Evoke Pharma Reports Third Quarter 2025 Financial Results and Provides Business Update

Rhea-AI Summary

Evoke Pharma (NASDAQ: EVOK) reported Q3 2025 results and a proposed acquisition by QOL Medical at $11.00 per share. Q3 net product sales were $4.3M, up 61% YoY, bringing year-to-date sales to $11.1M (+60% YoY). The company received a new U.S. patent for GIMOTI extending expected exclusivity to November 2038 and expanded pharmacy access via Omnicell and Brentwood Pharmacy. Q3 net loss was ~$1.2M (−$0.45/share); SG&A rose to $5.3M. Cash and equivalents were $11.6M, which management says funds operations into Q4 2026. The merger is expected to close in Q4 2025, subject to tender conditions.

Positive

• Net product sales +61% in Q3 2025 to $4.3M
• Year-to-date sales +60% to $11.1M
• New U.S. patent extends GIMOTI exclusivity to November 2038
• Acquirer agreed to $11.00 per share cash purchase price
• Expanded pharmacy access via Omnicell and Brentwood Pharmacy

Negative

• SG&A increased to $5.3M in Q3 2025 from $3.8M in Q3 2024
• Operating expenses rose to $5.4M in Q3 2025 from $3.9M
• Net loss of ~$1.2M persisted in Q3 2025
• Cash balance $11.6M projected to fund operations only into Q4 2026

Insights

Senior Life Sciences Strategist

Acquisition at $11.00/share, strong sales growth and a patent extension materially change Evoke's near-term outlook.

The cash offer from QOL Medical and a unanimous board approval provide a clear exit pathway at $11.00 per share and crystallize value tied to the GIMOTI franchise. Net product sales of $4.3 million in Q3 and year‑to‑date $11.1 million reflect a reported 61% year‑over‑year increase, showing commercial traction that likely underpins the transaction rationale. The newly listed U.S. patent extends expected exclusivity for GIMOTI to November 2038, which supports the asset's protected revenue runway.

Key dependencies and risks include tender acceptance and customary closing conditions for the merger expected in the fourth quarter of 2025, and the company’s cash runway to Q4 2026 which the company says relies on projected product revenues. Operating expenses rose, with SG&A up driven by marketing and profit‑sharing; profits remain negative with a Q3 net loss of $1.2 million. These facts mean near‑term value realization depends on successful deal closing and continued sales momentum against rising operating costs.

Watch the tender offer outcome and closing timing in the fourth quarter of 2025, subsequent changes in commercial support under new ownership, and quarterly sales cadence versus the company’s cash runway into Q4 2026. Also monitor any formal regulatory or shareholder disclosures tied to the Merger Agreement and confirmation of patent enforceability through November 2038.

Entered into an Agreement to be acquired by QOL Medical

Net product sales for the third quarter of 2025 reached $4.3 million; up 61% year-over-year

Gimoti patent life for Gimoti extended through November 2038

SOLANA BEACH, Calif., Nov. 13, 2025 (GLOBE NEWSWIRE) -- Evoke Pharma, Inc. (NASDAQ: EVOK), a specialty pharmaceutical company focused on treatments for gastrointestinal (GI) disorders with an emphasis on GIMOTI^® (metoclopramide) nasal spray, today reported financial results for the third quarter ended September 30, 2025, and provided a business update.

“The proposed transaction with QOL Medical reflects this progress and the strategic value we’ve built around GIMOTI and across the broader GI community,” commented Matt D’Onofrio, Chief Executive Officer of Evoke Pharma. “We are proud of the consistent execution that led to another quarter of strong sales growth, with net product sales up over 60% year-over-year,” D’Onofrio added.

