Executive Summary

Q1 2025 delivered strong YoY growth but a modest miss vs S&P Global consensus: net product sales rose 77% YoY to $3.08M; GAAP EPS was -$0.51. Against consensus, revenue was $3.32M* and EPS was -$0.33*, so EVOK posted a revenue and EPS miss as reported (actuals vs consensus) .
Commercial KPIs inflected positively: fill rate +73% YoY and prescriber base +44% YoY, reflecting improved pharmacy throughput and expanding provider adoption .
2025 guidance maintained: management reiterated FY25 net product sales of ~$16M (≈+60% YoY); cash runway extended to Q2 2026 (from Q1 2026 previously) .
Near-term stock catalysts center on continued prescription conversion improvements, pharmacy network expansion, payer/reimbursement progress, and GLP-1–related supportive data visibility at GI conferences .

What Went Well and What Went Wrong

What Went Well
- Material top-line acceleration: net product sales +77% YoY to $3.08M, driven by higher fill rates and broader prescriber adoption .
- Commercial execution: fill rate +73% YoY; prescriber base +44% YoY; management emphasized repeat usage and stable conversion rates as drivers .
- Guidance and liquidity: FY25 sales guidance reiterated at ~$16M; cash runway extended into Q2 2026, enhancing operating visibility .
- Quote: “Net product sales rose 77% year-over-year, underscoring the strength of our commercial execution and GIMOTI’s growing adoption.” — CEO Matt D’Onofrio .
What Went Wrong
- Miss vs consensus: Q1 revenue ($3.08M) below $3.32M* and EPS (-$0.51) below -$0.33*; headline miss may pressure near-term sentiment (S&P Global) .
- Operating expense intensity: SG&A rose to ~$4.3M (vs $3.1M in Q1’24) on higher professional fees and EVERSANA profit-sharing, keeping GAAP losses elevated .
- Execution dependencies and risks: EVERSANA agreement termination would accelerate loan repayment; third-party manufacturing dependence and financing needs remain risk factors noted by management .

Financial Results

Metric	Q3 2024	Q4 2024	Q1 2025
Net Product Sales ($)	$2,654,186	$3,308,373*	$3,080,158
Net Loss ($)	$(1,312,390)	$(1,192,766)*	$(1,306,178)
Diluted EPS ($)	$(0.94)	$(0.49)	$(0.51)
Gross Margin (%)	96.08%*	96.42%*	98.65%*
Net Income Margin (%)	(49.45%)*	(36.05%)*	(42.41%)*
Total Operating Expenses ($)	$3,939,843	$4,502,071*	$4,381,901
Cash & Equivalents ($)	$11,339,032	$13,596,600	$12,624,090

Q1 2025 vs S&P Global consensus:

Revenue: Actual $3.08M vs Consensus $3.32M* → Miss
EPS: Actual -$0.51 vs Consensus -$0.33* → Miss
Estimate counts: 1 for revenue and 1 for EPS*

Notes: Asterisked values retrieved from S&P Global. Values retrieved from S&P Global.

KPIs

Fill Rate (YoY change): +73%
Prescriber Base (YoY change): +44%
Qualitative: “strong repeat usage, increasing prescription depth, and stable conversion rates” .

Segment breakdown: Not applicable (single commercial product GIMOTI) .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Net Product Sales	FY 2025	≈$16M (issued Mar 13, 2025)	≈$16M (reiterated May 13, 2025)	Maintained
Cash Runway	Liquidity	Into Q1 2026 (as of Mar 13, 2025)	Into Q2 2026 (as of May 13, 2025)	Extended

