Financial Performance - Eton reported record net sales of $11.6 million in Q4 2024, a 59% increase compared to $7.3 million in Q4 2023, marking the 16th consecutive quarter of sequential product sales growth [4]. - Eton's gross profit for Q4 2024 was $6.5 million, up from $3.6 million in Q4 2023, primarily due to increased product sales [13]. - The company reported a net loss of $598 thousand for the three months ended December 31, 2024, an improvement compared to a net loss of $2,256 thousand for the same period in 2023 [28]. - The company generated net cash from operating activities of $(765) thousand for the three months ended December 31, 2024, compared to $387 thousand in the same period of 2023 [28]. - Cash flows from investing activities totaled $(38,132) thousand for the three months ended December 31, 2024, compared to $(775) thousand in the same period of 2023 [28]. Expenses - Research and Development (R&D) expenses for Q4 2024 were $(0.9) million, a decrease from $1.0 million in the prior year, influenced by a refund of the NDA filing fee for ET-400 [14]. - General and Administrative (G&A) expenses rose to $6.7 million in Q4 2024 from $4.6 million in the prior year, driven by personnel additions and increased marketing investments [15]. Acquisitions and New Products - The company successfully closed the acquisition of Increlex and Galzin, contributing less than $0.2 million in revenue for the quarter, with Increlex already adding new patients at a pace ahead of expectations [2][12]. - Eton is preparing for the potential launch of ET-400, with launch inventory manufactured and ready for a possible approval on its PDUFA goal date of May 28, 2025 [6]. - The company announced positive pivotal study results for ET-600 and plans to submit an NDA in April 2025, which could lead to approval in Q1 2026 [8]. - Eton has two new internal development programs, ET-700 and ET-800, which will be detailed in the upcoming Investor Day conference call [10]. Financial Position - As of December 31, 2024, Eton had cash and cash equivalents of $14.9 million, providing a solid financial position for future growth initiatives [17]. - Total assets increased significantly to $76,123 million in 2024 from $31,740 million in 2023, representing a growth of 139% [26]. - Current assets rose to $41,021 million in 2024, up from $26,839 million in 2023, marking a 53% increase [26]. - Total liabilities surged to $51,695 million in 2024, compared to $16,263 million in 2023, indicating a 218% increase [26]. - Stockholders' equity increased to $24,428 million in 2024 from $15,477 million in 2023, reflecting a growth of 58% [26]. - The company raised $25,309 thousand from the issuance of long-term debt during the year [28]. - The acquisition of a business cost the company $30,000 thousand, impacting cash flows from investing activities significantly [28]. Future Outlook - The company expects sequential growth in quarterly product revenue to continue through 2025 and beyond, driven by the relaunch of Increlex and Galzin [4].
Eton Pharmaceuticals(ETON) - 2024 Q4 - Annual Results