Press Release
Evoke Pharma Reports Third Quarter 2019 Financial Results
“We made significant progress toward addressing the regulatory requests from the
Third Quarter 2019 Financial Review
For the third quarter of 2019, net loss was approximately
Research and development expenses totaled approximately
For the third quarter of 2019, general and administrative expenses were approximately
Total operating expenses for the third quarter of 2019 were approximately
As of
About
Evoke is a specialty pharmaceutical company focused primarily on the development of drugs to treat Gastrointestinal (GI) disorders and diseases. The Company is developing Gimoti, a nasal spray formulation of metoclopramide, for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in adult women.
Diabetic gastroparesis is a GI disorder affecting millions of patients worldwide, in which the stomach takes too long to empty its contents resulting in serious digestive system symptoms. The gastric delay caused by gastroparesis can compromise absorption of orally administered medications. Metoclopramide is currently available only in oral and injectable formulations and is the only drug currently approved in
Safe Harbor Statement
Evoke cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negatives of these terms or other similar expressions. These statements are based on the company’s current beliefs and expectations. These forward-looking statements include statements regarding: the potential for an NDA resubmission and the timing thereof and Evoke’s expected cash runway. The inclusion of forward-looking statements should not be regarded as a representation by Evoke that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Evoke’s business, including, without limitation: Evoke’s resubmission of the NDA may be delayed and Evoke cannot be certain that
(Financial Statements to Follow)
Condensed Balance Sheets
September 30, 2019 |
December 31, 2018 |
|||||||
(Unaudited) | ||||||||
Assets | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 6,504,802 | $ | 5,319,004 | ||||
Prepaid expenses | 775,607 | 329,218 | ||||||
Other current assets | 11,551 | — | ||||||
Total current assets | 7,291,960 | 5,648,222 | ||||||
Operating lease right-of-use asset | 35,398 | — | ||||||
Other assets | — | 11,551 | ||||||
Total assets | $ | 7,327,358 | $ | 5,659,773 | ||||
Liabilities and stockholders' equity | ||||||||
Current Liabilities: | ||||||||
Accounts payable and accrued expenses | $ | 1,154,520 | $ | 476,202 | ||||
Accrued compensation | 964,243 | 1,158,251 | ||||||
Operating lease liability | 35,398 | — | ||||||
Total current liabilities | 2,154,161 | 1,634,453 | ||||||
Stockholders' equity: | ||||||||
Common stock, $0.0001 par value; authorized shares - 50,000,000; issued and outstanding shares - 24,231,914 and 17,427,533 at September 30, 2019 and December 31, 2018, respectively |
2,423 | 1,743 | ||||||
Additional paid-in capital | 89,482,936 | 82,628,312 | ||||||
Accumulated deficit | (84,312,162 | ) | (78,604,735 | ) | ||||
Total stockholders' equity | 5,173,197 | 4,025,320 | ||||||
Total liabilities and stockholders' equity | $ | 7,327,358 | $ | 5,659,773 | ||||
Condensed Statements of Operations
(Unaudited)
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | $ | 822,444 | $ | 625,497 | $ | 2,774,924 | $ | 3,399,654 | ||||||||
General and administrative | 814,218 | 897,060 | 2,955,371 | 2,846,611 | ||||||||||||
Total operating expenses | 1,636,662 | 1,522,557 | 5,730,295 | 6,246,265 | ||||||||||||
Loss from operations | (1,636,662 | ) | (1,522,557 | ) | (5,730,295 | ) | (6,246,265 | ) | ||||||||
Other income: | ||||||||||||||||
Interest income | 8,597 | 3,089 | 22,868 | 7,425 | ||||||||||||
Gain from change in fair value of warrant liability | — | — | — | 433,392 | ||||||||||||
Total other income | 8,597 | 3,089 | 22,868 | 440,817 | ||||||||||||
Net loss | $ | (1,628,065 | ) | $ | (1,519,468 | ) | $ | (5,707,427 | ) | (5,805,448 | ) | |||||
Net loss per share of common stock, basic and diluted | $ | (0.07 | ) | $ | (0.09 | ) | $ | (0.26 | ) | $ | (0.36 | ) | ||||
Weighted-average shares used to compute basic and diluted net loss per share | 24,113,956 | 17,129,649 | 21,618,947 | 16,327,385 | ||||||||||||
Investor Contact:
Tram Bui
Tel: 646-536-7035
tbui@theruthgroup.com
Source: Evoke Pharma, Inc.