Q4 2023 Evoke Pharma Inc Earnings Call
Participants
Daniel Kontoh Boateng; Investor Relations; Evoke Pharma
David Gonyer; Chief Executive Officer; Evoke Pharma Inc
Chris Quesenberry; Chief Commercial Officer; Eversana
Matthew D’Onofrio; President and Chief Operations Officer; Evoke Pharma Inc
Yale Jen; Analyst; Laidlaw & Company
Presentation
Operator
Good afternoon and welcome to the Evoke Pharma fourth-quarter and full-year 2023 earnings conference call. (Operator Instructions) I will now turn the call over to Daniel Kontoh Boateng. Please go ahead, sir.
Daniel Kontoh Boateng
Good afternoon, and thank you for participating in the Evoke Pharma's conference call and webcast today.
With me today are Dave Gonyer, Evoke's, Chief Executive Officer, Chris Quesenberry, GIMOTI's Chief Commercial Officer from EVERSANA; Matth D’Onofrio, Evoke's President and Chief Operating Officer.
By now, you should have a copy of the press release we issued earlier. If not, it is available on the Investor Relations page of our website at evokepharma.com. We encourage everyone to read today's press release, as well as in both annual report on Form 10-K, which is now filed with the SEC. The company's Form 10-K and earnings release are also available on the Group's website.
Please note that certain information discussed on the call today is covered under the Safe Harbor provisions of the Private Securities Litigation Reform Act. We caution listeners that during this call, management will be making forward-looking statements. Actual results could differ materially from those stated or implied by these forward-looking statements due to risks and uncertainties associated with the company's business
These forward-looking statements are qualified by the cautionary statements contained in Evoke's press releases and SEC filings, including its annual report on Form 10-K and subsequent filings. This conference call contains time-sensitive information that is accurate only as of the date of this live broadcast. Evoke undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call and webcast.
With that, I would now like to turn the call over to David Gonyer. Dave?
David Gonyer
Thank you, Daniel, and thanks, everyone, for joining the call this afternoon. As was described in today's press release, 2023 marked a milestone in the books journey, not just commercially, but also fulfilling our core mission, which is ensuring motor is within reach for every patient who needs it. Let me tell you why this core mission is so important because it's about the patient and their experiences. They can will fuel that progress help us fuel the progress as an organization. A testament to our efforts comes from the countless positive stories we've been told from health care providers, patients in our own sales representatives who are here and tell us some amazing patient success stories on a daily basis, while gastroparesis impacts predominantly women.
Today, I'd like to share just a brief very inspiring story that was just shared to us this week about a 30 year old male who battled both type one diabetes and severe gastroparesis. This man who was in and out of the hospital just about every month because it was gastroparesis shared with this health care provider that since starting on Monday, he hasn't had a single hospital visit, not one into his admission. It's been life-changing for him. Stories like these that will push payers providers and that gets to fight for patients who suffer from this insidious disease. So they can receive the best care possible. And this is just one of many affirmations. We have heard that continues to energize our commitment. And while we're humbled to see the stories of success we also want to encourage providers to do more to diagnose and treat these patients with gastroparesis. But unfortunately, the norm for patients is to wait years before they're diagnosed. And then often told there's not much they can do can be done for them when treatment is prescribed. All too often, payers are pushing the cost to the patient for outright denying coverage payers can do better and patients deserve better treatments. Compelling evidence presumably goes beyond anecdotes, the scientific groundwork, the publication of our Phase three clinical data in a peer reviews and plenary presentations of our real world health resource utilization studies at leading gastroenterology congresses, demonstrating a reduction in emergency room and hospital visits and a significant total health care cost savings compared to all medical lines underscores the value of tomorrow versus the current gold standard. Our story is really simple and straightforward, and it's shaping up to be very compelling as well. Remotely achieves rapid and direct absorption in the bloodstream promoting provide documented symptomatic relief as early as one week analogy, Modi shows improved outcomes versus oral medical per month. The drug delivery through the nose avoids the problem of the disease, which is an inability to predictably deliver pills into the small intestine to be absorbed. Importantly, many patients previously an oral medical remind in the HRU. study or the health resource utilization study for switched to remote, it's likely because they were not doing well experienced the same reduction in ER visits and hospitalizations, while taking demoted confirming its place as a transformative formative medicine in gastroparesis treatment.
