Q4 2024 Evoke Pharma Inc Earnings Call
<unk> afternoon, and welcome to the evoke pharma fourth quarter and full year 2024 earnings Conference call. Currently all colors have been placed in a listen only mode and following management's prepared remarks, the call will be opened for your questions at that time. He may registered to ask a question by pressing star and one on your telephone.
Key pad.
Speaker Change: Please be advised that today's call is being recorded and we will be standing by if you should need any assistance I would now like to turn the call over to Daniel <unk>.
Speaker Change: Thank you Sir you may begin.
Speaker Change: Good afternoon, and thank you for participating in the local farmers conference call today with me today are Matt Tenorio evokes Chief Executive Officer, Chris question, Barry You can Moody's Chief commercial officer from episodic and Mark <unk>, Chief Financial Officer by now you.
Speaker Change: 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 dotcom we.
Speaker Change: We encourage everyone to read today's press release as well as evokes annual report on Form 10-K, which has now filed with the SEC.
Speaker Change: <unk> Form 10-K and earnings release are also available on evokes website.
Speaker Change: Please note that certain information discussed on the call today is covered on this under the Safe Harbor provisions.
Speaker Change: Private Securities Litigation Reform Act, we caution listeners that during this call management will.
Speaker Change: Be making forward looking statements.
Actual results could differ materially from those stated or implied by these forward looking statements due to risks and uncertainties.
Speaker Change: With the company's business.
Speaker Change: These forward looking statements are qualified by the cautionary statements contained in evokes press releases and SEC filings, including its annual report on Form 10-K and subsequent filings.
Speaker Change: This conference call contains time sensitive information that is accurate only as of the date of this live broadcast.
Speaker Change: <unk> 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 Matt <unk> mask.
Yeah.
Matt: Thank you Danielle and good afternoon, everyone things, we've known him for joining today.
Matt: With already with a patient story to keep our focus while we're working tirelessly to help better frame from Gastroparesis. This quota.
Matt: Here from a real person amputation.
Matt: Why do we do what we do have a formal position a position recently described to us.
Matt: One patient identity, but limited.
Matt: Eight times.
Matt: Six modules him him receiving receiving.
Patients will be an office job.
Matt: And with his parents with dropping below 100.
<unk> pounds.
Matt: He and his mother were desperate for a solution on a month on month average starting on promoting Ignacio not returned to the hospital is not regaining waves.
Matt: Experienced one episode of vomiting note a dose that's the kind of that kind of lightened changing in times, we aim to deliver stories like Florida.
Matt: I look forward and reinforcing our mission to make a meaningful difference in the lives of patients.
Matt: 2000, 22024 was another growth year for evoke pharma it was a year a year, where we executed on our strategy gain traction in the market and delivering strong financial results.
Matt: 10, 2 million <unk> revenue.
Matt: 97, Europe year over year increase asking a pattern of prior shine and have 10 million guidance Q4 over Q4 revenue of $3 3 million or 24, 6% sequential increase.
Matt: A major driver of this growth was the expansion of promoting prescriber base and improved prescription fulfillment.
Matt: The transition to asking pharmacies played a crucial role in this significantly accelerated the delivery time of Genuity.
Matt: And rapid adjudication of insurance authorizations for patients.
Matt: This along with our growing provider engagement led to a 46% increase in prescribers year over year, bringing our total Cumulus prescriber base to 2553.
Matt: Additionally, fill rates increased 72% year over year and patient enrollments grew 22%.
Matt: Our corporate position continues to improve with two additional Orange book listed patents that were allowed in 2024 and recently posted the FDA website. We now have six listed patents related to <unk> into 2030.
Matt: Additionally, the recent vanda CRM and FDA has posted notice on Dom paradigm discontinuation via the compassionate use program further emphasize the critical need for demoted.
Matt: <unk> remains the only approved product to treat this disease has any evidence of improvement over prior standard of care oral clinical.
Matt: We continue to capture stories of patients that are not adequately treated with oral medications and find relief with promoting the only non oral and reliable FDA approved nasal treatment for gastroparesis.
Matt: Evoke remains the only company positioned to elevate treatment for this devastating disease.
Matt: Now I will turn to Chris to recap our commercial progress over the course of 2024 and plans moving forward into 2025.
Chris: Thanks, Pat and good afternoon, everyone.
Chris: To reinforce that summary of 2024 in addition to achieving efficiency processes.
Corporate position continues to improve with two additional Orange book listed patents that were allowed in 2024 and recently posted the FDA website. We now have six listed patents related to <unk> into 2030. Additionally, the recent vanda CRM and FDA has posted notice on dawn paradigm discontinuation via.
Chris: Partner pharmacy.
Chris: A number of milestone moments in 2020.
Chris: And that helped us to achieve that.
Chris: Scott.
Chris: We expanded our pharmacy distribution networks.
Chris: Dennis.
And mitigate off of out of network strategy in other markets.
Chris: Continuing to build evidence supporting the utilization of Genuity and challenge the use of more of a medical device as a standard of care for patients with Gastroparesis.
The compassionate use program further emphasize a critical need for promoting humility.
