ETONEton Pharmaceuticals, Inc.

Pharmaceutical Preparations

Revenue: $80M; 105% YoY
Operating margin: -1.1%; 84% YoY
EBITDA: $3M; 321% YoY
Market cap: $1.5B
Employees: —
Net debt / EBITDA: 1.0×; $3M net debt
AI in 10-K: 1.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$2M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
7% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
64% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 40th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$25M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$22M	$21M	$32M	$39M	$80M	105%
Operating income	−$1M	−$8M	−$1M	−$3M	−$844K	68%
Net income	−$2M	−$9M	−$936K	−$4M	−$5M	20%
Operating cash flow	−$5M	$5M	$7M	$969K	$11M	986%
Capex	$9K	$38K	$0	$26K	$333K	1181%
Stock-based comp	$3M	$4M	$3M	$3M	$6M	74%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 30, 2024	HARROW, INC.	SC 13D/A	0.0%	Passive
Jan 28, 2022	HARROW HEALTH, INC.	SC 13D/A	8.1%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $25M · 24
Net: −$25M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$3M	$7M	—	—
FY2024	$2M	$8M	—	—
FY2023	$2M	$2M	—	—