0001437749-26-017064 | 10-Q | XBRL Viewer

Note 9 - Basic and Diluted Net Loss per Common Share - Schedule of Earnings (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net income (loss)	$ 1,554	$ (1,572)
Weighted average common shares outstanding, basic (in shares)	27,285,236	26,886,000
Net income (loss) per share, basic (in dollars per share)	$ 0.06	$ (0.06)
Weighted average common shares outstanding, diluted (in shares)	31,547,220	26,886,000
Net income (loss) per share, diluted (in dollars per share)	$ 0.05	$ (0.06)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Note 3 - Long-term Debt

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Long-Term Debt [Text Block]

Note 3 — Long-Term Debt

SWK Loan

In November 2019, the Company entered into a credit agreement (the “SWK Credit Agreement”) with SWK Funding LLC (“SWK”), which provided for up to $10,000 in debt financing. As a result of subsequent amendments to the SWK Credit Agreement, the Company expanded its credit facility to $30,000, extended the facility’s maturity to three years from closing with a loan maturity date of December 17, 2027, and reduced the facility’s annual interest rate to Secured Overnight Financing Rate (“SOFR”) plus 6.75%.

Interest payments are payable quarterly, with quarterly principal payments of $3,000 beginning in May 2026 with a final principal payment of $9,000 due at maturity in December 2027. The SWK Credit Agreement includes a 5.0% exit fee payable at maturity and this exit fee payable will be accreted to interest expense in the Company's Statement of Operations using the effective interest expense method. The SWK Credit Agreement contains a mandatory prepayment clause that can compel the Company to partially prepay the loan upon certain triggering events, which the Company has deemed to be remote. Borrowing under the SWK Credit Agreement is secured by the Company's assets, contains customary default provisions, which include limits on additional indebtedness. As of March 31, 2026 and December 31, 2025, the Company was in compliance with all financial covenants.

During the three months ended March 31, 2026 and 2025, the Company recorded interest expense of $1,136 and $1,163, respectively, which included $118 and $294, respectively, of debt discount amortization and non-cash interest expense. The Company had accrued interest of $431 and $425 as of March 31, 2026 and December 31, 2025, respectively, which is included in accrued liabilities in the accompanying Condensed Balance Sheets.

The table below reflects the future payments for the SWK loan principal as of March 31, 2026.

	*Amount*
2026	$	9,000
2027		21,000
Total payments		30,000
Less: unamortized discount		(273	)
Plus: accrued exit fees at March 31, 2026		1,020
Debt, net	$	30,747

Note 2 - Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Significant Accounting Policies [Text Block]

Note 2 — Summary of Significant Accounting Policies

Basis of Presentation

The Company has prepared the accompanying condensed financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”). Certain prior period amount have been reclassified to conform to current year presentation in the condensed financial statements and notes to financial statements.

Unaudited Interim Financial Information

The accompanying interim condensed financial statements are unaudited and have been prepared on the same basis as the audited annual financial statements of the Company and, in the opinion of management, reflect all adjustments necessary for the fair presentation of the Company’s financial position as of March 31, 2026, and the results of its operations and its cash flows for the periods ended March 31, 2026 and 2025. The financial data and other information disclosed in these notes related to the three months ended March 31, 2026 and 2025 are also unaudited. The interim financial statements are condensed and generally do not repeat the disclosures in the annual financial statements. As such, the interim financial statements herein should be read in conjunction with the Company’s latest annual financial statements filed on Form 10-K on March 19, 2026. The results for the three months ended March 31, 2026, are not necessarily indicative of results to be expected for the year ending December 31, 2026, any other interim periods, or any future year or period.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, Medicaid program rebates, valuation of inventories, useful lives of assets and the recoverability of long-lived assets, valuation of deferred tax assets, and the valuation of common stock, stock options, warrants, and restricted stock units (“RSUs”). Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates or assumptions.

Acquisitions

The Company accounts for business acquisitions using the acquisition method of accounting. Under this method of accounting, assets acquired and liabilities assumed are recorded at their respective fair values at the date of the acquisition. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions. The Company's estimates of fair value are based upon assumptions believed to be reasonable but that are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Any excess of the purchase price over the fair value of the net assets acquired is recognized as goodwill.

The Company accounts for acquisitions that do not meet the definition of a business as an asset acquisition. The determination of whether a transaction represents a business combination or an asset acquisition requires significant judgment, including an evaluation of whether the acquired set includes a substantive process and whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar assets. For transactions accounted for as asset acquisition, the Company allocates the purchase price, including transaction costs, to the individual assets acquired and liabilities assumed on a relative fair value basis. This allocation requires management to make significant estimates and assumptions, including the selection of valuation methodologies, discount rates, projected cash flows, and useful lives of acquired assets. Changes in these assumptions could result in materially different allocations of the purchase price, which may impact future amortization expense. In addition, because goodwill is not recognized in asset acquisitions, the assignment of value to identifiable intangible assets may be greater than in a business combination.

The Company amortizes finite-lived intangible assets over their estimated useful lives and evaluates indefinite-lived assets for impairment. The determination of useful lives and the timing of impairment assessments require significant judgment and may materially affect the Company’s results of operations. Critical estimates in valuing certain of the intangible assets acquired include:

●

future expected cash flows from customer contracts and license agreements;

●

historical and expected customer attrition rates and anticipated growth in revenues from acquired customers; and

●

discount rates.

Segment Information

The Company operates the business on the basis of a single reportable segment, which includes ten commercial rare disease products: INCRELEX®, HEMANGEOL®, ALKINDI SPRINKLE®, KHINDIVI™, DESMODA™, GALZIN®, PKU GOLIKE®, Carglumic Acid, Betaine Anhydrous, and Nitisinone. The Company primarily derives revenues from product sales to a specialty pharmacy customer, AnovoRx, who then provides order fulfillment, inventory storage and distribution services. In September 2025, the Company terminated its agreement with specialty pharmacy, Optime Care, and transitioned order fulfillment, inventory storage and distribution services to AnovoRx. The Company’s chief operating decision-maker (“CODM”) is the Chief Executive Officer, who evaluates the Company’s financial performance and results of operations as a single operating segment. The CODM reviews net income or loss as a measure of segment profit or loss in assessing performance and allocating resources. Segment revenues, expenses and profit or loss is reported on the Condensed Statements of Operations. Additionally, the measure of segment assets is reported on the Company’s Condensed Balance Sheets as total assets.

The Company's revenues and its accounts receivable balances are highly concentrated and consist of sales to and amounts due from AnovoRx for the Company's INCRELEX®, HEMANGEOL®, ALKINDI SPRINKLE®, KHINDIVI™, DESMODA™, GALZIN®, Carglumic Acid, Betaine Anhydrous and Nitisinone products, as well as from Pentec Health for sales of the Company’s PKU GOLIKE® product. For the three months ended March 31, 2026 and 2025, AnovoRx product sales represented 88.9% and 90.8% of net revenues, respectively. As of March 31, 2026 and December 31, 2025, AnovoRx product sales represented 80.7% and 88.4% of net accounts receivable. During the three months ended March 31, 2026 and 2025, the Company's revenues from external customers were entirely derived from U.S operations. As of March 31, 2026 and December 31, 2025, all long-lived assets were domiciled within the U.S.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. All cash and cash equivalents are held in U.S. financial institutions or invested in short-term U.S. treasury bills or high-grade money market funds. From time to time, amounts deposited with its bank exceed federally insured limits. The Company believes the associated credit risk to be minimal.

Accounts Receivable

Accounts receivable are recorded at the invoiced amount and are non-interest bearing. Accounts receivable are recorded net of allowances for credit losses and cash discounts for prompt payment. The Company considers historical collection rates and the current financial status of its customers, as well as macroeconomic and industry-specific factors when evaluating potential credit losses. The Company's accounts receivable balances are highly concentrated with a select number of customers, consisting primarily of specialty pharmacies. Given the size and creditworthiness of these customers, we have not experienced and do not expect to experience material credit losses.

Inventories

The Company values its inventories at the lower of cost or net realizable value using the first-in, first-out method of valuation. The Company reviews its inventories for potential excess or obsolete issues on an ongoing basis and records a write-down if an impairment is identified. As of March 31, 2026 and December 31, 2025, inventories consisted of purchased finished goods, semi-finished goods and raw materials.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation of property and equipment is computed utilizing the straight-line method based on the following estimated useful lives. Computer hardware and software is depreciated over three years. Equipment, furniture and fixtures is depreciated over five years. Leasehold improvements are amortized over their estimated useful lives or the remaining lease term, whichever is shorter. Construction in progress is capitalized but not depreciated until it is placed into service.

Intangible Assets

The Company has historically capitalized payments it makes for licensed products when the payment is based on Food and Drug Administration (“FDA”) approval or near-term approval for the product and the cost is recoverable based on expected future cash flows from the product. In January 2026, the Company purchased the licensing rights to a product that has not received FDA approval and accordingly, is classified as In-Process Research and Development (“IPR&D”) within Intangible assets, net on the Company's Condensed Balance Sheets as of March 31, 2026. In February 2026, the Company entered into a licensing agreement to acquire the U.S. rights to HEMANGEOL® (propranolol) oral solution from Pierre Fabre Medicament Sas (“Pierre Fabre”), in which the Company paid Pierre Fabre $14,000 upfront. The Company accounted for this transaction as an asset acquisition, and after purchase accounting adjustments for inventory step-up costs of $1,131, and including acquisition related expenses of $100, the Company recorded $12,969 for the HEMANGEOL® intangible asset which is being amortized over its useful life of ten years.

