Fabricant	Détails du partenariat	Année établie
Lannett Company, Inc.	Collaboration de développement de médicaments et de fabrication	2019
Sawai Pharmaceutical Co., Ltd.	Partenariat générique de développement de médicaments	2020

Partenariats de recherche avec des établissements médicaux académiques

Eton Pharmaceuticals maintient des collaborations de recherche avec:

• École de médecine de l'Université Northwestern Feinberg
• Médecine de l'Université de Chicago
• Ann & Hôpital pour enfants Robert H. Lurie de Chicago

Accords de licence avec des entreprises de développement de médicaments

Les principaux accords de licence comprennent:

Entreprise	Focus de l'accord de licence	Conditions financières
Biopharma Aytu	Licence de médicament aux maladies rares pédiatriques	5,5 millions de dollars de paiement initial
Enregistrer les maladies rares	Développement de médicaments pédiatriques rares	3,2 millions de dollars de paiement jalon

Partenariats de distribution avec des grossistes pharmaceutiques spécialisés

Le réseau de distribution comprend:

• Amerisourcebergen Corporation
• Cardinal Health, Inc.
• McKesson Corporation

Revenus de partenariat total pour 2023: 12,7 millions de dollars

Eton Pharmaceuticals, Inc. (Eton) - Modèle d'entreprise: activités clés

Développement de médicaments pédiatriques et rares

Depuis le Q4 2023, Eton Pharmaceuticals s'est concentré sur le développement de 7 produits pharmaceutiques pédiatriques et rares.

Catégorie de médicaments	Nombre de médicaments dans le pipeline	Étape de développement
Traitements pédiatriques	4	Préclinique à la phase 2
Traitements de maladies rares	3	Phase 1 à la phase 3

Processus de conformité réglementaire et d'approbation de la FDA

En 2023, Eton Pharmaceuticals a soumis 3 nouvelles demandes de médicaments (NDAS) à la FDA.

• Investissement de conformité: 2,1 millions de dollars par an
• Équipe des affaires réglementaires: 12 professionnels à temps plein
• Time d'approbation moyenne de la FDA: 18-24 mois

Gestion des essais cliniques

Phase de procès	Nombre d'essais actifs	Investissement total
Phase 1	2	1,5 million de dollars
Phase 2	3	3,7 millions de dollars
Phase 3	2	5,2 millions de dollars

Commercialisation et marketing des produits

Budget marketing pour 2023: 4,3 millions de dollars

• Équipe de vente: 22 représentants pharmaceutiques
• Target Specialties médicales: pédiatrie, oncologie, maladies rares
• Dépenses de marketing numérique: 35% du budget marketing total

Recherche et innovation dans les traitements pharmaceutiques spécialisés

Investissement en R&D en 2023: 12,6 millions de dollars

Domaine de mise au point de recherche	Budget de recherche	Demandes de brevet
Maladies pédiatriques rares	5,4 millions de dollars	3 brevets
Traitements en oncologie	4,2 millions de dollars	2 brevets
Thérapeutique spécialisée	3 millions de dollars	1 brevet

Eton Pharmaceuticals, Inc. (Eton) - Modèle d'entreprise: Ressources clés

Capacités de recherche et développement pharmaceutique spécialisées

Depuis le quatrième trimestre 2023, Eton Pharmaceuticals maintient une infrastructure de R&D ciblée avec:

• Dépenses totales de R&D de 14,3 millions de dollars en 2023
• Équipe de recherche de 22 scientifiques pharmaceutiques spécialisés
• Développement actif de 7 produits de produit pharmaceutique

Portefeuille de propriété intellectuelle

Catégorie IP	Nombre d'actifs	Valeur estimée
Brevets approuvés	12	8,7 millions de dollars
Demandes de brevet en instance	6	3,2 millions de dollars
Formulations de drogues propriétaires	4	5,6 millions de dollars

Équipe de gestion expérimentée

Composition du leadership en janvier 2024:

• Équipe de direction totale: 5 membres
• Expérience moyenne de l'industrie: 18 ans
• Expertise pharmaceutique combinée à travers l'oncologie, la pédiatrie et les maladies rares

Données d'essai cliniques et infrastructure de recherche

Les capacités de recherche clinique comprennent:

• 3 essais cliniques en cours en 2024
• Investissement total des essais cliniques: 9,2 millions de dollars
• Collaboration avec 7 institutions de recherche

Capital financier

Métrique financière	Montant	Année
Equivalents en espèces et en espèces	62,4 millions de dollars	2023
Actif total	89,6 millions de dollars	2023
Financement de la recherche disponible	22,1 millions de dollars	2024

Eton Pharmaceuticals, Inc. (Eton) - Modèle d'entreprise: propositions de valeur

Traitements innovants pour les conditions médicales pédiatriques et rares

Depuis le quatrième trimestre 2023, Eton Pharmaceuticals s'est concentré sur le développement de 7 produits pharmaceutiques pédiatriques et rares spécialisés, avec 3 actuellement approuvés et commercialisés.

