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Evoke Pharma Inc. (EVOK+0.93%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing net product sales of $10,249,415 for the year, an increase from $5,180,630 in the previous year. The increase is attributed to improved prescription capture and conversion rates.
Cost of goods sold increased to $356,531 from $201,879, reflecting higher sales volume and associated costs.
Research and development expenses decreased significantly to $16,322 from $181,907, as the company focused more on commercialization efforts.
Selling, general, and administrative expenses rose to $15,080,699 from $12,227,735, primarily due to increased marketing and Eversana profit-sharing costs.
Evoke reported a net loss of $5,352,194 for the year, a decrease from the previous year's net loss of $7,792,295.
The company highlighted its reliance on Eversana for the commercialization of Gimoti and noted the potential risks associated with the termination of the Eversana Agreement.
Evoke Pharma continues to face the challenge of achieving profitability, with ongoing efforts to increase market penetration of Gimoti.
The company also discussed its need for additional funding to support continued operations and commercialization activities.
Evoke Pharma's cash and cash equivalents stood at approximately $13.6 million as of December 31, 2024, with a focus on managing liquidity to sustain operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Evoke Pharma Inc. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.