Tue, May 14, 8:07 PM (73 days ago)
Evoke Pharma, Inc. has filed an amended annual report (Form 10-K/A) for the fiscal year ended December 31, 2023, correcting a classification error in its previously issued balance sheets. The error pertained to the classification of a note payable to Eversana Life Science Services, LLC, which should have been listed as a current liability rather than a long-term liability. This restatement did not impact total assets, total liabilities, stockholder's equity, or cash flows. The company reported modest sales of its sole product, Gimoti, a nasal spray for diabetic gastroparesis, and has incurred significant operating losses, raising concerns about its ability to continue as a going concern. Evoke relies on Eversana for the commercialization of Gimoti and faces substantial competition and regulatory challenges. The company also identified a material weakness in its internal control over financial reporting. Future funding needs are critical, with cash runway estimated to last into the fourth quarter of 2024.