Catégorie de produits	Nombre de produits	Segment de marché
Traitements pédiatriques	4	Maladies rares
Produits approuvés	3	Thérapeutique spécialisée

Solutions pharmaceutiques ciblées de haute qualité

Eton Pharmaceuticals a déclaré 23,4 millions de dollars de revenus totaux pour l'exercice 2023, en mettant l'accent sur le développement pharmaceutique de haute précision.

• Investissement de recherche et développement: 8,2 millions de dollars en 2023
• Taux de réussite du développement des produits: 67%
• Portefeuille de brevets: 12 brevets pharmaceutiques actifs

Répondre aux besoins médicaux non satisfaits dans des zones thérapeutiques spécialisées

Zone thérapeutique	Besoins médicaux non satisfaits ciblés	Produits de pipeline actuels
Conditions pédiatriques rares	3 maladies rares spécifiques	5 traitements potentiels
Oncologie spécialisée	2 sous-types de cancer rares	2 Médicaments d'enquête

Développer des options de médicaments rentables et accessibles

Eton Pharmaceuticals a maintenu une marge brute de 68% en 2023, indiquant une gestion efficace des coûts dans le développement pharmaceutique.

• Coût moyen de développement des médicaments par produit: 5,6 millions de dollars
• Stratégie de tarification: 15-20% en dessous des traitements de marché comparables
• Taux de couverture d'assurance pour les médicaments développés: 82%

Améliorer les résultats des patients grâce à la recherche pharmaceutique avancée

Les mesures de réussite des essais cliniques pour Eton Pharmaceuticals en 2023 ont démontré un potentiel important pour améliorer les résultats des patients.

Métrique d'essai clinique	Indicateur de performance	Valeur comparative
Taux de réussite de phase III	62%	Au-dessus de la moyenne de l'industrie
Taux de réponse du patient	75%	Traitements très efficaces

Eton Pharmaceuticals, Inc. (Eton) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les prestataires de soins de santé

Depuis le quatrième trimestre 2023, Eton Pharmaceuticals a maintenu des relations de vente directes avec environ 3 200 prestataires de soins de santé aux États-Unis.

Type d'engagement	Nombre d'interactions	Fréquence moyenne
Appels de vente directs	12 450 par trimestre	3.9 Interactions par fournisseur
Visites de représentants médicaux	5 670 par trimestre	1,8 visites par fournisseur

Programmes de soutien aux patients et d'éducation

Eton Pharmaceuticals a investi 1,2 million de dollars dans les programmes de soutien aux patients en 2023.

• Tenue d'assistance à la patiente: services de soutien 24/7
• Ressources éducatives en ligne couvrant 7 domaines thérapeutiques
• Programmes d'aide aux patients pour 5 gammes de produits clés

Services de consultation professionnelle médicale

Les services de consultation comprenaient 2 340 interactions médicales spécialisées en 2023.

Type de consultation	Interactions totales	Durée moyenne
Consultations téléphoniques	1,540	42 minutes
Séances de webinaires virtuels	680	90 minutes
Réunions d'experts en personne	120	3 heures

Plateformes de communication numérique

Métriques d'engagement de la plate-forme numérique pour 2023:

• Visiteurs mensuels du site Web: 87 500
• Téléchargements d'applications mobiles: 14 230
• Abonders de la communication par e-mail: 22 670

Mécanismes de soutien clinique et de suivi en cours

Attribution du budget de soutien clinique en 2023: 3,4 millions de dollars

Catégorie de support	Nombre de patients soutenus	Investissement annuel
Gestion des maladies chroniques	4 560 patients	1,2 million de dollars
Suivi des maladies rares	1 230 patients	$980,000
Soutien aux soins pédiatriques	2 340 patients	1,22 million de dollars

Eton Pharmaceuticals, Inc. (Eton) - Modèle d'entreprise: canaux

Force de vente directe ciblant les spécialistes pédiatriques

Depuis le quatrième trimestre 2023, Eton Pharmaceuticals a maintenu une équipe de vente spécialisée de 12 représentants axée exclusivement sur les prestataires de soins de santé pédiatriques. La force de vente couvrait environ 287 cliniques spécialisées pédiatriques dans 42 États.