Your money remains the only approved product to treat this disease has any evidence of improvement over prior standard of care oral metoclopramide.
Chris: We improved our execution in the field and overall by launching a fully integrated Omnichannel program powered by artificial intelligence and launched a new marketing campaigns.
We continue to capture stories of patients that are not adequately treated with oral medications and find relief with genuity.
Chris: Switch.
Chris: Our message is being heard and recognize in various channels.
The only non oral and reliable FDA approved nasal treatment for gastroparesis.
Chris: And presentations at Congresses.
<unk> remains the only company positioned to elevate treatment for this devastating disease.
Chris: Our sponsor speaking programs.
Chris: Locations of our data.
Chris: Beyond the commercial execution, we have also made meaningful strides in clinical validation.
Now I will turn to Chris to recap our commercial progress over the course of 2024 and plans moving forward into 2025.
Chris: Our healthcare resource utilization ratio you data.
Chris: To reinforce the value proposition of Genuity.
Thanks, Pat and good afternoon, everyone.
Chris: Hey Chi in October 2024 presented data evaluating the impact should diminish our FDA approved medical.
And for that summary.
Summary of 2024.
Proving efficiency of our processes.
Chris: <unk> nasal spray in patients with diabetic gastroparesis.
Partner pharmacy.
Help us to achieve that.
Chris: Simultaneously <unk> one receptor agonist.
Got it.
We expanded our pharmacy distribution networks to create redundancy in key markets and mitigate off about a network strategy in other markets.
Chris: Research highlights promote equal potential supportive therapy or GOP one users.
Chris: Chris.
Continuing to build evidence supporting the equalization of Chipotle and challenges they use a format of Coke life as the standard of care for patients with Gastroparesis.
Speaker Change: Furthermore, given the pretty good questions and interest from providers on this topic.
Speaker Change: Now integrating this data into our educational efforts.
Our execution in the field and overall by launching a fully integrated Omnichannel program powered by artificial intelligence.
Speaker Change: ACD was a defining moment for us not only because we've seen a presidential poster award.
Speaker Change: Monitor presence allows us to engage with hundreds of physicians.
Launched a new marketing campaign focused on switch.
<unk>.
Speaker Change: The number of interactions from last year.
Our message is being heard and recognized in various channels, including awards and presentations at Congresses.
Speaker Change: I'm lying about somebody for the first time.
Speaker Change: Good number who specifically sought us out.
As sponsor speaking programs and co locations of our data.
Speaker Change: Underscores what we already believe.
Speaker Change: We are just scratching the surface in terms of marketing R&D presentation penetration.
Beyond commercial execution, we have also made meaningful strides in clinical validation.
Speaker Change: This remains a top priority and with Exxon has expanded efforts, we are well positioned for accelerated product provider education and drive adoption.
Our healthcare resource utilization or HR your data.
I need to reinforce the value proposition of <unk>.
At <unk> in October 2024 presented data evaluating the impact should diminish our SBA approved metoclopramide nasal spray patients with diabetic gastroparesis.
Speaker Change: Again.
Speaker Change: The impact of working with asset over the past year.
Speaker Change: This transition has been one of the most effective commercial strategy.
Speaker Change: Yes.
Speaker Change: It has not only streamline prescription fulfillment.
Simultaneously <unk> one receptor agonist.
Speaker Change: And also improve the overall patient experience.
This research highlights promote equal as a potential supportive therapy for GOP one users.
Speaker Change: The fluctuation in infotainment.
Speaker Change: That's been high patient retention rate helps to ensure that more patients stay on therapy, which is critical.
Yes.
Furthermore.
Good questions and interest from providers on this topic.
Speaker Change: Leading outcomes and supporting provider competence strategy.
We are now integrating this data into our educational efforts.
Speaker Change: The results of these adjustments to our strategy and tactical moves that we were able to double revenue in 2024 and 2023.
ACD was a defining moment for us not only because we receive a presidential poster award for our larger presence allowed us to engage with hundreds of physicians.
Speaker Change: <unk>.
Speaker Change: Total revenue.
The number of interactions from last year.
Speaker Change: Three times over the last two years.
At home learning about <unk> 90 for the first time and has good number who specifically sought us out.
Speaker Change: We are making an impact in the market and showing that we can.
Speaker Change: Both providers behaviors as well as our own processes.
This underscores what we already believe we're just scratching the surface in terms of marketing.
Speaker Change: To build on our performance.
Speaker Change: It's a particularly big strides in the second and fourth quarter of last year and kind of continued progress towards growing business and market share as well.
Patient penetration.
Whereas remains a top priority and with Arizona has expanded efforts, we are well positioned to accelerate product provider education and drive.
Speaker Change: Unfortunately.
Speaker Change: In fact, as we continue to add new prescribers should range from Sidoti.
The Ocean <unk>.
Again to emphasize the impact of working with Ashford over the past year.
Speaker Change: Prescribing continues to grow.
This transition has been one of the most effective commercial strategy.
Speaker Change: On average we add between 65 to 75, new prescribers each month generally right.
Yes.
It has not only streamline prescription fulfillment.
