Evoke Pharma(EVOK) - 2025 Q3 - Quarterly Results

Financial Performance - Net product sales for Q3 2025 reached $4.3 million, a 61% increase year-over-year, bringing year-to-date sales to $11.1 million, a 60% increase compared to the same period in 2024[4] - The net loss for Q3 2025 was approximately $1.2 million, or ($0.45) per share, compared to a net loss of $1.3 million, or ($0.94) per share, in Q3 2024[5] - Net product sales for Q3 2025 reached $4,283,979, a significant increase from $2,654,186 in Q3 2024, representing a growth of approximately 61.3%[25] - The net loss for the nine months ended September 30, 2025, was $4,033,362, compared to a net loss of $4,159,428 for the same period in 2024, showing a slight improvement of approximately 3%[27] - The company reported a net cash used in operating activities of $2,084,485 for the nine months ended September 30, 2025, an improvement from $4,218,700 in the same period of 2024[27] Expenses - Selling, general, and administrative expenses for Q3 2025 were approximately $5.3 million, up from $3.8 million in Q3 2024, primarily due to increased marketing and professional fees[6] - Total operating expenses for the nine months ended September 30, 2025, were $15,114,562, up from $10,951,481 in the same period of 2024, indicating a rise of about 37.5%[25] - Research and development expenses decreased to $56,516 for the nine months ended September 30, 2025, from $16,322 in the same period of 2024, reflecting a substantial increase of about 247.5%[25] - Total other expense for the nine months ended September 30, 2025, was $(35,079), a decrease from $(148,989) in the same period of 2024, indicating an improvement of approximately 76.5%[25] Cash and Liabilities - As of September 30, 2025, Evoke had $11.6 million in cash and cash equivalents, expected to fund operations into Q4 2026[7] - The total liabilities as of September 30, 2025, were $12.3 million, compared to $10.5 million as of December 31, 2024[23] - The total stockholders' equity decreased to $3.4 million as of September 30, 2025, down from $7.0 million as of December 31, 2024[23] - Cash and cash equivalents at the end of the period were $11,576,010, compared to $11,339,032 at the end of the same period in 2024, showing a slight increase of approximately 2.1%[27] Strategic Developments - Evoke entered into a Merger Agreement with QOL Medical, with QOL Medical set to acquire Evoke for $11.00 per share in cash[4] - The proposed transaction with QOL Medical is expected to close in Q4 2025, subject to customary conditions[8] - A new U.S. patent for GIMOTI was received in August 2025, extending expected exclusivity to November 2038[4] - Evoke announced expanded pharmacy access through new relationships with Omnicell and Brentwood Pharmacy, enhancing distribution networks[4] Shareholder Information - The weighted-average shares used to compute basic and diluted net loss per share increased to 2,557,408 in Q3 2025 from 1,399,882 in Q3 2024, indicating a rise of about 83%[25] Accounts Receivable - The company experienced a decrease in accounts receivable by $770,113 for the nine months ended September 30, 2025, compared to a decrease of $1,349,447 in the same period of 2024[27] Interest Income - Interest income for the nine months ended September 30, 2025, was $338,894, compared to $226,353 in the same period of 2024, representing an increase of approximately 49.7%[25]