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Evoke Pharma (EVOK)

Evoke is a specialty pharmaceutical company focused primarily on the commercialization and development of drugs to treat GI disorders and diseases. The Company developed GIMOTI, a nasal spray formulation of metoclopramide, for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in adults.

EVOK stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

10 Aug 22
17 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 13.45M 13.45M 13.45M 13.45M 13.45M 13.45M
Cash burn (monthly) (no burn) 272.5K 704.21K 629.67K 457.9K 906.51K
Cash used (since last report) n/a 435.29K 1.12M 1.01M 731.45K 1.45M
Cash remaining n/a 13.02M 12.33M 12.45M 12.72M 12M
Runway (months of cash) n/a 47.8 17.5 19.8 27.8 13.2

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
27 Apr 22 Todd C Brady Stock Option Common Stock Grant Acquire A No No 0.66 57,750 38.12K 57,750
27 Apr 22 Garner Cam L Stock Option Common Stock Grant Acquire A No No 0.66 67,500 44.55K 67,500
27 Apr 22 Hill Malcolm R Stock Option Common Stock Grant Acquire A No No 0.66 57,750 38.12K 57,750
27 Apr 22 Vickie S Reed Stock Option Common Stock Grant Acquire A No No 0.66 58,000 38.28K 58,000
27 Apr 22 Widder Kenneth J Stock Option Common Stock Grant Acquire A No No 0.66 56,000 36.96K 56,000
13F holders Current Prev Q Change
Total holders 22 26 -15.4%
Opened positions 2 5 -60.0%
Closed positions 6 3 +100.0%
Increased positions 6 5 +20.0%
Reduced positions 6 4 +50.0%
13F shares Current Prev Q Change
Total value 3.74M 3.89M -3.7%
Total shares 3.7M 3.75M -1.3%
Total puts 0 0
Total calls 0 41.3K EXIT
Total put/call ratio
Largest owners Shares Value Change
Hirschman Orin 1.7M $2.76M 0.0%
Vanguard 1.12M $553K -0.7%
Geode Capital Management 222.95K $110K +6.1%
BLK Blackrock 177.13K $88K -1.8%
Raymond James Financial Services Advisors 108.55K $54K 0.0%
STT State Street 82.65K $41K +13.5%
Cornerstone Capital 66K $33K NEW
VIRT Virtu Financial 42.79K $21K -22.7%
NTRS Northern Trust 42.12K $21K 0.0%
Wambolt & Associates 32K $15K 0.0%
Largest transactions Shares Bought/sold Change
Sabby Management 0 -87.93K EXIT
Cornerstone Capital 66K +66K NEW
Citadel Advisors 0 -26.59K EXIT
UBS UBS Group AG - Registered Shares 24.72K +21.14K +591.8%
Renaissance Technologies 28.2K -17.34K -38.1%
Jane Street 0 -14.78K EXIT
Geode Capital Management 222.95K +12.85K +6.1%
VIRT Virtu Financial 42.79K -12.54K -22.7%
Laird Norton Trust 11K +11K NEW
STT State Street 82.65K +9.85K +13.5%