But then also improve the overall patient experience producing frustration and prevent a chance.
Speaker Change: And yet we still continue to see the depth of prescribing.
Speaker Change: Physician continued to grow and is now nearly 6000 scripts per prescriber.
That's been high patient retention rate helps to ensure that more patients stay on therapy, which is critical for <unk>.
Speaker Change: We believe neither of these trends show signs of slowing and underscores the fact again.
Leaving outcomes and supporting provider competence strategy.
Speaker Change: Scratched the surface of this brand in this market and there is and continues to be significant upside potential.
A result of these adjustments to our strategy and tactical items that we were able to double revenue in 'twenty 'twenty four from 2023.
Speaker Change: When we look at patients in the average number of months on therapy the trends are.
Yes.
Revenue.
Speaker Change: Similar to lots of steel scrap continues to grow and it shows no signs of abating either.
Three times over the last two years.
We are making an impact in the market and showing that we can.
Speaker Change: So you continue to see signs of repeat patients with prescription renewals strong refill rates and overall fill rates that are cumulatively in catching up to two months.
Both providers behaviors as well as our own processes.
To build on the performance of Jody.
It's a particularly big strides in the second and fourth quarter of last year and plan to continue progress towards growing business and market share as well as breadth of prescribing. Unfortunately.
Speaker Change: Frictions that box.
Speaker Change: Let's now look at the efficacy of key components of our program.
Speaker Change: There are several improvements we've made within our processes communication and education and coordination with our clients and partners.
In fact, as we continue to add new prescribers should range from Sidoti.
That's the prescribing continues to grow.
Speaker Change: We have a leading capability in communicating and onboarding patients reporting and transparency.
On average we add between 65 and 75, new prescribers each month generally for their first prescription and yet we still continue to see the depth of prescribing.
Speaker Change: For providers to support access for patients two important medications like study.
Speaker Change: We are focused on streamlining the process and integrating it into the provider's workflow as much as possible.
Physician continued to grow and is now nearly 6000 scripts per prescriber.
Speaker Change: A significant indicator of those efforts.
We believe neither of these trends show signs of slowing and underscores. The fact again that we've only scratched the surface of this brand in this market and there is and continues to be significant upside potential.
Speaker Change: I think so personally over the course of the year.
Speaker Change: Quality of those same adjustments as reflected in improving mission.
Speaker Change: Version eight for each payer type throughout the year.
When we look at patients in the average.
Speaker Change: Yes.
Speaker Change: In addition to improvements with processes with Aspen, we added capacity and coverage by expanding our distribution network by 7% in pharmacy.
Number of months on therapy, the trends are similar to what you see.
Scrap has continued to grow and it shows no signs of abating either.
Speaker Change: These partnerships have helped us patch holes and a payer system.
Because we continue to see signs of repeat patients with prescription renewals strong refill rates and overall fill rates that are cumulatively catching up with seamless prescription since launch.
Speaker Change: Some instances requires pharmacy to be part of the Pbms that we're at the pharmacies.
Speaker Change: Others requires them to be within the state where the prescriptions filled.
Let's now look at the efficacy of key components of our program.
Speaker Change: Out of these foreign exchange throughout the year, which contributed 30% faster speech therapy for patients.
There are several improvements we've made within our processes communication and education and coordination with our pharmacy partner asset.
Speaker Change: So essentially the time between the prescription and take it.
Speaker Change: And by the patient.
We have leading capabilities and show me feeding in all 40 patients reporting and transparency and tools for providers to support access for patients to important medications like Jody.
Speaker Change: So significant reduction in out of network prescriptions and increase overall conversion and reimbursement.
Speaker Change: Yield growth and year over year expenses by 72%.
Speaker Change: Accordingly, when patients get the prescriptions filled and increases both air confidence and prescriber confidence.
We are focused on streamlining the process and integrating it into the provider's workflow as much as possible.
A significant indicator of those efforts in a meaningful rise in conversion rate over the course of the year.
Speaker Change: It's a very important currency for us.
Speaker Change: No matter what the market.
Quality of those same adjustments as reflected in improving the conversion rate for each payer type throughout the year.
Speaker Change: Okay, and the Gastroparesis market just not.
Speaker Change: Well, we had a nasal route of administration that demonstrated faster bioavailability, a clinical trial evidence that shows relief of symptoms.
Yes.
In addition to improvements with the processes with Aspen, we added capacity and coverage by expanding our distribution network by southern dispensing pharmacy.
Speaker Change: Obviously, we couldn't answer two critical questions.
Speaker Change: At first.
Partnerships have helped us households, and a payer system and in some instances requires pharmacy to a part of our pbms that we're at the pharmacies.
Speaker Change: Nathan Brown administration really matter.
Speaker Change: And second are you any better than oral metoclopramide on <unk>.
Speaker Change: Retrospective.
Speaker Change: And perhaps one of the largest study patients.
Or another for cars and to be within the state where the prescriptions filled.
Speaker Change: Gas prices.
We added these pharmacies throughout the year, which contributed to a 30% faster speech therapy for patients with.
