Press Release
Evoke Pharma Reports Third Quarter 2018 Results
Cash runway extended through
“This quarter we continued to make progress with Gimoti™, our novel nasal delivery of metoclopramide, to offer a new path for the treatment of women suffering from gastroparesis,” said,
Third Quarter 2018 Financial Review
For the third quarter of 2018, net loss was approximately
Research and development expenses totaled approximately
Total operating expenses for the three months ended
As of
About
Evoke is a specialty pharmaceutical company focused primarily on the development of drugs to treat GI disorders and diseases. The Company is developing Gimoti, a nasal spray formulation of metoclopramide, for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in adult women.
Diabetic gastroparesis is a GI disorder affecting millions of patients worldwide, in which the stomach takes too long to empty its contents resulting in serious digestive system symptoms. The gastric delay caused by gastroparesis can compromise absorption of orally administered medications. Metoclopramide is currently available only in oral and injectable formulations and is the only drug currently approved in
Safe Harbor Statement
Evoke cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negatives of these terms or other similar expressions. These statements are based on the company's current beliefs and expectations. These forward-looking statements include statements regarding: the potential timing of
(Financial Statements to Follow)
Balance Sheet
September 30, 2018 |
December 31, 2017 |
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(Unaudited) | |||||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 6,567,918 | $ | 7,679,267 | |||
Prepaid expenses | 438,957 | 251,046 | |||||
Total current assets | 7,006,875 | 7,930,313 | |||||
Other assets | 11,551 | 11,551 | |||||
Total assets | $ | 7,018,426 | $ | 7,941,864 | |||
Liabilities and stockholders' equity | |||||||
Current Liabilities: | |||||||
Accounts payable and accrued expenses | $ | 625,994 | $ | 1,048,927 | |||
Accrued compensation | 984,683 | 1,025,911 | |||||
Total current liabilities | 1,610,677 | 2,074,838 | |||||
Warrant liability | — | 3,701,277 | |||||
Total liabilities | 1,610,677 | 5,776,115 | |||||
Stockholders' equity: | |||||||
Common stock | 1,743 | 1,541 | |||||
Additional paid-in capital | 82,250,109 | 73,202,863 | |||||
Accumulated deficit | (76,844,103 | ) | (71,038,655 | ) | |||
Total stockholders' equity | 5,407,749 | 2,165,749 | |||||
Total liabilities and stockholders' equity | $ | 7,018,426 | $ | 7,941,864 | |||
Statements of Operations
(Unaudited)
Three Months Ended September 30, |
Nine Months Ended September 30, |
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2018 | 2017 | 2018 | 2017 | ||||||||||||
Operating expenses: | |||||||||||||||
Research and development | $ | 625,497 | $ | 2,717,698 | $ | 3,399,654 | $ | 5,505,953 | |||||||
General and administrative | 897,060 | 984,047 | 2,846,611 | 3,065,595 | |||||||||||
Total operating expenses | 1,522,557 | 3,701,745 | 6,246,265 | 8,571,548 | |||||||||||
Loss from operations | (1,522,557 | ) | (3,701,745 | ) | (6,246,265 | ) | (8,571,548 | ) | |||||||
Other income (expense): | |||||||||||||||
Interest income | 3,089 | 2,822 | 7,425 | 5,452 | |||||||||||
Change in fair value of warrant liability | — | (1,544,138 | ) | 433,392 | (3,354,973 | ) | |||||||||
Total other income (expense) | 3,089 | (1,541,316 | ) | 440,817 | (3,349,521 | ) | |||||||||
Net loss | $ | (1,519,468 | ) | $ | (5,243,061 | ) | $ | (5,805,448 | ) | $ | (11,921,069 | ) | |||
Net loss per share of common stock, basic | $ | (0.09 | ) | $ | (0.34 | ) | $ | (0.36 | ) | $ | (0.81 | ) | |||
Net loss per share of common stock, diluted | $ | (0.09 | ) | $ | (0.34 | ) | $ | (0.36 | ) | $ | (0.84 | ) | |||
Weighted-average shares used to compute basic net loss per share | 17,129,649 | 15,351,295 | 16,327,385 | 14,740,977 | |||||||||||
Weighted-average shares used to compute diluted net loss per share | 17,129,649 | 15,351,295 | 16,327,385 | 14,766,853 | |||||||||||
Investor Contact:
Tram Bui
Tel: 646-536-7035
tbui@theruthgroup.com
Source: Evoke Pharma, Inc.