Evoke Pharma, Inc (NASDAQ:EVOK) rose Monday. Evoke Pharma shares jumped around 20% on Friday after the company reported better-than-expected Q2 EPS results.
Late last week brought word that the company’s net loss for the second quarter of 2021 was approximately $2.3 million, or $0.07 per share, compared to a net loss of approximately $7.0 million, or $0.28 per share, for the second quarter of 2020. During the second quarter of 2020 we expensed $5.0 million upon achieving a technology acquisition milestone related to FDA’s approval of Gimoti.
For the second quarter of 2021, net product sales were approximately $237,000 compared to approximately $90,000 during the first quarter of 2021. The increase in net sales was due to a higher number of GIMOTI prescriptions. The Food and Drug Administration approved its Gimoti NDA in June 2020 and we began commercial sales in October 2020, so there were no net product sales during the three months ended June 30, 2020.
Research and development expenses totaled approximately $195,000 for the second quarter of 2021 compared to approximately $5.8 million for the second quarter of 2020. The decrease in research and development expenses was due to the achievement of the commercial milestone of GIMOTI receiving FDA approval.
For the second quarter of 2021, selling, general and administrative (SG&A) expenses were approximately $2.1 million compared to approximately $1.2 million for the second quarter of 2020. The increase in SG&A was primarily related to commercialization activities.
EVOK shares were unchanged to $1.34.
