Evoke Pharma, Inc. (EVOK) Bundle
An Overview of Evoke Pharma, Inc. (EVOK)
General Summary of Evoke Pharma, Inc.
Evoke Pharma, Inc. (EVOK) was established in 2010 and is focused on the development and commercialization of innovative treatments for gastrointestinal disorders. The company’s primary product is Gimoti (metoclopramide) nasal spray, which is indicated for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in adults. As of 2024, Evoke Pharma operates primarily in the U.S. market and has transitioned its pharmacy services to ASPN Pharmacy, enhancing prescription fulfillment and patient support.
As of 2024, Evoke Pharma reported net product sales of approximately $6.94 million for the nine months ended September 30, 2024, which represents a significant increase from $3.50 million for the same period in 2023. The company continues to expand its market presence and improve patient access to Gimoti through ongoing commercialization efforts.
Company's Financial Performance in the Latest Financial Reports
In the most recent financial reports, Evoke Pharma demonstrated substantial growth in revenue driven by increased adoption of Gimoti. For the three months ended September 30, 2024, net product sales reached $2.65 million, a 70% increase compared to $1.56 million for the same quarter in 2023. For the nine months ended September 30, 2024, net product sales increased by 98% year-over-year, from $3.50 million in 2023 to $6.94 million in 2024.
| Financial Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Product Sales | $2,654,186 | $1,562,860 | +70% |
| Cost of Goods Sold | $104,024 | $34,908 | +198% |
| Research and Development Expenses | $11,677 | $0 | N/A |
| Selling, General and Administrative Expenses | $3,824,142 | $3,131,389 | +22% |
| Net Loss | $(1,312,390) | $(1,693,907) | Improvement |
For the nine-month period ended September 30, 2024, Evoke Pharma's total operating expenses were approximately $10.95 million, compared to $9.05 million in the previous year, reflecting increased investment in marketing and commercialization activities. The net loss for this period was approximately $(4.16 million), a reduction from $(5.80 million) in 2023, indicating improved operational efficiency and revenue generation.
Introduction to Company as a Leader in the Industry
Evoke Pharma is positioned as a leader in the gastrointestinal pharmaceutical sector, particularly with the commercialization of Gimoti. The company has successfully partnered with Eversana for the marketing and distribution of Gimoti, which enhances its market reach and operational capabilities. The strategic transition to ASPN Pharmacy has further optimized prescription fulfillment processes, contributing to the overall success of the product. With a focus on expanding its physician network and improving patient access, Evoke Pharma continues to solidify its competitive advantage in the industry. For further details on Evoke Pharma's business strategies and growth potential, please see the following sections.
Mission Statement of Evoke Pharma, Inc. (EVOK)
Mission Statement Overview
The mission statement of Evoke Pharma, Inc. (EVOK) is pivotal in shaping the company’s strategic direction and long-term objectives. It serves as a guiding principle for decision-making and operational focus, emphasizing the commitment to enhancing patient care through innovative solutions in the treatment of gastrointestinal disorders.
Core Component 1: Innovation
Evoke Pharma is dedicated to fostering innovation in its product offerings, particularly through its lead product, Gimoti. This commitment is evident in the company’s ongoing research and development efforts, which have led to significant advancements in drug delivery systems. For instance, since receiving FDA approval in June 2020, Gimoti has been positioned as a groundbreaking treatment for gastroparesis, a condition that affects millions of patients in the United States.
As of the nine months ended September 30, 2024, Evoke reported net product sales of $6,941,042, reflecting a 98% increase from $3,504,636 in the same period of the previous year . This notable growth underscores the market’s acceptance of Gimoti, driven by continuous innovation and effective commercialization strategies.
Core Component 2: Quality
Quality is a fundamental pillar of Evoke Pharma's mission statement. The company ensures that all products meet stringent regulatory standards and undergo rigorous testing before reaching the market. The cost of goods sold for the nine months ended September 30, 2024, amounted to $238,031, which represents a 67% increase from $142,855 in the previous year . This increase is primarily attributed to heightened production efforts and quality assurance measures to maintain the integrity of Gimoti.
