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Evoke Pharma Inc. (NASDAQ:EVOK), a pharmaceutical company based in Solana Beach, California with a market capitalization of $10.48 million, announced on Monday the appointment of Greg Pyszcymuka as a Class I director to its Board of Directors. According to InvestingPro analysis, the company is currently undervalued, maintaining a strong balance sheet with more cash than debt and impressive revenue growth of over 100% in the last twelve months. The appointment, effective immediately, was made pursuant to the company’s amended and restated bylaws.
Pyszcymuka, 46, brings extensive experience in commercial operations within the pharmaceutical industry. He has been the Chief Commercial Officer of Aytu Biopharma since January 2022 and held various leadership roles at Neos Therapeutics (NASDAQ:NEOS), Aqua Pharmaceuticals, Iroko Pharmaceuticals, Zogenix (NASDAQ:ZGNX), and Endo Pharmaceuticals (OTC:ENDPQ). His educational background includes a B.S. from Rutgers University and an M.B.A. from Argosy University. His appointment comes at a crucial time as InvestingPro data shows the company maintaining an impressive 96.55% gross profit margin, though analysts anticipate challenges in achieving profitability this year.
With this new role, Pyszcymuka joins the Compensation Committee, alongside Malcolm R. Hill, Pharm.D., and Todd C. Brady, M.D., Ph.D., who will continue as the committee’s chair. Additionally, he will be part of the Nominating and Corporate Governance Committee with Kenneth J. Widder, M.D., and Dr. Hill, who remains the committee’s chair.
In accordance with Evoke Pharma’s non-employee director compensation program, Pyszcymuka received an option grant to purchase 5,833 shares of the company’s common stock, vesting over three years from the grant date. He will also receive cash compensation for his board service as stipulated by the program, which may be subject to future amendments.
The company has provided Pyszcymuka with its standard Indemnification Agreement to protect him in his role as director. His appointment follows the nominating rights established in a letter agreement dated September 27, 2024, with Nantahala Capital Management, LLC. Evoke Pharma’s Board has determined that Pyszcymuka qualifies as an independent director according to the Nasdaq Capital Market’s listing requirements. Investors tracking this development should note that the company’s next earnings report is scheduled for March 7, 2025. For comprehensive financial analysis and additional insights, visit InvestingPro, which offers 7 more exclusive tips about EVOK’s financial position and growth prospects.
No transactions involving Pyszcymuka require disclosure under Item 404(a) of Regulation S-K. His term as a Class I director is set to expire at the company’s 2026 annual meeting of stockholders. This information is based on a press release statement filed with the SEC.
In other recent news, Moody’s (NYSE:MCO) Ratings has downgraded Evoke PLC’s long-term corporate family rating (CFR) and Probability of Default Rating (PDR) from B1 to B2, citing continuous weak cash flow generation and high leverage. The downgrade also affects the ratings of instruments issued by 888 Acquisitions Limited and 888 Acquisitions LLC, which were lowered to B2, and William Hill Limited, which was downgraded to B3. Evoke’s 2024 trading update indicates that its EBITDA for the year will likely fall short of the previously anticipated £364 million, with Moody’s adjusted free cash flow remaining negative. Despite revenue growth in the second half of 2024, free cash flow is expected to stay under pressure in 2025 due to ongoing restructuring charges and investments in retail presence. The company’s target leverage ratio of less than 3.5x by the end of 2026 is seen as challenging, given the revised EBITDA growth expectations. Moody’s notes that Evoke’s liquidity position has deteriorated over the past year, though it remains adequate with about £116 million of unrestricted cash. The stable outlook reflects expectations of continued revenue growth and improving EBITDA margins, assuming no significant regulatory changes.
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