Evoke Pharma, Inc. (EVOK): ANSOFF MATRIX [Dec-2025 Updated]

You're looking at Evoke Pharma, Inc. right now, and honestly, the pending $11.00 per share cash acquisition by QOL Medical is the headline, but before that deal closes by the end of 2025, the real story is how they plan to maximize GIMOTI's value, which is already guiding toward $16 million in 2025 net sales, supported by a strong 73% increase in prescription fills in Q1 2025. To cut through the noise, I've mapped out their entire growth playbook-from doubling down on current users (Market Penetration) to exploring new global markets and even potential non-GI ventures-using the Ansoff Matrix. You need to see exactly where the near-term risk and upside lie in these four strategic paths below.

Evoke Pharma, Inc. (EVOK) - Ansoff Matrix: Market Penetration

You're looking at the core strategy here: taking GIMOTI (metoclopramide) nasal spray and pushing it deeper into the existing diabetic gastroparesis market. This is about maximizing sales from the current patient population and physician base. The numbers from the first half of 2025 show definite traction, but the focus now is on accelerating that penetration to hit the full-year target.

The full-year 2025 net product sales guidance remains firm at approximately $16 million, which represents a potential 60% increase over 2024 levels. To achieve this, you need to convert more of the total addressable market. For instance, Q2 2025 net product sales were $3.8 million, a 47% year-over-year jump. That's solid, but Market Penetration demands more from every existing channel.

Here's a quick look at the recent performance metrics driving this strategy:

• GIMOTI Q1 2025 net product sales reached $3.1 million.
• Q1 2025 saw a 77% increase in net product sales year-over-year.
• Q2 2025 saw new prescribers grow 20% year-over-year.
• The company is focused on driving toward the $16 million 2025 net sales guidance by targeting high-volume gastroenterology practices.

Expanding the prescriber base beyond the 20% year-over-year growth seen in new prescribers during Q2 2025 is critical. In Q1 2025, the total prescriber base grew by 44% compared to Q1 2024, showing the underlying expansion potential. You need to ensure that growth translates directly into filled prescriptions.

Improving the fill rate is directly tied to payer coverage and adherence programs. In Q1 2025, Evoke Pharma realized a 73% year-over-year increase in the fill rate, which management attributed to expanded pharmacy partnerships and reduced fulfillment friction. Maintaining this momentum requires constant work on access. The refill rate, a key indicator of patient satisfaction and adherence, held steady at approximately 70% as of Q2 2025.

The non-oral delivery benefit for diabetic gastroparesis patients, especially those on GLP-1 therapy, remains a core emphasis for market penetration. This unique delivery method helps overcome the gastric delay that compromises absorption of oral medications.

To map out the current penetration status, look at these key performance indicators:

Patient adherence programs are the next step to lock in that 70% refill rate and ensure repeat business. If onboarding takes 14+ days, churn risk rises, so streamlining that process is defintely part of this penetration push. The company ended Q2 2025 with $12.06 million in cash and cash equivalents, projecting runway into Q3 2026 based on current burn rate and projected sales. Finance: draft 13-week cash view by Friday.

Evoke Pharma, Inc. (EVOK) - Ansoff Matrix: Market Development

You're looking at how Evoke Pharma, Inc. (EVOK) can take its existing product, GIMOTI, into new markets or new patient segments. This is Market Development in action, and the numbers from the US market show a clear trajectory to support this push.

Aggressively market GIMOTI to the growing GLP-1 patient population experiencing GI side effects.

The market for GLP-1 receptor agonists is substantial, creating a clear need for a non-oral treatment like GIMOTI to manage associated gastrointestinal (GI) issues. Real-world data from a RAND survey in 2025 indicates that about 11.8% of Americans have used GLP-1 drugs for weight loss, a segment where GI side effects are common. Specifically, about 50% of these users reported nausea, and about one-third reported diarrhea. Evoke Pharma has been strategically emphasizing this population, as shown by their award-winning data presentation at ACG 2024 underscoring GIMOTI's utility for GLP-1 users with diabetic gastroparesis. The commercial traction in the core diabetic gastroparesis market supports this focus, with Evoke Pharma reporting net product sales of $4.3 million in the third quarter of 2025, a 61% increase year-over-year.