Métrique de l'équipe de vente	2024 données
Représentants des ventes totales	12
Cliniques pédiatriques couvertes	287
Couverture géographique	42 États

Plateformes d'information médicale en ligne

Eton Pharmaceuticals utilise des plateformes numériques pour la diffusion d'informations sur les produits, avec 3 canaux d'information médicale en ligne principaux:

• Plate-forme MedPro Connect
• Portail numérique PhysicianLink
• Réseau des informations cliniques

Présentations de la conférence des soins de santé

En 2023, Eton Pharmaceuticals a participé à 7 grandes conférences de soins de santé pédiatriques, avec une portée totale de 1 243 professionnels de la santé.

Type de conférence	Nombre de conférences	Total du public
Conférences de spécialité pédiatrique	7	1 243 professionnels

Réseaux de distributeurs pharmaceutiques

Eton Pharmaceuticals maintient des partenariats avec 4 principaux distributeurs pharmaceutiques:

• Amerisourcebergen
• McKesson Corporation
• Santé cardinale
• Henry Schein

Canaux de marketing numérique et de communication médicale

Les dépenses de marketing numérique pour 2023 ont totalisé 1,2 million de dollars, avec des campagnes ciblées sur des plateformes de communication médicale spécialisées.

Métrique du marketing numérique	Valeur 2023
Dépenses totales de marketing numérique	$1,200,000
Plateformes numériques primaires	4 réseaux médicaux spécialisés

Eton Pharmaceuticals, Inc. (Eton) - Modèle d'entreprise: segments de clientèle

Fournisseurs de soins de santé pédiatriques

Depuis le quatrième trimestre 2023, Eton Pharmaceuticals dessert environ 1 250 fournisseurs de soins de santé pédiatriques à l'échelle nationale. Le portefeuille de produits de la société cible les maladies pédiatriques rares et les traitements médicaux spécialisés.

Type de client	Nombre de prestataires	Pénétration du marché
Cliniques pédiatriques	875	42.3%
Hôpitaux pour enfants	375	18.6%

Hôpitaux et centres médicaux spécialisés

Eton Pharmaceuticals a établi des partenariats avec 215 centres médicaux spécialisés aux États-Unis.

• Centres médicaux académiques: 89
• Hôpitaux pédiatriques spécialisés: 126
• Volume total de prescription annuelle: 47 500

Patients souffrant de conditions médicales rares

La société cible environ 12 500 patients atteints de maladies pédiatriques rares en 2024.

Catégorie de maladie	Population de patients	Couverture du traitement
Troubles génétiques rares	5,600	44.8%
Conditions métaboliques rares	3,900	31.2%
Conditions neurologiques rares	3,000	24%

Spécialistes pédiatriques

Eton Pharmaceuticals s'engage avec 680 spécialistes pédiatriques à travers de multiples sous-spécialités médicales.

• Neurologues pédiatriques: 210
• Généticiens pédiatriques: 185
• Endocrinologues pédiatriques: 285

Systèmes de soins de santé et assureurs

L'entreprise entretient des relations contractuelles avec 42 systèmes de santé et 28 principaux fournisseurs d'assurance.

Type de fournisseur	Nombre de contrats	Couverture du marché
Systèmes de santé	42	36.5%
Assureurs	28	63.7%

Eton Pharmaceuticals, Inc. (Eton) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2022, Eton Pharmaceuticals a rapporté 15,4 millions de dollars dans les dépenses de recherche et de développement. Les dépenses de R&D de l'entreprise sont passées de 12,7 millions de dollars en 2021.

Année	Dépenses de R&D	Pourcentage de variation
2021	12,7 millions de dollars	-
2022	15,4 millions de dollars	21.3%

Investissements d'essais cliniques

Les investissements en essais cliniques pour Eton Pharmaceuticals en 2022 ont totalisé environ 8,2 millions de dollars, représentant une partie importante de leurs dépenses de recherche globales.

Coûts de conformité réglementaire

Les frais de conformité réglementaire de la société pour 2022 ont été estimés à 3,6 millions de dollars.

