SRSEC Reporting Desk

Eton Pharmaceuticals, Inc. (ETON) – SEC staff letter

2025-12-19 · Re: Form 10-K for the Fiscal Year Ended December 31, 2024 filed March 18, 2025 Form 8-K filed November 6, 2025 · Accession 0000000000-25-011714 · 2 staff comment(s) issued

Company response(s): 2026-01-14

Non-GAAP: Reconciliation & UsefulnessBusiness Combinations & SignificanceExhibits, Certifications & Signatures

2025-12-19 · Form 10-K for the Fiscal Year Ended December 31, 2024 filed March 18, 2025 Form 8-K filed November 6, 2025 · Comment 1 · Note 4 - Business Combination, page 53 Awaiting / response not in dataset
Staff comment: We note your disclosures in Notes 4 and 15, and Form 8-K/A filed November 18, 2025, of the October 2, 2024 Asset Purchase Agreement with Ipsen Biopharmaceuticals, Inc. (“Ipsen”) for the acquisition of Increlex, which includes an obligation to purchase additional inventory over 30 months, in an amount not to exceed €15,000. Please tell us the following: • Tell us your accounting under ASC 805 for the additional inventory purchase obligation as no portion of the purchase price was allocated to this consideration. • Please describe to us the payment terms of the related liability to Ipsen for this additional inventory. • Clarify if your disclosures related to "Remaining Inventory" in the… letter →
Business Combinations & SignificanceExhibits, Certifications & Signatures
2025-12-19 · Form 10-K for the Fiscal Year Ended December 31, 2024 filed March 18, 2025 Form 8-K filed November 6, 2025 · Comment 2 · general Awaiting / response not in dataset
Staff comment: We note the tabular reconciliations in your earnings release where you reconcile non- GAAP financial measures to the most directly comparable GAAP measures appear to essentially represent full non-GAAP statements of operations. Please explain why you believe your disclosures comply with Question 102.10 of the Compliance and Disclosure Interpretations on Non-GAAP Financial Measures or revise your disclosures in future filings. letter →
Non-GAAP: Reconciliation & Usefulness

Full letter on EDGAR → · Filing index · All Eton Pharmaceuticals, Inc. (ETON) correspondence

Non-GAAP: Reconciliation & Usefulness – what to check: Reconcile every non-GAAP measure (including segment-level measures presented outside the ASC 280 note) to the most directly comparable GAAP measure, and explain why it is useful.

Business Combinations & Significance – what to check: Support purchase price allocation, identified intangibles, and significance tests for required acquiree financials and pro formas.

Exhibits, Certifications & Signatures – what to check:

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