Evoke Pharma, Inc. (EVOK): Business Model Canvas [Dec-2025 Updated]

You're looking at a company right at the finish line of a major commercial push, and honestly, the timing couldn't be more interesting for Evoke Pharma, Inc. As of late 2025, their entire business model centers on driving Gimoti, their non-oral metoclopramide nasal spray for diabetic gastroparesis, while simultaneously heading into an acquisition by QOL Medical at $11.00 per share. With Q3 2025 net sales hitting $4.3 million and a full-year guidance near $16 million, the key question is how their specialized partnerships, like the one with EVERSANA, and their focus on patients who can't tolerate oral meds actually translated into this pivotal near-term value. Dive into the nine blocks below to see the precise structure that Evoke Pharma, Inc. built to reach this moment.

Evoke Pharma, Inc. (EVOK) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that drive Evoke Pharma, Inc.'s commercial engine, especially as the company heads into its acquisition by QOL Medical, LLC late in 2025. These partnerships are critical for getting GIMOTI® (metoclopramide) nasal spray to the right patients.

Commercialization and Acquisition Partners

The most significant recent event defining Evoke Pharma, Inc.'s near-term structure is the definitive merger agreement announced on November 4, 2025, where QOL Medical, LLC will acquire Evoke Pharma, Inc. The deal is structured as a tender offer to acquire all outstanding shares for $11.00 per share in cash at closing, which represents a premium of 139.7% over the November 3, 2025, closing price. This acquisition values Evoke Pharma, Inc. at 2.21 times its sales. QOL Medical intends to finance the entire transaction using cash on hand, with closing targeted by the end of 2025.

The company's commercial success leading up to this point has been heavily reliant on EVERSANA, a provider of global commercial services. EVERSANA handles market access, marketing, distribution, and patient support services, while Evoke Pharma, Inc. retains ownership of the GIMOTI New Drug Application (NDA) and manufacturing responsibilities. Under the extended agreement, which runs through December 31, 2026, Evoke Pharma, Inc. retains more than 80% of the net product profits after EVERSANA's costs are reimbursed. The reliance on this partnership is clear in the financials; for the third quarter of 2025, operating expenses included a $1.3 million rise in marketing and EVERSANA profit-sharing, directly tied to higher net product sales of $4.3 million.

Here's a quick look at the financial context for the product these partners support:

Distribution and Access Networks

To ensure patient access, Evoke Pharma, Inc. works through a network of specialty pharmacies and distribution channels, often managed in coordination with EVERSANA. The strategy focuses on aligning with pharmacies that large gastroenterology (GI) groups use.

Key distribution and access relationships include:

• ASPN Pharmacies: The primary specialty pharmacy distribution partner since a transition in November 2023.
• Omnicell: A medication management and fulfillment leader added in August 2025 to expand access into large GI organizations.
• Brentwood Pharmacy: A partner secured in August 2025, affiliated with the OneGI network.

These network integrations are designed to remove friction for providers. For instance, the relationship with Omnicell was expected to almost double the number of specialty pharmacies available for GIMOTI access.

The scale of the networks Evoke Pharma, Inc. is accessing through these partners is substantial:

• Gastro Health: A large GI group practice with a presence in 7 states and 150 locations.
• OneGI: A network managing approximately 200 gastroenterologists across over 30 offices.

ASPN Pharmacies also provides direct support to the patient access process, offering benefits verification support and co-pay assistance to eligible patients. Finance: draft 13-week cash view by Friday.

Evoke Pharma, Inc. (EVOK) - Canvas Business Model: Key Activities

You're looking at the core engine of Evoke Pharma, Inc. as of late 2025, which is all about driving adoption and protecting the asset, GIMOTI. The operational numbers show clear execution against their commercial plan.

Commercialization and marketing of Gimoti to gastroenterologists and primary care physicians.

Evoke Pharma, Inc. focused on expanding the prescriber base and improving the rate at which prescriptions were filled. The company reiterated its full-year 2025 net product sales guidance to be approximately $16 million, which represents an approximate 60% increase over 2024 net revenue. The commercial execution is reflected in the sales figures reported through the third quarter of 2025.

The gross profit margin for Evoke Pharma, Inc. was reported at 96.6% or 97% at one point, showing efficiency in the cost of goods sold. Selling, general, and administrative expenses for the third quarter of 2025 totaled approximately $5.3 million.

Managing the complex specialty pharmacy and reimbursement process.

