Evoke Pharma Reports 61% Increase in Net Product Sales Despite Ongoing Losses in Q3 2025

Evoke Pharma, Inc. reported its financial results for the third quarter of 2025, revealing a significant increase in net product sales and ongoing operational challenges. For the three months ended September 30, 2025, the company generated net product sales of approximately $4.3 million, a 61% increase from $2.7 million in the same period last year. For the nine months ending September 30, 2025, net product sales reached $11.1 million, up 60% from $6.9 million in the prior year. Despite this growth, Evoke reported a net loss of $1.2 million for the quarter, slightly improved from a loss of $1.3 million in Q3 2024, and a total net loss of $4.0 million for the nine-month period, compared to $4.2 million in the previous year.

The company's financial position showed a decline in total assets, which decreased to $15.6 million as of September 30, 2025, down from $17.5 million at the end of 2024. Current liabilities increased significantly to $12.2 million, compared to $10.4 million at the end of the previous fiscal year. This rise in liabilities was primarily attributed to increased accounts payable and accrued expenses, which rose to $3.9 million from $2.3 million. The accumulated deficit also widened to $132.8 million, reflecting ongoing operational losses.

Evoke's operational developments included a strategic focus on expanding its pharmacy network and increasing the number of prescribers for its sole product, Gimoti, a nasal spray for diabetic gastroparesis. The company reported a 13.6% increase in new inbound prescriptions during the quarter, with approximately 2,226 new prescriptions processed. The refill rate for patients who had completed their first fill was approximately 70%. The company continues to work with its commercial partner, Eversana, to enhance market access and patient support services, which are critical for the product's success.

Looking ahead, Evoke faces significant challenges, including the potential termination of its agreement with Eversana, which could have severe implications for its operations and financial stability. The company has indicated that it may need to raise additional funds to continue its operations, particularly if it cannot secure sufficient revenue from Gimoti sales. Furthermore, Evoke has entered into a merger agreement with QOL Medical, which could provide a pathway to stabilize its financial situation, but the outcome remains uncertain. The company has expressed substantial doubt about its ability to continue as a going concern, emphasizing the need for strategic financing and operational adjustments in the coming months.