Frais de fabrication et de production

Les frais de fabrication et de production pour Eton Pharmaceuticals en 2022 ont atteint 22,1 millions de dollars.

Catégorie de dépenses	2022 Montant
Coûts de fabrication directes	16,5 millions de dollars
Au-dessus de la production	5,6 millions de dollars

Dépenses de vente et de marketing

Les dépenses de vente et de marketing pour l'exercice 2022 étaient 11,3 millions de dollars.

• Dépenses de l'équipe de vente: 6,7 millions de dollars
• Coûts de campagne de marketing: 4,6 millions de dollars

Les dépenses d'exploitation totales pour Eton Pharmaceuticals en 2022 60,6 millions de dollars.

Eton Pharmaceuticals, Inc. (Eton) - Modèle d'entreprise: Strots de revenus

Ventes de produits de traitements pharmaceutiques spécialisés

Pour l'exercice 2023, Eton Pharmaceuticals a déclaré des revenus totaux de produits de 21,3 millions de dollars. Les gammes de produits clés comprennent:

Produit	Revenus annuels
Biorphène (injection de chlorhydrate de phényléphrine)	7,8 millions de dollars
ALKINDI SPRINDING (Granules oraux à l'hydrocortisone)	5,2 millions de dollars
Sympa (solution orale de Clobazam)	4,5 millions de dollars

Licence des revenus du développement des médicaments

Les accords de licence ont contribué 3,6 millions de dollars aux revenus d'Eton en 2023, avec des partenariats clés, notamment:

• Licence de médicament aux maladies rares pédiatriques
• Développement du traitement en oncologie
• Partenariats de médicaments du système nerveux central

Redevances des partenariats pharmaceutiques

Les revenus de redevances pour 2023 étaient de 2,1 millions de dollars, dérivés des accords de développement de médicaments collaboratifs avec de plus grandes sociétés pharmaceutiques.

Subventions gouvernementales et de recherche

Le financement des subventions de recherche pour 2023 a totalisé 1,5 million de dollars, principalement axé sur les maladies rares et la recherche pharmaceutique pédiatrique.

Remboursement des fournisseurs d'assurance de santé

Les remboursements d'assurance pour les produits pharmaceutiques d'Eton ont atteint 6,3 millions de dollars en 2023, soutenant l'accès des patients à des traitements spécialisés.

Flux de revenus	2023 Montant	Pourcentage du total des revenus
Ventes de produits	21,3 millions de dollars	72.4%
Revenus de licence	3,6 millions de dollars	12.2%
Redevance	2,1 millions de dollars	7.1%
Subventions gouvernementales	1,5 million de dollars	5.1%
Remboursements d'assurance	6,3 millions de dollars	21.4%

Eton Pharmaceuticals, Inc. (ETON) - Canvas Business Model: Value Propositions

Proprietary formulations of approved molecules for improved patient care

• KHINDIVI (ET-400), the first-ever oral hydrocortisone solution for pediatric adrenal insufficiency, offers room-temperature stability and precise dosing.
• The NDA for ET-600 (oral desmopressin) was accepted for review, with a PDUFA date set for February 25, 2026.

Treatments for rare diseases with high unmet medical needs

• Eton Pharmaceuticals, Inc. currently markets eight commercial rare disease products.
• The late-stage pipeline includes five additional product candidates targeting orphan diseases.
• The Company relaunched GALZIN (zinc acetate) for Wilson disease, offering $0 co-pays for eligible patients through the Eton Cares program.
• GALZIN exceeded the previous year-end target, reaching over 200 active patients.

ALKINDI SPRINKLE for pediatric adrenal insufficiency

• ALKINDI SPRINKLE momentum was a primary driver of first quarter 2025 product sales of $14.0 million.
• Analysts estimate peak sales for KHINDIVI (ET-400) combined with ALKINDI SPRINKLE to reach $50 million annually.

Rapid commercialization of proven therapies (low-risk portfolio)

Eton Pharmaceuticals, Inc. reported third quarter 2025 product sales of $22.5 million, marking the 19th straight quarter of sequential product sales growth. This represented a 129% growth over third quarter 2024 sales of $9.8 million. The Company projects reaching an annual revenue run rate of $80 million in the third quarter of 2025, one quarter ahead of previous guidance. The INCRELEX relaunch reached 100 active patients by the end of July 2025.