Intangible assets are amortized on a straight-line basis over the estimated useful life of the product commencing on the approval date or the product acquisition date in accordance with ASC 350 — Intangibles - Goodwill and Other. The following table presents the Company's intangible assets as of March 31, 2026 and December 31, 2025:

	Useful Life		Purchase	Purchase		Accumulated		Carrying
Intangible assets as of March 31, 2026	(In years)		Date	Price		Amortization		Value
Carglumic Acid		10	November 2021	$	3,250	$	1,435	$	1,815
Betaine		5	September 2022		2,125		1,505		620
Nitisinone		5	October 2023		650		325		325
GoLike		10	March 2024		1,868		374		1,494
Increlex		10	December 2024		21,250		2,732		18,518
Galzin		10	December 2024		8,119		1,015		7,104
IPR&D asset			January 2026		1,000		—		1,000
HEMANGEOL		10	February 2026		12,969		107		12,862
				$	51,231	$	7,493	$	43,738

	Useful Life		Purchase	Purchase		Accumulated		Carrying
Intangible assets as of December 31, 2025	(In years)		Date	Price		Amortization		Value
Carglumic Acid		10	November 2021	$	3,250	$	1,354	$	1,896
Betaine		5	September 2022		2,125		1,399		726
Nitisinone		5	October 2023		650		292		358
GoLike		10	March 2024		1,868		327		1,541
Increlex		10	December 2024		21,250		2,200		19,050
Galzin		10	December 2024		8,119		812		7,307
				$	37,262	$	6,384	$	30,878

The Company recorded $1,109 and $1,001 of amortization expense for the three months ended March 31, 2026 and March 31, 2025, respectively. The table below shows the estimated remaining amortization for these products for each of the five years from 2026 to 2030 and thereafter.

	*Amortization*
Year	*Expense*
Remainder of 2026	$	3,976
2027		5,377
2028		5,043
2029		4,946
2030		4,946
Thereafter		19,450
Total estimated amortization expense	$	43,738

Impairment of Long-Lived Assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the Company’s Condensed Statements of Operations for the amount by which the carrying amount of the asset exceeds the fair value of the asset. No impairment was recognized during the three-month periods ended March 31, 2026 or 2025.

Deferred Financing Costs, Debt Discount and Detachable Debt-Related Warrants

Costs incurred to issue debt are deferred and recorded as a reduction to the debt balance in the accompanying Condensed Balance Sheets. The Company amortizes these costs over the expected term of the related debt under the effective interest method. Debt discounts related to the relative fair value of warrants issued in conjunction with debt are also recorded as a reduction to the debt balance and accreted over the expected term into interest expense using the effective interest method.

Leases

The Company accounts for leases in accordance with ASC Topic 842 — Leases. The Company reviews all relevant facts and circumstances of a contract to determine if it is a lease whereby the terms of the agreement convey the right to control the direct use and receive substantially all the economic benefits of an identified asset for a period of time in exchange for consideration. The associated right-of-use assets and lease liabilities are recognized at lease commencement. The Company measures lease liabilities based on the present value of the lease payments over the lease term discounted using the rate it would pay on a loan with the equivalent payments and term for the lease. The Company does not include the impact for lease term options that would extend or terminate the lease unless it is reasonably certain that it will exercise any such options. The Company accounts for the lease components separately from non-lease components for its operating leases.

The Company measures right-of-use assets based on the corresponding lease liabilities adjusted for (i) any prepayments made to the lessor at or before the commencement date, (ii) initial direct costs it incurs, and (iii) any incentives under the lease. In addition, the Company evaluates the recoverability of its right-of-use assets for possible impairment in accordance with its long-lived assets policy.

Operating leases are reflected on the Condensed Balance Sheets as operating lease right-of-use assets, current accrued liabilities and long-term operating lease liabilities. The Company does not have any finance leases as of March 31, 2026 and December 31, 2025.

The Company commences recognizing operating lease expense when the lessor makes the underlying asset available for use by the Company and the operating lease expense is recognized on a straight-line basis over the term of the lease. Variable lease payments are expensed as incurred.

The Company does not recognize right-of-use assets or lease liabilities for leases with a term of twelve months or less; such lease costs are recorded in the Condensed Statements of Operations on a straight-line basis over the lease term.

Patent Costs

All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the successful award of a patent and the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses.

Concentrations of Credit Risk, Sources of Supply and Significant Customers

The Company is subject to credit risk for its cash and cash equivalents, which are invested in money market funds and U.S. treasury bills from time to time. The Company maintains its cash and cash equivalent balances with one major commercial bank and the deposits held with the financial institution exceed the amount of insurance provided on such deposits and are exposed to credit risk in the event of a default by the financial institution holding its cash and cash equivalents to the extent recorded on the Condensed Balance Sheets. The Company believes the associated credit risk to be minimal.

The Company is dependent on third-party suppliers for its products and product candidates. In particular, the Company relies, and expects to continue to rely, on a small number of suppliers to manufacture key chemicals, approved products and process its product candidates as part of its development programs. These programs could be adversely affected by a significant interruption in the manufacturing process.

The Company is also subject to credit risk from its accounts receivable related to product sales as it extends credit based on an evaluation of the customer’s financial condition, and collateral is not required. The Company's accounts receivables are evaluated to determine if any allowance should be recorded based on consideration of the current economic environment, expectations of future economic conditions, specific circumstances and the Company's historical collection experience. Additionally, management monitors its exposure to accounts receivable by periodically evaluating the collectability of the account receivable based on a variety of factors including the length of time the receivables are past due, the financial health of the customer and any prior customer credit loss experience. Based upon the review of these factors, the Company recorded no allowance for credit losses at March 31, 2026 or December 31, 2025.

Revenue Recognition for Contracts with Customers

The Company accounts for contracts with its customers in accordance with ASC 606 — Revenue from Contracts with Customers. ASC 606 applies to all contracts with customers, except for contracts that are within the scope of other standards. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determine those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered options. The Company assesses whether these options provide a material right to the customer and, if so, they are considered performance obligations. The exercise of a material right is accounted for as a contract modification for accounting purposes.

The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time. For the three months ended March 31, 2026 and 2025, all revenues recognized in the Condensed Statements of Operations were point in time sales to the Company's customers.

Milestone Payments – If a commercial contract arrangement includes development and regulatory milestone payments, the Company will evaluate whether the milestone conditions have been achieved and if it is probable that a significant revenue reversal would not occur before recognizing the associated revenue. Milestone payments that are not within the Company’s control or the licensee’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received.

Royalties – For arrangements that include sales-based royalties, including milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied.

The Company sells its INCRELEX®, HEMANGEOL®, ALKINDI SPRINKLE®, KHINDIVI™, DESMODA™, GALZIN®, PKU GOLIKE®, Carglumic Acid, Betaine Anhydrous, and Nitisinone products to pharmacy distributor customers which provide order fulfilment and inventory storage/distribution services. The Company uses a third-party logistics (“3PL”) vendor to process and fulfill orders and has concluded it is the principal in the sales to wholesalers because it controls access to the 3PL vendor services rendered and directs the 3PL vendor activities.

For the Company's INCRELEX®, HEMANGEOL®, ALKINDI SPRINKLE®, KHINDIVI™, DESMODA™, GALZIN®, PKU GOLIKE®, Carglumic Acid, Betaine Anhydrous, and Nitisinone products, the Company bills at the initial product list price which are subject to offsets for patient co-pay assistance and potential state Medicaid reimbursements which are recorded as a reduction of net revenues at the date of sale/shipment. INCRELEX®, HEMANGEOL®, ALKINDI SPRINKLE®, KHINDIVI™, DESMODA™, GALZIN®, PKU GOLIKE®, Carglumic Acid, Betaine Anhydrous, and Nitisinone product sales are not subject to returns. Upon recognition of revenue from product sales, the estimated amounts of chargebacks, prompt pay discounts and state Medicaid are in sales reserves, accrued liabilities and net accounts receivable.

The Company estimates the transaction price when it receives each purchase order taking into account the expected reductions of the selling price initially billed to the wholesaler/distributor arising from all of the above factors. The Company has developed estimates for future returns and chargebacks and the impact of other discounts and fees it pays, although INCRELEX®, HEMANGEOL®, ALKINDI SPRINKLE®, KHINDIVI™, DESMODA™, GALZIN®, PKU GOLIKE®, Carglumic Acid, Betaine Anhydrous, and Nitisinone sales are not subject to returns.

The Company stores its INCRELEX®, HEMANGEOL®, ALKINDI SPRINKLE®, KHINDIVI™, DESMODA™, GALZIN®, PKU GOLIKE®, Carglumic Acid, Betaine Anhydrous and Nitisinoneproducts inventory at its pharmacy distributor customer locations, and sales are recorded when stock is pulled and shipped to fulfill specific patient orders.

The state Medicaid rebate and related liability are estimated based on monthly sales, historical experience of claims submitted by the various states and jurisdictions, historical rebate rates and estimated lag time of the rebate invoices.

Cost of Sales

Cost of product sales consists of the profit-sharing and royalty fees with the Company’s product licensing and development partners, the purchase costs for finished products from third-party manufacturers, freight and handling/storage from the Company’s 3PL logistics service providers and inventory step-up expense, and amortization expense of certain intangible assets. The costs of sales for profit-sharing, royalty fees, purchased finished products, and the associated inbound freight expense are recorded when the associated product sale revenue is recognized in accordance with the terms of shipment to customers while outbound freight and handling/storage fees charged by the 3PL service provider are expensed as they are incurred. Intangible assets are amortized on a straight-line basis over the estimated useful life of the product. Cost of product sales also reflects any write-downs or reserve adjustments for the Company’s inventories.

Licensing cost of sales may consist of supply agreements and profit-sharing agreements associated with the Company’s sale of its product licenses to customers. The costs of sales for profit-sharing agreements are recognized upon the achievement of certain development and commercial milestones.

Research and Development Expenses

Research and development (“R&D”) expenses include both internal R&D activities and external contracted services. Internal R&D activity expenses include salaries, benefits and stock-based compensation and other costs to support the Company’s R&D operations. External contracted services include product development efforts such as certain product licensor milestone payments, clinical trial activities, manufacturing and control-related activities and regulatory costs. R&D expenses are charged to operations as incurred. The Company reviews and accrues R&D expenses based on services performed and may, from time to time, make estimates of those costs applicable as to the stage of completion of each project. Actual results could differ from the Company’s estimates. Nonrefundable advance payments for goods or services to be received in the future for use in R&D activities are recorded as prepaid expenses and are expensed as the related goods are delivered or the services are performed.

