$Evoke Pharma (EVOK.US)$ NEWS Evoke Pharma Reports First Qua...
NEWS
Evoke Pharma Reports First Quarter 2024 Financial Results
Positive
114% year-over-year increase in net product sales to $1.7 million.
70% growth in prescriber numbers in Q1 2024 compared to Q4 2023.
Net revenue guidance for 2024 reaffirmed at $14 million.
Reduction in net loss to $1.6 million from $2.2 million in Q1 2023.
Raised $8.8 million through a public offering in Q1 2024.
Partnership with ASPN Pharmacies expected to enhance service delivery and patient reach.
Cash and cash equivalents of $9.7 million, funding operations into Q1 2025.
Negative
Increased co-pay expenses due to lower payor reimbursements.
Cyberattack on the largest U.S. medical claims processor disrupted new patient enrollments and refill adjudications.
Net loss of $1.6 million in Q1 2024, though reduced from previous year.
Selling, general, and administrative expenses increased to $3.1 million from $2.8 million in Q1 2023.
Total operating expenses increased to $3.2 million from $3.0 million in Q1 2023.
114% year-over-year increase in net product sales to $1.7 million.
70% growth in prescriber numbers in Q1 2024 compared to Q4 2023.
Net revenue guidance for 2024 reaffirmed at $14 million.
Reduction in net loss to $1.6 million from $2.2 million in Q1 2023.
Raised $8.8 million through a public offering in Q1 2024.
Partnership with ASPN Pharmacies expected to enhance service delivery and patient reach.
Cash and cash equivalents of $9.7 million, funding operations into Q1 2025.
Negative
Increased co-pay expenses due to lower payor reimbursements.
Cyberattack on the largest U.S. medical claims processor disrupted new patient enrollments and refill adjudications.
Net loss of $1.6 million in Q1 2024, though reduced from previous year.
Selling, general, and administrative expenses increased to $3.1 million from $2.8 million in Q1 2023.
Total operating expenses increased to $3.2 million from $3.0 million in Q1 2023.
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