Moreover, Evoke’s partnership with Eversana for commercialization includes a shared commitment to uphold quality in marketing and distribution, ensuring that healthcare providers and patients receive reliable and effective treatment options .
Core Component 3: Patient-Centric Approach
At the heart of Evoke Pharma’s mission is a strong emphasis on patient care. The company prioritizes understanding patient needs and experiences, which informs its product development and marketing strategies. For example, the transition of Gimoti pharmacy services to ASPN Pharmacy has enhanced patient access and engagement, leading to improved prescription coverage rates .
In the quarter ended September 30, 2024, approximately 1,602 new inbound prescriptions were processed, indicating a growing acceptance within the gastroenterology community . This reflects Evoke’s dedication to ensuring that patients can effectively manage their conditions with innovative therapies.
| Financial Metrics | 2024 (Nine Months Ended Sept 30) | 2023 (Nine Months Ended Sept 30) | Change (%) |
|---|---|---|---|
| Net Product Sales | $6,941,042 | $3,504,636 | 98% |
| Cost of Goods Sold | $238,031 | $142,855 | 67% |
| Research and Development Expenses | $16,322 | $159,347 | -90% |
| Selling, General and Administrative Expenses | $10,697,128 | $8,745,407 | 22% |
This table highlights key financial metrics that illustrate Evoke Pharma's operational performance and its commitment to its mission statement components, particularly in innovation, quality, and patient-centric care.
Vision Statement of Evoke Pharma, Inc. (EVOK)
Vision Statement Overview
Evoke Pharma, Inc. (EVOK) envisions a future where patients suffering from gastroenterological disorders have access to innovative and effective therapies that significantly improve their quality of life. The company's commitment to enhancing patient outcomes through specialized pharmaceuticals is central to its operational strategy.
Commitment to Innovation
Evoke Pharma focuses on advancing its sole product, Gimoti® (metoclopramide) nasal spray, which is the first and only nasally-administered treatment for diabetic gastroparesis. This commitment to innovation is reflected in the company's ongoing research and development initiatives aimed at enhancing the therapeutic profile of Gimoti and exploring potential new indications.
Patient-Centric Approach
The company emphasizes a patient-centric approach, prioritizing the needs and experiences of patients in its commercial strategies. As of September 30, 2024, Evoke reported net product sales of approximately $6.94 million for the nine months ending that date, a significant increase of 98% compared to $3.50 million for the same period in 2023. This growth is attributed to increased adoption and expanded pharmacy networks, highlighting the company's focus on improving patient access to treatment.
Strategic Partnerships
Strategic partnerships play a crucial role in Evoke's vision. The collaboration with Eversana Life Science Services for the commercialization and distribution of Gimoti has been instrumental. Under this agreement, Evoke retains over 80% of net product profits post reimbursement of costs. Eversana's expertise in market access and patient support strengthens Evoke's ability to reach a broader patient base.
Financial Health and Growth Trajectory
Financially, Evoke has made significant strides. As of September 30, 2024, the company's cash and cash equivalents totaled approximately $11.34 million, up from $4.74 million at the end of 2023. This liquidity positions Evoke well for further investment in product development and commercialization efforts.
| Financial Metric | September 30, 2024 | December 31, 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Net Product Sales | $6,941,042 | $3,504,636 | $3,436,406 | 98% |
| Cash and Cash Equivalents | $11,339,032 | $4,739,426 | $6,599,606 | 139% |
| Net Loss | ($4,159,428) | ($5,804,894) | $1,645,466 | 28% |
Future Outlook
Looking forward, Evoke Pharma aims to expand its product offerings and enhance its market presence. The company is committed to pursuing additional clinical trials and exploring new indications for Gimoti, which may further solidify its position in the specialty pharmaceutical market. The strategic focus remains on delivering innovative solutions that meet the evolving needs of patients and healthcare providers.