Key activities here involved securing distribution channels to reduce fulfillment friction. Evoke Pharma, Inc. and EVERSANA announced expanded pharmacy access in Q3 2025 through new relationships with Omnicell and Brentwood Pharmacy, enabling wider distribution through networks such as Gastro Health and OneGI. For context on payer mix, Medicare and Medicaid programs accounted for approximately 34% of filled GIMOTI prescriptions in the first nine months of 2024. As of September 30, 2025, Evoke Pharma, Inc. had $11.6 million in cash and cash equivalents.

Protecting and extending intellectual property (IP) for Gimoti, now through November 2038.

Evoke Pharma, Inc. successfully listed U.S. Patent No. 12,377,064 in the FDA's Orange Book in August 2025. This patent covers the use of intranasal metoclopramide for patients with moderate to severe gastroparesis symptoms.

• Expected patent expiration date: November 17, 2038.
• This extends market exclusivity by approximately eight years beyond the previous latest expiring patent (May 2030).
• The company is pursuing additional related claims via a continuation application.

This longer protection period is a defintely critical component of the business model.

Clinical data generation, especially for patients on GLP-1 therapies.

Evoke Pharma, Inc. continued to generate data supporting GIMOTI's utility in specific patient populations. Data presented at the American College of Gastroenterology (ACG) 2024 meeting showed statistically significant improvement in patient outcomes for GLP-1 users with diabetic gastroparesis while taking GIMOTI. Furthermore, the company presented real-world safety data at Digestive Disease Week (DDW) 2025, specifically comparing the incidence of tardive dyskinesia among continuous versus intermittent metoclopramide use.

Evoke Pharma, Inc. (EVOK) - Canvas Business Model: Key Resources

You're looking at the core assets Evoke Pharma, Inc. (EVOK) is leaning on right now to drive commercial success for GIMOTI. These aren't just line items; they are the tangible and intangible things that make the business run.

GIMOTI: The Unique Product Asset

The primary physical resource is GIMOTI (metoclopramide) nasal spray. This product holds a distinct position in the market as the only non-oral metoclopramide product available. This non-oral route is critical for patients with diabetic gastroparesis, a condition that often compromises the absorption of oral medications.

Intellectual Property and Financial Foundation

The strength of Evoke Pharma, Inc. (EVOK)'s position is heavily anchored in its intellectual property, which locks out generic competition for a significant period. This protection is crucial for maximizing the return on investment for GIMOTI. Here's a look at the latest figures supporting this foundation as of late 2025.

The patent protection is specifically tied to U.S. Patent No. 12,377,064, which covers the use of intranasal metoclopramide for patients with moderate to severe gastroparesis symptoms. Evoke Pharma, Inc. (EVOK) is also pursuing additional related claims via a continuation application.

Commercialization and Support Infrastructure

Evoke Pharma, Inc. (EVOK) relies on a strategic commercial partnership with EVERSANA for the heavy lifting in field sales and patient support services. This outsourced model allows the company to focus on R&D and regulatory matters while leveraging EVERSANA's established commercial infrastructure.

Recent activity in late 2025 shows this partnership is actively expanding reach. You should note these specific developments:

• The partnership with EVERSANA facilitated new relationships with Omnicell and Brentwood Pharmacy in August 2025.
• These new alignments are expected to almost double the number of specialty pharmacies available for GIMOTI access.
• The expansion targets better alignment with specialty pharmacies used by large gastroenterology group practices, like Gastro Health (present in 7 states and 150 locations).
• Evoke Pharma, Inc. (EVOK) retains ownership of the GIMOTI NDA and all legal, regulatory, and manufacturing responsibilities.
• EVERSANA utilizes its internal sales organization for market access, marketing, distribution, and patient support services.

The original commercialization agreement term was extended through December 31, 2026, showing a commitment to this operational structure in the near term.

Finance: draft 13-week cash view by Friday.

Evoke Pharma, Inc. (EVOK) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a physician would choose GIMOTI over existing options for their diabetic gastroparesis patients, especially when oral meds aren't cutting it. The value proposition centers on solving a critical delivery problem for a condition that affects millions globally.

Non-oral metoclopramide option for diabetic gastroparesis patients who cannot tolerate oral medication.

