Eton Pharmaceuticals, Inc. Q1 2024 Earnings Call Transcript May 9, 2024 4:30 PM ET

Company Participants

David Krempa - Chief Business Officer
Sean Brynjelsen - Chief Executive Officer
James Gruber - Chief Financial Officer

Conference Call Participants

Chase Knickerbocker - Craig-Hallum

Operator

Good afternoon, and welcome to the Eton Pharmaceuticals First Quarter 2024 Financial Results Conference Call. At this time all participants are in listen-only mode. Following the formal remarks we will open the call up for your questions. Please be advised that this call is being recorded at the company's request.

At this time, I would like to turn it over to David Krempa, Chief Business Officer at Eton Pharmaceuticals. Please proceed.

David Krempa

Thank you, operator. Good afternoon, everyone, and welcome to Eton's First Quarter 2024 Conference Call. This afternoon, we issued a press release that outlines the topics we plan to discuss on today's call. The release is available on our website, etonpharma.com.

Joining me on our call today, we have Sean Brynjelsen, our CEO; and James Gruber, our CFO. In addition to taking live questions on today's call, we will be answering questions that are e-mailed to us. Investors can send their questions to investorrelations@etonpharma.com.

Before we begin, I would like to remind everyone that remarks made during this call may contain forward-looking statements and involve risks and uncertainties that could cause actual results to differ materially from those contained in these forward-looking statements. Please see the forward-looking statements disclaimer in our earnings release and the risk factors in the company's filings with the SEC.

Now I will turn the call over to our CEO, Sean Brynjelsen.

Sean Brynjelsen

Thank you, David. Good afternoon, everyone, and thank you for joining us today. After a strong finish to 2023, I am pleased to say we carry this momentum into 2024, delivering our 13th straight quarter of sequential product revenue growth. It has been a very productive start to 2024 for the company, and we have a number of exciting items to discuss today. In addition to posting record revenue sales in Q1, we also acquired a new commercial growth asset in PKU GOLIKE.

We launched Nitisinone capsules and more importantly, Eton submitted our new drug application for ET-400. We were pleased to deliver another quarter of strong revenue growth and to do so while maintaining our disciplined cost structure. Revenues from product sales grew by more than 50% year-over-year to $8.0 million, while our SG&A spending actually declined by 4% year-over-year.