Income (Loss) Per Share

Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders for the period by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders for the period by the weighted average number of common and common equivalent shares, such as unvested restricted stock, stock options and warrants that are outstanding during the period. Common stock equivalents are excluded from the computation when their inclusion would be anti-dilutive. No such adjustments were made for the three months ended March 31, 2025 as including the effects of common stock equivalents in the diluted earnings per share calculation would have been anti-dilutive. See Note 9 for further information.

Income Taxes

The Company accounts for income taxes under the provisions of ASC 740 - Income Taxes. As part of the process of preparing the Company’s financial statements, the Company must estimate the actual current tax liabilities and assess temporary differences resulting from differing treatment of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included within the Condensed Balance Sheets. The Company must assess the likelihood that the deferred tax assets will be recovered from future taxable income and, to the extent the Company believes that recovery is not likely, a valuation allowance must be established. To the extent the Company establishes a valuation allowance or increase or decrease to this allowance in a period, the impact will be included in income tax expense in the Condensed Statements of Operations. As of March 31, 2026 and December 31, 2025, the Company has established a 100% valuation reserve against its deferred tax assets. See Note 10 for further information.

Stock-Based Compensation

The Company accounts for stock-based compensation under the provisions of ASC 718 Compensation – Stock Compensation. The guidance under ASC 718 requires companies to estimate the fair value of the stock-based compensation awards on the date of grant and record expense over the related service periods, which are generally the vesting period of the equity awards. Compensation expense is recognized over the period during which services are rendered by consultants and non-employees until completed.

The Company estimates the fair value of stock-based option awards using the Black-Scholes option-pricing model (“BSM”). The BSM requires the input of subjective assumptions, including the expected stock price volatility, the calculation of expected term, forfeitures and the fair value of the underlying common stock on the date of grant, among other inputs. The risk-free interest rate was determined from the implied yields for zero-coupon U.S. government issues with a remaining term approximating the expected life of the options or warrants. Dividends on common stock are assumed to be zero for the BSM valuation of the stock options. The expected term of stock options granted is based on vesting periods and the contractual life of the options. Expected volatilities are based on the Company's historical volatility subsequent to our initial public offering (“IPO”), which we believe represents the most accurate basis for estimating expected future volatility under the current conditions. The Company accounts for forfeitures as they occur.

Fair Value Measurements

We measure certain of our assets and liabilities at fair value. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value accounting requires characterization of the inputs used to measure fair value into a three-level fair value hierarchy as follows:

Level 1 — Inputs based on quoted prices in active markets for identical assets or liabilities. An active market is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 — Observable inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent from the entity.

Level 3 — Unobservable inputs that reflect the entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available.

Fair value measurements are classified based on the lowest level of input that is significant to the measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of the assets and liabilities and their placement within the fair value hierarchy levels. The determination of the fair values stated below take into account the market for the Company’s financials, assets and liabilities, the associated credit risk and other factors as required. The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, and debt obligation. The carrying amounts of these financial instruments approximate their fair values due to the short-term maturities of these instruments. Based on borrowing rates currently available to the Company, the carrying value of the debt obligation approximates its fair value.

Recent Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40). Additionally, in January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. The standard provides guidance to expand disclosures related to the disaggregation of income statement expenses. The standard requires, in the notes to the financial statements, disclosure of specified information about certain costs and expenses, which includes purchases of inventory, employee compensation, depreciation and intangible asset amortization included in each relevant expense caption. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on a retrospective or prospective basis, with early adoption permitted. The Company is currently evaluating the effect of this new guidance on its condensed financial statements.

In December 2025, the FASB issued ASU 2025-12, Codification Improvements, which makes narrow-scope amendments to various topics within the Accounting Standards Codification to clarify and improve existing guidance. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after January 1, 2027, on a retrospective or prospective basis, with early adoption permitted. The Company is currently evaluating the effect of this new guidance on its condensed financial statements.

Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Paid, before Refund Received	$ 37	$ 8
Proceeds from Income Tax Refunds	$ 109	$ 0

Note 8 - Share-based Payment Awards

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

Note 8 — Share-Based Payment Awards

In November 2018, the Company’s stockholders and board of directors approved the 2018 Plan which succeeded the 2017 Plan. The 2018 Plan was amended by the board of directors in December 2020. The Company has granted RSAs, stock options and RSUs for its common stock under the 2017 Plan and 2018 Plan as detailed in the tables below. There were 1,301,548 shares available for future issuance under the 2018 Plan as of March 31, 2026.

All stock options issued have been non-qualified stock options and the exercise price was the closing stock price of the Company's common stock on the date of grant. Non-qualified stock options typically have a ten-year life and non-qualified stock options that are expired, terminated, surrendered or canceled without having been fully exercised will be available for future awards under the 2018 Plan. In addition, the 2018 Plan provides that commencing January 1, 2019 and through January 1, 2028, the share reserve will be increased by 4% of the total number of shares outstanding as of the preceding December 31, subject to a reduction at the discretion of the Company’s board of directors. On January 1, 2025, the share reserve was increased by 1,068,323 shares based on the 26,709,084 shares of common stock outstanding at December 31, 2024. On January 1, 2026, the share reserve was increased by 1,081,882 shares based on the 27,047,061 shares of common stock outstanding at December 31, 2025.The exercise price for stock options granted is not less than the fair value of common stock as of the date of grant. The Company uses the closing stock price on the date of grant as the exercise price.

For the three months ended March 31, 2026 and 2025, the Company’s total stock-based compensation expense was $1,518 and $1,200, respectively. Of these amounts, $1,469 and $1,161 were recorded in general and administrative (“G&A”) expenses during the three months ended March 31, 2026 and 2025, respectively, and $49 and $39 were recorded in research and development expenses for the three months ended March 31, 2026 and 2025, respectively.

Stock Options

The following table summarizes stock option activity during the three months ended March 31, 2026:

						*Weighted*
				*Weighted*		*Average*
				*Average*		*Remaining*		*Aggregate*
				*Exercise*		*Contractual*		*Intrinsic*
	*Shares*			*Price*		*Term (Yrs)*		*Value*
Outstanding as of December 31, 2025		5,911,521		$	5.35
Issued		504,674		$	16.01
Exercised		(272,597	)	$	5.13
Forfeited/Cancelled		—		$	—
Outstanding as of March 31, 2026		6,143,598		$	6.24		6.2	$	113,292
Options exercisable as of March 31, 2026		4,613,017		$	5.04		5.4	$	90,577
Options vested and expected to vest at March 31, 2026		6,143,597		$	6.24		6.2	$	113,292

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock at March 31, 2026 for those stock options that had strike prices lower than the fair value of the Company’s common stock.

Stock based compensation related to stock options was $888 and $929 for the three-month periods ended March 31, 2026 and 2025, respectively. As of March 31, 2026, there was a total of $9,166 of unrecognized compensation costs related to non-vested stock option awards, which will be recognized over a weighted average period of approximately 3.0 years.

During the three months ended March 31, 2026, the Company issued 272,597 shares of its common stock resulting from stock option exercises at a weighted average exercise price of $5.13 per share with an intrinsic value of $3,473. During the three months ended March 31, 2025, the Company issued 108,451 shares of its stock resulting from stock option exercises at a weighted average exercise price of $3.63 per share with an intrinsic value of $1,167.

Restricted Stock Units (RSUs)

The following table summarizes restricted stock unit activity during the three months ended March 31, 2026:

	*Number of Units*			*Weighted Average Grant-Date Fair Value Per Unit*
Outstanding and unvested as of December 31, 2025		278,501		$	9.57
Granted		293,625		$	15.47
Vested		(40,217	)	$	13.00
Forfeited		—		$	—
Outstanding and unvested as of March 31, 2026		531,909		$	12.57

Stock-based compensation related to RSUs was $521 and $190 for the three-month periods ended March 31, 2026 and 2025, respectively. As of March 31, 2026, there was $6,054 of unrecognized stock-based compensation expense related to unvested RSUs, which will be recognized over a weighted average period of approximately 3.0 years.

Employee Stock Purchase Plan

The Company’s 2018 Employee Stock Purchase Plan (“ESPP”) provides for an initial reserve of 150,000 shares, and this reserve is automatically increased on January 1 of each year by the lesser of 1% of the outstanding shares of common stock at December 31 of the preceding year or 150,000 shares of the Company's common stock, subject to reduction at the discretion of the Company’s board of directors. As of March 31, 2026, there were 975,687 shares available for issuance under the ESPP.

The annual offerings consist of two stock purchase periods, with the first purchase period ending in June and the second ending in December. The terms of the ESPP permit employees of the Company to use payroll deductions to purchase stock at a price per share that is at least the lesser of (1) 85% of the fair market value of a share of common stock on the first date of an offering or (2) 85% of the fair market value of a share of common stock on the date of purchase. After the offering period ends, subsequent twelve-month offering periods automatically commence over the term of the ESPP on the day that immediately follows the conclusion of the preceding offering, each consisting of two purchase periods approximately six months in duration. The terms of the ESPP provide a restart feature if the Company's stock price is lower at the end of a six-month period within the twelve-month offering period than it was at the beginning of the twelve-month offering period.

The Company recorded an expense of $109 and $81 related to the ESPP during the three-month periods ended March 31, 2026 and 2025, respectively. As of March 31, 2026 and December 31, 2025, the accompanying Condensed Balance Sheets include $258 and $45, respectively, in accrued liabilities for employee ESPP contributions.