Core Values of Evoke Pharma, Inc. (EVOK)
Integrity
Integrity is central to Evoke Pharma, Inc.'s operations and interactions with stakeholders. This core value emphasizes honesty, transparency, and ethical conduct in all business dealings.
In 2024, Evoke demonstrated its commitment to integrity through its adherence to regulatory compliance during the commercialization of its product, Gimoti. The company has maintained transparency in reporting its financial results, including a net loss of $4,159,428 for the nine months ended September 30, 2024, compared to a loss of $5,804,894 for the same period in 2023. Furthermore, Evoke has been diligent in its disclosures regarding the financial implications of its agreements, such as the Eversana commercial services agreement, ensuring that stakeholders are well-informed about potential risks and benefits.
Innovation
Innovation is a driving force behind Evoke's mission to improve patient outcomes. The company focuses on the development of Gimoti, a novel treatment for gastroparesis, aiming to enhance the quality of life for patients.
As of 2024, Evoke has invested significantly in research and development, reporting expenses of $16,322 for the nine months ended September 30, 2024, a decrease from $159,347 in the previous year. This reduction reflects a strategic shift towards commercialization rather than initial development, highlighting the company's ability to adapt and innovate in response to market needs. Additionally, the company has expanded its pharmacy network, which has facilitated increased adoption rates of Gimoti, leading to net product sales of $6,941,042 during the same period, a 98% increase from 2023.
Collaboration
Collaboration is essential for Evoke's success, particularly in its partnerships with healthcare providers and distribution networks. The company fosters strong relationships to enhance the reach and effectiveness of its products.
In 2024, Evoke continued its partnership with Eversana, which plays a crucial role in the commercialization of Gimoti. The collaboration has resulted in the effective marketing and distribution of the product, with Evoke retaining more than 80% of net product profits after reimbursing Eversana for its costs. This strategic alliance has been instrumental in increasing the number of physicians prescribing Gimoti, which has contributed to the overall growth in product sales.
Accountability
Accountability at Evoke Pharma means taking responsibility for its actions and outcomes. The company actively monitors its financial performance and operational efficiency to ensure it meets its commitments to stakeholders.
As of September 30, 2024, Evoke reported total liabilities of $9,766,435, with a substantial focus on managing its debts and obligations. The company has also been transparent about its financial health, with cash and cash equivalents increasing to $11,339,032 from $4,739,426 at the end of 2023. This increase reflects successful fundraising efforts, including net proceeds of $6.2 million from a public offering in February 2024. Evoke's financial strategies demonstrate a commitment to maintaining accountability in managing resources and planning for future growth.
Compassion
Compassion is a core value that drives Evoke's focus on patient-centered care. The company is dedicated to improving the lives of individuals suffering from gastroparesis through its innovative treatments.
In 2024, Evoke's commitment to compassion is evidenced by its patient support programs, which aim to ease the financial burden of medication for those in need. The company has reported that approximately 71% of patients who complete their first fill of Gimoti proceed to refill their prescriptions, indicating a strong adherence to treatment and a positive impact on patient outcomes. This focus on patient care not only reflects Evoke's compassion but also its understanding of the importance of accessibility in healthcare.
| Core Value | Key Example | Impact |
|---|---|---|
| Integrity | Transparent financial reporting | Net loss of $4,159,428 for 2024 |
| Innovation | Investment in R&D | Net product sales increased by 98% |
| Collaboration | Partnership with Eversana | Enhanced market reach and profit retention |
| Accountability | Financial health monitoring | Total liabilities of $9,766,435 managed effectively |
| Compassion | Patient support programs | 71% refill rate for patients |
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Resources:
- Evoke Pharma, Inc. (EVOK) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Evoke Pharma, Inc. (EVOK)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Evoke Pharma, Inc. (EVOK)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.