Third Quarter 2025 Highlights and Recent Developments

• On November 4, 2025, Evoke announced that it has entered into an agreement and plan of merger (the “Merger Agreement”) with QOL Medical, LLC (“QOL Medical”) and QOL-EOS Merger Sub, Inc. (“Merger Sub”). Pursuant to the Merger Agreement, QOL Medical, through Merger Sub, will acquire Evoke for $11.00 per share of common stock in cash at closing.
• Net product sales for the third quarter of 2025 reached $4.3 million; a 61% increase year-over-year; and brought year-to-date sales to $11.1 million, a 60% increase compared to the same period in 2024.
• Evoke and EVERSANA announced expanded pharmacy access through new relationships with Omnicell and Brentwood Pharmacy, enabling wider distribution through networks such as Gastro Health and OneGI.
• In August 2025, Evoke received a new U.S. patent for GIMOTI (U.S. Patent No. 12,377,064), extending expected exclusivity to November 2038. The patent was officially listed in the FDA’s Orange Book later that month.

Third Quarter 2025 Financial Results

For the third quarter of 2025, net product sales were $4.3 million, compared to $2.7 million during the third quarter of 2024. Net loss was approximately $1.2 million, or ($0.45) per share, compared with a net loss of $1.3 million, or ($0.94) per share, in the same period of 2024.

For the third quarter of 2025, selling, general, and administrative expenses were approximately $5.3 million compared to $3.8 million for the third quarter of 2024. The increase was primarily due to a $1.3 million rise in marketing and Eversana profit-sharing as a result of higher net product sales, along with higher professional fees and public company costs.

Operating expenses for the third quarter of 2025 totaled $5.4 million, compared to $3.9 million in Q3 2024.

As of September 30, 2025, Evoke had $11.6 million in cash and cash equivalents. Based on its current operating plan, the Company believes this cash balance, along with projected product revenues, will fund operations into the fourth quarter of 2026.

Proposed Transaction Update

On November 4, 2025, Evoke announced that it had entered into the Merger Agreement, pursuant to which QOL Medical’s acquisition subsidiary will commence a tender offer to acquire all outstanding shares of Evoke at a price of $11.00 per share in cash, subject to any applicable withholding taxes and without interest thereon. The transaction, which has been unanimously approved by Evoke’s Board of Directors, is expected to close in the fourth quarter of 2025, subject to customary conditions, including the tender of a majority of Evoke’s outstanding shares.

Evoke believes this transaction represents a compelling opportunity for shareholders and underscores the value created by the GIMOTI franchise. While the Company continues to focus on commercial execution in the near term, this proposed combination is expected to further enable growth potential under new leadership and investment.

About Evoke Pharma, Inc.

Evoke is a specialty pharmaceutical company focused primarily on the development of drugs to treat GI disorders and diseases. Evoke 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.

Visit www.EvokePharma.com for more information.

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About Gimoti^® (metoclopramide) nasal spray

GIMOTI is indicated for the relief of symptoms in adults with acute and recurrent diabetic gastroparesis. Important Safety Information:

WARNING: TARDIVE DYSKINESIA

• Metoclopramide can cause tardive dyskinesia (TD), a serious movement disorder that is often irreversible. The risk of developing TD increases with duration of treatment and total cumulative dosage.
• Discontinue GIMOTI in patients who develop signs or symptoms of TD. In some patients, symptoms may lessen or resolve after metoclopramide is stopped.
• Avoid treatment with metoclopramide (all dosage forms and routes of administration) for longer than 12 weeks because of the increased risk of developing TD with longer-term use.
  

GIMOTI is not recommended for use in:

• Pediatric patients due to the risk of developing tardive dyskinesia (TD) and other extrapyramidal symptoms as well as the risk of methemoglobinemia in neonates.
• Moderate or severe hepatic impairment (Child-Pugh B or C), moderate or severe renal impairment (creatinine clearance less than 60 mL/minute), and patients concurrently using strong CYP2D6 inhibitors due to the risk of increased drug exposure and adverse reactions.

GIMOTI is contraindicated:

• In patients with a history of tardive dyskinesia (TD) or a dystonic reaction to metoclopramide.
• When stimulation of gastrointestinal motility might be dangerous (e.g., in the presence of gastrointestinal hemorrhage mechanical obstruction, or perforation).
• In patients with pheochromocytoma or other catecholamine-releasing paragangliomas. Metoclopramide may cause a hypertensive/pheochromocytoma crisis, probably due to release of catecholamines from the tumor.
• In patients with epilepsy. Metoclopramide may increase the frequency and severity of seizures.
• In patients with hypersensitivity to metoclopramide. Reactions have included laryngeal and glossal angioedema and bronchospasm.
  