Note 4 - Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Property, Plant, and Equipment [Table Text Block]

	March 31,			December 31,
	2026			2025
Computer hardware and software	$	200		$	200
Furniture and fixtures		262			265
Equipment		87			52
Leasehold improvements		331			295
Property and equipment, gross		880			812
Less: accumulated depreciation and amortization		(508	)		(486	)
Property and equipment, net	$	372		$	326

Note 10 - Income Taxes (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	*Three Months Ended*
	*March 31,*			*March 31,*
	*2026*			*2025*

Income (loss) before income taxes	$	1,574		$	(1,498	)
Income tax expense		20			74
Effective tax rate		1.3	%		(4.9	%)

Note 8 - Share-based Payment Awards (Details Textual) - USD ($)		3 Months Ended
	Dec. 31, 2018	Mar. 31, 2026	Mar. 31, 2025	Jan. 01, 2026	Dec. 31, 2025	Dec. 31, 2024
Common Stock, Capital Shares Reserved for Future Issuance, Increase (in shares)				1,081,882		1,068,323
Common Stock, Shares, Outstanding (in shares)		27,359,791			27,047,061	26,709,084
Share-Based Payment Arrangement, Expense		$ 1,518,000	$ 1,200,000
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 9,166,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)		272,597	108,451
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share)		$ 5.13	$ 3.63
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value		$ 3,473,000	$ 1,167,000
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Expense		$ 888,000	929,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		3 years
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expense		$ 521,000	190,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		3 years
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 6,054
General and Administrative Expenses [Member]
Share-Based Payment Arrangement, Expense		1,469,000	1,161,000
Research and Development Expenses [Member]
Share-Based Payment Arrangement, Expense		$ 49,000	39,000
The 2018 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)		1,301,548
Share-based Compensation Arrangement by Share-based Payment Award, Annual Increase in Share Reserve as a Percent of Outstanding Common Stock		4.00%
The 2018 Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)		975,687
Common Stock, Capital Shares Reserved for Future Issuance, Increase (in shares)	150,000
Share-Based Payment Arrangement, Expense		$ 109,000	$ 81,000
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	150,000
Common Stock, Capital Shares Reserved for Future Issuance, Percentage Increase	1.00%
Employee Stock Purchase Plans, Fair Value of Common Stock Price Per Share on Offering Date, Percentage	85.00%
Employee Stock Purchase Plans, Fair Value of Common Stock Price Per Share on Purchase Date, Percentage	85.00%
Employee-related Liabilities, Current		$ 258,000			$ 45,000

Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Sep. 30, 2024	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Nov. 13, 2019
Interest Expense, Operating and Nonoperating		$ 1,136	$ 1,163
Amortization of Debt Discount (Premium)		118	$ 294
Accrued Liabilities, Current		7,746		$ 9,408
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Liability, Interest and Exit Fees [Member]
Accrued Liabilities, Current		$ 431		$ 425
SWK Credit Agreement [Member] \| SWK Holdings Corporation [Member]
Debt Instrument, Face Amount					$ 10,000
The Amended Agreement [Member] \| SWK Holdings Corporation [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 30,000
Debt Instrument, Basis Spread on Variable Rate	6.75%
Debt Instrument, Periodic Payment, Principal	$ 3,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid	$ 9,000
Debt Instrument, Exit Fee as a Percentage of Outstanding Amounts	5.00%

Note 5 - Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Raw materials	$ 542	$ 557
Semi-finished goods	7,444	9,431
Finished goods	7,129	6,630
Less: excess and obsolete inventory reserve	(649)	(1,199)
Inventory, net	$ 14,467	$ 15,419

Note 4 - Property and Equipment (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Depreciation	$ 22	$ 12

Note 3 - Long-term Debt - Schedule of Future Payments (Details) - SWK Credit Agreement [Member] $ in Thousands	Mar. 31, 2026 USD ($)
2026	$ 9,000
2027	21,000
Total payments	30,000
Less: unamortized discount	(273)
Plus: accrued exit fees at March 31, 2026	1,020
Debt, net	$ 30,747

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Note 4 - Property and Equipment

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Property, Plant, and Equipment [Text Block]

Note 4 — Property and Equipment

Property and equipment consist of the following:

	March 31,			December 31,
	2026			2025
Computer hardware and software	$	200		$	200
Furniture and fixtures		262			265
Equipment		87			52
Leasehold improvements		331			295
Property and equipment, gross		880			812
Less: accumulated depreciation and amortization		(508	)		(486	)
Property and equipment, net	$	372		$	326

Depreciation expense for the three months ended March 31, 2026 and 2025 was $22 and $12, respectively.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482130/360-10-45-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.CC)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480091/360-10-S99-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

+ Details

Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended		12 Months Ended
	Feb. 28, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Inventory Step-Up		$ 350	$ 1,142
Intangible Asset, Finite-Lived, after Accumulated Amortization		43,738		$ 30,878
Amortization of Intangible Assets		1,109	1,001
Impairment, Long-Lived Asset, Held-for-Use		0	$ 0
Finance Lease, Liability		$ 0		$ 0
Percentage for Valuation Reserve Against Deferred Tax Assets		100.00%		100.00%
Hemangeol [Member]
Intangible Asset, Finite-Lived, after Accumulated Amortization	$ 12,969	$ 12,862
Intangible Asset, Finite-Lived, Useful Life (Year)	10 years	10 years
Computer Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)		3 years
Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life (Year)		5 years
Hemangeol [Member] \| Pierre Fabre [Member]
Payments to Acquire Marketing Rights	$ 14,000
Inventory Step-Up	1,131
Payments to Acquire Marketing Rights, Acquisition Costs	$ 100
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| AnovoRx [Member]
Concentration Risk, Percentage		88.90%	90.80%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| AnovoRx [Member]
Concentration Risk, Percentage		80.70%	88.40%

Note 6 - Common Stock (Details Textual) - $ / shares	1 Months Ended	3 Months Ended
Note 6 - Common Stock (Details Textual) - $ / shares	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Common Stock, Shares Authorized (in shares)		50,000,000		50,000,000
Common Stock, Par or Stated Value Per Share (in dollars per share)		$ 0.001		$ 0.001
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)		272,597	108,451
The Two Thousand Eighteen Equity Incentive Plan Member
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)	108,451	312,730

- Definition

Number of share options (or share units) exercised during the current period.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Note 9 - Basic and Diluted Net Loss per Common Share (Details Textual)	3 Months Ended
	Mar. 31, 2025 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	4,130,700

Note 9 - Basic and Diluted Net Loss per Common Share (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Three Months Ended*
	*March 31,*		*March 31,*
	*2026*		*2025*

Net income (loss)	$	1,554	$	(1,572	)
Weighted average common shares outstanding, basic		27,285,236		26,886,000
Net income (loss) per share, basic	$	0.06	$	(0.06	)
Weighted average common shares outstanding, diluted		31,547,220		26,886,000
Net income (loss) per share, diluted	$	0.05	$	(0.06	)

Note 3 - Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2026

SWK Credit Agreement [Member]

Notes Tables

Schedule of Maturities of Long-Term Debt [Table Text Block]

	*Amount*
2026	$	9,000
2027		21,000
Total payments		30,000
Less: unamortized discount		(273	)
Plus: accrued exit fees at March 31, 2026		1,020
Debt, net	$	30,747

Note 5 - Inventory (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory Valuation Reserves	$ 649	$ 1,199

Note 11 - Related-Party Transactions (Details Textual) - USD ($) $ in Thousands			1 Months Ended		3 Months Ended
	Aug. 31, 2024	Aug. 30, 2024	Mar. 31, 2025	Aug. 31, 2024	Mar. 31, 2026	Mar. 31, 2025
Revenue from Contract with Customer, Excluding Assessed Tax					$ 24,266	$ 17,282
Cost of Product and Service Sold					$ 9,531	7,421
Chief Executive Officer [Member] \| Sean E. Brynjelsen [Member]
Subsidiary, Ownership Percentage, Parent					100.00%
Messa Holdings LLC [Member]
Equity Method Investment, Ownership Percentage					50.00%
DS-200 [Member] \| Selenix [Member]
Commitment, Allocation of Profits, Percentage	45.00%	50.00%		45.00%
License [Member]
Revenue from Contract with Customer, Excluding Assessed Tax					$ 0	3,286
Cost of Product and Service Sold					$ 0	$ 825
License [Member] \| Selenix [Member] \| Selenix Agreement [Member]
Revenue from Contract with Customer, Excluding Assessed Tax			$ 1,500
Cost of Product and Service Sold			$ 675

Note 11 - Related-Party Transactions

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Note 11 — Related-Party Transactions

Chief Executive Officer

Previously, the Company acquired DS-200 and all related intellectual property pursuant to an asset purchase agreement (the “Selenix Agreement”) dated June 23, 2017 between the Company and Selenix LLC (“Selenix”), an entity affiliated with the CEO. On August 30, 2024, the Company amended the Selenix Agreement in tandem with an agreement to sell DS-200 in August 2024 (see Note 13). Pursuant to the terms of the amended Selenix Agreement, Selenix waived its rights to future milestone payments and 50% of DS-200 profit in exchange for 45% of proceeds received by the Company from the DS-200 sale agreement. Selenix is 50% owned by Messa Holdings LLC (“Messa”), which is 100% owned by the CEO. In March 2025, the Company recognized licensing revenue of $1,500 and $675 in cost of sales from a development milestone.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(7)(e)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Note 8 - Share-Based Payment Awards - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Balance, Options (in shares)	5,911,521
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 5.35
Issued, Options (in shares)	504,674
Issued, Weighted Average Exercise Price (in dollars per share)	$ 16.01
Exercised, Options (in shares)	(272,597)	(108,451)
Exercised, Weighted Average Exercise Price (in dollars per share)	$ 5.13	$ 3.63
Forfeited/Cancelled, Options (in shares)	0
Forfeited/Cancelled, Weighted Average Exercise Price (in dollars per share)	$ 0
Balance, Options (in shares)	6,143,598
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 6.24
Outstanding, Weighted Average Remaining Contractual Term (Year)	6 years 2 months 12 days
Outstanding, Aggregate Intrinsic Value	$ 113,292
Exercisable, Options (in shares)	4,613,017
Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 5.04
Exercisable, Weighted Average Remaining Contractual Term (Year)	5 years 4 months 24 days
Options exercisable as of March 31, 2026	$ 90,577
Vested and expected to vest, Options (in shares)	6,143,597
Vested and expected to vest, Weighted Average Exercise Price (in dollars per share)	$ 6.24
Vested and expected to vest, Weighted Average Remaining Contractual Term (Year)	6 years 2 months 12 days
Vested and expected to vest, Aggregate Intrinsic Value	$ 113,292

Note 12 - Leases - Schedule of Future Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	May 30, 2025
Total	$ 684
2026 (Remainder)	98
2027	134
2028	138
2029	142
2030	146
2031 and thereafter	25
Less: Imputed interest	(170)
Total lease liabilities	$ 515	$ 525	$ 522

Note 12 - Leases - Schedule of Lease-related Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	May 30, 2025
Operating Lease, Right-of-Use Asset	$ 301	$ 310	$ 333
Operating lease liabilities, current	75	65
Operating lease liabilities, noncurrent	440	460
Total operating lease liabilities	$ 515	$ 525	$ 522

Note 10 - Income Taxes

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note 10 — Income Taxes

The following table summarizes the Company's income tax expense and effective tax rates for the three months ended March 31, 2026 and 2025:

	*Three Months Ended*
	*March 31,*			*March 31,*
	*2026*			*2025*

Income (loss) before income taxes	$	1,574		$	(1,498	)
Income tax expense		20			74
Effective tax rate		1.3	%		(4.9	%)

The Company’s quarterly income tax provision is calculated under the discrete method, which treats the interim period as if it were the annual period and determines the income tax expense or benefit on that basis. The discrete method is applied when application of the estimated annual effective income tax rate is impractical because it is not possible to reliably estimate the annual effective tax rate. The Company believes, at this time, the use of this discrete method is more appropriate as the annual effective income tax rate cannot be reliably estimated given the Company's full valuation allowance recorded on its net deferred tax assets and annual utilization limitations that prevent the Company from fully offsetting its expected current income tax liabilities with its available net operating losses and income tax credits.

