Q1 2022 Evoke Pharma Inc Earnings Call
Good afternoon and welcome to the EVOKE Pharma first quarter 2022 earnings conference call. Currently all callers have been placed in listen-only mode and following management's prepared remarks the call will be opened up for questions. If you would like to ask a question at that time please press star 1 on your telephone keypad. If you need to remove yourself from the queue press the pound key. At any time if you should need operator assistance please press star 0.
Good afternoon, and welcome to the evoke pharma first quarter 2022 earnings conference call. Currently all colors have been placed in listen only mode and following management's prepared remarks, the call will be opened up for questions. If you'd like to ask a question at that time. Please press star one on your telephone keypad.
If you need to remove yourself from the queue press the pound key at any time, if you should need operator assistance. Please press star zero.
Please be advised that today's call is being recorded. I would now like to turn the call over to Daniel Conto-Monting. Thank you. You may begin.
Be advised that today's call is being recorded I would now turn the call I'd like to turn the call over to Daniel console parting. Thank you you may begin.
Good afternoon, and thank you for participating in the Vogue Farmers Conference call today. With me today are Dave Gaunier, Evoque's Chief Executive Officer, Chris Questenberry, Jamoti's Chief Commercial Officer from Eversana, and Matt D'Onofrio, Evoque's Chief Business Officer.
Good afternoon, and thank you for participating in evoke farmers conference call today with me today are deep Garnier evokes Chief Executive Officer, Chris question, Barry <unk>, Chief commercial officer from episodic and Mackie Inacio evokes chief business Officer.
By now, you should have a copy of the press release we issued earlier. If not, it is available on the investor relations page of our website at evokepharma.com.
By now you should have a copy of the press release, we issued earlier if not it is available on the Investor Relations page of our website at evoke pharma Dot com. We encourage everyone should we read today's press release as well as books quarterly report on Form 10-Q, which has now filed with the SEC.
We encourage everyone to read today's press release as well as Evoke's quarterly report on Form 10Q, which is now filed with the SEC.
The company's 10-Q report and press release are also available on the book's website. In addition, this conference call is being webcasted through the company's website that will be archived for 30 days.
The company's 10-Q report and press release are also available on the Bulks website. In addition, this conference call is being webcast through the company's website and will be archived for 30 days.
Please note that certain information discussed on the call today is covered under the safe Harbor provisions of the private Securities Litigations Reform Act.
Please note that certain information discussed on the call today is covered under the Safe Harbor provisions of the Private Security Litigation Reform Act.
We caution listeners that during this call, manager will be making forward-looking statements.
We caution listeners that during this call management will be making forward looking statements actual results could differ materially from those stated or implied by these forward looking statements future risks and uncertainties associated with the company's business. These forward looking statements are qualified by the cautionary statements contained in the books press releases in S. E T.
actual results could differ materially from those stated or implied by these forward-looking statements due to risk and uncertainties associated with the company's business.
These four looking statements are qualified by the cautionary statements containing the Vogue's press releases and SEC filings, including if annual report on Form 10K and subsequent filings.
SEC filings, including its annual report on Form 10-K, and subsequent filings.
This conference call contains time-sensitive information that is accurate only as of the date of this live broadcast. Evoke undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call. With that, I would now like to turn the call over to Dave Garnier.
This conference call contains time sensitive information that is accurate only as of the date of this slide broadcast evoke undertakes no obligation to revise or update any forward looking statements to reflect events or circumstances. After the date of this conference call with that I would now like to turn the call over to Dave Gardner D.
Thank you Danielle and welcome to the evoke pharma first quarter 2022 financial results conference call I'll be updating everyone on key developments that occurred during the quarter ended March 31, and thus far in Q2, I'll then review some first quarter numbers and other metrics before turning the call over to Chris.
Thank you Daniel and welcome to Evoke Pharmacy's first quarter 2022 financial results conference call. I'll be updating everyone on key developments that occurred during the quarter ended March 31st and thus far in Q2. I'll then review some first quarter numbers and other metrics before turning the call over to Chris.
First, and very important, on April 27th, we announced that evoke was granted new drug product exclusivity by FDA for Gemodi.
First and very important.
April 27, we announced that your focus granted new drug product exclusivity by FDA for Jim Modi.
This provides exclusivity for Jomodi marketing rights for three years from the original date of approval under the Hatch-Waxman Act and protects Jomodi from generic competition.
This provides exclusivity for Jpmorgan marketing rights for three years from the original date of approval under the Hatch Waxman Act and protects chimbote from generic competition.
These FDA marketing exclusivity rights further establish a proprietary concept of delivering an effective medication through the nasal pathway for the treatment of symptoms associated with diabetic gastroparesis.
These FDA marketing ethical.
70 rise further establish our proprietary proprietary concept of delivering an effective medication nasal pathway for the treatment of symptoms associated with diabetic gastroparesis.
<unk> marketing exclusivity along with other factors I'll discuss in a moment will enable us to continue our mission of getting to more into more patients who may benefit from our novel solution.
Jamoti's marketing exclusivity, along with other factors I'll discuss in a moment, will enable us to continue our mission of getting Jamoti to more patients who may benefit from our novel solution.
I want to also add that in addition to the FDA-granted market exclusivity, you vote maintains a strong intellectual property estate. We currently have two orange-book-listed patents under the title, Nasal Formulations of Metaclover Mind, that expire in 2029 and 2030.