Evoke Pharma, Inc. offers GIMOTI®, the only FDA-approved drug in the U.S. specifically for the relief of acute and recurrent symptoms of diabetic gastroparesis in adults. This product directly addresses the challenge where gastric delay, a hallmark of the condition, compromises the absorption of medications taken by mouth. Before GIMOTI, metoclopramide was limited to oral and injectable forms. This nasal spray provides a necessary alternative route of administration for patients failing oral therapy.

Convenient, nasally-administered treatment for acute and recurrent symptoms.

The nasal administration offers a distinct convenience factor over injectables and bypasses the absorption issues of oral drugs. We see this adoption reflected in the commercial metrics Evoke Pharma, Inc. has been tracking through 2025. The company is clearly gaining traction with providers and patients, as shown by the accelerating sales growth.

Here's a quick look at the commercial momentum through the third quarter of 2025:

The refill rate holding steady at approximately 70% suggests that once patients start GIMOTI, they continue using it for subsequent acute episodes. Also, the total prescriber base grew by 44% year-over-year as of Q1 2025, showing expanding provider confidence.

Demonstrated effectiveness and healthcare cost savings for patients, including those on GLP-1 drugs.

The clinical utility extends beyond just providing an alternative route; it shows tangible benefits, especially for patients on newer diabetes medications. The company highlighted award-winning research presented at ACG 2024 specifically addressing the needs of patients using GLP-1 drugs, given the explosive growth in that class.

Key evidence points supporting this value proposition include:

• A recent study conducted by Eversana demonstrated that patients using GIMOTI experienced significant healthcare cost savings.
• Real-world safety data was presented at Digestive Disease Week (DDW) 2025, comparing the incidence of tardive dyskinesia between continuous versus intermittent metoclopramide use.
• The product is positioned to address the growing need in the GLP-1 patient populations where non-oral options are becoming more critical.

If you look at the Q3 2025 results, net loss improved to approximately $1.2 million from a loss of $1.3 million in Q3 2024, showing that revenue growth is starting to narrow the operating gap. Finance: draft 13-week cash view by Friday.

Evoke Pharma, Inc. (EVOK) - Canvas Business Model: Customer Relationships

You're looking at how Evoke Pharma, Inc. (EVOK) manages the people who prescribe and use GIMOTI®. It's all about making sure the specialized support is there when a Gastroenterologist decides to write a prescription and that the patient can actually get and keep taking the medication.

High-touch, specialized support via the EVERSANA partnership for patient enrollment and reimbursement.

The commercialization and distribution agreement with EVERSANA, which is set to continue through December 31, 2026, is central to this. Evoke Pharma retains ownership of the New Drug Application (NDA) and manufacturing responsibilities, but EVERSANA handles market access, marketing, distribution, and patient support services. The financial tie-in is clear: Selling, general, and administrative expenses for the second quarter of 2025 included a rise due to higher profit-sharing activity with EVERSANA, which scales with net product sales. Once commercialization costs are reimbursed, Evoke records sales and retains more than 80% of the net product profits. Recent efforts focused on expanding access through key pharmacy partnerships, supported by EVERSANA, included adding Omnicell, which is expected to almost double the number of specialty pharmacies available for GIMOTI. This also involved securing access to OneGI via Brentwood Pharmacy.

Here's a snapshot of the networks involved in this support structure as of late 2025:

Direct engagement with key prescribers (Gastroenterologists) through a contract sales force.

The engagement focuses heavily on Gastroenterologists, as they represent the majority of prescriptions enrolled in the patient reimbursement and distribution system as of December 31, 2024. Commercial execution shows this engagement is growing. For the first quarter of 2025, the total prescriber base grew by 44% year-over-year. By the second quarter of 2025, new prescribers continued to grow by 20% year-over-year. The sales force infrastructure supporting this direct engagement was reported to include 27 GIMOTI dedicated sales representatives located throughout the U.S. as of December 31, 2024, deployed by EVERSANA.

Patient support programs to manage the high refill rate, which is around 70%.

Sustaining usage is key, and the refill rate is a direct measure of this patient relationship. The refill rate held steady at approximately 70% in the second quarter of 2025. This follows a significant year-over-year increase of 73% in the fill rate reported in the first quarter of 2025. Management commentary points to strong repeat usage as a driver of this metric.

Key performance indicators related to patient retention and adoption include:

• Refill rate holding steady at approximately 70% as of Q2 2025.
• Fill rate increased by 73% year-over-year in Q1 2025.
• Management emphasizes strong repeat usage.