Speaker Change: Step towards answering those questions. We demonstrated chimbote was significantly better than the oral metoclopramide and reducing ER visits and hospitalizations.
So essentially the time between the prescription intake and the receipt by the patient or Genuity.
So significant reduction in out of network prescriptions and increase overall conversion.
Speaker Change: Emphasizing the point nearly two thirds of patients in the Chilean previously took oral metoclopramide.
This yielded a growth in year over year expenses by 72%.
Speaker Change: But switching oral for the nasal route of administration the patient achieved a better result.
Importantly, when patients get their prescriptions filled and increases both.
Speaker Change: It's somewhat answers a third important question, which is if a patient is not doing well on oral metoclopramide, but they see benefit by switching to do about it.
Their confidence.
And prescriber confidence, which is a very important currency for us.
No matter what the market.
Speaker Change: The answer is yes.
Okay, and the Gastroparesis market is not different.
Speaker Change: So all of these data we feel confident that we can move some money from our product providers are willing to try it to a product they rely on.
While we have a nasal route of administration that demonstrated faster bioavailability and clinical trial advocacy that shows relief of symptoms.
Speaker Change: <unk> taken advantage of the market and we've initiated a definitive switch campaign.
Previously we couldn't answer two critical questions.
Pat first just the radio nasal Netcom administration really matter.
Supercharge that with an Omnichannel campaign powered by artificial intelligence that we launched at the beginning of Q4 last year.
And second are you any better than oral metoclopramide.
Our message is reaching a broader audience with a faster cadence and a more reliable presence than ever before.
A retrospective real world data and perhaps one of the largest studies patients.
With Gastroparesis, what was it a significant step towards answering those questions because I'm afraid that chimbote was significantly better than the oral metoclopramide and reducing ER visits and hospitalizations.
Speaker Change: Believe we had high demand within our sales team.
Speaker Change: I guess I can engage with our providers in fact, we've been able to improve our reach to targeted physicians.
Speaker Change: Got it.
Speaker Change: More than 2000 additional calls that we wouldn't have been able to make beforehand.
Emphasizing the point nearly two thirds of patients in the accumulation previously took oral metoclopramide.
Speaker Change: Content over email that was engaging enough.
15% open rate versus an industry average of 2%.
But switching from oral to the nasal route of administration of patients achieved a better result.
Speaker Change: Qualitatively, we know we're having to hand back it does more providers are seeing the bogie out rather than us.
In fact, it's somewhat answers a third important question, which is if a patient is not doing well on a real medical device, but they seek benefits by switching to do about it.
Speaker Change: But each of them and providers are asking more questions and digging deeper and tornadoes.
Speaker Change: Yes.
Speaker Change: As I transition from accomplishments Unfortunately for an adult.
I think the answer is yes.
With these data we feel confident that we can lose money for a product.
Speaker Change: We need to dig deeper into 2025 should shape our own performance expectations.
Bidders are willing to try it for a product they rely upon.
Speaker Change: Just on this momentum.
We've taken advantage of the market and we've initiated a definitive switch campaign.
Speaker Change: In our restaurant.
Speaker Change: As I've said.
Speaker Change: Only scratched the surface theres, so many more patients who can potentially help.
[laughter] supercharge that with an Omnichannel campaign powered by artificial intelligence that we launched at the beginning of Q4 last year.
Speaker Change: One area, where there's still significant room for APAC.
Our message is reaching a broader audience with a faster cadence and a more reliable presence than ever before.
Speaker Change: Pharmacy stocking and doing so in a strategic and thoughtful manner.
Speaker Change: Thank S urology landscape is changing pretty dramatically.
We believe we had high commitment within our sales team.
Speaker Change: The providers are now part of very large Gi tract his organization.
And engagement with our providers in fact, they've been able to improve our reach to targeted physicians just 60%.
Speaker Change: [noise] renovations are purpose built to finalize on share operational need and a scaled office services to patients.
It's more than 2000 additional calls that we wouldn't have been able to make beforehand, and then content over email that was engaging enough to compel a 15% open rate versus an industry average of 2%.
Speaker Change: Okay.
Speaker Change: Based on their size they have increased.
In cloud and <unk>.
Speaker Change: Many of them had preferred specialty pharmacies they work with.
Qualitatively, we know we're having an impact because more providers are seeing chimbote out rather than us.
Speaker Change: And our goal is to meet them where they're at.
Speaker Change: Many common goals and objectives.
Really centered on improving patient care.
But each of them and providers are asking more questions and digging deeper tornado.
Speaker Change: Launching a streamlined process.
Speaker Change: Adding tremendous each year and in this way, we believe it will be additive to our business.
As I transition from accomplishments in 2024 at a double step rabbits.
We need to dig deeper into 2025 should shape our own performance expectations.
Speaker Change: As we grow volume continue to obtain higher authorization.
Speaker Change: We're going to invest in improving this process as well and I'm really excited to announce that we recently added four single person measures or FRS.
To build on this momentum in our restaurant.
As I've said.
Only scratched the surface and there's so many more patients who can potentially.
Essentially health.
Speaker Change: And our leader to serve as a resource to prescribers and a prior authorization process.