I want to also add that in addition to the FDA granted market exclusivity evoke maintains a strong intellectual property estate.
We currently have two Orange book listed patents under the title nasal formulations of medical from mine that expire in 2029 and 2030.
Evoke has been granted patents in the EU, Japan, and Mexico with coverage until 2032.
Evoque has been granted patents in the EU, Japan, and Mexico with coverage until 2032.
And Furthermore, we have other pending applications with individual exploration dates and if approved.
Furthermore, we have other pending applications with individual expiration dates, and if approved,
of 2032, 2037, and 2038.
<unk> 2030 to 2037 and 2038.
as a commercial-stage company with a novel and clinically proven product, we proactively and aggressively protect our intellectual property.
As a commercial stage company with a novel and clinically proven product, we proactively and aggressively protect our intellectual property.
Concurrent to our efforts to fortify <unk> intellectual property estate.
In current to our efforts to fortify Jomodi's intellectual property estate, a critical element to growing our patient population, we're also expanding patient access with new channel sales partnerships through our strategic collaboration with Eversonna.
Criddle critical element to growing our patient population. We're also expanding patient access with new channel sales partnerships through our strategic collaboration.
With every song.
Just as a reminder, the extension of our agreement with every center that we discussed last quarter allows for them to utilize their internal sales organization and other commercial functions for market access marketing sales distribution and other patient support services.
Just as a reminder, the extension of our agreement with Eversonna that we discussed last quarter allows for them to utilize their internal sales organization and other commercial functions for market access, marketing, sales, distribution, and other patient support services.
And through Eversana, we are piloting a new distribution model with Vitacare Patient Services, which was recently acquired by GoodRX.
And through ever Sona, we're piloting a new distribution model with vital care patient services, which was recently acquired by good Rx.
They provide an electronic prescription service that delivers an effective, quick, and convenient way for patients to receive medications, and we're excited about some of the preliminary results and look forward to providing more information on this program as it develops further.
They provide an electronic prescription service that delivers an effective quick and convenient way for patients to receive medications and were excited about some of the preliminary results and look forward to providing more information on this program as it develops further.
Staying on the theme of our efforts to increase patient access to Jamote, last month we announced that Jamote was added to the Texas Medicaid Preferred Drug List. This decision supports reimbursement for Jamote on the Texas Medicaid Formulary and Associated Program that provides health care to an estimated 5 million people.
Staying on the theme of our efforts to increase patient access to <unk> last month, we announced that <unk> was added to the Texas Medicaid preferred drug list.
This decision supports reimbursement for intermodal on the Texas, Medicaid formulary and associated program that provides health care to an estimated 5 million people.
Notably, Jamodi was also previously added to the New York State Medicaid program, another significant coverage area with a large patient population.
And notably Chimbote was also previously added to the New York State Medicaid program, another significant coverage area with a large patient population.
I should add that during the first quarter, government programs, including Medicaid and Medicare, made up approximately 51 percent of the filled prescriptions for Jimote.
I should add that during the first quarter government programs, including Medicaid and Medicare made up approximately 51% of the fill prescriptions for <unk>.
With Evershine's robust patient support and reimbursement team, we've been able to allow for reimbursement submission of Jomodi for patient-seeking treatment, and Chris will talk a little bit more about that in a moment.
We've ever signed as robust patient support and reimbursement team, we've been able to allow for reimbursement submission of <unk> for patients seeking treatment and Chris will talk more about that in a moment.
I'll now review the key value-adding metrics I discussed last quarter.
I will now review the key value, adding metrics I discussed last quarter.
Our net prescription sales have increased every quarter since launch.
Our net prescription sales have increased every course since launch.
Net revenue increased by 16% to approximately $418,000 in the first quarter of 2022 compared to last quarter.
Net revenue increased by 16% to approximately $418000 in the first quarter of 2022 compared to last quarter.
In addition, the number of Jamoni new cumulative prescribers increased by 41% from 425 on December 31st to 538 new health care providers or HVPs for short on March 31st of this year.
In addition, the number of new cumulative prescribers increased by 41% from 425 on December 31 to 538, new healthcare providers or <unk> for short.
March 31 of this year.
Two other key data points I'd like to share our one patient enrollments for a new prescription increased by 18% in the first quarter to 474 from 388 in Q4.
And two other key data points I'd like to share are one, patient enrollments for a new prescription increased by 18% in the first quarter to 474 from 388 in Q4.
And to fill prescriptions increased by 28% in Q1 compared to the fourth quarter of last year.
and two, billed prescriptions increased by 28% in Q1 compared to the fourth quarter of last year.
We're also seeing continued positive trends in future indicators.
We're also seeing continued positive trends in future indicators.
These include.
Continued higher numbers of in person meetings with health care providers in many areas of the U S.
continued higher numbers of in-person meetings with healthcare providers in many areas of the U.S.
We've heard directly from sales representatives that some of our key target offices are just now opening from Covid shutdown protocols.
heard directly from sales representatives that some of our key target offices are just now opening from COVID shutdown protocols.
As mentioned last quarter, when a presentation of Jamoti's benefits is delivered, we frequently see prescriptions soon after.
As mentioned last quarter when our presentation of <unk> benefits is delivered we frequently see prescriptions soon after.