Now let me switch gears a bit turn to some highlights for 2023. I'm happy to report that we doubled our net revenue originally over the last year, the number of new prescriptions grew by a notable 86% and the total prescriptions dispensed increased by 101% year over year, clearly demonstrating the growing demand for automotive. We also augmented our prescriber base by 72% or amplifying the depth of their prescribing by 36%. Our commercial team's relentless focus, propelled our targeting and outreach to health care providers, driving our financial achievements above our expectations and important gastroenterology gatherings, such as Digestive Disease Week in American College of Gastroenterology gastroenterology conferences. Our data was selected by the respective covering 40 foot plenary presentations at both meetings. This is a testament to the strength and importance of the health resource utilization study we perform this data highlighted to Moody's role in significantly reducing ER visits and hospitalizations, outperforming all major cloud providers, delivering care at a reduced price. This evidence not only resonated with GI. professionals, but also underscores our commitment to patient care and economics efficiency for payers.
Further, our strategic initiatives, we transitioned our pharmacy services to Aspen strategic alignment with Aspen's robust platform, positions us to better meet our distribution needs, enhanced patient access and streamline our services. And Chris will elaborate a little bit more on this in a moment.
Looking back on a year of dynamic growth, our strategic investments have paid dividends. We've not only strengthened the belief and Jane Mody, but doubled the patient count on therapy as we lean into 2024, we're aiming high with a projected net revenue of approximately 14 million, nearly tripling our 2023 performance.
And with that, let me turn it over to Chris to talk about our current commercialization activities and plans.
Chris Quesenberry
Moving forward for this year and today to confirm the uptake and acceptance that Dave just spoke about and revalidate last year's commercial strategy. We also took a look at providers consecutively prescribing generic after their initial script. Besides the notes that close to 30% of our cumulative prescribers, which totals 748 positions and prescribed remedy five or more times the writers that have written prescriptions continue to write more and more over time. From our standpoint, this is highly encouraging and a strong testament to the drug's efficacy and prescriber and user friendly profile. The unabated, adding a new prescribers are so-called breadth of prescribing in 2023, while simultaneously continuing to grow the depth of prescribing. It's difficult to do and is also an indication that there's still significant potential for growth for generics. We have not reached any ceiling of use for generics. Quite the opposite is true on that's shown on the slide. Our market share of medical combined of the medical markets show similar gains throughout 2023 encouragingly, as you look across important prescriber audiences this year in Germany compared to oral Medicare Supplement, grew throughout 2023, and it's progressively stronger as you move from all potential prescribers of Germany to those that are not called time target list and further improves as we look specifically and called van targeted gastroenterologists.
Importantly, our highest share for Jody is with nurse practitioners and physician assistants who provide a significant portion of the medical care for patients with gastroparesis as many gastroenterologists spend less time in clinic just deciding instead to perform procedures or skip. As mentioned, our objective is to nearly triple our performance in 2023 or excuse me, in 2024 and 2023. We built a solid foundation and believe we have earned the right to challenge our providers, payer colleagues to offer commodity to a broader base of patients with diabetic gastroparesis throughout 2024 and beyond. Our focus remains steadfast reinforced the belief in Germany amongst preferred providers. Importantly, we will make clear that oral medical mine did not have the same health care resource utilization reductions that Jim Mooney provided and underscore that the nasal route of administration, Matt, for appropriate patients. We will ask providers to switch to the money abroad, thereby broadening and deepening prescribed. We have address improving the fill rate for GE90, and we'll continue this imperative throughout 2024. We earned a significant amount of prescribing a generic in 2023 and much of it was unable to be filled because providers send the prescription to a local retail pharmacy. We will use tools and partners to mitigate this and guide scripts too. Our pharmacy and our network to capture scripts appropriately.
