PROSPECTUS SUPPLEMENT SUMMARY
The items in the following summary are described in more detail later in this prospectus supplement and in the accompanying prospectus.
This summary provides an overview of selected information and does not contain all the information you should consider before investing in our common stock. Therefore, you should read the entire prospectus supplement, the accompanying prospectus and
any free writing prospectus that we have authorized for use in connection with this offering carefully, including the Risk Factors section, and other documents or information included or incorporated by reference in this prospectus
supplement and the accompanying prospectus before making any investment decision.
Overview
We are a specialty pharmaceutical company focused primarily on the development and commercialization of drugs to treat gastrointestinal, or GI,
disorders and diseases. Since our inception, we have devoted our efforts to developing our sole product, Gimoti (metoclopramide) nasal spray, the first and only nasally-administered product indicated for the relief of symptoms in adults with acute
and recurrent diabetic gastroparesis. On June 19, 2020, we received approval from the U.S. Food and Drug Administration, or FDA, for our 505(b)(2) New Drug Application for Gimoti. We launched U.S. commercial sales of Gimoti in October 2020
through our commercial partner Eversana Life Science Services, LLC, or Eversana.
Diabetic gastroparesis is a GI disorder affecting
millions of patients worldwide, in which the stomach takes too long to empty its contents resulting in serious GI symptoms as well as other system complications. The gastric delay caused by gastroparesis can compromise absorption of orally
administered medications. Gimoti is the only nasally-administered drug currently approved in the United States to treat the symptoms in adults with acute and recurrent diabetic gastroparesis.
On January 21, 2020, we entered into an agreement with Eversana for the commercialization of Gimoti, or the Eversana Agreement. Pursuant
to the Eversana Agreement, Eversana commercializes and distributes Gimoti in the United States. Eversana also manages the marketing of Gimoti to targeted health care providers, as well as the sales and distribution of Gimoti within the United
States. In connection with the Eversana Agreement, we entered into a revolving credit facility with Eversana, or the Eversana Credit Facility, pursuant to which Eversana agreed to provide a revolving Credit Facility of up to $5.0 million to us,
which became available upon FDA approval of Gimoti. In June 2020, we borrowed $2.0 million and in December 2020 we borrowed the remaining $3 million under the Eversana Credit Facility.
Certain Financial Data
Our cash and cash
equivalents were approximately $8.1 million as of December 31, 2020.
This amount is preliminary, has not been audited and is subject
to change in connection with the preparation of our financial statements for the year ended December 31, 2020. In addition, our independent registered public accounting firm has not audited, reviewed, compiled or performed any procedures with
respect to this unaudited preliminary financial information and does not express an opinion or any other form of assurance with respect thereto. Accordingly, you should not place undue reliance on this information. Additional information and
disclosures would be required for a more complete understanding of our financial condition, liquidity and results of operations as of and for the year ended December 31, 2020.
Corporate Information
We were
incorporated under the laws of Delaware in 2007. Our principal executive offices are located at 420 Stevens Avenue, Suite 370, Solana Beach, CA 92075, and our telephone number is (858) 345-1494. Our website
address is www.evokepharma.com. The information contained in, or accessible through, our website does not constitute part of this prospectus supplement or the accompanying prospectus.