One area, where there's still significant room for impact.
Speaker Change: Only 50% of them are being completed.
As you saw it and doing so in a strategic and thoughtful manner.
Speaker Change: We have demonstrated that we can improve the completion rate with our sales team.
Thank God serology landscape has been changing pretty dramatically and thousands of providers are now part of very large Gi tract his organization.
Speaker Change: So some off the task of selling.
By the Italian honestly helped.
Speaker Change: To solve a pain point for prescribers.
And organizations are purpose built to harmonize on share operational needs.
Speaker Change: Prior authorizations.
And the scale of the office services, the patients hospital systems and payers.
Speaker Change: Take them away from patient care.
Speaker Change: And we solve a pain point for ourselves by increasing competition for quality education.
Based on their size they have increasing trial.
Speaker Change: We expect this will impact conversions gross to net.
And many of them had preferred specialty pharmacies they work with.
And our goal is to meet them where they're at.
Speaker Change: Overall confidence in prescribing.
And we're going to continue to invest in it evidence generation and education to reinforce chipotle shouldn't be the standard of care.
Many common goals and objectives.
Really centered on the prudent patient care.
And launching a streamlined process by adding pharmacy sphere and in this way we believe it will be additive to our business.
Speaker Change: The future of healthcare resources.
Speaker Change: Production data.
Speaker Change: As I mentioned earlier recently, we had provided data to a growing discussion about people in Houston.
As we grow volume and continue to obtain prior authorization.
We're going to invest in improving this process as well and I'm really excited to announce that we recently added four stable reimbursement managers or FRS.
Jason: Jason was pension stock nausea, vomiting gastroparesis.
Jason: There's someone else of analysis on our HR you data 90, 192 patients showed that patients patient chimbote here better than patients, taking oral metoclopramide across different health care visits.
And our leader to serve as a resource to prescribers and the prior authorization process.
Currently only 50% of them are being completed.
Jason: All these data are limited we believe it can be an option for patients.
We have demonstrated that we can improve the completion rate with our sales team.
Jason: One who have diabetes and suffer from Gastroparesis.
It took them off the task of selling.
By the plaintiff or Ams, we help.
Jason: The evidence will continue to be an important part of Germany.
Oh to solve a pain point for prescribers.
Jason: And will further entrench the brand in the market today and service differentiation against future of insurance.
And prior authorizations.
Let's take them away from patient care.
And we solve a pain point for ourselves by increasing completion quality of prioritization.
Jason: In summary, we.
Jason: We are ambitious about our plans and goals for 2025.
We expect this to impact conversions gross to net and again overall confidence in prescribing.
Jason: Solid ground work and have made adjustments to capitalize on our opportunity and diminished our challenges.
And we're going to continue to invest in it evidence generation and education to reinforce the chimbote should be the standard of care.
Jason: Our aim is to continue to build on our performance.
Jason: Partnering with pharmacies.
They need to feature our healthcare resource reduction.
Jason: The prior authorization process.
Production data.
Jason: Expanding our share of voice and improving our execution, adding to the reasons to believe that your vote. You should have the data continue to challenge ourselves on warehouse chimbote bike values.
As I mentioned earlier recently, we had provided data to a growing discussion about people on to you soon.
Association with pension stock nausea, vomiting gastroparesis.
Jason: Providers.
And if someone else so.
Speaker Change: With that I'll turn the call over to our Chief financial Officer to go over the financials.
So it's all of our HR you data and 90 192 patients showed that patients patient chimbote fared better in patients taking oral metoclopramide across different health care visits.
Speaker Change: Thanks, Chris once again, thank you for all joining us this afternoon I'll get right into your books financials for the fourth quarter and full year end 2024 results that Matt mentioned for the fourth quarter of 2024 net product sales were approximately $3 3 million compared with $1 7 million during the fourth quarter of <unk>.
These data are limited we believe it can be an option for patients ours, you'll keep one.
Diabetes and suffer from Gastroparesis.
This evidence.
We will continue to be an important.
Art.
Speaker Change: 'twenty three.
And will further entrench the brand in the market today and surplus differentiate chipotle against future of insurance.
Speaker Change: Net loss of approximately $1 2 million or <unk> 49 per share compared with $2 million or $7 13 per share for the fourth quarter of 2023.
In summary.
We are ambitious about our plans and goals for 2025.
Speaker Change: The year ended December 31, 2024, net product sales were approximately $10 2 million compared with approximately $5 2 million for the year ended December 31, 2023, and a net loss of approximately $5 4 million or $2 81 per share compared with a net loss of $7 8 million or <unk>.
Charles ground work and have made adjustments to capitalize on our opportunities and diminished our challenges are.
Our aim is to continue to build on our performance.
Partnering with the pharmacies.
The prior authorization process.
Expanding our share of voice and improving execution, adding to the reasons to believe in your body. You should have that data continues to challenge ourselves on warehouses familiar you might add value to patients and providers.
Speaker Change: $27 97 per share for the year ended December 31 2023.
Speaker Change: Year over year increase in revenue was due to the higher net product sales in 2024, resulting from enhanced prescription fulfillment through the App and pharmacy networks robust commercialization efforts and increased provider awareness through marketing.