Finance: review Q3 2025 SG&A spend breakdown against EVERSANA profit-sharing targets by end of month.

Evoke Pharma, Inc. (EVOK) - Canvas Business Model: Channels

You're mapping out how Evoke Pharma, Inc. gets GIMOTI to the patient and provider in late 2025. The commercial strategy heavily relies on specialized third parties to manage the complex specialty drug supply chain, so you need to look closely at those relationships.

The core of the distribution effort involves specialty pharmacy networks for direct-to-patient fulfillment. You saw in late 2024 that the transition to ASPN Pharmacies was a key driver, helping fill rates climb 72% year-over-year by the end of that year. Now, in 2025, the network is actively expanding. Evoke Pharma and EVERSANA announced new relationships in Q3 2025, specifically bringing in Omnicell and Brentwood Pharmacy to broaden reach. This strategic push is expected to almost double the number of specialty pharmacies available for GIMOTI access.

The Omnicell partnership is designed to push product directly into hospital outpatient pharmacies, which is a distinct channel from the traditional specialty pharmacy route. Omnicell handles the order processing, storage, and delivery for these settings. This move specifically targets alignment with large gastroenterology group practices. For example, the Omnicell integration is meant to better serve groups like Gastro Health, which operates across 7 states and has 150 locations. Furthermore, the Brentwood Pharmacy agreement secured access to networks like OneGI.

The field sales component, managed through EVERSANA, is where the commercial spend shows up directly in the operating costs. EVERSANA, which serves more than 650 organizations, is integral to driving prescription volume. You can see the direct cost tied to this channel in the Selling, General, and Administrative (SG&A) expenses. For the third quarter of 2025, SG&A hit approximately $5.3 million, a notable jump from $3.8 million in Q3 2024, with the increase specifically citing higher EVERSANA profit-sharing due to rising sales. Similarly, Q1 2025 SG&A was about $4.3 million, up from $3.1 million the prior year, again driven by profit-sharing activities.

Here's a quick look at how the sales performance and associated costs map out through Q3 2025:

The field force activity is clearly translating into revenue, as Evoke Pharma maintained its full-year 2025 net product sales guidance of approximately $16 million as of the Q3 report. The channel strategy is focused on maximizing the reach of GIMOTI through these specialized partners.

The key channel partners and associated metrics include:

• Specialty Pharmacy Network Expansion: Expected to almost double the number of available specialty pharmacies.
• Gastro Health Coverage: Alignment with practices operating in 7 states with 150 locations.
• Hospital Outpatient Access: Managed via Omnicell for order processing and delivery.
• EVERSANA Cost Impact: Q3 2025 SG&A included higher profit-sharing, rising to $5.3 million from $3.8 million year-over-year.

Finance: draft 13-week cash view by Friday.

Evoke Pharma, Inc. (EVOK) - Canvas Business Model: Customer Segments

Evoke Pharma, Inc. (EVOK) focuses its commercial efforts on specific patient and physician groups directly impacted by diabetic gastroparesis and the limitations of current treatments.

Adults with acute and recurrent symptoms of diabetic gastroparesis

The core customer segment is adults suffering from acute and recurrent symptoms of diabetic gastroparesis, a condition where the stomach empties too slowly, which can compromise oral medication absorption. This patient group is substantial, as diabetic gastroparesis accounted for 57.4% of all gastroparesis cases in a study from 2022. Furthermore, upper gastrointestinal symptoms associated with delayed gastric emptying are reported in 11% to 18% of patients with diabetes. GIMOTI, Evoke Pharma, Inc.'s product, is the first and only nasal spray formulation of metoclopramide approved in the United States for this indication.

Patients with diabetic gastroparesis who are also using GLP-1 agonist therapies

A key, growing sub-segment is diabetic gastroparesis patients concurrently using GLP-1 agonist therapies, a class of medication seeing explosive growth for diabetes and weight loss. Evoke Pharma, Inc.'s product gained validation through research presented at Digestive Disease Week (DDW) 2025, which compared incidence of tardive dyskinesia among continuous versus intermittent metoclopramide use, and prior research at ACG 2024 specifically highlighted GIMOTI's benefits for GLP-1 users. The company noted the 'ongoing relevance of GIMOTI in a growing diabetic patient population' in its first quarter 2025 update.