Earnings Call Themes & Trends

Topic	Previous Mentions (Q-2: Q3 2024)	Previous Mentions (Q-1: Q4 2024)	Current Period (Q1 2025)	Trend
GLP-1 supportive data / clinical evidence	ACG 2024 data; highest revenue; GLP-1 users showed improved outcomes with GIMOTI	Reinforced HRU and GLP-1 sub-analysis; differentiation vs oral metoclopramide	Continued emphasis on GLP-1 populations as strategic focus	Reinforcing clinical narrative
Pharmacy network & fulfillment	Expanded partners; improved reimbursement and coverage	Aspen partnership highlighted; 30% faster speed to therapy, better conversions	Expanded pharmacy partnerships; stable conversion rates	Scaling infrastructure
Reimbursement / payer mix	Medicare/Medicaid ~34% of filled Rxs in first 9M’24	Medicaid grew to 5–7% of business; plan to add FRMs for PA process	Guidance assumptions include reimbursements and fills	Improving access; process investment
Competitive landscape	—	Vanda CRL; FDA discontinuation of domperidone compassionate use; EVOK positioned to capture displaced patients	Not reiterated in PR, but remains tailwind context	Favorable
Governance / leadership	—	—	Added Greg Pyszczymuka to Board (commercial expertise)	Strengthening commercial bench

Management Commentary

“Net product sales rose 77% year-over-year, underscoring the strength of our commercial execution and GIMOTI’s growing adoption… 73% increase in fill rate and a 44% increase in our total prescriber base compared to Q1 last year.” — Matt D’Onofrio, CEO .
“Evoke reiterates its 2025 net product sales guidance of approximately $16 million… We’ve entered 2025 with strong momentum and a clear path forward.” — Matt D’Onofrio .
On commercial infrastructure and evidence (prior call): “Our health care resource utilization data… demonstrated GIMOTI was significantly better than oral metoclopramide in reducing ER visits and hospitalizations… we launched an omnichannel campaign powered by artificial intelligence.” — Chris Quesenberry, CCO .

Q&A Highlights

Q1 2025 earnings call transcript was not available after document and transcript searches; we reference the most recent Q4 2024 Q&A for tone and clarifications .
Competitive dynamics: Management expects discontinuation of domperidone compassionate use and Vanda CRL to funnel patients toward GIMOTI over time, though exact volumes are unknown .
Reimbursement and access: Medicaid scripts increased from ~2% to 5–7% of business over 2024; company adding field reimbursement managers to improve prior authorization completion and conversions .

Estimates Context

Q1 2025 results vs S&P Global consensus: Revenue $3.08M vs $3.32M* (miss) and EPS -$0.51 vs -$0.33* (miss) .
Estimate depth was thin (one estimate for revenue and EPS*), which can amplify apparent beats/misses for micro-caps. Management did not cite estimates, instead emphasizing YoY growth and adoption metrics .
Forward implications: With guidance maintained at ~$16M FY25 and KPIs improving, sell-side top-line models may hold, but operating expense intensity and conversion timelines could keep EPS trajectories conservative near-term .

Note: Asterisked values retrieved from S&P Global. Values retrieved from S&P Global.

Key Takeaways for Investors

Revenue momentum intact: +77% YoY to $3.08M with improving fill rates and prescriber expansion, suggesting durable underlying demand .
Headline miss vs consensus likely optics-driven given single-estimate coverage; fundamentals show steady sequential trend (Q3→Q4→Q1) .
FY25 sales guide reaffirmed at ~$16M; cash runway extended into Q2 2026, lowering near-term financing overhang risk relative to prior quarter’s Q1 2026 runway .
Execution levers: pharmacy network build-out, FRMs for prior auth support, and omnichannel outreach should support conversion and refill depth .
Competitive tailwinds: Vanda CRL and domperidone discontinuation could redirect patients to GIMOTI, potentially augmenting funnel over 2025–2026 .
Risk checks: dependence on EVERSANA (including termination/loan repayment risk), third-party manufacturing, and access/reimbursement variability remain key watch items .
Actionable: Monitor quarterly script fills, conversion rates, and payer mix updates; track GI conference data flow (DDW/ACG) and any incremental guidance commentary for signs of accelerating adoption .

Appendix: Additional Data Points

Q1 2025 operating expenses: Total $4.38M; SG&A ~$4.30M; COGS ~$0.04M; R&D ~$0.04M .
Balance sheet: Cash & equivalents $12.62M at 3/31/25; Total liabilities $10.53M; Note payable $5.0M; Accrued interest $2.24M .
Prior quarter reference: Q4 2024 net product sales ~$3.3M; net loss ~$1.2M; FY24 sales $10.25M .
Q3 2024 net product sales $2.65M; net loss $1.31M .

Evoke Pharma Inc (EVOK)·Q1 2025 Earnings Summary