• Total Revenue: $10.2 million for the year ending December 30, 2024, compared to $5.2 million for 2023.
• Fourth Quarter Revenue: $3.3 million, up from $1.7 million in the fourth quarter of 2023.
• Net Loss: $5.4 million for 2024, compared to $7.8 million for 2023.
• Net Loss Per Share: $2.81 for 2024, compared to $27.97 for 2023.
• SG&A Expenses: $15.1 million for 2024, up from $12.2 million in 2023.
• Cash and Cash Equivalents: $13.6 million as of December 30, 2024.
• Capital Raise: $14.3 million through equity financing and warrant exercises in 2024.
• Projected 2025 Revenue: Approximately $16 million, a 60% increase over 2024.

• Warning! GuruFocus has detected 3 Warning Sign with EVOK.

Release Date: March 13, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Evoke Pharma Inc (NASDAQ:EVOK) reported a significant increase in total revenue, reaching $10.2 million for 2024, nearly doubling from the previous year.
• The company expanded its prescriber base by 46% year-over-year, bringing the total to 2,553 prescribers.
• Prescription fill rates increased by 72% year-over-year, indicating improved prescription fulfillment and patient adherence.
• Evoke Pharma Inc (NASDAQ:EVOK) successfully added two additional Orange Book listed patents, extending protection for their product, Gimoti, until 2030.
• The company achieved a major financial milestone by raising $14.3 million through equity financing and warrant exercises, ensuring NASDAQ compliance and extending their cash runway into Q1 2026.

Negative Points

• Despite revenue growth, Evoke Pharma Inc (NASDAQ:EVOK) reported a net loss of approximately $5.4 million for 2024.
• Selling, general, and administrative expenses increased to $15.1 million in 2024, up from $12.2 million in 2023, primarily due to higher marketing and profit-sharing costs.
• The company faces challenges in the competitive landscape, particularly with the discontinuation of certain compassionate use programs, which could impact market dynamics.
• Evoke Pharma Inc (NASDAQ:EVOK) has not incurred any research and development expenses in the fourth quarter of 2024, which may affect future innovation.
• The company acknowledges that they have only scratched the surface in terms of market penetration, indicating potential challenges in achieving broader market adoption.

Q & A Highlights

Q: How do you think the FDA's compassionate use withdrawal will impact the competitive landscape for gastroparesis treatments? A: Matthew D'Onofrio, CEO, stated that it's uncertain when the Dam Paradigm component will run out, but it's likely that patients will need alternatives like Jamodi. Chris Quesenberry, Chief Commercial Officer, added that the withdrawal cements Evoke as a leader in the market, providing an option for patients and providers.

Q: Can you provide an update on the strategy to increase Medicaid and Medicare pharmacy presence? A: Chris Quesenberry explained that the strategy has been successful, with Medicaid prescriptions growing from 2% to between 5% and 7% of their business. The addition of seven dispensing pharmacies has improved conversion rates, and they expect continued growth as they demonstrate their ability to fill prescriptions.

Q: What are the financial highlights for the fourth quarter and full year of 2024? A: Mark Kowieski, CFO, reported net product sales of $3.3 million for Q4 2024, up from $1.7 million in Q4 2023. The net loss was $1.2 million, an improvement from $2 million in the previous year. For the full year, net product sales were $10.2 million, with a net loss of $5.4 million, showing significant revenue growth and reduced losses.

Q: What are Evoke Pharma's strategic priorities for 2025? A: Matthew D'Onofrio outlined plans to expand pharmacy partnerships, increase provider awareness, leverage real-world data, and improve prescription fulfillment rates. The company aims to make Jamodi the standard of care for gastroparesis treatment while maintaining disciplined capital allocation.

Q: How has the transition to Aspen pharmacies impacted Evoke Pharma's operations? A: The transition has significantly accelerated delivery times for Jamodi and improved insurance authorization processes. This has led to a 46% increase in prescribers and a 72% increase in fill rates year over year, enhancing overall patient experience and adherence.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.