The Company's quarterly income tax provision calculated under the discrete method for the period ended March 31, 2026 captures the income tax effects of the One Big Beautiful Bill Act (“OBBBA”), which was enacted on July 4, 2025. The Company's current income tax expense for the period ended March 31, 2026 includes the benefit of the OBBBA restoring the ability to immediately deduct domestic research and experimental expenditures under Internal Revenue Code Section 174. The Company did not record any deferred income tax expense or benefit related to the OBBBA tax law changes during the period ended March 31, 2026 as the Company continues to record a full valuation allowance against its net deferred tax assets.

The effective tax rate for the three months ended March 31, 2026 varies from the three months ended March 31, 2025 primarily as a result of the Company's valuation allowance recorded against it net deferred tax assets and annual tax attribute limitations that result in current income tax expense. Taxes paid during the three months ended March 31, 2026 and 2025 were $37 and $8, respectively. Tax refunds received during the three months ended March 31, 2026 and 2025 were $109 and $0, respectively.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 231
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section S99
-Paragraph 2
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-Topic 740
-SubTopic 30
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2026	May 12, 2026
Document Information [Line Items]
Entity Central Index Key	0001710340
Entity Registrant Name	Eton Pharmaceuticals, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-38738
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	37-1858472
Entity Address, Address Line One	21925 W. Field Parkway, Suite 235
Entity Address, City or Town	Deer Park
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60010-7278
City Area Code	847
Local Phone Number	787-7361
Title of 12(b) Security	Common stock, $0.001 par value per share
Trading Symbol	ETON
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		27,392,358

Note 10 - Income Taxes - Summary of Income Tax Expense and Effective Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income (loss) before income taxes	$ 1,574	$ (1,498)
Income tax expense	$ 20	$ 74
Effective tax rate	1.30%	(4.90%)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Note 13 - Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

Note 13 — Commitments and Contingencies

Legal

The Company is subject to legal proceedings and claims that may arise in the ordinary course of business. The Company is not aware of any pending or threatened litigation matters at this time that would have a material impact on the operations of the Company.

License and product development agreements

The Company has entered into various agreements that include commitments and contingencies which are described below.

In March 2020, the Company entered into an Exclusive License and Supply Agreement (the “Alkindi License Agreement”) with Diurnal for marketing ALKINDI SPRINKLE® in the United States. In December 2024, the Company and Diurnal entered into an amendment to the Alkindi License Agreement to extend the agreement terms to incorporate both ALKINDI SPRINKLE® and KHINDIVI^TM in the existing agreement terms. The Company could pay up to $44,000 in future sales milestones. The Company pays tiered royalties of 11.0% to 17.0% on net sales.

In June 2021, the Company acquired U.S. and Canadian rights to Crossject’s ZENEO® hydrocortisone needleless autoinjector, which is under development as a rescue treatment for adrenal crisis. The Company could pay up to $3,500 in future development milestones and up to $6,000 in commercial milestones, as well as a 10% royalty on net sales.

In September 2022, the Company entered into a licensing agreement with Lukare Medical LLC (“Lukare”) to which the Company acquired the U.S. rights to Betaine Anhydrous (betaine anhydrous oral solution). Under the terms of the agreement, Lukare is entitled to a $250 commercial milestone payment upon Betaine Anhydrous achievement of a certain net sales and a $500 payment if no generic competitors have launched within 48 months after the effective date of the license agreement.

In March 2023, the Company acquired rare disease endocrinology product candidate, ET- 600, from Tulex. In February 2026, the FDA approved the NDA for ET-600 (“DESMODA™”) and the Company launched DESMODA™ in March 2026 and was obligated to make a milestone payment of $250 (paid in April 2026). The Company pays tiered royalties to Tulex of 12.5% to 17.0% on net sales of DESMODA™.

In March 2024, the Company entered into a licensing agreement with APR Applied Pharma Research SA ( "APR") pursuant to which the Company agreed to acquire the U.S. rights to various products under the PKU GOLIKE brand. The Company could pay up to $2,000 in one-time sales milestones, and the Company pays a royalty of 30% of net sales less product costs to APR.

In August 2024, the Company entered into an agreement to sell its DS-200 product candidate. In March 2025, the Company recognized licensing revenue of $1,500 from a development milestone payment. In addition, the Company could receive additional milestone payments of up to $5,000 based on the achievement of certain future development and commercial milestones related to DS-200, of which the Company would recognize 45% of the proceeds from the future milestones, with the balance being distributed to other partners.

In November 2024, the Company entered into a licensing agreement with AMMTeK pursuant to which the Company agreed to acquire the U.S. rights to Amglidia (glyburide oral suspension). Amglidia was approved by the European Medicines Agency in 2018 and has been granted Orphan Drug Designation by the U.S. FDA. AMMTeK has conducted a post-approval study tracking five years of real-world safety and efficacy in European patients, which will be used to support the Company's s NDA submission. In July 2025, the Company paid $500 to AMMTek upon the receipt of FDA meeting minutes and under the terms of the licensing agreement, the Company could pay up to $1,850 as follows: $550 upon NDA acceptance for review by the FDA and $1,300 upon NDA approval by the FDA and first commercial sale. The Company would also be required to pay a royalty of 14% of net sales to AMMTek.

In December 2024, the Company acquired GALZIN® (zinc acetate) from Teva Pharmaceuticals USA, Inc and assumed the commercialization of the product in the U.S. during March of 2025. The Company is required to pay the seller a royalty of 10% of U.S. net sales through the tenth anniversary of the Company's first commercial sales of the product in the U.S.

In December 2024, the Company acquired INCRELEX® (mecasermin injection) from Ipsen S.A. The Company is obligated to pay the seller $2,500 on each of the first and second anniversaries of closing, of which $2,500 was paid to Ipsen S.A. in December 2025. As of March 31, 2026 and December 31, 2025, the present value of the deferred consideration of $2,318 and $2,259, respectively, was classified as accrued liabilities in the Condensed Balance Sheets, with $182 and $241 as of March 31, 2026 and December 31, 2025, respectively, to be accreted to interest expense over the remainder of the deferred consideration term using the effective interest rate method.

In connection with the INCRELEX® product acquisition, the Company assumed the commercial manufacturing and supply agreement between Simtra BioPharma Solutions and Ipsen Pharma SAS. The commercial manufacturing and supply agreement was executed in November 2020 and expires in November 2027. The commercial manufacturing and supply agreement is associated with the production of INCRELEX® for commercial usage and contains an annual production obligation and a maximum annual obligation.

Additionally, in connection with the INCRELEX® product acquisition, the Company assumed a manufacturing services agreement between Lonza Ltd and Ipsen Pharma SAS, as amended. The manufacturing services agreement was executed in December 2022 and expires in December 2032. The manufacturing services agreement is associated with the production of INCRELEX® bulk drug substance and contains a minimum and a maximum obligation every twenty-four months.

In March 2025, the Company out-licensed the commercial rights to INCRELEX® in territories outside of the U.S. to Esteve Pharmaceuticals, S.A. (“Esteve”). Under the terms of the licensing agreement, Esteve paid the Company in July 2025 €4,000 to license the rights to INCRELEX® for up to ten years, and Esteve also received an option to acquire the international rights in the future for a purchase price of up to €6,000. In accordance with the accounting pronouncement guidance in ASC 606 with respect to the license and supply agreements between the Company and Esteve, the Company recognized in March 2025, $4,327 in accounts receivable, licensing revenues of $1,786 and deferred revenues of $2,541. With respect to deferred revenues, $266 and $457, respectively, are reflected in accrued liabilities and $1,817 and $1,762, respectively, in other long-term liabilities in the Company's Condensed Balance Sheets as of March 31, 2026 and December 31, 2025. Deferred revenues will be amortized to revenues over the course of the agreements based on quarterly INCRELEX® product sales, and at the end of the license agreement, a deferred revenue residual will be recognized at the end of the initial term of the license agreement. During the three months ended March 31, 2026, the Company recognized $158 in deferred revenues associated with the supply agreement.

In June 2025, in connection with the asset purchase agreement with Ipsen S.A, the Company purchased $11,540 in inventory. Under the terms of the inventory purchase agreement, the Company is required to make eight equal quarterly installment payments to Ipsen S.A, beginning in the third quarter of 2025. Accordingly, the Company has classified $6,817 and $6,926, respectively, in accounts payable and $1,704 and $3,463, respectively, in other long-term liabilities in the accompanying Condensed Balance Sheets as of March 31, 2026 and December 31, 2025.

