Revenue growth of 61.4% in 2025Q3 highlights successful product adoption, though operating margins remain negative at -26.6% due to ongoing commercialization costs.
| 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 |
|---|
| Sales/Revenue | 14.42M | 10.25M | 5.18M | 2.51M | 1.62M | 23.02K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 67.4% | 97.84% | 106.51% | 55.04% | 6929% | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 429.77K | 356.53K | 201.88K | 370.39K | 328.12K | 86.71K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 3.48% | 3.9% | 14.76% | 20.28% | 376.68% | - | - | - | - | - | - | - | - | - |
| Gross Profit | 13.99M | 9.89M | 4.98M | 2.14M | 1.29M | -63.69K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 97.02% | 96.52% | 96.1% | 85.24% | 79.72% | -276.68% | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 98.7% | 132.84% | 65.76% | 2125.31% | - | - | - | - | - | - | - | - | - | - |
| Operating Expenses | 19.19M | 15.1M | 12.41M | 9.92M | 9.44M | 12.98M | 7.15M | 8.01M | 11.23M | 10.54M | 11.82M | 13.15M | 2.6M | 2M | 2.41M |
| OpEx % of Revenue | - | 147.3% | 239.54% | 395.61% | 583.51% | 56401.64% | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 19.13M | 15.08M | 12.23M | 9.62M | 8.85M | 6.43M | 3.74M | 3.92M | 4.09M | 3.59M | 3.66M | 3.16M | 1.64M | 836.78K | 570.52K |
| SG&A % of Revenue | - | 147.14% | 236.03% | 383.62% | 547.02% | 27927.16% | - | - | - | - | - | - | - | - | - |
| Research & Development | 16.32B | 16.32K | 181.91K | 300.79K | 590.48K | 6.55M | 3.42M | 4.1M | 7.14M | 6.95M | 8.15M | 9.99M | 956.98K | 1.17M | 1.84M |
| R&D % of Revenue | - | 0.16% | 3.51% | 11.99% | 36.49% | 28474.48% | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -5.19M | -5.2M | -7.43M | -7.79M | -8.15M | -13.05M | -7.15M | -8.01M | -11.23M | -10.54M | -11.82M | -13.15M | -2.6M | -2M | -2.41M |
| Operating Margin % | -35.99% | -50.78% | -143.44% | -310.37% | -503.79% | -56678.32% | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 29.97% | 4.56% | 4.48% | 37.52% | -82.37% | 10.73% | 28.64% | -6.51% | 10.78% | 10.13% | -405.42% | -29.93% | 17.07% | - |
| EBITDA | -4.73M | 0 | -7.29M | -7.72M | -8.04M | -13.04M | -7.13M | 0 | 0 | 0 | -11.52M | -13.14M | -2.59M | -2M | -2.4M |
| EBITDA Margin % | -32.76% | - | -140.76% | -307.9% | -496.76% | -56653.68% | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -24.89% | 100% | 5.59% | 3.9% | 38.37% | -83.02% | - | - | - | 100% | 12.36% | -406.43% | -29.68% | 16.77% | - |
| D&A (Non-Cash Add-back) | 0 | 5.2M | 138.6K | 0 | 0 | 0 | 0 | 8.01M | 11.23M | 10.54M | 303.16K | 10.19K | 7.25K | 1.69K | 10.7K |
| EBIT | -4.73M | -4.85M | -7.29M | -7.72M | -8.04M | -13.04M | -7.13M | -7.57M | -12.23M | -10.48M | -11.82M | -13.14M | -2.68M | -1.99M | -2.4M |
| Net Interest Income | -34.15K | -148.06K | -361.4K | -437.99K | -491.44K | -107.32K | 28.8K | 0 | 0 | -268.03K | 0 | -97.65K | -152.64K | -22.35K | 7.82K |
| Interest Income | 465.85K | 353.31K | 138.6K | 62.01K | 8.62K | 5.67K | 28.8K | 15.21K | 0 | 0 | 0 | 10.19K | 7.25K | 1.69K | 10.7K |
| Interest Expense | 500K | 501.37K | 500K | 500K | 500.05K | 112.99K | 0 | 15.21K | 6.52K | 268.03K | 0 | 107.83K | 159.88K | 24.04K | 2.87K |
| Other Income/Expense | -34.15K | -148.06K | -361.4K | -437.99K | -386.31K | -107.32K | 28.8K | 448.61K | -998.83K | -204.11K | -303.16K | -97.65K | -234.64K | -15.1K | 13.32K |
| Pretax 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 |
| Pretax Margin % | -36.23% | -52.22% | -150.41% | -327.83% | -527.66% | -57144.53% | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.52K | 0 | 0 | 0 | 0 | 0 | -7.82K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.05% | 0% | 0% | 0% | 0% | 0% | 0.33% |
| 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 |
| Net Margin % | -36.23% | -52.22% | -150.41% | -327.83% | -527.66% | -57144.53% | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 14.98% | 31.31% | 5.25% | 3.68% | 35.1% | -84.61% | 5.82% | 38.13% | -13.78% | 11.33% | 8.5% | -367.05% | -40.59% | 15.98% | - |