Lastly, we will increase our communication and education for tardive dyskinesia and leverage latent concerns to clarify risks and encourage appropriate benefit risk discussions here again, there's tremendous untapped potential clarify appropriate use. We'll be clear about who is inappropriate for Germany and request those who are appropriate. We offered them basically here's how we plan to build on these initiatives, we will continue to promote and advocate for genetic as the optimal choice for gastroparesis treatment due to its optimized nasal administration who will support this with our quantitative and qualitative health care utilization data. And currently, we are partnering with pharmacy organizations to leverage their systems and services to mitigate prescriptions that fall outside our distribution lines and never reach patients Additionally, with Aspen pharmacy joining our network, we will gain access to their extensive pharmacy distribution network, including specialty drug pharmacies, improve and premium devoted fill rates and ensuring our patients receive the treatment they need without delay through appropriate channels will also persist to demystify the risks associated with tardive dyskinesia or TD education and transparency for background, tardive dyskinesia is a side effect of select medications for commonly seen with older anti-psychotic medication that causes intolerant involuntary movements once face and body that can control. And recent ACG guidelines indicate the risk of the side effect to the exposure to medical for mine is lower than previously thought. And in fact, it's slightly less than 1%. And our only claims analysis presented at DDW in 2022 confirmed ACG's conclusion by presenting clear data, including the low incidence of which and which at risk patients to avoid. We are shifting the narrative from fear to inform prescribing and monitoring. We believe this will reshape perceptions and encourage physicians to prescribe ability to appropriate patients with confidence backed by a comprehensive understanding of the safety profile as we build demand and utilization of Germany. We've taken deliberate strides to enhance the accessibility of Germany by evolving our distribution and pharmacy capabilities. Our journey began with evoke assist or episodic pharmacy, which allowed us to implement the system swiftly no relied on manual processes and had longer fulfillment times as we progress the value care, we significantly upgraded our capabilities, integrating seamlessly with medical workflows, enabling electronic prescribing facilitating automatic refills excuse me, automated retails to expedite the filling process.
Now for the Symbion, we've taken our distribution to the next level, building on our on our previous advancements. Zenvia offers real-time patient communication be a test complete and automation, including prior authorizations and transparent prescription status through accessible portals to physicians and patients is not only streamlines the prescription process for health care providers, but also ensures that patients receive their medication properly. Most importantly, SMB has robust infrastructure and expansive pharmacy network position us to earlier these strategic enhancements, embody our commitment, optimizing the MOD access and Signify unwavering dedication to patient care. Although we've only just initiated a partnership with Sandia, also known as Aspen pharmacies in November of 2023. It's clear we've identified include critical lever for enhancing our flow rates through refined strategies and communication and process optimization. Within the admin Aspen platform, we've seen a tangible uptick in our conversion rate. Specifically, there's been a 2% overall increase in the number of prescriptions filled even more impressive when we exclude in-process prescriptions, an improvement jumps to 22%. Moreover, we're seeing a significant shift towards greater efficiency for the 6% increase in sales that are reimbursed without the need for our patient affordability programs. A testament to streamline process and enhance value proposition Angiomax.
Additionally, Aspen's focus on wrap and transparent patient communication is yielding results with Aspen. There's been a 12% reduction in patient initiated abandonment of prescriptions, underscoring our commitment to ensuring that patients not only start and continue their treatment with SurModics has appropriate. These metrics are not just numbers. They represent real improvements in patient access and adherence, which are vital to our mission of providing money to all who can benefit from it. These benefits will also fall the bottom line as we fortify are committed to ensuring the money reaches those needs. Leveraging technology remains prevalent at by actively reminding health care professionals to write prescriptions directly to Aspen pharmacies, a point of prescriptions with and the electronic medical records. We are addressing retail leakage effectively using this approach. We successfully made headway in intercepting scripts than initially intended to be prescribed to a retail pharmacy and successfully redirected our 1,500 of them to our pharmacy, including assets. We believe this strategic communication effort with prescribers, pharmacists and patients alike is critical, cementing some presence in the market and improving patient health. Based on this success, we have recently expanded our coverage in partnership with other EMR partners. Our messaging is now enabled in nearly half of all electronic health records systems and we have added new partners and Dr. first and connective Rx at the beginning of this month, ensuring that Jim Mooney Prescription Pathway is even more clear, indirect. And last year, we unveiled two real-world evidence studies. It demonstrated the qualitative and quantitative value emerging and addressing health care resource utilization of patients with diabetic gastroparesis image.
