Evoke Pharma (EVOK -2.60%), a specialty pharmaceutical company focused on treatments for gastrointestinal diseases, released its second quarter results on August 14, 2025. The most notable news from the earnings release was Net product sales increased 47% year-over-year to $3.8 million in Q2 2025, marking continued commercial momentum for its Gimoti nasal spray for diabetic gastroparesis. Net loss per share was $0.62 in Q2 2025. While GAAP revenue was $3.8 million, exceeding expectations by $0.004 million. Confidence in demand persisted as management affirmed its full-year net product sales outlook of approximately $16 million. Overall, the quarter showed solid sales growth but flagged persistent cost and profitability challenges as the company continues its push for broader adoption of its only commercial product.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (GAAP) | ($0.62) | ($0.30) | ($0.93) | 33.3% decrease |
| Revenue (GAAP) | N/A | N/A | $2.55 million | N/A |
| Cash and Cash Equivalents | $12.06 million | $9.18 million | 31.4% |
Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report.
Understanding Evoke Pharma’s Business and Focus
Evoke Pharma is a U.S.-based pharmaceutical company specializing in treatments for gastrointestinal (GI) disorders. Its core focus is Gimoti, a nasal spray designed for adult patients with diabetic gastroparesis, a chronic disorder that impairs stomach emptying.
The company’s primary business is built around two drivers: achieving widespread adoption of Gimoti among prescribers and patients, and maintaining a partnership with Eversana, a commercialization partner providing sales and marketing infrastructure. Evoke emphasizes the uniqueness of Gimoti’s nasal delivery, which offers an alternative to oral medications for patients suffering from severe symptoms such as nausea or vomiting. The company’s critical success hinges on doctor adoption, repeat prescriptions (refill rate), market access, and successful navigation of reimbursement and regulatory environments.
Quarter Highlights: Sales Growth and Strategic Update
During the quarter, Evoke grew GAAP revenue 47% year-over-year in Q2 2025. The company attributed this expansion to increasing adoption of Gimoti by U.S. gastroenterology clinics and a steady refill rate of about 70%. The number of new prescribers rose 20% year-over-year in Q2 2025 compared to Q2 2024.
The company highlighted strong performance in several key commercial metrics. Net product sales growth in Q2 2025 was driven by greater physician adoption, improved pharmacy fill rates, and sustained therapy adherence, as evidenced by high prescription refill rates. These operating milestones were reinforced by recent presentations at conferences such as Digestive Disease Week 2025, where Evoke reported favorable real-world safety data for Gimoti, particularly in relation to the risk of tardive dyskinesia—a serious movement disorder associated with other formulations of metoclopramide.
This was primarily due to increased profit-sharing with Eversana, which is directly tied to net product sales, as well as higher professional fees. The structure of Evoke’s partnership means that as Gimoti sales rise, SG&A costs also grow, as evidenced by SG&A expenses increasing from approximately $3.7 million in Q2 2024 to $5.1 million in Q2 2025, impacting the company’s near-term earnings profile.
Total operating expenses in the second quarter of 2025 were approximately $5.3 million, compared to $3.8 million in the same period of 2024. This dynamic contributed to a wider net loss for the period compared to a year ago. The company ended Q2 2025 with $12.06 million in cash and cash equivalents. Evoke stated that cash and near-term sales should support operations into the third quarter of 2026, based on its internal projections. Evoke stated that cash and near-term sales should support operations into the third quarter of 2026, based on its internal projections as of Q2 2025.
About Gimoti and Recent Developments
Gimoti is a nasal spray medication used to treat diabetic gastroparesis, a condition causing significant stomach discomfort and delayed gastric emptying in adults with diabetes. Unlike standard oral tablets, Gimoti’s nasal delivery bypasses the stomach, making it suitable for patients with symptoms like chronic nausea and vomiting.
Gimoti is positioned as a non-oral treatment option for patients with diabetic gastroparesis who may have unpredictable absorption or difficulty swallowing because of symptoms such as nausea or vomiting. Refill rates remained steady at approximately 70% in Q2 2025. The company also reported real-world outcomes in Q2 2025 highlighting Gimoti’s safety, including data on the incidence of tardive dyskinesia with continuous versus intermittent metoclopramide use.
Financial Outlook and Key Watchpoints
Management reiterated its 2025 net product sales forecast of approximately $16 million for Gimoti, representing a 60% projected increase in net product sales over 2024. This FY2025 outlook is anchored by recent trends in prescription growth, consistently strong refill rates, and expanding pharmacy access. Evoke also noted that its cash position and anticipated cash flows from sales are expected to fund operations into the third quarter of 2026.
For investors, the key areas to watch are the trajectory of Gimoti adoption among prescribers, trends in refill rates, the evolution of operating expense levels, and developments in reimbursement or competitive pressures. There were no changes to dividend policy—EVOK does not currently pay a dividend.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