| Net Income (Continuing) | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.04 | -2.81 | -27.97 | -31.16 | -40.40 | -74.91 | -45.84 | -65.62 | -118.21 | -165.75 | -269.13 | -316.23 | -172.49 | -234.27 | -304.11 |
| EPS Growth % | 78.54% | 89.95% | 10.24% | 22.87% | 46.07% | -63.42% | 30.14% | 44.49% | 28.68% | 38.41% | 14.89% | -83.33% | 26.37% | 22.97% | - |
| EPS (Basic) | - | -2.81 | -27.97 | -31.16 | -40.40 | -74.91 | -45.84 | -65.62 | -118.21 | -165.75 | -269.13 | -316.23 | -172.49 | -234.27 | -304.11 |
| Diluted Shares Outstanding | 2.56M | 1.91M | 278.56K | 261.97K | 223.51K | 177.03K | 154.83K | 115.29K | 103.46K | 64.85K | 45.04K | 41.89K | 16.44K | 8.61K | 7.9K |
| Basic Shares Outstanding | 2.56M | 1.91M | 278.56K | 261.97K | 223.51K | 177.03K | 154.83K | 115.29K | 103.46K | 64.85K | 45.04K | 41.89K | 16.44K | 8.61K | 7.9K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Commercialization and liquidity risk
As reported in financial statements, EVOK achieved a 61.4% year-over-year revenue increase in 2025Q3, signaling that the company is successfully navigating the early-stage commercialization of Gimoti despite the inherent challenges of transitioning from a development-focused entity to a revenue-generating specialty pharmaceutical business.
The consistent top-line expansion suggests that the company is gaining traction with its nasal delivery system, likely capturing market share from traditional oral alternatives. Investors should monitor whether this growth trajectory can be sustained without significant increases in customer acquisition costs, as the current revenue base remains relatively small.
According to recent income statement data, EVOK maintains a robust gross margin of 97.6% as of 2025Q3, which highlights the highly favorable unit economics of its proprietary nasal spray product once the manufacturing and distribution processes are fully established and optimized.
This high gross margin profile suggests that the company possesses significant pricing power or at least a very low variable cost structure. However, the disparity between these gross margins and the negative operating margins indicates that the primary challenge remains the absorption of fixed commercialization expenses.
Based on reported figures, the company's operating margin improved from -157.7% in 2023Q2 to -26.6% in 2025Q3, demonstrating that management is beginning to achieve better efficiency in scaling its commercial operations relative to the growth in top-line revenue.
While the narrowing of operating losses is a positive indicator, the company still relies heavily on external funding to cover its ongoing SG&A requirements. Further improvement in operating leverage will be critical to proving the long-term viability of the current third-party sales partnership model.
As evidenced by the persistent negative net income of $1.2 million in 2025Q3, the company faces significant risks regarding its ability to reach cash-flow break-even before exhausting its current liquidity, which may necessitate further dilutive financing to sustain operations.
Short-term observers may focus on the potential for channel loading or the reliance on a single product to drive all future value. The lack of diversification in the revenue stream warrants caution, as any regulatory or competitive setback for Gimoti would have a disproportionate impact on the company's financial health.
Quick answers to the most common questions about buying EVOK stock.
For fiscal year 2024, Evoke Pharma, Inc. (EVOK) reported total revenue of $10.2M.
Evoke Pharma, Inc. (EVOK) reported a net loss of $5.4M for the fiscal year ending 2024.
Evoke Pharma, Inc. (EVOK) reported an operating income of $-5.2M, resulting in an operating profit margin of -50.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Evoke Pharma, Inc. (EVOK) generated $9.9M in gross profit for the year, representing a gross profit margin of 96.5%. This demonstrates the company's core pricing power and production efficiency.