On the left-hand side of the slide shows the inpatient hospitalizations were reduced by 68% and patients using community compared to oral Medical. It also shows emergency department visits were similarly reduced significantly by 16% and those taking Germany versus raw mats could make the 257 patients taking Jakafi experienced 34 fewer hospitalizations and 84 fewer ER visits over a six month period. It is a significant time for patients who can spend more time at home with their families or doing simple things that we all take for granted. The reductions will also be signaling then for patients.
Amazingly, looking to the right hand side of this slide, slightly numerically larger prescription cost and agility, our total health care costs, it is the sum of all medical costs and pharmacy cost encounters, we're significantly lower, in fact, over $15,000 lower for patients taking GMAT than those taking generic oral medication. My over six month period of time. These data sets reinforced to meet its clinical benefits and illustrates its profound potential economic impact. Substantial reductions in hospitalization and emergency department visits speaks volumes about its role in enhancing Hansen patient daily life and reducing the burden on our health care system. Moreover, the significant cost savings highlight some of the value proposition marketing it not only is a superior treatment option and also financially responsible choice for health care providers and patients payers. I would argue that this is more than a win-win with a new standard in treatment of gastroparesis setting a precedent for how we evaluate treatment for efficacy and cost effectiveness patients with this debilitating disease and progressive disease, no other agent, in fact, no other modality used for gastroparesis has it has these type of breakthrough data demonstrating outcomes. And so we're going to test these data with payers back. We're doing that right now with insurers, PBMs and IDMs alike. Through market research and asking them how these data might impact coverage decisions. We're in the midst of wrapping up this research. But what we are hearing from payers is that our health care resource utilization data has enough provocative elements to potentially impact the coverage decisions for Germany based on the same HR, you data that I showed you on the previous slide significant portion of payers who are not selling the coverage voting indicated, the data presented would make them reconsider coverage decisions with 40% of them affirming outright and another 40% expressing willingness to reconsider with additional evidence of cost savings. Additionally, on the payers who currently do provide coverage for Germany, nearly half of it would further ease the process documentation requirements for obtaining genetics. His preliminary preliminary feedback bolsters our conviction that providing robust evidence can shift from a process perspective, payers are looking for more detailed analysis of cost, saving drivers and peer review data to underpin credibility. We recognize this need for continued evidence generation, focusing on key factors such as reduced hospitalization length, lower readmission rates and the overall reduction of the prescription burden. Additionally, the reduction of burden of illness, the avoidance of any necessary medical procedures and assurance of safety are proven pivotal components that would enhance the value story in Japan, and one of the main reasons for hesitancy among providers to prescribe study is the fact that nobody carries a boxed warning for tardive dyskinesia similar to what oral medical might have in their label. Tv is a movement disorder that causes involved. And even sort of face or both, certainly it can occur with medical mind, but TV is more commonly associated with this anti-psychotic. We've come to appreciate that TD is a mystery progress. Neurologists. We don't deal with it on a regular basis, and there's a significant gap in understanding of TD and how often it occurs. The apprehension is leading many to avoid them. And I quote my for reserve it for the more refractory patients, we need to shift this narrative from being afraid and avoiding to one and educated and monitor. We will leverage our label and the excellent information within it to help providers to use the box warning is a roadmap from the legal information, our guardrails to help the provider of voice perspective to patients at risk and thereby develop a clear understanding of the many appropriate patients you can benefit from generics we will update it appears that the most recent data and guidance around the risk, the TD. with medical stoma again likely less than 1%. We will educate on which patients to avoid, and we will clarify that to date.
No TV have been reported in the clinical development program or since launch in January in October of 2020, we will intensify our education efforts moving forward to ensure that providers to make informed benefit risk assessments when considering the money for their patients.