Gastroenterologists and internal medicine specialists who treat GI motility disorders

The professional customer segment consists of the physicians who diagnose and manage these patients. Evoke Pharma, Inc. targets these prescribers through focused execution and expanded provider engagement. The company has seen tangible adoption metrics from this group.

• The total prescriber base grew 46% to 2,553 total prescribers by the end of 2024.
• New prescribers grew 20% year-over-year as of the second quarter of 2025.
• Approximately 2,226 new inbound prescriptions were reported in the third quarter of 2025, marking a 13.6% increase from the previous quarter.
• Refill rates held steady at approximately 70% as of the second quarter of 2025.

You can see the recent commercial performance metrics that reflect this customer segment engagement below. Honestly, the gross profit margin is quite impressive.

The company expects its current cash balance, along with projected product revenues, to fund operations into the fourth quarter of 2026. Finance: draft 13-week cash view by Friday.

Evoke Pharma, Inc. (EVOK) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Evoke Pharma, Inc.'s operations as of late 2025. The cost structure is heavily weighted toward commercialization efforts for GIMOTI, which is typical for a specialty pharma company scaling a product.

The Selling, General & Administrative (SG&A) expenses represent a major outflow. For the third quarter ended September 30, 2025, SG&A expenses totaled $5,314,370. This was a significant jump from $3,824,142 in Q3 2024. Honestly, this increase is directly tied to commercial success, which is a double-edged sword.

The partnership with EVERSANA, the commercial partner, is a key driver of these costs. The increase in SG&A for Q3 2025 was primarily due to a $1.3 million rise in marketing and EVERSANA profit-sharing, which scales with higher net product sales. Remember, Evoke records the sales but has to cover these commercialization costs first. As of December 31, 2024, the company still had approximately $75.4 million in unreimbursed commercialization costs under the agreement with EVERSANA, which must be paid from future net product profits or upon certain termination events. Evoke retains more than 80% of net product profits only once these costs are reimbursed. That's a big liability hanging over the operating costs until breakeven is consistently achieved.

Here's a quick look at the operating expense components for the nine months ended September 30, 2025, compared to the prior year:

Manufacturing and supply chain costs are captured in the Cost of Goods Sold (COGS). Evoke Pharma, Inc. retains the legal, regulatory, and manufacturing responsibilities for GIMOTI, meaning these costs flow through their books. For the first nine months of 2025, COGS totaled $311,269. For just the third quarter of 2025, COGS was $101,977.

On the other end of the expense spectrum, Research & Development (R&D) expenses are relatively minor compared to commercial spend. For the first nine months of 2025, R&D expenses were approximately $56,516. This is up from $16,322 for the same period in 2024, but still a small fraction of the SG&A spend.

You can see the cost profile is dominated by commercial execution and partner costs. The key cost levers you need to watch are:

• The variable component of EVERSANA profit-sharing tied to net sales.
• The fixed component of SG&A, including professional and public company costs.
• The eventual reimbursement schedule for the $75.4 million in cumulative deferred commercialization costs.

Evoke Pharma, Inc. (EVOK) - Canvas Business Model: Revenue Streams

The primary revenue stream for Evoke Pharma, Inc. centers on net product sales of GIMOTI® (metoclopramide) nasal spray, the first and only FDA-approved nasal spray formulation of metoclopramide for acute and recurrent diabetic gastroparesis in adults. You saw consistent execution driving this revenue, with third quarter 2025 net product sales reaching $4.3 million, which represented a 61% increase year-over-year compared to $2.7 million in the third quarter of 2024.

Looking at the full fiscal year 2025 picture, Evoke Pharma confirmed its guidance for total net product sales to be approximately $16 million. This figure represents a projected 60% increase over the full-year 2024 net product sales.

Here's a quick look at the core revenue performance metrics as of late 2025:

Beyond the recurring product sales, a significant, non-recurring cash inflow event is structured around the definitive agreement for Evoke Pharma to be acquired by QOL Medical, LLC. This transaction provides a potential one-time cash inflow to shareholders valued at $11.00 per share in cash at closing. The transaction, which QOL Medical intends to finance using cash on hand, was expected to close by the end of 2025.

Supporting the product sales revenue, you see several key commercial indicators reflecting market adoption:

• GIMOTI patent life extended through November 2038.
• Refill rates held steady at approximately 70% in Q2 2025.
• New prescribers grew 20% year-over-year in Q2 2025.
• Total prescriber base grew 44% year-over-year in Q1 2025.

Finance: draft 13-week cash view by Friday.