Financial report summary

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Competition
ANI Pharmaceuticals
Risks
  • Our business is entirely dependent on the success of Gimoti, which may never generate sufficient sales to become profitable.
  • We may require substantial additional funding and may be unable to raise capital when needed, which would force us to liquidate, dissolve or otherwise wind down our operations.
  • Any termination or suspension of, or delays in the completion of, the post-marketing PK trial of Gimoti or any other future clinical trials could result in increased costs to us, delay or limit our ability to generate revenue and adversely affect our commercial prospects.
  • We have no internal sales, marketing or distribution capabilities currently and rely on Eversana, and will rely on other third parties, for the commercialization of Gimoti, and we and they may not be able to effectively market, sell and distribute Gimoti.
  • Use of Gimoti or any future product candidates we may develop could be associated with side effects, adverse events or other properties or safety risks, which could delay or preclude approval, cause us to suspend or discontinue clinical trials, abandon a product candidate, limit the commercial profile of the approved labeling, or result in other significant negative consequences that could severely harm our business, prospects, operating results and financial condition.
  • Disruptions at FDA and other government agencies caused by funding shortages or global health concerns could hinder their ability to hire, retain or deploy key leadership and other personnel, or otherwise prevent new or modified products from being developed, approved or commercialized in a timely manner or at all, which could negatively impact our business.
  • Even though FDA has approved Gimoti for the relief of symptoms in adults with acute and recurrent diabetic gastroparesis, we will remain subject to significant post-marketing regulatory requirements and oversight.
  • FDA and other regulatory agencies actively enforce the laws and regulations prohibiting the promotion of off-label uses.
  • It will be difficult for us to profitably sell Gimoti if coverage and reimbursement are limited.
  • We rely and will continue to rely on outsourcing arrangements for many of our activities, including commercialization activities and supply of Gimoti.
  • We face substantial competition, which may result in others selling their products more effectively than we do, and in others discovering, developing or commercializing product candidates before, or more successfully, than we do.
  • If we fail to attract and retain senior management and key commercial personnel, we may be unable to successfully commercialize Gimoti.
  • We may encounter difficulties in managing our growth and expanding our operations successfully.
  • If we fail to comply with reporting and payment obligations under the Medicaid Drug Rebate Program or other governmental pricing programs, we could be subject to additional reimbursement requirements, penalties, sanctions and fines, which could have a material adverse effect on our business, financial condition, results of operations and growth prospects.
  • Enacted and future legislation may increase the difficulty and cost for us to commercialize Gimoti and affect the prices we may obtain.
  • If we or our commercialization partners market products in a manner that violates healthcare laws, we may be subject to civil or criminal penalties.
  • We may be subject to foreign, federal, and state data privacy and security laws, and failure to protect our information systems against security breaches, service interruptions, or misappropriation of data could disrupt operations, compromise sensitive data, and expose us to liability, possibly causing our business and reputation to suffer.
  • If product liability lawsuits are brought against us, we may incur substantial liabilities and may be required to limit commercialization of Gimoti.
  • We may form strategic alliances in the future, and we may not realize the benefits of such alliances.
  • Our business and operations would suffer in the event of system failures, including cyberattacks.
  • Business disruptions could seriously harm our future revenues and financial condition and increase our costs and expenses.
  • If we fail to develop and commercialize other product candidates, we may be unable to grow our business.
  • If we engage in an acquisition, reorganization or business combination, we will incur a variety of risks that could adversely affect our business operations or our stockholders.
  • We may be unable to maintain sufficient product liability insurance.
  • It is difficult and costly to protect our intellectual property rights, and we cannot ensure the protection of these rights. Any impairment of our intellectual property rights may materially affect our business.
  • Claims by third parties that we infringe their proprietary rights may result in liability for damages or prevent or delay our developmental and commercialization efforts.
  • We may be subject to claims that we have wrongfully hired an employee from a competitor or that we or our employees have wrongfully used or disclosed alleged confidential information or trade secrets of their former employers.
  • Changes in patent laws or patent jurisprudence could diminish the value of patents in general, thereby impairing our ability to protect our products.
  • Our recurring losses from operations have raised substantial doubt regarding our ability to continue as a going concern.
  • If we fail to obtain the capital necessary to fund our operations, we will be unable to successfully commercialize Gimoti.
  • Our ability to use net operating loss and tax credit carryforwards and certain built-in losses to reduce future tax payments is limited by provisions of the Internal Revenue Code, and may be subject to further limitation as a result of the transactions completed in connection with our initial public offering.
  • An active trading market for our common stock may not be sustained.
  • The price of the shares of our common stock could be highly volatile, and purchasers of our common stock could incur substantial losses.
  • Our quarterly operating results may fluctuate significantly.
  • Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of us, which may be beneficial to our stockholders, more difficult and may prevent attempts by our stockholders to replace or remove our current management.
  • We do not intend to pay dividends on our common stock and, consequently, the ability of our stockholders to achieve a return on their investment will depend on appreciation in the price of our common stock.
  • Sales of a substantial number of shares of our common stock by our existing stockholders in the public market could cause our stock price to fall.
  • We will continue to incur significant costs as a result of operating as a public company, and our management will be required to devote substantial time to new compliance initiatives.
  • If securities or industry analysts publish unfavorable research or reports about our business, our stock price and trading volume could decline.
  • We could be subject to securities class action litigation.
  • If we fail to meet all applicable Nasdaq Capital Market requirements and Nasdaq determines to delist our common stock, the delisting could adversely affect the market liquidity of our common stock and the market price of our common stock could decrease.
  • Unstable market and economic conditions may have serious adverse consequences on our business, financial condition and stock price.
Management Discussion
  • Net Product Sales.  Net product sales for the three months ended June 30, 2022 compared to the three months ended June 30, 2021 increased by approximately $225,000. The increase in sales was primarily driven by increased educational and promotional activities of the Eversana sales force during the three months ended June 30, 2022.
  • Research and Development Expenses.  Research and development expenses for the three months ended June 30, 2022 compared to the three months ended June 30, 2021 decreased by approximately $4,000. During 2022 and 2021, we incurred expenses for ongoing stability testing of batches of Gimoti manufactured prior to receipt of FDA approval of the Gimoti NDA in June 2020.
  • expense. Costs incurred during the three months ended June 30, 2021 included approximately $122,000 related to manufacturing and $65,000 for wages, taxes and employee insurance, including approximately $24,000 of stock-based compensation expense.

Content analysis

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Positive
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Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
New words: denied, electronically, free, greater, inbound, intake, par, retroactively
Removed: grown, growth, largest, month, monthly, reserved, unreserved

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