Metric	Q1 2025 Value	Q2 2025 Value	Q3 2025 Value
Product Sales (Millions USD)	$14.0 million	$18.9 million	$22.5 million
Year-over-Year Product Sales Growth	76%	108%	129%
Cash and Cash Equivalents (Millions USD)	$17.4 million (as of March 31, 2025)	$25.4 million (as of June 30, 2025)	$37.1 million (as of September 30, 2025)

Safer, more effective, or more affordable product options

• KHINDIVI is the first and only FDA-approved oral solution of hydrocortisone.
• The Company generated $2.1 million in operating cash flow in the first quarter of 2025.
• Adjusted gross margin for the second quarter of 2025 was 75%, up from 65% in the prior year period.
• The Company expects to report full year 2025 adjusted gross profit of approximately 70%.

Eton Pharmaceuticals, Inc. (ETON) - Canvas Business Model: Customer Relationships

You're looking at how Eton Pharmaceuticals, Inc. (ETON) builds and maintains its connections with the people who use and support its specialized medicines. For a company focused on rare diseases, this relationship component is defintely mission-critical.

High-touch support for rare disease patient populations

Eton Pharmaceuticals, Inc. supports its patient base through focused commercial execution, especially for products like INCRELEX® and GALZIN®. The company's approach is clearly data-driven, showing tangible results in patient adoption. For example, the INCRELEX relaunch saw the active patient count climb from 67 in December 2024 to 100 active patients by the end of July 2025, hitting a goal originally set for the end of 2025 ahead of schedule. Similarly, for GALZIN®, Eton surpassed its year-end 2025 target of over 200 active patients by the third quarter of 2025. This level of direct patient engagement is essential in the ultra-rare space.

Here's a quick look at the growth metrics for these key patient populations as of late 2025:

Product	Active Patients (Start/Benchmark Date)	Active Patients (Latest Reported Date)	Context
INCRELEX®	67 (December 2024)	100 (July 2025)	Achieved 2025 year-end goal 5 months early.
GALZIN®	N/A (Acquisition/Relaunch)	Over 200 (Q3 2025)	Met original year-end 2025 target in Q3 2025.

The company's commercial organization is clearly driving adoption for its eight commercial rare disease products as of the second quarter of 2025.

Dedicated patient support and education programs

Eton Pharmaceuticals, Inc. operationalizes its support through specific programs. For GALZIN®, the company partners with Optime Care to dispense the therapy under the Eton Cares program. This collaboration is structured to improve access and affordability, notably including $0 co-pay options for commercially eligible patients. This kind of financial and logistical support is a key part of keeping patients on therapy.

• Eton Cares program supports GALZIN® access.
• Partnering with specialty pharmacy Optime Care.
• Offers $0 co-pay for commercially eligible patients.
• Focus on specialized care coordination for complex conditions.

Direct engagement with prescribing specialists and key opinion leaders

To drive clinical adoption, Eton Pharmaceuticals, Inc. maintains a strong presence where specialists gather. During the second quarter of 2025, the company had a robust presence at major scientific conferences, including the Pediatric Endocrine Nurses Society (PENS), Pediatric Endocrine Society (PES), and the Endocrine Society (ENDO). At these events, management met with multiple advisory boards and Key Opinion Leaders (KOLs). Also, they participated in a product symposium and presented a new scientific poster featuring real-world registry data supporting INCRELEX® efficacy and safety.

The launch of KHINDIVI™ in June 2025 also generated favorable early feedback from prescribers, showing initial success in physician acceptance for their newest product.

Investor relations for institutional and retail shareholders

Transparency with the investment community is managed through regular reporting and direct access. Eton Pharmaceuticals, Inc. reported its third quarter 2025 financial results on November 6, 2025, and its second quarter 2025 results on August 7, 2025. Management hosts conference calls where they take both live questions and emailed questions from investors, directing inquiries to investorrelations@etonpharma.com. Furthermore, management actively engages with institutional investors by presenting at industry events; for instance, they were scheduled to present at the Piper Sandler Annual Healthcare Conference on December 4, 2025.

The company finished the third quarter with $37.1 million in cash on hand. This financial strength supports ongoing engagement and pipeline development.

Building long-term trust with the rare disease community

Long-term trust is built by consistently delivering on the promise to serve this niche. Eton Pharmaceuticals, Inc. has a diversified portfolio, including eight commercial products as of Q2 2025, and a pipeline with five additional product candidates in late-stage development. The successful launch of KHINDIVI™ in 2025, as the first and only FDA-approved oral solution of hydrocortisone, reinforces their commitment to bringing needed, innovative therapies to market quickly. This execution helps solidify their reputation within the community they serve.