Our multi-pronged approach includes educating our sales team, a little insights on tardive dyskinesia, powering motility specialists through symposia, providing and providing our sales force and targeted resources, and lastly, engaging patients through their providers with education so they can make informed choices. We continue to engage payloads with and gastroenterology and importantly, have expanded to educate and inform ourselves with KOLs within psychiatry and neurology specialties like Peter McAllister of new of the New England Institute of neurology and headache, and this is to inform our phone and education efforts. Our commitment is to ensure that every stakeholder from health care providers to patients is fully informed of optionality, thereby supporting its appropriate use and reinforcing our dedication to patient safety and well-being.
With that, I'll turn the call over to Matt to review the financials and closing remarks.
Matthew D’Onofrio
Thanks, Chris. Once again, thanks again for everyone joining today. I'll get right into books financials for the fourth quarter and full year and 2023 results as Dave mentioned for the fourth quarter, net product sales were approximately 1.7 million compared with 796,000 during the fourth quarter of 2022 and the net loss was approximately $2 million or $0.59 per share compared with 1.8 million or $0.54 per share for the fourth quarter of 2022. For the year ended December 31st, 2023, net product sales were approximately $5.2 million compared with approximately 2.5 million for the year ended December 31st, 2022, and the net loss was approximately $7.8 million or $2.33 per share compared with a net loss of 8.2 million or $2.62 per share for the year ended December 31st, 2022. Year over year increase in revenue was due to higher net product sales into 2023, resulting from prescription sales through pharmacy service partnerships with Aspen pharmacy, as Dave and Chris elaborated earlier and capture of prescription sent to retail pharmacies that previously didn't have the ability to order product and sharing with providers and the GI community, the exceptional head to head real world data comparing Jane Mody to all medical have made some improvements in fewer hospitalizations and ER visits with commodity compared to oil.
Research and development expenses totaled 23,000 for the fourth quarter of 2022 compared to 27,000 for the fourth quarter of 2023. For the full year 2020 to research and develop expenses were approximately 0.2 million compared with approximately 0.3 million for the prior year. For the fourth quarter 2023, selling, general and administrative expenses were approximately 3.5 million compared with $2.3 million for the fourth quarter of 2022. For the year ended December 31st, 2003, selling general administrative expenses were approximately 12.2 million versus approximately 9.6 million for the year ended December 31st, 2022. The increase in SG&A costs or year over year resulted primarily from higher marketing loyalty and Amazon have profit sharing costs. We expect that selling, general and administrative expenses will increase in the future as we continue to progress with the commercialization of humility, and we reimburse our scientists and the net profits attained from the sales of generics.
Total operating expenses for the fourth quarter of 2023 were approximately $3.6 million compared with 2.3 million for the same period of 2022. And for the year ended December 31st, 2023, total operating expenses were approximately 12.6 million compared with approximately $10.3 million for the full year of 2022. As of December 31st, 2023, cash and cash equivalents were approximately $4.7 million. We believe based on our current operating plan with the existing cash, cash equivalents, including the proceeds from the recent public offering that we executed in February of 2024 as well as future future cash flows from net product sales and promoting that will be sufficient to fund our operations into the fourth quarter of 2024. While we are seeing new prescription trends increasing through February beginning of the year typically has higher co-pay expenses for the Company to cover and other discounting because of the changing coverage for patients and patients needing to meet their deductibles and renewals of prior authorizations. Recently, we've also been watching the situation with Change Healthcare closely see what impact this may have on our business. It is clear that all healthcare entities were impacted by this not just pharmaceutical companies or Vogue, although evoke in Arizona were able to put a solution in place within a week of the Change Healthcare outage. We are hearing from our partners and other industry experts that providers inability to check patient eligibility benefits for submit claims has started to impact new prescribing across the brands they support. And lastly, from a new opportunity that has gained some attention over the last several months with the ongoing interest in GLP one agonist, well, glucagon-like peptide one currently on the market is the association with gastroenterology side effects attributed to those products, particularly gastroparesis. We believe the increased use of GLP-1 agonist could increase the number of people suffering from gastroparesis GLP-1 receptor agonist effect. Glucose control through several mechanisms, including enhancement of glucose dependent insulin secretion, slowed gastric emptying and reduction of postprandial glucagon and food intake. Low gastric emptying may potentially lead to symptoms similar to gastroparesis, although definitive evidence attributing GLP-1 agonists specifically causing Gastroparesis is limited, a recent study published in the Journal of American Medical Association found that the use of GLP-1 for weight loss compared with the use of the appropriate naltrexone was associated with increased risk of pancreatitis, bowel obstruction and gastroparesis. While these adverse events from GLP ones have been relatively rare, even a 1% incidence rate could have an impact on the gastroparesis market, considering the gigantic population, very large population expected to be treated with GLP-1 in the future.