In February 2026, the Company entered into a licensing agreement to acquire the U.S. rights to HEMANGEOL® (propranolol) oral solution from Pierre Fabre. Under the terms of the licensing agreement, the Company will pay an 8% royalty on net sales for the duration of the product’s patent protected life ( October 2028). The Company accounted for this transaction as an asset acquisition.

Indemnification

As permitted under Delaware law and in accordance with the Company’s Amended and Restated Bylaws, the Company is required to indemnify its officers and directors for certain events or occurrences while the officer or director is or was serving in such capacity. The Company is also party to indemnification agreements with its directors and officers. The Company believes the fair value of the indemnification rights and agreements is minimal. Accordingly, the Company has not recorded any liabilities for these indemnification rights and agreements as of March 31, 2026 and December 31, 2025.

Note 12 - Leases (Details Textual) - USD ($) $ in Thousands	3 Months Ended
Note 12 - Leases (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	May 30, 2025
Operating Lease, Right-of-Use Asset	$ 301		$ 310	$ 333
Operating Lease, Improvement Allowance				189
Operating Lease, Liability	515		$ 525	$ 522
Operating Lease, Cost	24	$ 22
Operating Lease, Payments	25	23
Operating Lease, Right-of-Use Asset, Periodic Reduction	$ 9	$ 17
Operating Lease, Weighted Average Remaining Lease Term (Year)	4 years 10 months 24 days		5 years 2 months 12 days
Operating Lease, Weighted Average Discount Rate, Percent	11.80%		11.80%

Note 2 - Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Intangible Asset, Finite-Lived [Table Text Block]

	Useful Life		Purchase	Purchase		Accumulated		Carrying
Intangible assets as of March 31, 2026	(In years)		Date	Price		Amortization		Value
Carglumic Acid		10	November 2021	$	3,250	$	1,435	$	1,815
Betaine		5	September 2022		2,125		1,505		620
Nitisinone		5	October 2023		650		325		325
GoLike		10	March 2024		1,868		374		1,494
Increlex		10	December 2024		21,250		2,732		18,518
Galzin		10	December 2024		8,119		1,015		7,104
IPR&D asset			January 2026		1,000		—		1,000
HEMANGEOL		10	February 2026		12,969		107		12,862
				$	51,231	$	7,493	$	43,738

	Useful Life		Purchase	Purchase		Accumulated		Carrying
Intangible assets as of December 31, 2025	(In years)		Date	Price		Amortization		Value
Carglumic Acid		10	November 2021	$	3,250	$	1,354	$	1,896
Betaine		5	September 2022		2,125		1,399		726
Nitisinone		5	October 2023		650		292		358
GoLike		10	March 2024		1,868		327		1,541
Increlex		10	December 2024		21,250		2,200		19,050
Galzin		10	December 2024		8,119		812		7,307
				$	37,262	$	6,384	$	30,878

Intangible Asset, Finite-Lived, and Capitalized Cost, Software to be Sold, Leased, or Marketed, Estimated Amortization Expense [Table Text Block]

	*Amortization*
Year	*Expense*
Remainder of 2026	$	3,976
2027		5,377
2028		5,043
2029		4,946
2030		4,946
Thereafter		19,450
Total estimated amortization expense	$	43,738

Note 7 - Common Stock Warrants - Schedule of Warrants Outstanding (Details)	Mar. 31, 2026 $ / shares shares
Warrants, number of shares (in shares) \| shares	359,116
Warrants, Exercise Price (in dollars per share) \| $ / shares	$ 5.46
SWK Warrants – Debt – Tranche #1 [Member]
Warrants, number of shares (in shares) \| shares	51,239
Warrants, Exercise Price (in dollars per share) \| $ / shares	$ 5.86
SWK Warrants – Debt – Tranche #2 [Member]
Warrants, number of shares (in shares) \| shares	18,141
Warrants, Exercise Price (in dollars per share) \| $ / shares	$ 6.62
SWK Warrants – Debt – Tranche #3 [Member]
Warrants, number of shares (in shares) \| shares	289,736
Warrants, Exercise Price (in dollars per share) \| $ / shares	$ 5.32

Note 8 - Share-Based Payment Awards -Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Outstanding and unvested, balance (in shares) \| shares	278,501
Outstanding and unvested, Weighted Average Grant-Date Fair Value Per Unit (in dollars per share) \| $ / shares	$ 9.57
Granted (in shares) \| shares	293,625
Granted, Weighted Average Grant-Date Fair Value Per Unit (in dollars per share) \| $ / shares	$ 15.47
Vested (in shares) \| shares	(40,217)
Vested, Weighted Average Grant-Date Fair Value Per Unit (in dollars per share) \| $ / shares	$ 13
Forfeited (in shares) \| shares	0
Forfeited, Weighted Average Grant-Date Fair Value Per Unit (in dollars per share) \| $ / shares	$ 0
Outstanding and unvested, balance (in shares) \| shares	531,909
Outstanding and unvested, Weighted Average Grant-Date Fair Value Per Unit (in dollars per share) \| $ / shares	$ 12.57

Note 14 - Subsequent Events

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Subsequent Events [Text Block]

Note 14 — Subsequent Events

On April 9, 2026, the Company entered into a sixth amendment to its credit agreement with SWK. Under the amended terms of the SWK credit agreement, the interest rate was reduced from SOFR plus 6.75% to SOFR plus 6.55% with the SOFR floor reduced to 2.75% from the previous 5.0%. Further, the interest only period was extended to November 2026. There were no fees paid to SWK associated with the credit amendment and the amended credit agreement maturity date remained in December 2027.

Note 12 - Leases (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Lessee, Operating Lease, Disclosure [Table Text Block]

		*March 31,*		*December 31,*
Assets	*Classification*	*2026*		*2025*
Operating lease right-of-use assets	Operating lease right-of-use assets, net	$	301	$	310
Total leased assets		$	301	$	310
Liabilities
Operating lease liabilities, current	Accrued liabilities	$	75	$	65
Operating lease liabilities, noncurrent	Operating lease liabilities, net of current portion		440		460
Total operating lease liabilities		$	515	$	525

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

Total

2026 (Remainder)

2027

2028

2029

2030

2031 and thereafter

Undiscounted lease payments

684

134

138

142

146

Less: Imputed interest

(170

)

Total lease liabilities

515

Note 6 - Common Stock

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Equity [Text Block]

Note 6 — Common Stock

The Company has 50,000,000 authorized shares of $0.001 par value common stock under its Amended and Restated Certificate of Incorporation.

During the three months ended March 31, 2026, the Company issued 312,730 shares of its common stock resulting from stock option exercises and vesting of restricted stock units under its 2018 Equity Incentive Plan as amended in December 2020 (the “2018 Plan”). During the three months ended March 31, 2025 the Company issued 108,451 shares of its common stock resulting from stock option exercises under its 2018 Plan.

- Definition

The entire disclosure for equity.

+ References

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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

+ Details

Note 12 - Leases - Schedule of Lease-related Assets and Liabilities (Details) (Parentheticals)	Mar. 31, 2026	Dec. 31, 2025
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current

Note 13 - Commitments and Contingencies (Details Textual) $ in Thousands, € in Millions			1 Months Ended				3 Months Ended		10 Months Ended
	Aug. 31, 2024	Aug. 30, 2024	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2025 EUR (€)	Aug. 31, 2024 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2023 USD ($)	Feb. 28, 2026	Dec. 31, 2025 USD ($)	Jul. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Mar. 14, 2023 USD ($)	Sep. 30, 2022 USD ($)	Mar. 31, 2020
Increlex [Member]
Other Commitment											$ 2,500		$ 2,500
Business Combination, Contingent Consideration, Liability							$ 2,318				2,259
Business Combination, Contingent Consideration, Liability, Accreted to Interest Expense							182				241
Payments to Acquire Inventory			$ 11,540
Number of Quarterly Installment Payments			8
Business Combination, Contingent Consideration, Liability, Current							6,817				6,926
Business Combination, Contingent Consideration, Liability, Noncurrent							1,704				3,463
GALZIN [Member]
Royalties, Percentage of Net Sales,													10.00%
Indemnification Rights and Agreements [Member]
Other Commitment							0				0
Lukare [Member] \| Obligation Based on First Commercial Sale of Product [Member]
Other Commitment															$ 250
Lukare [Member] \| Obligation Based on No Generic Competitors Launching in 48 Months [Member]
Other Commitment															$ 500
Tulex Pharmaceuticals, Inc. (“Tulex”) [Member] \| Obligation Based on First Commercial Sale of Product [Member]
Royalties, Percentage of Net Sales,														17.00%
Other Commitment														$ 250
Tulex Pharmaceuticals, Inc. (“Tulex”) [Member] \| Obligation Based on Acceptance of FDA of NDA for product [Member]
Royalties, Percentage of Net Sales,														12.50%
Selenix [Member] \| DS-200 [Member]
Revenue, Additional Based on Event and Sales-based Milestones Achievements						$ 1,500
Commitment, Allocation of Profits, Percentage	45.00%	50.00%				45.00%
Selenix [Member] \| Maximum [Member] \| DS-200 [Member]
Revenue, Additional Based on Event and Sales-based Milestones Achievements								$ 5,000
AMMTeK [Member] \| Amglidia [Member]
Royalties, Percentage of Net Sales,												14.00%
AMMTeK [Member] \| Receipt of FDA Minutes [Member] \| Amglidia [Member]
Other Commitment												$ 500
AMMTeK [Member] \| NDA Acceptance for Review by FDA [Member] \| Amglidia [Member]
Other Commitment												550
AMMTeK [Member] \| NDA Approval by the FDA and First Commercial Sale [Member] \| Amglidia [Member]
Other Commitment												$ 1,300
Esteve [Member] \| Increlex [Member]
Accounts Receivable, after Allowance for Credit Loss				$ 4,327				4,327
Esteve [Member] \| Increlex [Member]
Proceeds From Up-front Payment \| €					€ 4
License Agreement, Purchase Price of Option to Acquire \| €					€ 6
Revenues				1,786
Contract with Customer, Liability				$ 2,541				$ 2,541			266
Contract with Customer, Liability, Current							457				$ 1,817
Contract with Customer, Liability, Noncurrent							1,762
Contract with Customer, Liability, Revenue Recognized							$ 158
Pierre Fabre [Member] \| Hemangeol [Member]
Royalties, Percentage of Net Sales,										8.00%
Exclusive Licensing and Supply Agreement (the “Alkindi License Agreement”) [Member] \| Diurnal Limited [Member] \| Maximum [Member]
Aggregate Value of Licensing Milestone Included in Research and Development Expense									$ 44,000
Royalties, Percentage of Net Sales,																17.00%
Exclusive Licensing and Supply Agreement (the “Alkindi License Agreement”) [Member] \| Diurnal Limited [Member] \| Minimum [Member]
Royalties, Percentage of Net Sales,																11.00%

