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EP

Evoke Pharma Inc (EVOK)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 net product sales rose 47% year-over-year to $3.75M; however, revenue modestly missed Wall Street consensus ($3.80M estimate) and EPS missed more materially (actual -$0.62 vs -$0.30 estimate). Strong top-line growth was offset by higher SG&A tied to profit-sharing and professional fees . Results vs estimates from S&P Global: Revenue $3.752M vs $3.796M*, EPS (-$0.62) vs (-$0.30)*.
  • Management confirmed FY 2025 net product sales guidance of ~$16M (≈60% YoY), and extended cash runway outlook to Q3 2026, up from Q2 2026 last quarter and Q1 2026 at YE 2024 .
  • Commercial execution continues to improve: refill rates ~70%, new prescribers +20% YoY, with expanded pharmacy access via Omnicell and Brentwood (OneGI) and patent exclusivity extended to November 2038 .
  • Near-term stock reaction likely driven by the EPS miss and SG&A intensity, tempered by durable demand signals and guidance maintenance; pharmacy network expansion and patent life extension are positive catalysts .

What Went Well and What Went Wrong

What Went Well

  • “This quarter's results demonstrate the commercial strength of GIMOTI… demand is accelerating from both physicians and patients,” said CEO Matt D’Onofrio, citing 47% YoY sales growth and 20% YoY increase in new prescribers .
  • Refill rates held ~70%, supporting recurring demand; GIMOTI’s pharmacy access expanded materially (Omnicell; Brentwood/OneGI), expected to almost double specialty pharmacy coverage .
  • Patent term extension (U.S. Patent No. 12,377,064) prolongs exclusivity to November 2038, strengthening the IP moat; Orange Book listing completed in August .

What Went Wrong

  • EPS missed consensus more significantly (actual -$0.62 vs -$0.30*), with SG&A rising to ~$5.1M due to higher EVERSANA profit-sharing and professional fees; net loss widened YoY to ~$1.6M .
  • Operating expenses increased to ~$5.31M vs ~$3.77M in Q2 2024, pressuring margins despite robust sales growth .
  • Safe harbor highlights financing and partner-dependency risks (e.g., EVERSANA termination risk and manufacturing reliance), which remain investor concerns .

Financial Results

Income Statement Trajectory (prior two quarters and current)

MetricQ4 2024Q1 2025Q2 2025
Net Product Sales ($USD)$3.3M $3.080M $3.752M
Total Operating Expenses ($USD)$4.5M $4.382M $5.311M
Net Loss ($USD)$(1.2)M $(1.306)M $(1.571)M
EPS ($USD)$(0.49) $(0.51) $(0.62)

Year-over-Year – Q2

MetricQ2 2024Q2 2025
Net Product Sales ($USD)$2.551M $3.752M
Net Loss ($USD)$(1.267)M $(1.571)M
EPS ($USD)$(0.93) $(0.62)
YoY Commentary—Net product sales +47% YoY

Actual vs Estimates – Q2 2025

MetricConsensus*Actual
Revenue ($USD)$3,796,000*$3,752,142
Primary EPS ($USD)-$0.30*-$0.62
# of Revenue Estimates1*—
# of EPS Estimates1*—
Values marked with * retrieved from S&P Global.

Segment Breakdown

SegmentNotes
GIMOTI (metoclopramide) nasal spraySingle-product franchise; no segment reporting disclosed .

KPIs

KPIQ4 2024Q1 2025Q2 2025
Fill Rate Trend+72% YoY +73% YoY Refills ~70%
Prescriber Base2,553 cumulative +44% YoY prescribers New prescribers +20% YoY

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Net Product SalesFY 2025~$16M (Q4 2024, reiterated Q1 2025) ~$16M (confirmed Q2 2025) Maintained
Cash RunwayOperating horizonInto Q1 2026 (Q4 2024) Into Q2 2026 (Q1 2025) Raised
Cash RunwayOperating horizonInto Q2 2026 (Q1 2025) Into Q3 2026 (Q2 2025) Raised
SG&A (OpEx trend)FY 2025Expected to increase with commercialization Q2 SG&A ~$5.1M (profit-sharing, fees) Maintained (trend)

Earnings Call Themes & Trends

Note: No Q2 2025 earnings call transcript was found on the company’s investor site or our document system; themes reflect management communications in press materials .

TopicPrevious Mentions (Q4 2024, Q1 2025)Current Period (Q2 2025)Trend
Pharmacy AccessTransition to ASPN improved fulfillment Added Omnicell; accessed Brentwood/OneGI; network to almost double Improving
Product PerformanceStrong adoption; GLP-1 user data at ACG 2024 47% YoY sales growth; ~70% refill rates; new prescribers +20% YoY Strengthening
Regulatory/IPOrange Book listings in Q1 2025 Patent term extended to Nov 2038 (USPTO) Strengthening
Safety/Real-World DataHRU, women’s outcomes (DDW 2024) TD incidence comparison presented at DDW 2025 Ongoing data generation
Macro/Supply ChainCited as external factors in outlook Continued inclusion in guidance assumptions Persistent external risks

Management Commentary

  • “With 47% year-over-year growth in net product sales and a 20% increase in new prescribers… GIMOTI is becoming an essential option in the treatment of diabetic gastroparesis” — Matt D’Onofrio, CEO .
  • “We’re pleased to report continued strong revenue growth… [with] a 73% increase in fill rate and a 44% increase in our total prescriber base compared to Q1 last year” — Matt D’Onofrio, CEO .

Q&A Highlights

  • No Q2 2025 earnings call transcript available; Q&A themes not accessible. Company did host a Q4 2024 call (dial-in provided), but no Q2 call details were published in investor materials .

Estimates Context

  • Q2 2025 results vs S&P Global consensus: Revenue $3.752M vs $3.796M* (miss), EPS (-$0.62) vs (-$0.30)* (miss). Coverage remains limited (# of estimates: 1* for both revenue and EPS). Values marked with * retrieved from S&P Global.
  • Potential estimate adjustments: SG&A intensity (profit-sharing, fees) suggests near-term EPS estimates may need to reflect higher operating expense levels, while demand indicators (refills, prescriber growth) support top-line trajectory and FY guidance maintenance .

Key Takeaways for Investors

  • Strong demand signal with 47% YoY revenue growth and ~70% refill rates, but expense-heavy model (EVERSANA profit-sharing, professional fees) continues to cap profitability in the near term .
  • FY 2025 sales guidance held at ~$16M with sequential runway extension to Q3 2026; consistent execution supports medium-term visibility .
  • Patent life extension to November 2038 materially strengthens GIMOTI’s exclusivity profile, reducing medium-term competitive risk .
  • Expanded specialty pharmacy access (Omnicell; Brentwood/OneGI) is a tangible commercial catalyst likely to aid conversion/fill rates and broaden payer coverage .
  • Near-term trading: EPS miss and higher SG&A may pressure shares; monitor pharmacy expansion uptake and cadence of prescriber adds/refill stability for demand durability .
  • Medium-term thesis: Single-product focus with regulatory exclusivity, improving access infrastructure, and growing clinical data set supports revenue growth, but partner and financing dependencies remain key risks (EVERSANA agreements, manufacturing) .
  • Watchpoints: SG&A trajectory, EVERSANA relationship terms, payer reimbursement trends, and any updates to guidance with Q3 results .