Evoke Pharma Reports Third Quarter 2023 Financial Results
38% Revenue Increase Compared to Q2 2023; 88% Increase Year-Over-Year
Seventh Straight Prescription Fill Increase Since Q1 2022
21% Increase Compared to Q2 2023; 95% Increase Year-Over-Year
“Superiority of Nasal Spray Compared to Orally Administered Metoclopramide in Reducing Healthcare Costs in Treating Diabetic Gastroparesis Patients” Presented at
“Our execution across the business in the third quarter continues to improve and gain momentum. The perseverance and diligent efforts of our commercial team resulted in record net product sales of
“Only since May of this year, we began sharing insights from our healthcare resource utilization data which provides a real world look at the merits of GIMOTI (nasal metoclopramide) over oral metoclopramide within the healthcare environment. Last month, at ACG, we were thrilled to expand upon the initial set of data and present to health care providers and key opinion leaders within the gastroenterology community a resulting cost savings of
“In addition, as the volume of inbound GIMOTI prescriptions continues to increase, the Company recently transitioned the prescription intake system service from vitaCare to ASPN Pharmacies effective
“Based on recent industry data, the Company believes that the GIMOTI prescription demand is much larger than what is currently being directed to our specialty pharmacy. Therefore, we are implementing additional retail pharmacy messaging programs to recapture prescriptions sent to retail pharmacies and properly guide them to be adjudicated and delivered directly to patients. As part of our patient-centric mindset as a company, we are always evaluating ways to improve GIMOTI’s patient accessibility. Taken together, with 2023 coming to a close, we believe we will be favorably positioned for 2024 to achieve our growth plan,”
Third Quarter 2023 Developments and Recent Progress
Continued Presentations and Abstract Acceptances at Renowned Medical Meetings
- Real-world healthcare utilization data demonstrating meaningful reduction of healthcare resources on GIMOTI usage versus oral metoclopramide presented in plenary oral session at
American Neurogastroenterology and Motility Society2023.
- Presented healthcare resource utilization data including real world cost benefits in distinguished plenary session suggesting that GIMOTI meaningfully reduces healthcare expenses versus oral metoclopramide at ACG 2023.
- Transitioned e-prescription intake service from vitaCare to ASPN Pharmacies effective
November 6, 2023.
Third Quarter 2023 Financial Review
For the third quarter of 2023, net product sales were $1,562,860 compared to
For the third quarter of 2023, selling, general and administrative expenses were approximately $3.1 million compared to $2.6 million for the third quarter of 2022. The increases were due to higher professional fees and reimbursement and profit-sharing activity with EVERSANA.
Total operating expenses for the third quarter of 2023 were approximately $3.2 million compared to $2.7 million for the same period in 2022.
As of September 30, 2023, cash and cash equivalents were approximately $6.0 million. We believe, based on our current operating plan, that our existing cash and cash equivalents, as well as future cash flows from net product sales of GIMOTI, will be sufficient to fund our operations into at least the first quarter of 2024.
About Evoke Pharma, Inc.
Evoke is a specialty pharmaceutical company focused primarily on the development of drugs to treat GI disorders and diseases. The company developed, commercialized and markets GIMOTI, a nasal spray formulation of metoclopramide, for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in adults. 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 GI symptoms as well as other systemic complications. The gastric delay caused by gastroparesis can compromise absorption of orally administered medications. Prior to FDA approval to commercially market GIMOTI, metoclopramide was only available in oral and injectable formulations and remains the only drug currently approved in the United States to treat gastroparesis.
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: Evoke’s cash runway; GIMOTI’s potential to reduce healthcare resource utilization by diabetic gastroparesis patents; and Evoke’s belief that GIMOTI can improve treatment of diabetic gastroparesis. The inclusion of forward-looking statements should not be regarded as a representation by Evoke that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Evoke’s business, including, without limitation: Evoke’s and EVERSANA’s ability to successfully drive market demand for GIMOTI; Evoke’s ability to obtain, maintain and successfully enforce intellectual property protection for GIMOTI; EVERSANA has the right to terminate its commercialization agreement in certain circumstances; the results of market research studies may not predict acceptance by patients, healthcare providers or payors; inadequate efficacy or unexpected adverse side effects relating to GIMOTI that could result in recalls or product liability claims; Evoke’s ability to obtain additional financing as needed to support its operations; Evoke is entirely dependent on the success of GIMOTI; Evoke’s dependence on third parties for the manufacture of GIMOTI; and other risks and uncertainties detailed in Evoke’s prior press releases and in the periodic reports it files with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Evoke undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
|Condensed Balance Sheets|
|Cash and cash equivalents||$||5,964,826||$||9,843,699|
|Accounts receivable, net||1,233,904||624,832|
|Other current assets||98,094||11,551|
|Total current assets||7,839,604||11,722,414|
|Operating lease right-of-use asset||13,370||129,074|
|Liabilities and stockholders' equity|
|Accounts payable and accrued expenses||$||1,397,442||$||934,312|
|Operating lease liability||13,370||129,074|
|Total current liabilities||2,240,481||1,654,544|
|Accrued interest payable||1,486,268||1,112,295|
|Total long-term liabilities||6,486,268||6,112,295|
|Stockholders' equity (deficit):|
|Additional paid-in capital||120,577,928||119,731,458|
|Total stockholders' equity (deficit)||(873,775||)||4,084,649|
|Total liabilities and stockholders' equity (deficit)||$||7,852,974||$||11,851,488|
|Condensed Statements of Operations|
|Three Months Ended||Nine Months Ended|
|Net product sales||$||1,562,860||$||832,100||$||3,504,636||$||1,712,275|
|Cost of goods sold||34,908||89,775||142,855||180,310|
|Research and development||-||40,388||159,347||273,582|
|Selling, general and administrative||3,131,389||2,614,488||8,745,407||7,334,738|
|Total operating expenses||3,166,297||2,744,651||9,047,609||7,788,630|
|Loss from operations||(1,603,437||)||(1,912,551||)||(5,542,973||)||(6,076,355||)|
|Other income (expense):|
|Total other (expense)||(90,470||)||(101,313||)||(261,921||)||(344,554||)|
|Net loss per share of common stock, basic and diluted||$||(0.51||)||$||(0.60||)||$||(1.74||)||$||(2.09||)|
|Weighted-average shares used to compute basic and diluted net loss per share||3,343,070||3,343,070||3,343,070||3,077,145|
Source: Evoke Pharma, Inc.