Potential adverse reactions associated with metoclopramide include: Tardive dyskinesia (TD), other extrapyramidal effects (EPS), parkinsonism symptoms, motor restlessness, neuroleptic malignant syndrome (NMS), depression, suicidal ideation and suicide, hypertension, fluid retention, hyperprolactinemia, effects on the ability to drive and operate machinery. Most common adverse reactions (≥5%) for GIMOTI are: dysgeusia, headache, and fatigue. These are not all of the possible side effects of GIMOTI. Call your doctor for medical advice about whether you should take GIMOTI and the possible risk factors and side effects. You are encouraged to report negative side effects of prescription drugs to the FDA.

Visit www.fda.gov/medwatch or call 1-800-FDA-1088.

Additional Information and Where to Find It

The tender offer described above has not yet commenced. This communication is not an offer to buy nor a solicitation of an offer to sell any securities of the Company. The solicitation and the offer to buy shares of the Company’s common stock will only be made pursuant to a Tender Offer Statement on Schedule TO, including an offer to purchase, a letter of transmittal and other related materials that QOL Medical and Merger Sub intend to file with the SEC. In addition, the Company will file with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer. Once filed, investors will be able to obtain a free copy of these materials and other documents filed by QOL Medical, Merger Sub and the Company with the SEC at the website maintained by the SEC at www.sec.gov. Investors may also obtain, at no charge, any such documents filed with or furnished to the SEC by the Company under the “investor relations” section of the Company’s website at www.evokepharma.com.

INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THESE DOCUMENTS WHEN THEY BECOME AVAILABLE, INCLUDING THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 OF THE COMPANY AND ANY AMENDMENTS THERETO, AS WELL AS ANY OTHER DOCUMENTS RELATING TO THE TENDER OFFER AND THE MERGER THAT ARE FILED WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY PRIOR TO MAKING ANY DECISIONS WITH RESPECT TO WHETHER TO TENDER THEIR SHARES INTO THE TENDER OFFER BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE TENDER OFFER.

Safe Harbor Statement

Evoke 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. The forward-looking statements are based on Evoke’s current beliefs and expectations and include, but are not limited to: statements regarding the planned completion of the transactions contemplated by the Merger Agreement and the timing thereof; expectations regarding the benefits sought to be achieved in the transactions; extended pharmacy access and expanded distribution of GIMOTI and expected patent and regulatory exclusivity. The inclusion of forward-looking statements should not be regarded as a representation by the Company 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 and the proposed transactions, including, without limitation: uncertainties as to the timing and completion of the tender offer and the merger; uncertainties as to the percentage of Evoke’s stockholders tendering their shares in the tender offer; the possibility that competing offers will be made; the possibility that various closing conditions for the tender offer or the merger may not be satisfied or waived; the effects of disruption caused by the transaction making it more difficult to maintain relationships with employees, collaborators, vendors and other business partners; risks related to diverting management’s attention from Evoke’s ongoing business operations; the risk that stockholder litigation in connection with the transactions contemplated by the Merger Agreement may result in significant costs of defense, indemnification and liability; Evoke and EVERSANA may not be able to successfully drive market demand for GIMOTI; Evoke's ability to maintain intellectual property protection and regulatory exclusivity for GIMOTI; and other risks and uncertainties pertaining to Evoke’s business, including the risks and uncertainties detailed in Evoke’s periodic reports it files with the SEC, as well as the tender offer materials to be filed by QOL Medical and Merger Sub and the Solicitation/Recommendation Statement to be filed by Evoke in connection with the tender offer.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and Evoke undertakes no obligation to revise or update these statements to reflect events or circumstances after the date hereof, except as required by law. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Investor & Media Contact:
Daniel Kontoh-Boateng
DKB Partners
Tel: 862-213-1398
dboateng@dkbpartners.net