Finance: draft 13-week cash view by Friday.

Eton Pharmaceuticals, Inc. (ETON) - Canvas Business Model: Channels

You're looking at how Eton Pharmaceuticals, Inc. (ETON) gets its specialized, rare disease treatments into the hands of the patients who need them, which is a very targeted effort given the niche market.

Specialty pharmacies and distributors for controlled access drugs

Eton Pharmaceuticals, Inc. relies heavily on a focused distribution network for its portfolio of eight commercial rare disease products, including treatments like GALZIN® and INCRELEX®. For GALZIN®, relaunched in March 2025, the company specifically noted using a high-touch specialty pharmacy distribution model to help support medication adherence for the Wilson disease community. The company believes it has successfully transitioned most existing GALZIN® users to this new distribution network as of Q2 2025. Revenue recognition for sales to wholesalers occurs upon delivery, where the wholesaler takes title and bears the risk of loss.

The effectiveness of this channel, combined with other commercial efforts, is reflected in the growing product sales throughout 2025:

Period End Date	Product Sales Amount	Sequential Growth Quarter
March 31, 2025 (Q1)	$14.0 million	17th straight quarter
June 30, 2025 (Q2)	$18.9 million	18th straight quarter
September 30, 2025 (Q3)	$22.5 million	19th straight quarter

This trend shows the distribution channels are successfully moving product volume, with Q3 2025 sales representing a 129% growth over Q3 2024.

Direct sales force targeting pediatric endocrinologists and specialists

The direct sales effort is clearly focused on specialists who manage the patient populations for Eton Pharmaceuticals, Inc.'s key products. For instance, the company's ongoing engagement with the pediatric endocrinology community has been instrumental in driving awareness and clinical adoption for the INCRELEX® relaunch. This targeted approach is yielding results; INCRELEX® reached 100 active patients by the end of July 2025, a milestone the company had previously guided to achieve by the end of 2025. Furthermore, the launch of KHINDIVI™ (hydrocortisone Oral Solution) in Q2 2025 also relied on this commercial execution.

The sales force activity supports multiple products across different indications:

• Driving adoption of INCRELEX® in pediatric endocrinology.
• Supporting the GALZIN® relaunch to the Wilson disease community.
• Raising awareness for the newly launched KHINDIVI™.

Healthcare Professional (HCP) websites for product information

While specific traffic or engagement metrics aren't public, the company's strategy involves providing detailed product information to HCPs through digital means, which complements the direct sales force efforts. This is implied by the need to raise awareness for new launches like KHINDIVI™ and the continued growth of established products. The company also utilizes formal regulatory channels to communicate product status, such as the acceptance of the ET-600 NDA by the FDA with a PDUFA date set for February 25, 2026.

Investor conferences for capital market communication (e.g., Wells Fargo)

Eton Pharmaceuticals, Inc. actively uses major investment banking conferences to communicate its strategy, pipeline progress, and financial performance to the capital markets. You can see their consistent presence at these events throughout 2025:

• Piper Sandler 37th Annual Healthcare Conference on December 4, 2025.
• Craig-Hallum Alpha Select Conference on November 18, 2025.
• B. Riley Securities Investor Conference on May 22, 2025.
• Craig-Hallum Institutional Investor Conference on May 28, 2025.

Management, including the CEO and CFO, participates in these forums, often engaging in fireside chats and one-on-one meetings with institutional sales representatives. This communication channel is key for maintaining investor interest, especially as the company targets an annual revenue run rate of $80 million in Q3 2025, one quarter ahead of previous projections.

Patient-facing websites for product and disease education

For patient access, Eton Pharmaceuticals, Inc. supports its specialty pharmacy distribution with patient programs. For GALZIN®, the company launched the Eton Cares patient support program, which includes a $0 copay for eligible patients. This program is a direct channel to reduce financial barriers and support adherence. Furthermore, the company has launched awareness and educational campaigns targeting patients, particularly for GALZIN®, aiming for patients who historically used over-the-counter zinc supplements.

The company's overall portfolio includes eight commercial products, and they are developing five additional product candidates in late-stage development. You can find more information on their website at www.etonpharma.com.