Continue to see that more FaceTime with HCPs equals higher net prescription sales.
We continue to see that more face time with Hcp's equals higher net prescription sales.
The other positive indicators that we're able to we were able to.
The other positive indicator is that we're able to
put into place into key offices a significant number of trial product or samples for patients.
Put into place in the key into key offices, a significant number of trial product samples for patients.
These trial samples will allow patients to experience the benefits of gemody while waiting coverage completion from insurances and allows patients to start treatment even if they currently do not qualify for insurance reimbursement.
This trial samples will allow patients to experience the benefits of <unk>, while waiting coverage completion from insurances and allows patients to start treatment, even if they currently do not qualify for insurance reimbursement.
Before I turn the call over to Chris, I'd like to touch on two important events, one that took place in the first quarter and another that will occur later this month.
Before I turn the call over to Chris I'd like to touch on two important events that took place in the first quarter and another that will occur later this month.
On March 16th, together with the research team at H.C. Wainwright, we hosted a virtual key opinion leader.
On March 16th together with the research team at H C. Wainwright, we hosted a virtual key opinion leader.
Fireside Chat with Dr. VipLov Sinati, who is the CEO and medical director of Greater Montgomery Patient-Centered Gastroenterology and Hepatology, and a Jomodi Presenter.
Fireside chat with Dr. <unk>, who is the CEO and medical director of greater Montgomery patient centered gastroenterology and hematology.
<unk> Modi prescribing physician.
Dr. Sonati discussed how diabetic gastroparesis affects his patients, as well as his utilization of gemode as a treatment option.
Dr. <unk> discussed how diabetic gastroparesis effects as patients as well as utilization chimbote as a treatment option.
case studies of patients who benefited from Jomoti were very encouraging, but also very heartening as we heard how patients' lives have been changed for the better.
This case studies of patients who benefit benefited from gymboree, we're very encouraging but also very heartening as we heard how patients' lives have been changed for the better.
In addition, Dr. Sonati also touched on a retrospective analysis of U.S. administrative claims data that examined the association between tardive dyskinesia or TD, which is a possible side effect of using metaclobamide and potential risk factors.
In addition, Dr. Sinatra also touched on a retrospective analysis of U S. Administrative claims data that examine the association between tardive, dyskinesia, where TD, which as a possible side effect of using metoclopramide and potential risk factors.
New real World data data allows the medical community to better determine how marketed drugs perform in large patient populations.
New real world data allows the medical community to better determine how marketed drugs perform in large patient populations.
Leveraging the 80 million patient TRUVN market scan database, a team of key opinion leaders led by Dr. Richard McAllen of Texas Tech University Health Sciences examined the association between TD and risk factors such as age, sex, underlying medical diagnosis, and exposure to drugs, including medical prevention.
Leveraging the 80 million patient driven market scan database a team of key opinion leaders led by Dr. Richard Mccallum of Tech, Texas Tech, Texas Tech University Health Sciences examine the association between TV and risk factors, such as age sex underlying medical diagnosis.
And exposure to drugs, including medical Akamai.
Current literature on the subject is comprised of smaller, decades-old studies that may not represent today's standard of care. As a result, TD incidents in medical-permied treated patients may have been overestimated in risk factors, comorbidities, and co-medications in those cases were poorly understood.
Current literature on the subject is comprised of smaller decades old studies that may not represent today's standard of care.
As a result.
The incidents in medical from my treated patients may have been overestimated and risk factors Comorbidities and co medications in those cases were poorly understood.
We believe this information will prove invaluable to health care providers in the treatment of their patients with diabetic gastroparesis.
We believe this information will prove invaluable to health care providers and the treatment of their patients with diabetic gastroparesis.
A retrospective analysis of these data that examine the association between TD and potential risk factors has been selected as a poster of distinction at the Adjusted Disease Week meeting, taking place from May 21st through the 24th of this month in San Diego.
A retrospective analysis of these data that examine association between TV and potential risk factors has been selected as a poster of distinction at digestive disease week meeting taking place from May 20, <unk> through the 24th of this month in San Diego.
Our poster titled, Revisiting the Risk of Tardive Dyskinesia with Metoclovermide Use, a Real-World Data-Driven Epidemiology Study from 2011 to 2021, will be presented on Saturday, May 21st by Dr. McCallum. With that, I'd like to now turn the call over to Chris.
Our poster titled Revisiting the risk of tardive dyskinesia with metoclopramide use.
Use of real World data driven epidemic epidemiology study from 2011 to 2021 will be presented on Saturday may 21 by Dr. Mccallum.
With that I'd like to now turn the call over to Chris Chris.
Thank you, Dave and good afternoon, everyone.
During our last call, I outlined four strategic areas to accelerate our dramatic commercialization.
During our last call I outlined four strategic areas to accelerate our giammetti commercialization.
On that call, we said we needed to raise awareness of gemodium on patients and motivate them to advocate for better.
On that call, we said, we needed to raise awareness of <unk> among patients and motivate them to advocate for better treatment.
Physician Jamote is optimal therapy for patients with diabetic gastroparesis and the only
Positioned <unk> as optimal therapy for patients with diabetic gastroparesis and the only intranasal treatment.
We need to educate payers about gastroparesis and demody and simplify the approval process.
We need to educate payers about gastroparesis antimony and simplify the approval process.