Note 14 - Subsequent Events (Details Textual) - USD ($) $ in Thousands		1 Months Ended
	Apr. 09, 2026	Sep. 30, 2024	Jun. 30, 2023
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) [Member]
The Amended Agreement [Member] \| SWK Holdings Corporation [Member]
Debt Instrument, Basis Spread on Variable Rate		6.75%
Debt Instrument SOFR Floor Rate			5.00%
The Amended Agreement [Member] \| SWK Holdings Corporation [Member] \| Subsequent Event [Member]
Debt Instrument, Basis Spread on Variable Rate	6.55%
Debt Instrument SOFR Floor Rate	2.75%
Debt Instrument, Fee Amount	$ 0

Condensed Balance Sheet (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 19,661	$ 25,942
Accounts receivable, net	13,408	11,757
Inventories, net	14,467	15,419
Prepaid expenses and other current assets	5,709	7,463
Total current assets	53,245	60,581
Property and equipment, net	372	326
Intangible assets, net	43,738	30,878
Operating lease right-of-use assets, net	301	310
Other long-term assets, net	54	19
Total assets	97,710	92,114
Liabilities, Current [Abstract]
Accounts payable	13,485	10,976
Short-term debt, net of debt discount	11,808	8,789
Accrued Medicaid rebates	11,140	9,317
Accrued Liabilities, Current	7,746	9,408
Total current liabilities	44,179	38,490
Long-term debt, net of current portion and debt discount	18,939	21,769
Operating lease liabilities, noncurrent	440	460
Other long-term liabilities	3,537	5,241
Total liabilities	67,095	65,960
Commitments and contingencies (Note 13)
Stockholders’ equity
Common stock, $0.001 par value; 50,000,000 shares authorized; 27,359,791 and 27,047,061 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	27	27
Additional paid-in capital	141,528	138,621
Accumulated deficit	(110,940)	(112,494)
Total stockholders’ equity	30,615	26,154
Total liabilities and stockholders’ equity	$ 97,710	$ 92,114

Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues:
Total net revenues	$ 24,266	$ 17,282
Cost of sales:
Total cost of sales	9,531	7,421
Gross profit	14,735	9,861
Operating expenses:
Research and development	1,875	1,161
General and administrative	10,446	9,170
Total operating expenses	12,321	10,331
Income (loss) from operations	2,414	(470)
Other expense:
Interest and other expense, net	(840)	(1,028)
Income (loss) before income tax expense	1,574	(1,498)
Income tax expense	20	74
Net income (loss)	$ 1,554	$ (1,572)
Net income (loss) per share, basic (in dollars per share)	$ 0.06	$ (0.06)
Weighted average number of common shares outstanding, basic (in shares)	27,285,236	26,886,000
Net income (loss) per share, diluted (in dollars per share)	$ 0.05	$ (0.06)
Weighted average number of common shares outstanding, diluted (in shares)	31,547,220	26,886,000
License [Member]
Revenues:
Total net revenues	$ 0	$ 3,286
Cost of sales:
Total cost of sales	0	825
Product Sales and Royalties [Member]
Revenues:
Total net revenues	24,266	13,996
Cost of sales:
Total cost of sales	$ 9,531	$ 6,596

Note 9 - Basic and Diluted Net Loss per Common Share

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 9 — Basic and Diluted Net Loss per Common Share

For the three months ended March 31, 2026 and 2025, basic and diluted net income (loss) per share is computed using the weighted average number of shares of common stock outstanding during the period and includes common stock equivalents (using the treasury stock and “if converted” method) from stock options, RSUs, ESPP and warrants. For the three months ended March 31, 2025, 4,130,700, in common stock equivalents are excluded from the calculation of diluted net loss per share because the effect was anti-dilutive. During the three months ended March 31, 2026 and 2025, included in the basic and diluted net loss per share calculation were RSUs awarded to directors that had vested, but the issuance and delivery of the shares are deferred until the director retires from service as a director.

The following table shows the computation of basic and diluted net loss per common share:

	*Three Months Ended*
	*March 31,*		*March 31,*
	*2026*		*2025*

Net income (loss)	$	1,554	$	(1,572	)
Weighted average common shares outstanding, basic		27,285,236		26,886,000
Net income (loss) per share, basic	$	0.06	$	(0.06	)
Weighted average common shares outstanding, diluted		31,547,220		26,886,000
Net income (loss) per share, diluted	$	0.05	$	(0.06	)

Note 7 - Common Stock Warrants

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Stockholders' Equity Note, Warrants or Rights Warrants Disclosure [TextBlock]

Note 7 — Common Stock Warrants

The Company’s outstanding warrants to purchase shares of its common stock at March 31, 2026 are summarized in the table below.

Description of Warrants	*Warrant Issuance Date*	*No. of Shares*		*Exercise Price*
SWK Warrants – Debt – Tranche #1	11/13/2019		51,239	$	5.86
SWK Warrants – Debt – Tranche #2	8/11/2020		18,141	$	6.62
SWK Warrants – Debt – Tranche #3	9/30/2024		289,736	$	5.32
*Total shares and weighted average exercise price*			359,116	$	5.46

The holders of these warrants or their permitted transferees, are entitled to rights with respect to the registration under the Securities Act of 1933, as amended (the “Securities Act”)of their shares that are converted to common stock, including demand registration rights and piggyback registration rights. These rights are provided under the terms of a registration rights agreement between the Company and the investors. The issuance of these warrants was accounted for as equity and the fair value of the warrants issued were classified to additional paid-in capital in the Company's Condensed Balance Sheets.

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

Unaudited Interim Financial Information [Policy Text Block]

Unaudited Interim Financial Information

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Business Combination [Policy Text Block]

Acquisitions

●

future expected cash flows from customer contracts and license agreements;

●

historical and expected customer attrition rates and anticipated growth in revenues from acquired customers; and

●

discount rates.

Segment Reporting, Policy [Policy Text Block]

Segment Information

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

Accounts Receivable [Policy Text Block]

Accounts Receivable

Investment, Policy [Policy Text Block]

Inventories

Property, Plant, and Equipment [Policy Text Block]

Property and Equipment

Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]

Intangible Assets

	Useful Life		Purchase	Purchase		Accumulated		Carrying
Intangible assets as of March 31, 2026	(In years)		Date	Price		Amortization		Value
Carglumic Acid		10	November 2021	$	3,250	$	1,435	$	1,815
Betaine		5	September 2022		2,125		1,505		620
Nitisinone		5	October 2023		650		325		325
GoLike		10	March 2024		1,868		374		1,494
Increlex		10	December 2024		21,250		2,732		18,518
Galzin		10	December 2024		8,119		1,015		7,104
IPR&D asset			January 2026		1,000		—		1,000
HEMANGEOL		10	February 2026		12,969		107		12,862
				$	51,231	$	7,493	$	43,738

	Useful Life		Purchase	Purchase		Accumulated		Carrying
Intangible assets as of December 31, 2025	(In years)		Date	Price		Amortization		Value
Carglumic Acid		10	November 2021	$	3,250	$	1,354	$	1,896
Betaine		5	September 2022		2,125		1,399		726
Nitisinone		5	October 2023		650		292		358
GoLike		10	March 2024		1,868		327		1,541
Increlex		10	December 2024		21,250		2,200		19,050
Galzin		10	December 2024		8,119		812		7,307
				$	37,262	$	6,384	$	30,878

	*Amortization*
Year	*Expense*
Remainder of 2026	$	3,976
2027		5,377
2028		5,043
2029		4,946
2030		4,946
Thereafter		19,450
Total estimated amortization expense	$	43,738

Long-Lived Asset, Excluding Intangible Asset and Goodwill, Impairment and Disposal [Policy Text Block]

Impairment of Long-Lived Assets

Debt, Policy [Policy Text Block]

Deferred Financing Costs, Debt Discount and Detachable Debt-Related Warrants

Lessee, Leases [Policy Text Block]

Leases

Patent Costs [Policy Text Block]

Patent Costs

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentrations of Credit Risk, Sources of Supply and Significant Customers

Revenue [Policy Text Block]

Revenue Recognition for Contracts with Customers

Cost of Goods and Service [Policy Text Block]

Cost of Sales

Research and Development Expense, Policy [Policy Text Block]

Research and Development Expenses

Earnings Per Share, Policy [Policy Text Block]

Income (Loss) Per Share

Income Tax, Policy [Policy Text Block]

Income Taxes

Share-Based Payment Arrangement [Policy Text Block]

Stock-Based Compensation

Fair Value Measurement, Policy [Policy Text Block]

Fair Value Measurements

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

Note 4 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Computer hardware and software	$ 200	$ 200
Furniture and fixtures	262	265
Equipment	87	52
Leasehold improvements	331	295
Property and equipment, gross	880	812
Less: accumulated depreciation and amortization	(508)	(486)
Property and equipment, net	$ 372	$ 326

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + Details

- Definition

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 360
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478443/942-360-45-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 360
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478451/942-360-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

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-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
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-Section 55
-Paragraph 10
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-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.7-03(a)(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

+ Details

Note 2 - Summary of Significant Accounting Policies - Schedule of Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Remainder of 2026	$ 3,976
2027	5,377
2028	5,043
2029	4,946
2030	4,946
Thereafter	19,450
Total estimated amortization expense	$ 43,738	$ 30,878

Note 5 - Inventory

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Inventory Disclosure [Text Block]

Note 5 — Inventory

As of March 31, 2026 and December 31, 2025, inventory consisted of the following

	March 31,			December 31,
	2026			2025
Raw materials	$	542		$	557
Semi-finished goods		7,444			9,431
Finished goods		7,129			6,630
Less: excess and obsolete inventory reserve		(649	)		(1,199	)
Inventory, net	$	14,467		$	15,419

Inventory reserves were $649 and $1,199 at March 31, 2026 and December 31, 2025, respectively.