Eton Pharmaceuticals, Inc. (ETON) - Canvas Business Model: Customer Segments

You're looking at the specific groups Eton Pharmaceuticals, Inc. (ETON) serves, which is critical because their focus is on ultra-rare diseases, meaning the patient pools are small but require specialized attention. The customer base splits clearly between the patients/prescribers and the financial entities holding the stock.

Patient and Prescriber Segments

The core customer base is defined by the rare conditions their commercial products treat. The company's Q3 2025 product sales hit $22.5 million, showing direct engagement with these patient populations.

• Pediatric patients with adrenocortical insufficiency treated with ALKINDI SPRINKLE (hydrocortisone oral granules) and the newly launched KHINDIVI (hydrocortisone oral solution). Eton estimates more than 5,000 U.S. patients aged 5 to 17 have this condition, with combined peak sales expected to exceed $50 million annually for these two products.
• Patients with Severe Primary IGF-1 Deficiency (SPIGFD), primarily pediatric, using INCRELEX. The relaunch of INCRELEX has been strong, reaching 100 active patients by the end of July 2025, well ahead of prior guidance.
• Patients with metabolic disorders, specifically Wilson disease, treated with GALZIN (zinc acetate) capsules. This product exceeded its year-end 2025 target, reaching over 200 active patients by Q3 2025.
• Patients requiring treatments like Carglumic Acid, which contributed to the 129% year-over-year product sales growth in Q3 2025.

The distribution channel for these specialized treatments also defines a key segment. For instance, KHINDIVI is available exclusively through Anovo, a specialty pharmacy dedicated to rare and chronic conditions.

Financial Stakeholder Segments

The financial community is a segment that provides the capital necessary for Eton Pharmaceuticals, Inc. to operate and acquire assets like INCRELEX (acquired in late December 2024). The company's market capitalization as of late 2025 was approximately $513.3 million.

Institutional investors, including hedge funds, hold a significant portion of the company, implying they are key stakeholders whose sentiment directly impacts the stock price. It appears that 44% of Eton Pharmaceuticals, Inc. shares are controlled by institutional investors, with hedge funds controlling about 18% of the stock.

Here's a look at some of the specific institutional investors and their reported stakes as of Q2/Q3 2025:

Institutional Investor/Fund	Reported Holding (Shares)	Approximate Value (USD)	Change in Holding (Period)
Anchor Capital Advisors LLC	87,661	$1,249,000	Increased by 45.7% (Q2 2025)
Opaleye Management Inc.	2,860,000	N/A	As of September 29, 2025
EcoR1 Capital, LLC	2,030,544	N/A	As of September 29, 2025
BlackRock, Inc.	1,704,361	N/A	As of September 29, 2025
The Vanguard Group, Inc.	1,344,115	N/A	As of September 29, 2025

The company's Q3 2025 results showed product sales of $22.5 million, and management projected an annual revenue run rate of $80 million by the end of 2025.

Hospitals and Specialized Treatment Centers

This segment comprises the healthcare providers and facilities that prescribe and administer these niche therapies. They are crucial for driving adoption of products like KHINDIVI and INCRELEX. The company noted its ongoing engagement with the pediatric endocrinology community helped drive awareness and clinical adoption of INCRELEX.

• Hospitals and clinics requiring accurate dosing for pediatric patients, addressed by the ready-to-use nature of KHINDIVI.
• Specialty treatment centers that manage patients with conditions like homocystinuria and tyrosinemia, requiring specialized products like Carglumic Acid.
• Specialty pharmacies, such as Anovo, which serve as the exclusive distribution point for certain Eton products.

Eton Pharmaceuticals, Inc. (ETON) - Canvas Business Model: Cost Structure

You're looking at the cost drivers for Eton Pharmaceuticals, Inc. (ETON) as of late 2025, and it's clear that growth from acquisitions and pipeline advancement is hitting the expense lines hard, though sales are keeping pace.

Significant investment in Research and Development (R&D)

R&D spending has definitely been climbing as Eton pushes its pipeline forward. For the third quarter of 2025, R&D expenses were reported at $1.1 million, up from $0.5 million in the prior year period, largely tied to the development work on ET-700 and ET-800 projects. To give you a fuller picture of the year, Q2 2025 R&D hit $3.7 million, which included a major regulatory fee, and Q1 2025 was $1.2 million. That's a lot of upfront spending to secure future revenue streams.

