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Eton Pharmaceuticals, Inc. (ETON)
Chart Events
Performance Outlook
| Previous Close | 7.36 |
| Open | 7.32 |
| Bid | 7.28 x 1300 |
| Ask | 0.00 x 800 |
| Day's Range | 7.28 - 7.55 |
| 52 Week Range | 2.50 - 9.12 |
| Volume | 127,814 |
| Avg. Volume | 483,536 |
| Market Cap | 180.148M |
| Beta (5Y Monthly) | 1.35 |
| PE Ratio (TTM) | N/A |
| EPS (TTM) | -1.18 |
| Earnings Date | Feb 08, 2021 - Feb 15, 2021 |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | N/A |
| 1y Target Est | 16.50 |
- Simply Wall St.
Forecast: Analysts Think Eton Pharmaceuticals, Inc.'s (NASDAQ:ETON) Business Prospects Have Improved Drastically
Celebrations may be in order for Eton Pharmaceuticals, Inc. (NASDAQ:ETON) shareholders, with the analysts delivering a...
- GlobeNewswire
Eton Pharmaceuticals Announces Third Quarter 2020 Financial Results
DEER PARK, Ill., Nov. 12, 2020 (GLOBE NEWSWIRE) -- Eton Pharmaceuticals, Inc (Nasdaq: ETON), a specialty pharmaceutical company focused on developing and commercializing innovative treatments for rare pediatric diseases, today reported financial results for the third quarter ended September 30, 2020 and provided an update on business progress. “In recent weeks we submitted the last of our nine product candidates to the FDA. This is a tremendous accomplishment by our team after years of hard work. We are now turning our focus to building out a leading orphan drug commercial organization,” said Sean Brynjelsen, CEO of Eton Pharmaceuticals. “Early interest in ALKINDI SPRINKLE from physicians and caregivers has been very strong and has reiterated the significant need for the product.” Recent Business Milestones * FDA approval of orphan product ALKINDI® SPRINKLE. In September, ALKINDI SPRINKLE was approved by the FDA as a replacement therapy for Adrenocortical Insufficiency in patients under 17 years of age. Eton expects to have the product commercially available by the end of November. * FDA approval of Alaway Preservative Free®. During the quarter, Alaway Preservative Free was approved by the FDA. Bausch Health plans to launch the product by the Spring of 2021 and Eton will receive a royalty on sales of the product. * Four additional NDAs submitted to the FDA. Eton, or its partners, have submitted four NDAs in the second half of 2020. Dehydrated alcohol injection, zonisamide oral suspension, and ephedrine injection have all been accepted for filing and assigned PDUFA dates of May 27, 2021; May 29, 2021; and June 18, 2021, respectively. * Successful completion of equity financing. In October, Eton closed an oversubscribed common stock offering which resulted in gross proceeds of approximately $22.5 million. The proceeds are expected to be sufficient to allow Eton to launch its current pipeline products and reach profitability. ALKINDI SPRINKLEEton anticipates having commercial availability of ALKINDI SPRINKLE by the end of November. The company’s ALKINDI SPRINKLE sales representatives have been hired, fully trained, and have begun engaging with pediatric endocrinologists. Initial interest from physicians, caregivers, and patients has been very strong and Eton expects the product to exceed the company’s original sales forecast for 2021. BiorphenThe company remains on schedule to file a Prior Approval Supplement for Biorphen vials in the fourth quarter of 2020, which should allow for a launch of the vial product in the first half of 2021. Customer feedback continues to show aversion to the ampule format but strong interest in the product in vial form. Pipeline Update ProductRegulatory Status Biorphen®Commercial ALKINDI® SPRINKLEApproved Alaway Preservative Free®Approved Dehydrated Alcohol Inj. (DS-100)Filed Lamotrigine Oral Susp. (ET-105)Filed Zonisamide Oral Susp. (ET-104)Filed Cysteine Inj. (DS-300)Filed Ephedrine Injection (ET-203)Filed Topiramate Oral Soln (ET-101)Submitted Dehydrated Alcohol Injection (DS-100). During the quarter, Eton submitted an NDA for the product and the application was accepted for filing. The application has been assigned a PDUFA date of May 27, 2021.Lamotrigine Oral Suspension (ET-105). The product’s human factors study is ongoing. One of the three requested arms has been completed, and the two remaining arms are ongoing. Eton expects the study to be completed and submitted to the FDA in the coming months, allowing for potential FDA approval as early as the first half of 2021.Zonisamide Oral Suspension (ET-104). During the quarter, Eton submitted an NDA for the product and the application was accepted for filing. The application has been assigned a PDUFA date of May 29, 2021.Cysteine Injection (DS-300). In October, Eton’s Abbreviate New Drug Application received a complete response letter from the FDA with only minor deficiencies. Eton expects to respond to the request in December, which should allow the application to receive tentative approval as early as the first quarter of 2021. The company’s paragraph IV litigation and post grant review (PGR) challenges are ongoing. Eton remains confident the innovator’s patents will be invalidated, and the company believes its product could launch as early as November 2021 if the PGR process is successful or August 2022 when the 30-month stay expires.Ephedrine Injection (ET-203). Eton’s partner submitted the product’s NDA during the quarter and the application has been accepted for filing by the FDA. The NDA has been assigned a PDUFA date of June 18, 2021.Topiramate Oral Solution (ET-101). Eton submitted an NDA for the product in October 2020. If the application is accepted for filing, Eton would expect it to be assigned a PDUFA date of Q3 2021. Financial ResultsRevenue: Eton reported revenue of ($0.2) million for the third quarter of 2020. During the quarter, Eton lowered the list price of Biorphen, which resulted in a $0.2 million reduction to revenue due to a shelf stock adjustment charge tied to inventory on hand with wholesale customers. Eton reported no revenue in the third quarter of 2019.Selling, General, & Administrative (SG&A): SG&A expenses in the third quarter of 2020 were $3.4 million compared with $1.6 million in the prior year period. The increase was driven by higher sales and marketing spending in advance of the ALKINDI SPRINKLE launch, paragraph IV litigation expenses related to the company’s cysteine injection patent challenge, and higher non-cash stock-based compensation in the period.Research & Development (R&D): R&D expenses in the third quarter of 2020 were $2.8 million compared with $3.4 million in the prior year period. The third quarter of 2020 included a $1.5 million NDA filing fee paid to the FDA. The third quarter of 2019 included a $2.0 million licensing payment related to the lamotrigine product.Net Loss: Eton reported a net loss of $6.5 million in the third quarter of 2020 compared to a net loss of $5.0 million for the same period in 2019.Cash Position: As of September 30, 2020, Eton reported cash and cash equivalents of $7.3 million. Subsequent to the quarter end, Eton closed an equity financing which resulted in gross proceeds of approximately $22.5 million. Conference Call and Webcast Information: Eton Pharmaceuticals will host a conference call and webcast today at 4:30 p.m. ET (3:30 p.m. CT). To access the conference call, please dial 1-866-795-8473 (domestic) or 1-470-495-9161 (international) and refer to conference ID 5092872. The webcast can be accessed under “Events & Presentations” in the Investors section of the Company’s website at https://ir.etonpharma.com. The webcast will be archived and made available for replay on the company’s website approximately two hours after the call and will be available for 30 days.About Eton Pharmaceuticals Eton Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on developing and commercializing innovative treatments for rare pediatric diseases. The company currently owns or receives royalties from three FDA-approved products, including ALKINDI® SPRINKLE, Biorphen®, and Alaway Preservative Free®, and has six additional products that have been submitted to the FDA.Forward-Looking Statements Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements associated with the expected ability of Eton to undertake certain activities and accomplish certain goals and objectives. These statements include but are not limited to statements regarding Eton’s business strategy, Eton’s plans to develop and commercialize its product candidates, the safety and efficacy of Eton’s product candidates, Eton’s plans and expected timing with respect to regulatory filings and approvals, and the size and growth potential of the markets for Eton’s product candidates. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "believes," "anticipates," "plans," "expects," "intends," "will," "goal," "potential" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Eton’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks associated with the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such drugs. These and other risks concerning Eton’s development programs and financial position are described in additional detail in Eton’s filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. Eton undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made. Eton Pharmaceuticals, Inc. Condensed Statements of Operations (In thousands, except per share amounts) (Unaudited) For the three months ended For the nine months ended September 30, September 30, September 30, September 30, 2020 2019 2020 2019 Revenues: Product sales, net$(161) $— $(42) $— Licensing revenue — — — 500 Total revenues (161) — (42) 500 Cost of product sales (144) — (14) — Gross (loss) profit (17) — (28) 500 Operating expenses: Research and development 2,826 3,418 10,703 11,322 General and administrative 3,429 1,624 8,960 5,123 Total operating expenses 6,255 5,042 19,663 16,445 Loss from operations (6,272) (5,042) (19,691) (15,945) Other (expense) income: Interest and other (expense) income, net (232) 77 (592) 321 Loss before income tax expense (6,504) (4,965) (20,283) (15,624) Income tax expense — — — — Net loss$ (6,504) $ (4,965) $ (20,283) $ (15,624) Net loss per share, basic and diluted$ (0.31) $ (0.28) $ (1.01) $ (0.88) Weighted average number of common shares outstanding, basic and diluted 21,052 17,878 20,070 17,706 Eton Pharmaceuticals, Inc. Condensed Balance Sheets (in thousands, except share and per share amounts) September 30, 2020 December 31, 2019 (Unaudited) Assets Current assets: Cash and cash equivalents$7,332 $12,066 Accounts receivable, net — 473 Inventory 1,699 380 Prepaid expenses and other current assets 754 2,090 Total current assets 9,785 15,009 Property and equipment, net 854 1,117 Intangible assets, net 612 725 Operating lease right-of-use assets, net 63 160 Other long-term assets, net 81 61 Total assets$11,395 $17,072 Liabilities and stockholders’ equity Current liabilities: Accounts payable$2,208 $575 PPP loan, current portion 219 — Accrued liabilities 792 1,388 Total current liabilities 3,219 1,963 Long-term debt, net of discount and including accrued fees 6,496 4,540 Long-term portion of PPP and EIDL loans 292 — Operating lease liabilities, net of current portion — 19 Total liabilities 10,007 6,522 Commitments and contingencies (Note 11) Stockholders’ equity Common stock, $0.001 par value; 50,000,000 shares authorized as of September 30, 2020 and December 31, 2019; 20,988,533 and 17,877,486 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively 21 18 Additional paid-in capital 85,838 74,720 Accumulated deficit (84,471) (64,188) Total stockholders’ equity 1,388 10,550 Total liabilities and stockholders’ equity$11,395 $17,072 Eton Pharmaceuticals, Inc. Condensed Statements of Cash Flows (In thousands) (Unaudited) Nine months ended September 30, 2020 Nine months ended September 30, 2019 Cash flows from operating activities Net loss$(20,283) $(15,624) Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation 1,803 1,387 Common stock issued for product candidate licensing rights 1,264 — Depreciation and amortization 490 299 Debt discount amortization 85 — Changes in operating assets and liabilities: Accounts receivable 473 — Inventory (1,319) — Prepaid expenses and other assets 1,305 426 Accounts payable 1,633 (403) Accrued liabilities (615) (263) Net cash used in operating activities (15,164) (14,178) Cash used in investing activities Purchases of property and equipment (6) (1,062) Cash flows from financing activities Proceeds from issuance of long-term debt, net of issuance costs 1,965 — Proceeds from sales of common stock, net of offering costs 7,756 — Proceeds from PPP and EIDL loans 511 — Proceeds from employee stock purchase plan and stock option exercises 204 282 Net cash provided by financing activities 10,436 282 Change in cash and cash equivalents (4,734) (14,958) Cash and cash equivalents at beginning of period 12,066 26,735 Cash and cash equivalents at end of period$7,332 $11,177 Supplemental disclosures of cash flow information Cash paid for interest$545 $— Cash paid for income taxes$— $— Supplemental disclosure of non-cash financing activity Relative fair value of common stock warrants issued in connection with debt$94 $— Investor Contact: David Krempa dkrempa@etonpharma.com 612-387-3740
- ACCESSWIRE
Eton Pharmaceuticals, Inc. to Host Earnings Call
NEW YORK, NY / ACCESSWIRE / November 12, 2020 / Eton Pharmaceuticals, Inc.
