Evoke Pharma Stock Skyrockets On Patent For Nasal Spray That Eases Stomach Delays; Retail Bulls Pile In

Evoke Pharma's stock soared 168% on Wednesday after the company announced it had received a new U.S. patent that could extend the market life of Gimoti, its nasal spray treatment for gastroparesis.

The patent, once issued, would provide Evoke with added protection through December 2036, covering the use of the drug in patients with moderate to severe symptoms of the condition. 

Gastroparesis impairs the stomach’s ability to empty, often rendering oral medications less effective. 

Evoke plans to list the new patent in the FDA’s Orange Book, which would extend exclusivity for Gimoti beyond its current timeline.

The news comes alongside improving financials. In the first quarter of 2025, Evoke generated approximately $3.1 million in product sales, nearly doubling its revenue from the same period a year earlier. 

The company reported a net loss of $1.3 million, which translates to a loss of $0.51 per share, representing an improvement from the $1.6 million loss, or $2.09 loss per share, in the same quarter last year.

Spending also ticked up, driven mainly by higher fees and profit-sharing with Eversana, its commercial partner. 

Operating expenses totaled $4.4 million, up from $3.2 million a year earlier.

As of March 31, Evoke had $12.6 million in cash. 

Based on its current plans, it expects to carry operations into the second quarter of 2026. 

The company is also sticking to its 2025 sales goal of $16 million, which would be a 60% increase from last year if current trends continue.

On Stocktwits, retail sentiment for Evoke was ‘extremely bullish’ amid ‘extremely high’ message volume.

One user mentioned buying 100 lots of Evoke’s stock and said they were waiting for a potential move to cover. 

Another user expressed a bullish outlook as well, saying they were fully loaded on the stock and planned to hold their position into the next session.

Evoke’s stock has risen 56.4% so far in 2025.

For updates and corrections, email newsroom[at]stocktwits[dot]com.