Evoke Pharma, Inc. (EVOK)

Evoke Pharma, Inc. was a specialty pharmaceutical company focused on gastrointestinal disorders. It was founded in 2007 and based in Solana Beach, California. The company concentrated on a single commercial product and was small, with a limited sales organization.

Its product was Gimoti, a metoclopramide nasal spray approved by the U.S. Food and Drug Administration for the relief of symptoms of acute and recurrent diabetic gastroparesis in adults. Gastroparesis is a condition of delayed stomach emptying that causes nausea, vomiting and bloating, and the nasal route offered an alternative to oral tablets for patients whose symptoms impair absorption. Evoke marketed to gastroenterologists, endocrinologists and primary care physicians.

Evoke completed its initial public offering in 2013 and traded on the Nasdaq Capital Market under the symbol EVOK. Years of development, a Phase 3 program and a long regulatory path preceded the approval of Gimoti, which launched commercially in 2020. The company relied on equity raises and debt facilities to fund the launch and had limited resources throughout its life.

In October 2025 Evoke entered into a merger agreement with QOL Medical, LLC, a privately held company focused on gastrointestinal and rare disease therapies. QOL agreed to commence a tender offer for all outstanding Evoke shares at a price of $11.00 per share in cash, without interest. The board recommended that stockholders tender their shares.

The tender offer expired one minute before midnight, New York time, on December 15, 2025, and was not extended. QOL's merger subsidiary accepted the tendered shares and, following the offer, merged with and into Evoke without a stockholder vote, with Evoke surviving as a wholly owned subsidiary of QOL Medical. Remaining shares were converted into the right to receive the same $11.00 in cash, subject to appraisal rights.

Gimoti competed with oral metoclopramide and with other treatments for gastroparesis symptoms, and the commercial opportunity depended on payer coverage and physician awareness. Evoke had a small number of employees and relied on third parties for manufacturing and distribution. In earlier years the company had explored partnerships and licensing for the product, and its financial condition made a sale to a larger specialty pharmaceutical company a logical outcome. QOL Medical already marketed products in the gastrointestinal and rare disease space.

Evoke's shares stopped trading on Nasdaq before the open on December 17, 2025. A Form 25 was filed to delist the common stock, and the company intended to deregister its securities under the Securities Exchange Act.