Evoke Pharma (EVOK) Q2 2024 earnings summary

Executive summary

• Net product sales for Q2 2024 increased 126% year-over-year to $2.6 million, driven by expanded pharmacy networks and greater physician adoption of Gimoti.

• GIMOTI prescription fills reached record highs in Q2, up 75% year-over-year and 32% from Q1 2024.

• Leadership changes included the promotion of Matt D'Onofrio to CEO and Mark Kowieski to CFO.

• Operating losses continue, with a net loss of $1.3 million for Q2 2024.

• Cash and cash equivalents were $9.2 million as of June 30, 2024, expected to fund operations into Q2 2025.

Financial highlights

• Q2 2024 net product sales: $2.6 million, up from $1.1 million in Q2 2023.

• Six months ended June 30, 2024 net product sales: $4.3 million, up 121% year-over-year.

• Net loss for Q2 2024: $1.3 million ($0.93/share), improved from $1.9 million ($6.70/share) in Q2 2023.

• SG&A expenses rose to $3.7 million, mainly due to higher marketing and profit-sharing costs.

• Cash used in operating activities for the first half of 2024: $3.4 million; net cash provided by financing activities: $7.8 million.

Outlook and guidance

• 2024 net sales guidance revised to $11–12 million, still over 100% growth if achieved.

• Cash runway expected into Q2 2025, but additional funding will be required to continue as a going concern.

• Ongoing focus on expanding Gimoti's market adoption, insurance coverage, and commercialization, with a planned post-marketing PK clinical trial.