And finally, we needed to improve conversion and fulfillment process.
And finally, we needed to improve the conversion of fulfillment processes.
I'd like to walk you through the progress we've made in each of these areas and then speak to additional insights and actions that will impact commercialization.
I'd like to walk you through the progress we've made in each of these areas and then speak to additional insights and actions that will impact commercialization.
First awareness.
ATP awareness continues to increase with 86% of target GIs and 75% of nurse practitioners and physician assistants being aware of it.
ATP awareness continues to increase with 86% target Gis and 75% of nurse practitioners and physician assistance being aware of intermodal.
Strong awareness in Germany, which is a score of four or five out of five.
Strong awareness in Gemodi, which is a score of four or five out of five, is at 48 percent.
Is that 48% for all Hcp's.
Their intention to prescribe gemodes is also very high, with 92% of target gas neurologists declaring their intention to prescribe compared to 79% previous.
Intention to prescribe <unk> is also very high with 92% of target gastroenterologist, declaring their intention to prescribe compared to 90, 79% previously.
Among all other ACPs survey, 89% of all respondents intend to prescribe.
Among all other ATP survey, 89% of all respondents intend to prescribe genuity.
When we look at patient awareness, that also continues to grow.
When we look at patient awareness that also continues to grow.
In a newly completed market research study among patients, 19% of patients indicated familiarity with Jamodi compared to 8% last fall.
And our newly completed market research study among patients 19% of patients, indicating familiarity with genuity compared to 8% last fall we plan to continue to invest in education and awareness among patients and help them to advocate for improved treatments.
plan to continue to invest in education and awareness among patients and help them to advocate for them.
Moving to positioning for <unk>, our second priority, we continue to position <unk> as the optimal treatment for appropriate patients with diabetic gastroparesis and continue to ask our customers.
Moving to positioning for Gemodi, our second priority, we continue to position Gemodi as the optimal treatment for appropriate patients with diabetic gastroparesis and continue to ask our customers, why are we still prescribing Gemodi?
Why are we still prescribing oral <unk> to patients.
With a dysfunctional guy.
We are gaining traction and the feedback from our sales organization continues to be positive with regard to best practices.
We are gaining traction in the feedback from our sales organization continues to be positive with regard to messaging for genuity.
ACPs overwhelmingly admit a nasal route administration makes sense for patients with diabetic asthma.
Hep's overwhelmingly admit a nasal route of administration makes sense for patients with diabetic gastroparesis.
although fewer make the connection that not absorbing an oral tablet may likely lead to an inadequate response to oral therapy.
Although fewer makes a connection that not absorbing an oral tablet may likely lead to an inadequate response to oral therapy.
We are updating our advertising and messaging to make a stronger connection for both providers and patients about the differences between nasal and an oral route of administration.
We are updating our advertising and messaging to make a stronger connection for both providers and patients about the differences between nasal and an oral route of administration.
recent testing of these ads, we received very strong feedback on both campaigns.
And the recent testing of these ads, we received very strong feedback on both campaigns for patients in particular, when they saw the profile for <unk> and our new campaign. They indicated an overwhelmingly strong interest in learning more about chimbote, scoring it on.
The patients in particular, when they saw the profile for Jomodi and our new campaign, they indicated an overwhelmingly strong interest in learning more about Jomodi, scoring it on.
On a scale of five score of $4 nine which is an unprecedented score.
scale of five, a score of 4.9, which is an unprecedented
Related to positioning, we updated our target list in January and improved our target potential.
Related to positioning we updated our target list in January and improved our target potential despite the calpine, introducing 39% new targeted HCP to our sales organization, which many of them are nurse practitioners and Tas our sales team has already reached 57% of them.
Despite the call plan introducing 39 percent new targeted HCPs to our sales organization, which many of them were nurse practitioners and PAs, our sales team has already reached 57 percent of them.
About 50% of <unk>.
Prescribing is generated by Gastroenterologist.
And nurse practitioners and PAs are starting to increase their prescribing and represent the next largest specialty in prescribing.
And nurse practitioners and Tas are starting to increase their prescribing and represent the next largest specialty and prescribing.
When we look to our third priority of market access and educating payers, we continue to make progress on the access of Jomodi among insurance companies and pharmacy benefit managers.
When we look to our third priority of market access and educating payers. We continue to make progress on the access of Genuity among insurance companies and pharmacy benefit managers.
Without contracting.
Chimbote is covered or reimbursed for 45% of the lives in the U S improving since the end of last year at 42%.
Modi is covered or reimbursed for 45 percent of the lives in the U.S., improving since the end of the year.
Continue to have productive discussions with payers through our capable national account.
We continue to have productive discussions with payers through our capable national account team.
And as Dave mentioned, two states have recently added <unk> to their preferred drug list, New York and Texas.
And as Dave mentioned, two states have recently added Jamote to their preferred drug list, New York and Texas.
and at least 94 plans have approved at least one prescription of Jamodi's
And at least 94 plans have approved at least one prescription of <unk> since launch.
While the majority of prescriptions require to prior authorization, we are improving our ability to gain these approvals across commercial, Medicare, and Medicaid payers. It's important to note that when a prior authorization is approved,
While the majority of prescriptions required a prior authorization, we are improving our ability to gain these approvals across commercial Medicare and Medicaid payers.
It is important to note that when the prior authorization is approved it's generally approved for an entire year.