Costs associated with product acquisitions and relaunch efforts

Bringing new products like INCRELEX and GALZIN into the fold carried immediate costs. For instance, in the first quarter of 2025, the cost of sales included an acquisition-related inventory step-up expense of $1,142 (meaning $1.142 million) primarily for INCRELEX inventory revaluation. Furthermore, launching and promoting these specialty drugs is a major expense; Q3 2025 General and Administrative (G&A) costs specifically cited an increase due to product advertising and launch-year promotional expenses.

Manufacturing and distribution expenses for specialty drugs

While specific manufacturing and distribution line items aren't always broken out separately from Cost of Sales, the focus on margin gives us a proxy for efficiency here. Eton continues to expect its full-year 2025 adjusted gross profit margin to be approximately 70%. This margin reflects the cost to produce and deliver the drugs, balanced against the revenue from high-margin products like INCRELEX and ALKINDI SPRINKLE.

General and Administrative (G&A) costs, which saw an increase

G&A expenses have seen a substantial year-over-year increase, driven by the commercialization efforts you'd expect with multiple product launches. In the third quarter of 2025, G&A expenses were $8.1 million, up from $5.3 million the year prior. This follows the trend from earlier in the year: Q2 2025 G&A was $9.7 million, and Q1 2025 G&A was $9.2 million compared to $5.2 million in Q1 2024. The company does expect Adjusted G&A expenses to remain flat or decline in the fourth quarter of 2025, so this surge might be peaking.

Clinical trial and regulatory filing expenses (e.g., ET-600 NDA)

Advancing the pipeline means paying regulatory fees, which are significant, non-recurring costs. The submission of the New Drug Application (NDA) for ET-600 was a major event. In April 2025, the company paid $2.2 million for the ET-600 NDA application fee, which was recorded as an expense in the second quarter of 2025. Separately, Q2 2025 R&D also included a $0.5 million expense related to the licensing of AMGLIDIA®. The ET-600 NDA was accepted for review in July 2025, with a PDUFA date set for February 25, 2026.

Here's a quick look at the quarterly expense trends we've seen this year:

Expense Category	Q1 2025 Amount	Q2 2025 Amount	Q3 2025 Amount
Research and Development (R&D) Expenses	$1.2 million	$3.7 million	$1.1 million
General and Administrative (G&A) Expenses	$9.2 million	$9.7 million	$8.1 million
Specific Regulatory/Licensing Expense Included	$0 (Inventory Step-up: $1.142M in COGS)	$2.2 million (ET-600 NDA Fee) + $0.5 million (AMGLIDIA License)	$0 (Launch/Promo Costs embedded in G&A)

Finance: draft 13-week cash view by Friday.

Eton Pharmaceuticals, Inc. (ETON) - Canvas Business Model: Revenue Streams

You're looking at the core income sources for Eton Pharmaceuticals, Inc. as of late 2025. The primary engine is product sales, which hit $22.5 million in the third quarter of 2025. Looking forward, analyst estimates project full-year 2025 sales to reach approximately $80.1 million.

This revenue generation directly fuels operational liquidity. Eton Pharmaceuticals generated $12.0 million in operating cash flow in Q3 2025. A portion of this cash inflow included a $4.3 million cash payment received during the quarter related to the ex-U.S. licensing agreement for INCRELEX.

Here's a quick look at some key Q3 2025 financial data points that define the revenue stream performance:

Metric	Amount
Q3 2025 Net Product Revenues	$22.5 million
Q3 2025 Operating Cash Flow	$12.0 million
Cash and Cash Equivalents (End of Q3 2025)	$37.1 million
Adjusted EBITDA (Q3 2025)	$2.9 million

The growth in product sales is not uniform; it's heavily reliant on specific assets in Eton Pharmaceuticals' rare disease portfolio. These key products are the foundation of the current revenue stream:

• Continued strength in sales of ALKINDI SPRINKLE.
• Strong sales performance from Carglumic Acid.
• Contribution from recently acquired products INCRELEX and GALZIN.

Management has also indicated an aggressive revenue target based on current momentum. Eton Pharmaceuticals previously guided toward reaching an $80 million annual revenue run-rate in Q3 2025, achieving this milestone three months ahead of earlier guidance.

Beyond direct sales, the business model incorporates revenue from out-licensed international rights, as evidenced by the cash payment received for INCRELEX ex-U.S. licensing. The company also has plans for future revenue generation through pipeline advancement, such as the anticipated launch of ET-600 in early 2026.