With that I'll turn the call over to our Chief financial Officer to go over the financials.
Chris: Thanks, Chris once again, thank you for all joining us this afternoon.
Speaker Change: Real World data MSA, the Modi up their resource utilization of benefits.
Chris: Into your financials for the fourth quarter and full year and 'twenty two before results that Matt mentioned.
Speaker Change: Oral metoclopramide.
Speaker Change: There were no research and development expenses incurred during the fourth quarter of 2024, compared with 23000 for the fourth quarter of 2023.
Chris: Quarter of 2024 net product sales were approximately $3 3 million compared with $1 7 million during the fourth quarter of 2023.
Speaker Change: For the full year of 2020 for research and development expenses were approximately 16000 compared to approximately 0.2 million for the prior year.
Chris: Net loss of approximately $1 2 million or <unk> 49 per share compared with $2 million or $7.13 per share for the fourth quarter of 2023.
Speaker Change: For the fourth quarter of 2020 for selling general and administrative expenses were approximately $4 4 million.
Chris: For the year ended December 31, 2024, net product sales were approximately $10 2 million.
Speaker Change: $3 5 million for the fourth quarter of 2023 for the year ended December 31, 2020 for SG&A expenses were approximately $15 1 million versus approximately $12 2 million for the year ended December 31 2023.
Chris: $5 2 million for the year ended December 31st 2023, and a net loss of approximately $5 4 million or $2 81 per share or with a net loss of $7 8 million or $27 97 per share for the year ended December 31 2023.
Speaker Change: The increase in SG&A costs year over year resulted primarily from higher marketing and advertising cost.
Speaker Change: We expect SG&A expenses will increase in the future we continue to progress with the commercialization after Modi.
Chris: The year over year increase in revenue was due to the higher net product sales in 2024, resulting from enhanced prescription fulfillment through the absolute pharmacy networks robust commercialization efforts and increased provider awareness through marketing.
Speaker Change: Bruce episodic sales lift your body.
Speaker Change: Total operating expenses for the fourth quarter of 2024 were approximately $4 5 million compared with $3 6 million for the same period of 2023.
Chris: Real World data MSA, the Modi up their resource utilization benefits over oral metoclopramide.
For the year ended December 31, 2024, total operating expenses were approximately $15 5 million compared with approximately $12 6 million for the full year 2023.
Chris: There were no research and development expenses incurred during the fourth quarter of 2024 compared to 23000 for the fourth quarter of 2023.
Chris: For the full year of 2020 for research and development expenses were approximately 16000 compared to approximately 0.2 million for the prior year.
As of December 31, 2024, cash and cash equivalents were approximately $13 6 million.
Speaker Change: We believe based on our current operating plan that our existing cash and cash equivalents, including proceeds raised from financing through 2024 as well as future cash flows from net product sales intermodal would be sufficient to fund our operations into the first quarter of 2026.
Chris: For the fourth quarter of 2020 for selling general and administrative expenses were approximately $4 4 million.
Chris: $2 5 million for the fourth quarter of 2023 for the year ended December 31, 2020 for SG&A expenses were approximately $15 1 million versus approximately $12 2 million for the year ended December 31, 2023, the increase in SG&A costs year over year resulted primarily from higher marketing and advertising.
Speaker Change: It's worth reiterating that one of the biggest financial milestones of 2024 with a $14 3 million capital raise which was achieved through equity financing and warrant exercises.
Speaker Change: This funding has allowed us to ensure NASDAQ compliant and extend our cash runway into Q1 2026, giving us the financial flexibility, we need to execute operations smoothly and expanded market access.
Chris: Zero cost.
Chris: We expect SG&A expenses will increase in the future we continue to progress with the commercialization after Moody's.
Chris: Bruce episodic sales of two boys.
Speaker Change: We have a strong financial outlook for 2025.
Chris: Total operating expenses for the fourth quarter of 2024 were approximately $4 5 million compared with $3 6 million the same period of 2023.
Speaker Change: As noted in our press release, we are projecting net revenue guidance of approximately 16 million, which represents a 60% increase over 2024 and that revenue is.
For the year ended December 31, 2024, total operating expenses were approximately $15 5 million compared with approximately $12 6 million for the full year of 'twenty to 'twenty three.
Speaker Change: Projection is built on the momentum we've established.
Speaker Change: Improved reimbursement pathways and increasingly prescription fills.
Chris: As of December 31, 2024, cash and cash equivalents were approximately $13 6 million.
Speaker Change: Of course as with any guidance at all.
Speaker Change: Look also considers external factors outside our control, but doesn't macroeconomic conditions supply chain constraints and inflationary pressures.
We believe based on our current operating plan that our existing cash and cash equivalents, including proceeds raised from financing through 2024 as well as future cash flows from net product sales will be sufficient to fund our operations into the first quarter of 2026.
Speaker Change: We remain highly confident in our ability to execute and continue delivering strong results.
Speaker Change: And with that well.
Speaker Change: Open the call to questions operator.
