Operational cash flow remains disconnected from earnings, with an OCF/NI ratio of 0.45 in 2025Q3, suggesting that the firm continues to burn capital at a rate that warrants close liquidity monitoring.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | -3.32M | -5.46M | -4.98M | -6.6M | -12.35M | -6.63M | -5.76M | -6.98M | -8.72M | -8.71M | -10.5M | -11.5M | -3.04M | -1.75M | -2.89M |
| Operating CF Margin % | - | -53.26% | -96.22% | -262.93% | -763.43% | -28801.07% | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 116.61% | -9.5% | 24.42% | 46.6% | -86.32% | -15.06% | 17.43% | 19.94% | -0.11% | 17.04% | 8.74% | -278.29% | -73.74% | 39.52% | - |
| Net Income | -5.23M | -5.35M | -7.79M | -8.22M | -8.54M | -13.15M | -7.13M | -7.57M | -12.23M | -10.75M | -12.12M | -13.25M | -2.84M | -2.02M | -2.4M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 188.64K | 773.12K | 0 | 1.46M | 1.88M | 1.63M | 1.37M | 1.54M | 1.82M | 1.71M | 1.5M | 1.1M | 145.97K | 12.51K | 22.7K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 940.11K | 518.05K | 1.26M | 37.02K | -75.13K | 0 | 0 | -433.39K | 1.01M | 56.97K | 43.57K | 65.47K | 112.09K | -3.21K | -3.07K |
| Working Capital Changes | 772.86K | -1.4M | 1.55M | 132.41K | -5.62M | 4.9M | -10.4K | -518.56K | 687.83K | 277.3K | 77.7K | 579.06K | -461.86K | 258.37K | -511.5K |
| Change in Receivables | -1.17M | -1.75M | -48.24K | -329.64K | -271.88K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -110.42K | 32.84K | -192.46K | -103.84K | 20.95K | -236.48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.93M | 751.75K | 655.13K | 60.28K | -527.86K | 243.36K | 106.28K | -440.38K | 663.16K | -276.71K | -20.49K | 866.56K | 327.9K | 0 | 0 |
| Cash from Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 0% | - | 0% | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 3.56M | 14.32M | -119.3K | 7.29M | 13.43M | 9.04M | 6.11M | 4.62M | 7.39M | 9.02M | 5.03M | 1.46M | 27.12M | 1M | -277.78K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 5.1M | 0 | 0 | 0 | -4.5M | 0 | 1.5M | 2M | 1M | -277.78K |
| Equity Issued (Net) | 1.06M | 1000K | -119.3K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 42.88K | 1000K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -191 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 7.6M | 0 | 7.29M | -1.27M | 335.23K | 0 | 0 | 0 | 0 | 0 | -82.69K | 0 | 0 | 0 |
| Net Change in Cash | 236.98K | 8.86M | -5.1M | 698.99K | 1.08M | 2.41M | 344.83K | -2.36M | -1.33M | 315.92K | -5.46M | -10.04M | 24.08M | -749.86K | -3.17M |
| Free Cash Flow | -3.32M | -5.46M | -4.98M | -6.6M | -12.35M | -6.63M | -5.76M | -6.98M | -8.72M | -8.71M | -10.5M | -11.5M | -3.04M | -1.75M | -2.89M |
| FCF Margin % | -23.05% | -53.26% | -96.22% | -262.93% | -763.43% | -28801.07% | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 37.57% | -9.5% | 24.42% | 46.6% | -86.32% | -15.06% | 17.43% | 19.94% | -0.11% | 17.04% | 8.74% | -278.29% | -73.74% | 39.52% | - |
| FCF per Share | -1.30 | -2.87 | -17.90 | -25.18 | -55.27 | -37.45 | -37.21 | -60.53 | -84.26 | -134.28 | -233.03 | -274.54 | -184.89 | -203.19 | -366.40 |
| FCF Conversion (FCF/Net Income) | 0.64x | 1.02x | 0.64x | 0.80x | 1.45x | 0.50x | 0.81x | 0.92x | 0.71x | 0.81x | 0.87x | 0.87x | 1.07x | 0.87x | 1.20x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and commercial execution
As reported in quarterly filings, EVOK's operating cash flow consistently trails net losses, with an OCF/NI ratio of 0.45 in 2025Q3, suggesting that the company's reported earnings do not yet reflect the underlying cash requirements of its commercial launch phase and ongoing operational overhead.
The persistent gap between net income and operating cash flow indicates that the company is not yet generating sufficient cash from its core operations to cover its accounting losses. Investors should monitor this divergence, as it implies that the current business model remains heavily reliant on external capital to bridge the gap between revenue recognition and actual cash collection.
Based on the provided financial data, the company's free cash flow margin improved to -12.2% in 2025Q3 from -106.6% in 2023Q2, indicating that while the firm is still burning cash, the intensity of that burn is moderating as the Gimoti product gains market traction.
The trajectory of free cash flow suggests that management is successfully managing the cash burn rate relative to revenue growth. However, the continued negative FCF confirms that the company has not yet reached the inflection point where internal cash generation can sustain its commercial infrastructure.
According to historical cash flow statements, working capital changes have been highly erratic, swinging from a $1.4 million outflow in 2024Q1 to a $757.9K inflow in 2025Q2, which highlights the inherent instability in managing receivables and inventory during a specialty pharmaceutical product launch.
These fluctuations suggest that the company's cash position is sensitive to the timing of wholesaler shipments and the subsequent collection of payments. The reliance on positive working capital adjustments to mitigate cash burn warrants further investigation into the sustainability of these collection cycles.
As evidenced by the cash flow statements, stock-based compensation has historically accounted for significant non-cash adjustments, reaching $281.8K in 2023Q3, which effectively obscures the true economic cost of talent acquisition and retention during the company's critical commercialization phase.
By excluding these non-cash expenses, the company's reported cash flow metrics may appear more favorable than the actual economic reality of the business. Analysts should adjust for these items to better understand the true cost of operations and the potential for future shareholder dilution.
Quick answers to the most common questions about buying EVOK stock.
Evoke Pharma, Inc. (EVOK) generated $-5.5M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Evoke Pharma, Inc. (EVOK) reported negative free cash flow of $5.5M in 2024, indicating capital requirements exceeded cash from operations.
Evoke Pharma, Inc. (EVOK) spent $0.0M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2024, Evoke Pharma, Inc. (EVOK) spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.