We expect to gain additional positive decisions and improved access from payers over time as they see demand grow experienced how patients respond to Jim Ot clinically and are educated on the needs of this patient population and the differences between oral and nasal route of administration. We believe they will understand the value proposition of <unk>.
We expect to gain additional positive decisions and improve access for payers.
As they see demand grow, experience how patients respond to Jomotii clinically and are educated on the needs of this patient population and the differences between oral and the nasal route of administration, we believe they will understand the value proposition of Jomotii.
Jody.
Lastly, our fork priority to improve the conversion and the fulfillment process, we have observed steadily improving conversion.
Lastly, our fourth priority to improve the conversion in the fulfillment process.
Served steadily improving conversion of prescriptions suite expenses.
In January we launched a pilot program with our partner vital care prescription services to test an alternate distribution process that is automated and more in line with office workflows.
In January , we launched a pilot program with our partner, Vited Care Prescription Services, to test an alternate distribution process that is automated and more in line with Office
This pilot deployed by six out of our 27 representatives demonstrated improvements in HCP acceptance and ultimately generated increased prescribing among existing and importantly new prescribers.
This pilot deployed by six out of our 27 representatives demonstrated improvements in HCP acceptance and ultimately generated increased prescribing among existing and importantly, new prescribers.
Additionally, body care increased conversions and PPA approvals over our current program.
<unk> body care increased conversions and Ta ta approvals over our current program.
As we move from our priority is to look at prescribers and more detail.
move from our priorities to look at prescribers in more detail.
Through the end of March, we have increased our cumulative new prescribers by 26% in the first quarter as compared to the new prescribers who prescribed launch to date through the
Through the end of March we had increased our cumulative new prescribers by 26% in the first quarter as compared to the new prescribers, who prescribe launch to date through the end of the fourth quarter.
That increase was fueled by a 43% increase in new prescribers in <unk> versus <unk> and a 52% increase in total prescribers in the first quarter compared to those that are prescribed in the fourth quarter.
That increase was fueled by a 43% increase in new prescribers in 1Q versus 4Q and a 52% increase in total prescribers in the first quarter compared to those that prescribed.
As we are seeing an increase in the breadth of positions prescribing, we are also seeing those positions who initially prescribed gemodi increase the depth of their prescribing, which means they are seeing the benefit.
As we are seeing an increase in the breadth of physicians prescribing. We are also seeing those physician, who initially prescribed chimbote increase the depth of their prescribing, which means they are seeing the benefits of genuity.
55% of our prescriptions overall came from ACPs who have written more than five prescriptions for two years.
55% of our prescriptions overall came from Hcp's, who have written more than five prescriptions for <unk>.
And monitoring how hep's are using <unk> through our <unk> study, we see that while the majority of prescriptions are switches to Giovanni for an existing gastroparesis patient an increasing number of hep's are considering chimbote for newly diagnosed patients.
In monitoring how HVPs are using gemode through our ATU study, we see that while the majority of prescriptions are switches to gemode for an existing gastroparesis patient.
an increasing number of HDPs are considering gem modi for newly diagnosed.
Looking at our target gastroenterologists, they're increasing their prescribing across all lines of therapy, so the first line of therapy.
Looking at our target gastro neurologist, they're increasing their prescribing across all lines up there.
First line second line and third line <unk>.
Many of them are positioning Jomodi's second line after oral metaclopamide, which is either a test or a test.
Many of them are positioning <unk> second line after oral metoclopramide.
Which is either tablet or solution.
Target GIs, starting oral tablet modiculomide, then using Jomodi account for 45% of their use, moving from 31% last month.
Target Gis, starting oral tablet metoclopramide than using <unk>.
Account for 45% of their us moving from 31% last quarter.
They also prescribed Jomodi first line 9% of the time, up from 5% left.
They also prescribed Genuity first line, 9% of the time up from 5% last quarter.
We see this trend of increased utilization of gemodi and positioning gemodi earlier in the treatment paradigm among non-target GIs, primary care physicians, and importantly advanced practice providers, those nurse practitioners.
We see this trend of increased utilization of Genuity and positioning <unk> early in earlier in the treatment paradigm among non targeted <unk> primary care physicians and importantly, advanced practice providers those nurse practitioners and physician.
Physician assistance that are so important to us.
Severeity of sentence is a driver for gemode utilization. Each of our HCP groups are more likely to prescribe gemode in the second or first line if the patient has moderate or severe.
Severity of symptoms as a driver for devote utilization each of our ACP groups are more likely to prescribe <unk> in the second or first line, if the patient has moderate or severe symptoms.
Anecdotally, feedback from HCPs continues to be strong, and HCPs are continuing to share positive feedback
Anecdotally feedback from Hep's continues to be strong in acp's are continuing to share positive feedback from patients with.
We held an advisory board with nurse practitioners and physician assistant leaders two weeks ago where they shared the feedback and experiences with Jermody and we discussed ways in which we could help them improve patient care. Feedback from the group about Jermody was very strong.
We held an advisory board with nurse practitioners and physician assistants leaders two weeks ago, where they shared the feedback and experiences with <unk> and we discussed ways in which we can help them improve patient care.
Feedback from the group about your money was very strong with many of them having positive examples of symptom improvements with their patients one of the most revealing discussions was regarding particular success in prescribing <unk> for patients who had previously had an inadequate response to oral metoclopramide.