Chris: It's worth reiterating that one of the biggest financial milestones in 2024 with a $14 3 million capital raise which was achieved through equity financing and warrant exercises.
Speaker Change: Absolutely at this time I'd like to ask a question. Please press the star and <unk>.
This funding has allowed us to ensure NASDAQ compliant and extend our cash runway into Q1, 2026, giving us the financial flexibility needed to execute operations smoothly and expand market access.
Speaker Change: <unk>.
Speaker Change: Keep in mind.
Speaker Change: Sequentially.
Speaker Change: Tom.
Speaker Change: Mark.
Speaker Change: Our first question from Yale Jen with Laidlaw <unk> Company. Please go ahead. Your line is open.
We have a strong financial outlook for 2025.
Yale Jen: Thanks for taking the questions and congrats on all the corridors.
I noted in our press release, we are projecting net revenue guidance of approximately $16 million.
Speaker Change: Yes.
Speaker Change: Yes.
Chris: It represents a 60% increase over 2024 net revenue.
Speaker Change: The first one is just looking at the competitive landscape that you have.
Chris: This projection is built on the momentum we've established.
Speaker Change: The band as well.
Speaker Change: Got it.
Chris: Crude reimbursement pathways and increasingly prescription pills.
Speaker Change: Sure.
Speaker Change: And also be.
Chris: Of course as with any guidance also considers external factors outside of our control that doesn't macroeconomic conditions supply chain constraints and inflationary pressures.
Speaker Change: Compared to use of PPE.
Speaker Change: <unk> <unk> from.
Speaker Change: SBA.
Speaker Change:
Speaker Change: How do you see that impact will be.
Chris: We remain highly confident in our ability to execute and continue delivering strong results.
Speaker Change: Okay.
Speaker Change: And what are you doing.
Speaker Change: Okay.
Speaker Change: So does the scope out the capacity used truck.
Chris: And with that we'll open the call for questions operator.
Speaker Change: I'll make some potentially be sandy.
Chris: You can capture some of those sure sure I'll make a comment and then maybe Chris you can chime in.
Chris: Absolutely at this time I'd like to ask a question. Please press star one on your telephone keypad.
Speaker Change: It's really hard to know exactly what will.
Speaker Change: It happened in terms of the Domperidone components, we don't know when it will finally.
Keep in mind, you have yourself at least equivalent ship at any time.
Speaker Change: Run out we know that they said sometime this year.
Chris: Okay.
Speaker Change: Well take our first question from Yale Jen with Laidlaw <unk> Company. Please go ahead. Your line is open.
Speaker Change: You know obviously there are patients that are out there taking it through that mechanism. The exact number is not reported anywhere so we don't know.
Good afternoon, and thanks for taking the questions and congrats on all of the corridors.
Speaker Change: Also note that some patients getting legally shipped in from Canada, or other countries externally, which will probably continue as well.
Yeah.
Yes.
Speaker Change: The first one is just looking at the competitive landscape that you have abandoned.
Speaker Change: We recognize that there's just a big need for our products and.
Speaker Change: Got it.
Sean: Hey, Sean.
Speaker Change: It's most likely going to end up in somebody's falling into our laps in terms of those patients are probably going to end up having to transplant alternative like <unk>.
Sean: And also be.
Sean: Come back to us.
Sean: Yeah.
Sean: P J <unk> from D. A.
Sean: P a.
Chris: I'll stop with that and maybe Chris you can further triangle.
Sean: Uh huh.
Sean: How do you see that could impact the competitive landscape and what are you going to be.
Speaker Change: Yeah.
Speaker Change: I agree that it's not clear that the volume, but it is clear that.
Sean: So you use.
Sean: But does the scope out the compassion used drug and almost so should we be in sandy.
Speaker Change: Yet another option is no longer available for patients later this year.
Speaker Change: <unk> continues to cement evoke as a leader in this market.
You can capture some of those sure sure I'll make a comment and then maybe Chris you can chime in.
Speaker Change: As patients and their providers turn to office.
Sean: It's really hard to know exactly what will.
Speaker Change: And we will be there.
Sean: Happened in terms of the Domperidone components, we don't know when it will finally.
Speaker Change: It's important.
Okay, that's fair.
Speaker Change: Maybe a follow up question.
Sean: Run out we know that they said sometime this year.
Speaker Change: I remember a few quarters.
Sean: You know obviously there are patients that are out there taking it through that mechanism. The exact number is not reported anywhere so we don't know.
Speaker Change: In the prior quarters, you guys have something above increased.
Speaker Change: The increase in Medicaid.
Okay.
Speaker Change: And different states.
Sean: I know that some patients getting legally shipped in from Canada, or other countries externally, which would probably continue as well.
Any update on that.
Speaker Change: Thanks.
Speaker Change: Yeah, Chris why don't you take this one.
Sean: We recognize that there's just a big need for our products and.
Chris: Yes, so that strategy as I mentioned earlier has helped us and you saw earlier.
Sean: It's most likely going to end up in some way falling into our laps in terms of those patients are probably going to end up having a treatment alternative like <unk>.
Chris: Great Medicaid and Medicare scripts.
