Evoke Pharma, Inc. (NASDAQ:
EVOK), a specialty pharmaceutical company focused primarily on
treatments for gastrointestinal (GI) diseases with an emphasis on
GIMOTI® (metoclopramide) nasal spray, announced its financial
results for the third quarter ended September 30, 2023, and recent
corporate developments.
“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 $1.6 million, an 88% year-over-year increase. We
continue to see solid growth across our key sales metrics,
including prescription fills, new prescription enrollments, and
cumulative prescribers. As of September 30, there were a total of
1,572 prescribers, almost double from Q3 2022. In line with other
metrics, our patient enrollment rate was up approximately 5% from
the previous quarter. Prescription fills in Q3 2023 were also up
21% from Q2 2023,” commented David A. Gonyer, R.Ph., Chief
Executive Officer of Evoke Pharma.
“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 $15,000 per
patient in their first 6 months of GIMOTI treatment that
underscores the financial advantages of GIMOTI usage for patients
and payers compared to oral metoclopramide. Additive to these
conversations have been the popularity around GLP-1 agonist
prescription therapies for diabetes and the frequency that our
targeted health care providers see gastroparesis in these patients.
Given the growing usage of GLP-1 agonists, we remain committed to
ensuring that healthcare providers and patients are aware of the
availability and beneficial use of GIMOTI for treating diabetic
gastroparesis in adults," Mr. Gonyer continued.
“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 November 6, 2023. Under the prior intake system, a
meaningful number of approved prescriptions were unable to be
filled due to narrow PBM pharmacy networks which precluded delivery
of GIMOTI. ASPN currently has an extensive network of partners with
broader PBM agreements which should drive increased GIMOTI revenue
by maximizing our ability to fill prescriptions across various
insurer pharmacy networks and ensure more eligible patients receive
GIMOTI when needed.”
“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,” Mr.
Gonyer concluded.
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 Society 2023.
- 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.
Operational Changes
- 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 $832,100 during the third quarter
of 2022. We attribute the increase in net sales to the continuously
increasing educational and promotional activities of the EVERSANA
sales force.
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.
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Safe Harbor StatementEvoke 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.
Investor Contact:Daniel Kontoh-BoatengDKB
PartnersTel: 862-213-1398dboateng@dkbpartners.net
Evoke Pharma, Inc. |
Condensed Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
|
September 30,2023 |
|
December 31,2022 |
|
|
(unaudited) |
|
|
Assets |
|
|
|
|
Current Assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
5,964,826 |
|
|
$ |
9,843,699 |
|
Accounts receivable, net |
|
|
1,233,904 |
|
|
|
624,832 |
|
Prepaid expenses |
|
|
37,855 |
|
|
|
952,954 |
|
Inventory, net |
|
|
504,925 |
|
|
|
289,378 |
|
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 |
|
Total assets |
|
$ |
7,852,974 |
|
|
$ |
11,851,488 |
|
|
|
|
|
|
Liabilities and stockholders' equity |
|
|
|
|
Current Liabilities: |
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
1,397,442 |
|
|
$ |
934,312 |
|
Accrued compensation |
|
|
829,669 |
|
|
|
591,158 |
|
Operating lease liability |
|
|
13,370 |
|
|
|
129,074 |
|
Total current liabilities |
|
|
2,240,481 |
|
|
|
1,654,544 |
|
Long-term liabilities |
|
|
|
|
Note payable |
|
|
5,000,000 |
|
|
|
5,000,000 |
|
Accrued interest payable |
|
|
1,486,268 |
|
|
|
1,112,295 |
|
Total long-term liabilities |
|
|
6,486,268 |
|
|
|
6,112,295 |
|
Total liabilities |
|
|
8,726,749 |
|
|
|
7,766,839 |
|
|
|
|
|
|
Stockholders' equity (deficit): |
|
|
|
|
Common stock, $0.0001 par value; authorized shares - 50,000,000;
issued and outstanding shares - 3,343,070 at September 30, 2023 and
December 31, 2022, respectively |
|
|
334 |
|
|
|
334 |
|
Additional paid-in capital |
|
|
120,577,928 |
|
|
|
119,731,458 |
|
Accumulated deficit |
|
|
(121,452,037 |
) |
|
|
(115,647,143 |
) |
Total stockholders' equity (deficit) |
|
|
(873,775 |
) |
|
|
4,084,649 |
|
Total liabilities and stockholders' equity (deficit) |
|
$ |
7,852,974 |
|
|
$ |
11,851,488 |
|
|
|
|
|
|
Evoke Pharma,
Inc. |
Condensed Statements
of Operations |
(unaudited) |
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
September 30, |
September 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Net product
sales |
|
$ |
1,562,860 |
|
|
$ |
832,100 |
|
|
$ |
3,504,636 |
|
|
$ |
1,712,275 |
|
Operating
expenses: |
|
|
|
|
|
|
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): |
|
|
|
|
|
|
Interest income |
|
|
35,558 |
|
|
|
24,714 |
|
|
|
112,052 |
|
|
|
29,419 |
|
Interest expense |
|
|
(126,028 |
) |
|
|
(126,027 |
) |
|
|
(373,973 |
) |
|
|
(373,973 |
) |
Total other
(expense) |
|
|
(90,470 |
) |
|
|
(101,313 |
) |
|
|
(261,921 |
) |
|
|
(344,554 |
) |
Net
loss |
|
$ |
(1,693,907 |
) |
|
$ |
(2,013,864 |
) |
|
$ |
(5,804,894 |
) |
|
$ |
(6,420,909 |
) |
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
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