Eagle Pharmaceuticals, Inc. is no longer the Nasdaq-listed specialty pharmaceutical company it was for most of the past decade. The common stock left the Nasdaq Global Market in late 2024 after a cascade of missed periodic reports, and the company filed a termination of registration with the SEC in January 2025. The ticker now trades on the OTC market as an illiquid name, and the filing record that an equity research note depends on has essentially stopped.
The most recent substantive filings are the annual report for fiscal 2022 and the quarterly report for the second quarter of 2023. Since then the company filed notice of late report forms for the 2023 annual report, and it later filed another for a 2024 quarterly report. The two late-report filings bookend the gap that followed.
That leaves a gap of more than a year without a single periodic report, which is the condition that makes this a note report rather than a full quarterly write. The core question for anyone still holding the stock is not what the business is worth on a going-forward basis, because no current financials exist. The question is what the last reported position was and whether the OTC price has any anchor left. The last reported balance sheet shows a small cash pile against a business whose product revenues collapsed after the two launches that had carried it, and the equity story is now a governance and liquidity story, not a clinical or commercial one.