One of the most revealing discussions was regarding particular success in prescribing Jamodi for patients who had previously had an inadequate response to oral medical.
Or a failure.
These discussions cemented the value of nasal administration and the limitations of oral. At the end of the meeting, each of the four advisor subgroups indicated the ideal position for oral treatment.
These discussions cemented the value of nasal administration and the limitations of oral <unk> at the end of the meeting each of the four advisers subgroups indicated the ideal position to chimbote was first line.
Finally, as we continue to support increased adoption of <unk>. There are a few other noteworthy strategic developments.
And finally, as we continue to support increased adoption of Jermody, there are a few other noteworthy strategic developments.
As Dave mentioned, we completed an analysis of the risk of tartar dyskinesia or TD in the U.S.-based population using the largest healthcare
As Dave mentioned, we completed analysis analysis of the risk of tardive dyskinesia or TD in the U S based population.
Using the largest health care claims database in the U S.
As a result of the incident of TD in the overall patient population compared to other relevant subgroups will be shared on Saturday may 21 at 130 at digestive disease week being held in San Diego.
There's also the incidence of TB in the overall patient population compared to other relevant subgroups will be shared.
On Saturday, May 21st at 1.30 at Digestive Disease Week
We look forward to the scientific discourse that will result from updating the current literature.
We look forward to the scientific discourse that result from updating the current literature.
of the published incidence of TD, which has limited many ACPs from prescribing.
Of the published incidence of TD, which is limited many acp's from prescribing metoclopramide.
We are exploring also a telehealth option for patients with diabetic.
We are exploring also a telehealth option for patients with diabetic gastroparesis.
Telehealth is increasingly accepted and utilized by ATPs and patients alike. Many institutions offer telehealth, and this has only expanded.
<unk> is increasingly accepted and utilized by Hep's and patients alike. Many institutions offer telehealth and this is only expanded since COVID-19 are.
A significant subset of patients are currently dissatisfied and frustrated with current treatment and are seeking other options.
significant subset of patients are currently dissatisfied and frustrated with current treatment and are seeking other options.
telehealth option could be an important delivery of care model to provide patients.
So this telehealth option could be an important delivery of care model to provide patients with pneumonia.
We plan to expand also our sample program and evaluate in our program and increase the number of patients who are able to trial Jermody.
We plan to expand also our sample program and evaluate in our program and increase the number of patients who were able to trial <unk>.
Additionally, we observed that many HDPs who were hesitant to prescribe the modi without a sample to provide them.
Additionally, we observed that many hcp's, who were hesitant to prescribe <unk> without a sample to provide patients who are willing to prescribe pneumonia after seeing a positive responses to our sample.
We're willing to prescribe to Modi after seeing a positive response to us, to us fans.
In fact, ACPs receiving a sample were five times more likely to prescribe than those with not.
In fact, acp's, receiving a sample were five times more likely to prescribe and those who had not received the sample.
In summary, we're confident in the continued progress we see with Jomodi and the increased adoption of Jomodi by providers and patients. Our first quarter was our strongest quarter since launch, and we anticipate continued and increased performance in the months to come.
In summary, we're confident in the continued progress we see with <unk> and the increased adoption of <unk> by providers and patients. Our first quarter was our strongest quarter since launch and we anticipate continued and increased performance in the months to come.
I'll now turn over call to Matt for financials and other upticks.
Thanks, Chris.
I'll get right into our financial performance for the first quarter of 2022. As Dave mentioned for the first quarter of 2022, net sales were approximately 418,000 compared with approximately 90,000 the first quarter of 2021. Net loss was approximately 2.2 million or seven cents per share in the first quarter of 2022 compared with approximately 2.6 million or eight cents per share for the same period in 2021.
I'll get right into our financial performance for the first quarter of 2022.
As Dave mentioned for the first quarter of 2022 net sales were approximately 418000 compared with approximately 90000 in the first quarter of 2021.
Net loss was approximately $2 2 million or <unk> <unk> per share in the first quarter of 2022, compared with approximately $2 6 million or <unk> <unk> per share for the same period in 2021.
Research and development expenses for the three months ended March 31, 2022 compared to the three months ended March 31, 2000, 22021 decreased to just $42000. During 2022 and 2020 'twenty one we incurred expenses for ongoing stability testing of batches of <unk>.
Research and Development Expenses for the three months ended March 31, 2022, compared to the three months ended March 31, 2021, decreased to just $42,000.
during 2022 and 2021 incurred expenses for ongoing stability testing of batches in Jomodi prior to manufacturing of receipt of FDA approval of the Jomodi NDA in June of 2020.
Primary any factoring of receipt of FDA approval of the <unk> NDA in June 2020.
For the first quarter of 2022, selling general administrative expenses increased by approximately $67,000 compared with the first quarter of 2021. Total operating expenses for the first quarter of 2022 were approximately $2.4 million compared with $2.7 million for the same period of 2021.
For the first quarter of 2022.
Selling general and administrative expenses increased by approximately 67000 compared with the first quarter of 2021 total operating expenses for the first quarter of 2022 were approximately $2 4 million compared with $2 7 million for the same period of 2021.
As of March 31, 2022, the company's cash and cash equivalents were approximately 7.7 million.
As of March 31, 2022, the company's cash and cash equivalents were approximately $7 7 million.
