Eton Pharmaceuticals is a small specialty pharma company focused on acquiring, developing, and commercializing treatments for rare and ultra-rare diseases, typically affecting fewer than 10,000 U.S. patients each. Eton's eight commercial products span two therapeutic areas: pediatric endocrinology and metabolic genetics. Its two largest revenue drivers are INCRELEX, a biologic injection for children with severe primary IGF-1 deficiency (~100 active patients), and ALKINDI SPRINKLE, the only FDA-approved granule hydrocortisone for pediatric adrenocortical insufficiency. Eton sells its products through a small internal sales force that calls on a narrow, concentrated group of specialists, and distributes through specialty pharmacies. Because patient populations are so small, Eton can cover entire markets with a compact team, creating operating leverage as new products are added with minimal incremental headcount. Gross margins on core branded products run 70-80%. Eton's business model centers on identifying undervalued or undercommercialized rare disease assets, acquiring them at reasonable prices, then growing patient counts through physician education, improved product access, and patient support programs — including zero-copay programs and active insurance navigation. Eton relies entirely on third-party contract manufacturers, keeping capital requirements low. The pipeline includes ET-600, an oral liquid desmopressin targeting pediatric diabetes insipidus with a potential Q1 2026 launch, and ET-700, an extended-release zinc acetate for Wilson disease in earlier development.