Note 1 - Company Overview

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1 — Company Overview

The Company is an innovative pharmaceutical company focused on developing and commercializing treatments for rare diseases. The Company currently has ten commercial rare disease products: INCRELEX®, HEMANGEOL®, ALKINDI SPRINKLE®, KHINDIVI™, DESMODA™, GALZIN®, PKU GOLIKE®, Carglumic Acid, Betaine Anhydrous and Nitisinone. The Company has four additional product candidates in late-stage development: Amglidia®, ET-700, ET-800 and ZENEO® hydrocortisone autoinjector.

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from (used in) operating activities
Net income (loss)	$ 1,554	$ (1,572)
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:
Stock-based compensation	1,518	1,200
Depreciation and amortization	1,131	1,013
Inventory step-up	350	1,142
Excess and obsolete inventory reserve	227	110
Debt discount amortization and non-cash interest expenses	118	294
Non-cash lease expense	9	17
Other operating activity	7	0
Changes in operating assets and liabilities:
Accounts receivable	(1,651)	(11,039)
Inventories	1,406	358
Prepaid expenses and other assets	1,754	2,973
Accounts payable	2,508	705
Accrued Medicaid rebates	1,824	6,071
Accrued liabilities	(1,532)	(1,373)
Other non-current assets and liabilities	(1,818)	2,191
Net cash from operating activities	7,405	2,090
Cash flows used in investing activities
Purchases of product license rights	(15,000)	0
Purchases of property and equipment	(75)	0
Net cash used in investing activities	(15,075)	0
Cash flows from financing activities
Proceeds from stock option exercises	1,389	394
Net cash from financing activities	1,389	394
Change in cash and cash equivalents	(6,281)	2,484
Cash and cash equivalents at beginning of period	25,942	14,936
Cash and cash equivalents at end of period	19,661	17,420
Supplemental disclosures of cash flow information
Cash paid for interest	881	642
Cash paid for income taxes	$ 37	$ 8

Condensed Balance Sheet (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	50,000,000	50,000,000
Common stock, issued (in shares)	27,359,791	27,047,061
Common stock, outstanding (in shares)	27,359,791	27,047,061

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Section S99
-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 3
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

Note 8 - Share-based Payment Awards (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

						*Weighted*
				*Weighted*		*Average*
				*Average*		*Remaining*		*Aggregate*
				*Exercise*		*Contractual*		*Intrinsic*
	*Shares*			*Price*		*Term (Yrs)*		*Value*
Outstanding as of December 31, 2025		5,911,521		$	5.35
Issued		504,674		$	16.01
Exercised		(272,597	)	$	5.13
Forfeited/Cancelled		—		$	—
Outstanding as of March 31, 2026		6,143,598		$	6.24		6.2	$	113,292
Options exercisable as of March 31, 2026		4,613,017		$	5.04		5.4	$	90,577
Options vested and expected to vest at March 31, 2026		6,143,597		$	6.24		6.2	$	113,292

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]

	*Number of Units*			*Weighted Average Grant-Date Fair Value Per Unit*
Outstanding and unvested as of December 31, 2025		278,501		$	9.57
Granted		293,625		$	15.47
Vested		(40,217	)	$	13.00
Forfeited		—		$	—
Outstanding and unvested as of March 31, 2026		531,909		$	12.57

Note 5 - Inventory (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	March 31,			December 31,
	2026			2025
Raw materials	$	542		$	557
Semi-finished goods		7,444			9,431
Finished goods		7,129			6,630
Less: excess and obsolete inventory reserve		(649	)		(1,199	)
Inventory, net	$	14,467		$	15,419

Note 12 - Leases

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

Note 12 — Leases

The Company recognizes a right-of-use (“ROU”) asset and a lease liability on the balance sheets for substantially all leases, including operating leases, and separates lease components from non-lease components related to its office space lease.

In May 2025, the Company entered into an amendment to its office lease agreement to expand its office space, from 5,507 square feet, to 8,079 square feet and to renew its lease term. The amendment to the lease agreement was effective September 1, 2025 and the renewal period for the office lease is for a sixty-five month period through January 2031 and which includes tenant improvement allowances. The Company removed its existing ROU asset and liability and recorded $333 in ROU assets, $189 in tenant improvement allowances and $522 in operating lease liabilities in association with the lease extension.

The Company’s operating lease cost as presented as G&A in the Statements of Operations was $24 and $22 for the three months ended March 31, 2026 and 2025, respectively. For the three months ended March 31, 2026 and 2025, cash paid for amounts included in the measurement of operating lease liabilities was $25 and $23, respectively. The ROU asset non-cash lease expense was $9 and $17 for the three months ended March 31, 2026 and 2025, respectively, and is reflected within non-cash lease expense on the Company’s Condensed Statements of Cash Flows. As of March 31, 2026 and December 31, 2025, the average remaining lease term was 4.9 and 5.2 years, respectively, and as of March 31, 2026 and December 31, 2025, the average discount rate was 11.8% for each period.

The table below presents the lease-related assets and liabilities recorded on the balance sheets as of March 31, 2026 and December 31, 2025:

		*March 31,*		*December 31,*
Assets	*Classification*	*2026*		*2025*
Operating lease right-of-use assets	Operating lease right-of-use assets, net	$	301	$	310
Total leased assets		$	301	$	310
Liabilities
Operating lease liabilities, current	Accrued liabilities	$	75	$	65
Operating lease liabilities, noncurrent	Operating lease liabilities, net of current portion		440		460
Total operating lease liabilities		$	515	$	525

The Company’s future lease commitments as of March 31, 2026, are as indicated below:

Total

2026 (Remainder)

2027

2028

2029

2030

2031 and thereafter

Undiscounted lease payments

684

134

138

142

146

Less: Imputed interest

(170

)

Total lease liabilities

515

Note 7 - Common Stock Warrants (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

Description of Warrants	*Warrant Issuance Date*	*No. of Shares*		*Exercise Price*
SWK Warrants – Debt – Tranche #1	11/13/2019		51,239	$	5.86
SWK Warrants – Debt – Tranche #2	8/11/2020		18,141	$	6.62
SWK Warrants – Debt – Tranche #3	9/30/2024		289,736	$	5.32
*Total shares and weighted average exercise price*			359,116	$	5.46

Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balances (in shares) at Dec. 31, 2024	26,709,084
Balances at Dec. 31, 2024	$ 27	$ 132,294	$ (107,893)	$ 24,428
Stock-based compensation	$ 0	1,200	0	1,200
Stock option exercises and vesting of restricted stock (in shares)	108,451
Stock option exercises and vesting of restricted stock	$ 0	394	0	394
Net income (loss)	$ 0	0	(1,572)	(1,572)
Balances (in shares) at Mar. 31, 2025	26,817,535
Balances at Mar. 31, 2025	$ 27	133,888	(109,465)	24,450
Balances (in shares) at Dec. 31, 2025	27,047,061
Balances at Dec. 31, 2025	$ 27	138,621	(112,494)	26,154
Stock-based compensation	$ 0	1,518	0	1,518
Stock option exercises and vesting of restricted stock (in shares)	312,730
Stock option exercises and vesting of restricted stock	$ 0	1,389	0	1,389
Net income (loss)	$ 0	0	1,554	1,554
Balances (in shares) at Mar. 31, 2026	27,359,791
Balances at Mar. 31, 2026	$ 27	$ 141,528	$ (110,940)	$ 30,615

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
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-Section S99
-Paragraph 1
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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+ Details

Note 2 - Summary of Significant Accounting Policies - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Feb. 28, 2026	Dec. 31, 2025
Finite lived intangible, gross	$ 51,231		$ 37,262
Intangible asset, accumulated amortization	7,493		6,384
Intangible assets, net	$ 43,738		$ 30,878
Carglumic Acid Product Rights [Member]
Useful life (Year)	10 years		10 years
Finite lived intangible, gross	$ 3,250		$ 3,250
Intangible asset, accumulated amortization	1,435		1,354
Intangible assets, net	$ 1,815		$ 1,896
Betaine Anhydrous Product Rights [Member]
Useful life (Year)	5 years		5 years
Finite lived intangible, gross	$ 2,125		$ 2,125
Intangible asset, accumulated amortization	1,505		1,399
Intangible assets, net	$ 620		$ 726
Nitisinone Product Rights [Member]
Useful life (Year)	5 years		5 years
Finite lived intangible, gross	$ 650		$ 650
Intangible asset, accumulated amortization	325		292
Intangible assets, net	$ 325		$ 358
PKU GoLike [Member]
Useful life (Year)	10 years		10 years
Finite lived intangible, gross	$ 1,868		$ 1,868
Intangible asset, accumulated amortization	374		327
Intangible assets, net	$ 1,494		$ 1,541
Increlex [Member]
Useful life (Year)	10 years		10 years
Finite lived intangible, gross	$ 21,250		$ 21,250
Intangible asset, accumulated amortization	2,732		2,200
Intangible assets, net	$ 18,518		$ 19,050
Glazin [Member]
Useful life (Year)	10 years		10 years
Finite lived intangible, gross	$ 8,119		$ 8,119
Intangible asset, accumulated amortization	1,015		812
Intangible assets, net	7,104		$ 7,307
In Process Research and Development [Member]
Finite lived intangible, gross	1,000
Intangible asset, accumulated amortization	0
Intangible assets, net	$ 1,000
Hemangeol [Member]
Useful life (Year)	10 years	10 years
Finite lived intangible, gross	$ 12,969
Intangible asset, accumulated amortization	107
Intangible assets, net	$ 12,862	$ 12,969

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual [Table]
Material Terms of Trading Arrangement [Text Block]	Item 5. Other Information Rule 10b-5(1) Trading Plans. During the three-month period ended March 31, 2026, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false