In addition, we also received net proceeds of approximately $7 1 million from sales under our ATM program. After March 31 2022.
In addition, we also received net proceeds of approximately 7.1 million from sales under our ATM program after March 31, 2022.
We believe based on our current operating plan that our existing cash and cash equivalents as well as future cash flows from net sales of <unk> will be sufficient to fund our operations into the second quarter of 2023.
We believe based on our current operating plan that our existing cash and cash equivalence as well as future cash flows from that sales of Jomodi will be sufficient to fund our operations into the second quarter of 2023.
And with that we'll now open the call for questions operator.
And with that, we'll now open the call for questions. Operator?
At this time, if you wish to ask a question, please press star one on your telephone keypad. You may remove yourself from the queue by pressing the pound key. We'll take our first question from Yale Gen from Layla & Company.
At this time, if you wish to ask a question. Please press star one on your telephone keypad, you may remove yourself from the queue by pressing the pound key we will take our first question from Yale Jen from Laidlaw <unk> company.
Good afternoon, and thanks, we'll take your questions.
My first question here is that even the gemode on the market is relatively short, it's about less than two years. Is there any seasonality in terms of the cells that particularly for the first quarter generally potentially lower than the rest of the quarters of the year, or this is another pattern to be seen in here?
My first question here is that.
Even the demo deal in the market is relatively short as well less than two years is there any seasonality in terms of.
Sales, particularly for the fourth quarter.
But that can be lower than rest of the quarters of the year. This is another patty.
Are we seeing it in here so.
No, thanks for the question now, Yale. No, there's no real seasonality with the disease. We know that flares do occur more often during holidays when patients are eating more and have more activities and more stress, things like that, but nothing that would say it's seasonality.
Thanks for the question now.
There is no real seasonality with.
With the disease, we know that flares do occur more often during holidays and patients are eating more and have more activities and more stress and things like that but nothing nothing that would say it's seasonality.
Okay maybe another question here is that what's the total script written for the first quarter 22 and how would that compare to the fourth quarter of last year?
Okay.
Other question here is that.
What's the total split.
Politically.
First quarter, 'twenty tool and how would that compare to the fourth quarter of last year.
Yeah, we haven't described the number of prescriptions that have been dispensed. We talk about enrollments, but not specifically the dispensed prescriptions.
Yes, we haven't described the number of prescriptions have been dispensed, we talk about enrollments, but not specifically the dispense prescriptions.
Okay and was there any price differences per unit or revenue income differences per revenue per unit between last quarter and I mean the fourth quarter of last year versus the first quarter of this year?
Okay and.
Was there any price differences per unit or a revenue income difference per revenue per unit between last quarter and.
I mean, the fourth quarter of last year versus the first quarter of this year.
Yes. This is Matt.
Yeah this is Matt. You know we haven't also divulged the average net realized price. That's a direct factor associated with any contracting related topics and obviously understanding our
We haven't also divulge the average net realized price.
Direct.
Factors associated with any contracting related topics.
Obviously understanding R R.
WAC price at $17.50, and then the patient programs we have in place down to $20 per prescription, you know, you can understand there's an averaging across the two in terms of where the actual end net realized price comes out. It's remained relatively stable over the course of the last year or so, so we wouldn't expect it to change dramatically.
WAC price at $17 50.
And then the patient programs, we have in place down to $20.
Per prescription you can understand this is an averaging across the two and.
In terms of where the actual end net realized price comes out it remained relatively stable.
Stable over the course of the last year or so.
So we wouldn't expect it to change dramatically.
Okay, maybe the last question here is that just based on the cost of first quarter of 22, that seems to be substantially lower than prior quarters, at least most of the prior quarters, should we anticipate this cost could be something persistent for remaining of the year, or how should we see the cost for modeling purpose? Yeah.
Okay. Maybe last question here is just based on the Cogs.
<unk>.
The first quarter.
22 that seems to be substantially lower than prior quarters.
Most of the prior quarters.
We anticipate these costs will be 17 persistence for remaining of the year or how should we see the cogs for modeling purpose.
So, we had prior research at the other expenses that had been kind of winding through. And a lot of that has sort of...
That's a really good question. So we had prior research and other expenses that had been kind of winding through.
And a lot of that is sort of.
worked its way out. At this point, we're just completely focused on commercialization and as you know, all of the costs associated with that are directly related to revenue and come strictly out of revenue. So, it'll really just be in proportion to revenue growth. So, depending upon that, otherwise, the expenses that we have here internally, we keep as de minimis as absolutely possible.
Worked its way out at this point were just completely focused on commercialization and as you know all of.
The cost associated with that are directly related to revenue.
Directly out of revenue. So it will really just be in proportion to revenue growth.
So depending upon that otherwise the expenses that we have here internally, we keep as as de Minimis as absolutely possible.
Okay, great. Thanks, a lot I'll get back into queue.
Thanks, Jeff.
Okay.
Our next question comes from Mitchell Kapoor from H.C. Wainwright.
Our next question comes from Mitchell Kapoor from HC Wainwright.
Alright, thanks for taking our questions. Just wondering if you could talk about the payer strategy near term and what the kind of roadmap for expected expansion looks like in the coming quarters.
Alright, thanks for taking our questions.