Evoke Pharma, Inc Balance Sheets
		September 30,				December 31,
		2025				2024
		(Unaudited)
Assets
Current assets:
Cash and cash equivalents		$	11,576,010			$	13,596,600
Accounts receivable, net of allowance for credit losses of $0			3,190,486				2,420,373
Prepaid expenses			136,295				731,945
Inventories			599,908				445,081
Other current assets			33,708				43,898
Total current assets			15,536,407				17,237,897
Operating lease right-of-use asset			106,714				154,184
Deferred offering costs			—				120,614
Other long-term assets			6,312				6,312
Total assets		$	15,649,433			$	17,519,007
Liabilities and stockholdersʼ equity
Current liabilities:
Accounts payable and accrued expenses		$	3,916,295			$	2,341,191
Accrued compensation			770,915				865,650
Operating lease liability			65,968				59,533
Note payable			5,000,000				5,000,000
Accrued interest payable			2,487,638				2,113,665
Total current liabilities			12,240,816				10,380,039
Operating lease liability, net of current portion			46,381				100,958
Total liabilities			12,287,197				10,480,997
Commitments and contingencies
Stockholdersʼ equity:
Preferred stock, $0.0001 par value; authorized shares — 5,000,000 as of September 30, 2025 and December 31, 2024; issued and outstanding shares — zero as of September 30, 2025 and December 31, 2024			—				—
Common stock, $0.0001 par value; authorized shares — 100,000,000 as of September 30, 2025 and December 31, 2024; issued and outstanding shares — 1,722,409 and 1,486,009 as of September 30, 2025 and December 31, 2024, respectively			172				149
Additional paid-in capital			136,187,058				135,829,493
Accumulated deficit			(132,824,994	)			(128,791,632	)
Total stockholdersʼ equity			3,362,236				7,038,010
Total liabilities and stockholdersʼ equity		$	15,649,433			$	17,519,007

Evoke Pharma, Inc Statements of Operations
		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Net product sales		$	4,283,979			$	2,654,186			$	11,116,279			$	6,941,042
Operating expenses:
Cost of goods sold			101,977				104,024				311,269				238,031
Research and development			5,320				11,677				56,516				16,322
Selling, general and administrative			5,314,370				3,824,142				14,746,777				10,697,128
Total operating expenses			5,421,667				3,939,843				15,114,562				10,951,481
Loss from operations			(1,137,688	)			(1,285,657	)			(3,998,283	)			(4,010,439	)
Other income (expense):
Interest income			107,507				99,294				338,894				226,353
Interest expense			(126,027	)			(126,027	)			(373,973	)			(375,342	)
Total other expense			(18,520	)			(26,733	)			(35,079	)			(148,989	)
Net loss		$	(1,156,208	)		$	(1,312,390	)		$	(4,033,362	)		$	(4,159,428	)
Net loss per share of common stock, basic and diluted		$	(0.45	)		$	(0.94	)		$	(1.58	)		$	(3.01	)
Weighted-average shares used to compute basic and diluted net loss per share			2,557,408				1,399,882				2,553,121				1,381,703

FAQ

What acquisition deal did Evoke Pharma (EVOK) announce on November 4, 2025?

Evoke entered a merger agreement to be acquired by QOL Medical for $11.00 per share in cash, subject to a tender offer and customary closing conditions.

How much were Evoke (EVOK) net product sales in Q3 2025 and how did they change year-over-year?

Q3 2025 net product sales were $4.3 million, up 61% year-over-year versus Q3 2024.

What patent update did Evoke (EVOK) report for GIMOTI in August 2025?

Evoke received a new U.S. patent (No. 12,377,064) extending expected GIMOTI exclusivity through November 2038, later listed in the FDA Orange Book.

How long did Evoke (EVOK) say its cash will fund operations as of September 30, 2025?

Evoke reported $11.6 million in cash and believes this, plus projected product revenues, will fund operations into Q4 2026.

What was Evoke's (EVOK) Q3 2025 net loss and EPS?

Q3 2025 net loss was approximately $1.2 million, or $0.45 per share.

What commercial expansions did Evoke (EVOK) announce to increase GIMOTI access in 2025?

Evoke expanded pharmacy access through new relationships with Omnicell and Brentwood Pharmacy, enabling wider distribution in networks like Gastro Health and OneGI.