Chris: The increase over the year and part of that reason because we have brought on board those seven additional dispensing pharmacy.
Sean: I'll stop with that and maybe Chris you can further trials.
Chris: Dedicated for example has gone from.
Sean: Yeah.
Chris: I agree Matt.
Chris: 2% of our business.
Chris: Earlier, the volume, but it is clear that.
Chris: The early part of two.
Chris: 2024, so now between five and 7%.
You had another option is no longer available for patients later this year.
Chris: Upon the market.
Chris: It's growing.
Chris: That continues to cement evoke as a leader in this market and as patients and their providers turn to office.
Chris: And as we.
Chris: Demonstrate providers that we can fill those prescriptions.
Chris: Believe that we'll continue to grow.
Chris: No.
Chris: And when we will be there.
Chris: Okay, Great that's really helpful.
Chris: That's important.
Chris: Okay. So congrats and thanks for taking the question.
Chris: So they paid us.
Chris: Maybe a follow up question here.
Chris: And once again, if you'd like to ask a question. Please press the star and one on your telephone.
Chris: I remember a few quarters.
Chris: In the Colliers do you guys have something about increased.
Chris: The increase in Medicaid.
Chris: Right.
Chris: Let me just pause for a moment to allow any further questions to queue.
Chris: On the P in different states.
Any update on that front.
Chris: Okay.
Chris: Right.
Chris: Yes.
Yeah, Chris wanted to take this one.
Chris: And there are no further questions on the line at this time. So this concludes the Q&A portion for today's call I would now like.
Chris: Yeah, So that strategy as I mentioned earlier has helped us and you saw earlier, but the conversion rate of Medicaid and Medicare scripts.
Matthew: Turning the call back over to Matthew for any additional or closing remarks sure.
Matthew: Before we conclude the call I wanted to take a moment to reflect on where we are heading looking ahead into 2025 and beyond our strategy remains clear extend pharmacy partnerships to continue improving access increased provider awareness and engagement to drive broader adoption of intermodal.
Chris: The increase over the year and part of that reason is because we have brought on board those seven additional dispensing pharmacy.
Chris: Kate as an example has gone from about 2% of our business.
Chris: As the early part of <unk>.
Chris: 2024, so now between five and 7%.
Matthew: Leverage real world data strengthened payer discussions and reinforce motives value.
Chris: Upon the market.
It's growing.
Chris: As we.
Matthew: Improving prescription fulfillment rates to reduce leakage and abandonment.
Chris: Demonstrating to providers that we can fill those prescriptions.
As per our mindset since invoked since that is that <unk> maintained a disciplined approach to capital allocation.
Chris: We believe that will continue to grow.
Speaker Change: Okay, Great. That's really helpful. Okay, those grants and tasteful thanks for the question.
Matthew: Sure we maximize the return on every dollar invested in commercialization.
Speaker Change: And once again, if you'd like to ask a question. Please press the star and <unk>. So your telephone.
Matthew: We have built strong momentum and we are in a great position to capitalize on the foundation, we've laid over the past year with the right commercial infrastructure strong strategic partnerships and growing clinical validation. We believe two mortgage honestly, becoming the standard of care Gastroparesis treatment.
Speaker Change: We can pause for a moment to allow any further questions too.
Speaker Change: Okay.
Speaker Change: Yeah.
Speaker Change: And there are no further questions on the line at this time.
Matthew: We're looking forward to sharing our progress over the course of the year over the course of the year and thank you for your continued support.
Speaker Change: Concludes seats Q&A portion for today's call I would now like to turn the call back over to Matthew in Austria for any additional or closing remarks sure.
Speaker Change: We conclude the call I wanted to take a moment to reflect on where we are heading looking ahead into 2025 and beyond our strategy remains clear.
Speaker Change: This concludes today's evoke pharma fourth quarter and full year 2024 earnings call and webcast.
Matthew: Connect your line at this time and have a wonderful day.
Speaker Change: <unk> pharmacy partnerships to continue improving access increased provider awareness and engagement, Greg broader adoption of intermodal.
Matthew: Yes.
Matthew: Sure.
Speaker Change: Leverage of real world data strengthened payer discussions and reinforced through mortgage value.
Matthew: [noise].
Speaker Change: Improving prescription fulfillment rates to reduce leakage and abandonment.
Speaker Change: As per our mindset since invoked since our inception maintained a disciplined approach to capital allocation.
Sure we maximize the return on every dollar invested in commercialization.
Speaker Change: We have built strong momentum and we're in a great position to capitalize on the foundation, we laid over the past year with the right commercial infrastructure strong strategic partnerships and growing clinical validation, we believe commodious honestly, becoming the standard of care Gastroparesis treatment.
Speaker Change: We're looking forward to sharing our progress over the course of year over the course of the year and thank you for your continued support.
Speaker Change: This concludes today's evoke pharma fourth quarter and full year 2024 earnings call and webcast.
Speaker Change: Connect your line at this time and have a wonderful day.
Speaker Change: Yes.
Speaker Change: Yeah.
Speaker Change: [music].
Speaker Change: Sure.
Speaker Change: Right.
Speaker Change: [noise].