Just wondering if you could talk about the payer strategy near term and what the kind of road map for expect expansion looks like in the coming quarters.
Mitch it's Matt so in terms of contracting.
Mitch, it's Matt. So in terms of contracting, you know, our
Our approach.
Initially, it has been primarily to not contract, at least for pricing purposes.
Initially it has been primarily to not contract at least for for pricing purposes.
As I think we've actually discussed in the past, when you have a marketplace that has multiple products that are substitutable, oftentimes you'll find a lot of contracting going on in that situation.
I think we've actually discussed in the past when you have a marketplace that has multiple products that are substitutable oftentimes, you'll find a lot of contracting going on in that situation.
We have a situation where there's really almost no treatments that are approved for this patient type, and therefore, contracting doesn't necessarily improve the likelihood that the patients will actually get access. That being said,
<unk>.
You have a situation, where there's really almost no treatments that are approved for this patient type and therefore, the contracting doesn't necessarily.
Improve the likelihood of the patients will actually get access that being said.
We're still continuing to look for.
We're still continuing to look for opportunities to get
Opportunities to get.
you know, coverage through things like the Medicaid processes and other approvals. We still have a team out in the field that is actively engaging with these teams for insurance purposes to help them understand the benefits of Jomodi to at least allow for access.
Okay.
Coverage through things like the Medicaid processors and other approvals, we still have a team out in the field that is actively engaging with these teams.
For insurance purposes to help them understand the benefits of <unk> to at least allow for for access.
With that, maybe I'll turn it over to Chris and see if you want to add anything further into that.
And with that maybe I'll turn it over to Chris and see if you want to add anything further into that I think the primary thing that we need to do is just educate the payers and engage in those conversations. So that's what we're doing primarily right now we have our national account team working with national and regional payers as well as with the states. So what we're seeing.
I think the primary thing that we need to do is just educate the payers and engage in those conversations. So that's what we're doing primarily right now. We have our national account team working with national and regional payers as well as with the states.
So what we're seeing is those conversations are productive. And so...
As those conversations are productive.
And.
They are starting to yield some results and so we expect further improvement over the course of the year.
starting to yield some results, and so we expect further improvement over time.
Okay, great. Thank you. And just along those lines, you know, Medicaid, Medicare made up 51% of scripts in the first quarter. Is there any kind of color on how you expect this to trend or how that could settle out longer term?
Okay, great. Thank you and just along those lines Medicaid Medicare made up 51%.
Perhaps in the first quarter.
Is there any kind of color on how you expect this to trend or how that could settle out longer term.
So I expect that trend to kind of be relatively constant over time, and we're seeing an improving conversion rate overall, and that rate of conversion is improving for both commercial Medicare and Medicaid. So I expect that as the volume grows, that we'll settle in roughly to the same percentages.
So I expect that trend to kind of be relatively constant over time.
And we're seeing an improving conversion rate overall and that rate of conversion is improving for both commercial Medicare and Medicaid. So I expect that as the volume grows that will settle in roughly to the same percentages.
Great. Thank you very much.
If those conclude the Q&A portion of today's call, I would now like to turn the call back over to Dave Gonier for any additional or closing remarks.
This does conclude the Q&A portion of today's call I would now like to turn the call back over to Dave Conner for any additional or closing remarks.
Thank you. I'll just conclude by saying that we're all optimistic about the progress that we are making in generating higher net prescription sales, making new partnerships and collaborations to provide additional sales channels for Jomodi as Chris just described.
Sure. Thank you I'll, just conclude by saying that we're all optimistic about the progress that we're making in generating higher net prescription sales thinking new partnerships and collaborations to provide additional sales channels for <unk>, Chris just described strengthening.
Strengthening in RFP protection for the product, bringing on board additional <unk>.
Strengthening our IP protection for the product, bringing aboard additional GMOTI HCP prescribers, gaining additional Medicaid coverage territories, increasing patient enrollments for new GMOTI prescriptions, and growing the number of filled GMOTI prescribers.
<unk> HCP prescribers.
Any additional Medicaid coverage territories, increasing patient enrollments.
<unk> prescriptions.
And growing the number of field jewelry prescriptions.
While we're encouraged by all of these incremental improvements in net commodity sales and prescriptions and continue to receive very positive feedback from both patients and health care providers, there's clearly continued room for improvement.
While we're encouraged by all of these incremental improvements in net <unk>.
Early sales and prescriptions.
And continue to receive very positive feedback from both patients and healthcare providers, There's clearly continued room for improvement.
We're working closely with our strategic commercial partner, Eversana, will continue to implement and execute strategies in the quarters ahead. We believe we are putting the right pieces in place to show tangible improvements in some of the metrics I just mentioned.
Working closely with our strategic commercial partner over Saada will continue to implement and execute strategies in the quarters ahead. We believe we are putting the right pieces in place to show tangible improvements in some of the metrics I just mentioned and we'll continue to update the market with our overall progress.
continue to update the market with our overall progress and what we never signed our doing to enhance shareholder value. Thank you very much.
What we never sent are doing to enhance shareholder value. Thank you very much.
Okay.
This does conclude today's evoke pharma first quarter 2022 quarterly earnings call and webcast. You may disconnect. Your line at this time and have a wonderful day.
This does conclude today's evoke pharma first quarter 2022 quarterly earnings call and webcast. You may disconnect your line at this time and have a wonderful day.
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