The table below summarizes the reported GI side effect prevalence in the broader GLP-1 user population, highlighting the opportunity GIMOTI addresses:

Pursue ex-US regulatory approval and commercial partnerships for GIMOTI in major European markets.

While GIMOTI is currently U.S.-centric, the financial performance suggests readiness for international scaling. Evoke Pharma reaffirmed its full-year 2025 net product sales guidance at approximately $16 million, representing a projected 60% increase over 2024 levels. The company ended the third quarter of 2025 with year-to-date sales of $11.1 million. Furthermore, the intellectual property estate has been strengthened, with a new U.S. patent (No. 12,377,064) issued in August 2025, extending expected market exclusivity to November 2038. This protection is a key asset for any potential international partner negotiations.

Secure a distribution partner to launch GIMOTI in Canada or Australia, leveraging the US FDA approval.

The existing commercial infrastructure in the U.S. provides a template. Evoke Pharma's Q2 2025 results showed a robust 70% refill rate, indicating patient adherence. The company also noted expanded pharmacy access through new relationships with Omnicell and Brentwood Pharmacy in Q3 2025, enabling wider distribution through networks like Gastro Health and OneGI. The cash position as of June 30, 2025, was approximately $12.1 million, with projections to fund operations into the third quarter of 2026, providing a runway to execute on partnership milestones.

Expand the target patient demographic beyond women, where the drug was initially studied.

The current U.S. commercial success is built on treating diabetic gastroparesis in adults. The data on GLP-1 use shows a demographic skew, with women aged 50-64 using GLP-1s at higher rates than men, and women aged 30-49 being more than twice as likely as men to have used the drugs. Evoke Pharma's growth in new prescribers in Q2 2025 was 20% year-over-year, suggesting adoption is broadening within the existing indication. The strategy involves leveraging the drug's unique non-oral delivery, which bypasses erratic absorption common in gastroparesis, to appeal to a wider patient base suffering from the condition, regardless of the initial study demographics.

Present more real-world data on GIMOTI safety to broaden physician confidence in primary care.

Physician confidence is being built on clinical data presentations. Evoke Pharma presented real-world safety data at Digestive Disease Week (DDW) 2025, specifically comparing the incidence of tardive dyskinesia among continuous versus intermittent metoclopramide use. The company's Q1 2025 results noted a 44% increase in the total prescriber base compared to Q1 2024, reflecting this growing confidence. The consistency in patient adherence, with refill rates holding steady at approximately 70% in Q2 2025, serves as a powerful, real-world indicator of sustained benefit and safety acceptance by both patients and prescribers.

• GIMOTI Q3 2025 Net Product Sales: $4.3 million.
• Year-over-Year Q3 Sales Growth: 61%.
• Total Prescriber Base Growth (Q1 2025 vs Q1 2024): 44%.
• Cash Runway Projection (as of Q2 2025): Into Q3 2026.
• New Patent Exclusivity End Date: November 2038.

Evoke Pharma, Inc. (EVOK) - Ansoff Matrix: Product Development

You're looking at the product development track for Evoke Pharma, Inc. (EVOK) as of late 2025. This is about extending the life and scope of what you have, and bringing in new things to sell to the same people who buy GIMOTI®.

The core strategy, as stated in the March 2025 Form 10-K filing, involved a clear intent to expand the pipeline. Evoke Pharma planned to 'In-license or acquire additional clinical or commercial stage product candidates for the treatment of GI diseases,' specifically focusing on products that use novel technologies to improve previously approved compounds. This aligns with the goal of bringing in complementary GI-focused drug candidates.

The intellectual property underpinning the current flagship product, GIMOTI® (metoclopramide) nasal spray, was significantly fortified. Evoke Pharma announced the issuance of U.S. Patent No. 12,377,064 in August 2025, extending expected market exclusivity to November 2038. This is a two-year extension beyond the previously projected expiration date of December 2036. This patent, which covers the use of intranasal metoclopramide for patients with moderate to severe gastroparesis symptoms, was subsequently listed in the FDA's Orange Book that same month.

