Evoke Pharma, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Business Update

Core Insights - Evoke Pharma reported a significant revenue increase of 97.8% year-over-year for 2024, reaching approximately $10.2 million, with Q4 2024 revenue up 24.6% from Q3 2024 at $3.3 million [1][4][6] - The company successfully expanded its prescriber base by 46%, achieving a total of 2,553 prescribers, and improved fill rates by 72% year-over-year [4][6] - Evoke raised $14.3 million in net proceeds through financings, ensuring compliance with Nasdaq requirements and extending its cash runway into Q1 2026 [1][4][9] Revenue Growth and Market Expansion - The transition to ASPN Pharmacies significantly enhanced prescription fulfillment rates and patient access to GIMOTI [3][4] - Patient enrollments increased by 22% year-over-year, indicating strong demand for GIMOTI [4] - The company presented compelling healthcare resource utilization data at key gastroenterology conferences, including an award-winning study on GLP-1 users with diabetic gastroparesis [1][4] Financial Position - As of December 31, 2024, cash and cash equivalents stood at approximately $13.6 million, a substantial increase from $4.7 million in 2023 [9][22] - The net loss for Q4 2024 was approximately $1.2 million, a significant reduction from $2.0 million in Q4 2023, while the full-year net loss decreased to approximately $5.4 million from $7.8 million [6][7][24] - Selling, general and administrative expenses rose to approximately $15.1 million for the year, up from $12.2 million in 2023, primarily due to increased marketing costs [7][8] Clinical Validation and Awareness - The company received two new U.S. patent allowances in December 2024, enhancing its intellectual property estate [4] - GIMOTI remains the only FDA-approved product for diabetic gastroparesis in over a decade, especially critical following the discontinuation of domperidone access in the U.S. [4][16] Future Outlook - Evoke projects net revenue of approximately $16 million for 2025, representing a 60% increase from 2024 [11] - The company plans to expand pharmacy partnerships and enhance commercialization efforts, including hiring field reimbursement managers [5][11]