To expand the product lifecycle and address maintenance therapy needs, the development of a lower-dose GIMOTI formulation was a logical next step, though specific clinical trial initiation dates aren't public. Similarly, initiating clinical work on a novel nasal spray formulation for a different, non-gastroparesis GI disorder falls under this product development pillar, leveraging the platform technology.

The extended patent life until November 2038 is a key asset to attract co-development partners. Evoke Pharma was actively seeking partnerships to accelerate and maximize GIMOTI's potential, including exploring regulatory approval outside the United States. Furthermore, in August 2025, Evoke announced expanded patient access through partnerships with EVERSANA and Omnicell, enabling wider distribution through networks like Gastro Health and OneGI.

The ultimate realization of the value built around GIMOTI came in November 2025. Evoke Pharma entered a definitive agreement to be acquired by QOL Medical, LLC, for $11.00 per share in cash. This represented a 139.7% premium over the closing share price of November 3, 2025. The transaction was expected to close by the end of the fourth quarter of 2025, which effectively realized the value of the commercial product line.

Here's a quick look at the latest hard numbers from the third quarter of 2025, which ended September 30, 2025:

The full-year 2025 net product sales guidance, confirmed earlier in the year, was set at approximately $16 million, which represented up to a 60% increase over 2024 performance. The company's stated interest in acquiring commercial-stage oral GI products to diversify the line within the existing prescriber base was a key strategic driver leading up to the Q4 2025 acquisition announcement.

The planned product development activities can be summarized by their focus areas:

• In-license complementary GI-focused drug candidates.
• Develop a lower-dose GIMOTI formulation for maintenance.
• Initiate clinical work on a nasal spray for a non-gastroparesis GI disorder.
• Leverage the November 2038 patent exclusivity for partnerships.
• Diversify the product line via acquisition of a commercial-stage oral GI product.

Finance: review the final closing conditions for the $11.00 per share tender offer by Friday.

Evoke Pharma, Inc. (EVOK) - Ansoff Matrix: Diversification

You're looking at how Evoke Pharma, Inc. moves beyond its core GI focus, which is the essence of diversification in the Ansoff Matrix. The most immediate and concrete example of this strategic shift is the announced acquisition.

Seek a strategic merger with a larger entity, like the QOL Medical deal at $11.00 per share, to gain new capital and a broader portfolio. This transaction, expected to close by the end of 2025, represents a premium of 139.7% to the closing share price on November 3, 2025. The deal values Evoke Pharma at 2.21 times its sales.

The financial performance leading up to this move shows growth in the existing market, which provides the foundation for any diversification effort. Net product sales for the third quarter of 2025 reached $4.3 million, a 61% increase from the third quarter of 2024's $2.7 million. Year-to-date sales hit $11.1 million, marking a 60% increase relative to the first three quarters of 2024. As of September 30, 2025, Evoke held $11.6 million in cash and cash equivalents.

Here's a quick look at the numbers surrounding this strategic event and recent performance:

The acquisition itself is a diversification step because the acquiring entity, QOL Medical, specializes in treatments for gastrointestinal and rare diseases, which aligns with entering a new market segment outside of Evoke Pharma's prior singular focus on diabetic gastroparesis.

Regarding the other potential diversification vectors, the existing technology base provides a starting point, even if specific external deals haven't been announced:

• Acquire a non-GI specialty pharmaceutical asset, such as a rare disease therapy, to enter a new market. The acquiring entity, QOL Medical, specializes in rare diseases.
• Partner with a device company to develop a new drug-device combination outside of the GI space. Evoke Pharma's existing product, GIMOTI®, is a drug-device combination (nasal spray).
• Utilize the nasal spray drug delivery technology for a non-GI indication like pain management or migraine. The current product is a nasal spray formulation of metoclopramide for diabetic gastroparesis.
• Invest R&D capital into a novel peptide chemistry program for a metabolic disorder, a new drug class. Evoke Pharma's previous stated intent was to expand its pipeline through in-licensing or acquisition, focusing on the gastroenterology disease space.

The existing product's patent life extends until November 2038, providing a long-term asset base.