And with that, Operator, we've completed our formal remarks and I'll turn it over for questions.
Question and Answer Session
Operator
(Operator Instructions) Yale Jen, Laidlaw & Company.
Yale Jen
Good afternoon and thanks for taking the question and congrats on the performance this year. I've got two or three questions here. The first one is you mentioned about the Aspen on foodservice that has improved. You have distribution. Are you have you elaborate some, but could you give a little bit more color in terms of how that will impact on?
Well, the funding for four versus 2023 are based on your estimates?
David Gonyer
Chris, you want to take that?
Chris Quesenberry
Sure. And thank you for the question. So Aspen delivers a couple of different arms aspects of their platform that help us one is and through efficient communication with patients, it gets more patients to return phone calls and result in fewer abandonment of prescriptions. And so that is a key to, in fact, that's the largest reason for leakage in our in our prescription funnel is patients not calling us back, so they will significantly reduce that.
The second thing is that they have strong relationships with payers and are integrated into those payer systems. So they're efficiency in time and processing prescriptions and electronic prior authorization is yielding a higher percentage of prescriptions there gain approval for those prior authorizations. And again, those approval prior authorizations mean increased reimburse scrips, which certainly will help us from a revenue perspective.
And the last piece and one that we're excited about, too, is the fact that we are going to be adding pharmacies to our network through the Aspen network of pharmacies, which will give us access to pharmacies that have a strong contract with payers, including Medicaid and Medicaid is an important aspect for our growth in 2024.
Yale Jen
And maybe just to tack on this call, to discuss the answer here in terms of the policy, what kind of a distribution geographic distribution in the United States, a more local or regional or more national?
Chris Quesenberry
Our current pump pharmacies have coverage in all contiguous 50 states. So we have a good coverage from that perspective. As you can imagine, some states on some trends of Medicaid require you to have a local pharmacy in order to distribute the product so that that's why adding pharmacies are going to be important to us. And certainly of those states, we can deliver a prescription even though we might have approval to do so. So we're strategically adding pharmacies that will augment our coverage, especially in Medicare and Medicaid and Medicaid.
Yale Jen
Okay, great.
And then maybe the last question here in terms of 14, which is sales guidance for 2020 for sure, because it that's a little bit conservative or how should we overall Think about it this guidance and thanks for that, Matt.
Matthew D’Onofrio
Yes, I guess we're not going to comment further on any for the guidance. We're putting that out there in terms of what we believe is doable. What we've seen in terms of growth in the we believe that there's, as Chris said earlier, unlimited opportunity at this point, we haven't seen any curtailing of physicians' interest who were in no way reaching some sort of significant market share yet with any of the targets that we're currently meeting with. So we think this is appropriate and very doable and that's we're providing guidance at this time.
Okay.
Yale Jen
Maybe just one more question here. As you mentioned about the European one new club that gets approved for one of expected side effects just curious up to now, have you ever treat a patient that actually also taking the prescription of any of the GLP-1 would adopt the subcu or on drug?
Matthew D’Onofrio
So yes, a great question. I really appreciate you can open this up. I think it's really important for people to understand that GLP-1 is one of the key mechanisms of action. And there are several that have things related to priority curtailing sort of the cravings other things, but it does also clearly slow down the GI tract and by definition delayed gastric emptying that is what Gastroparesis is. So and whether or not patients who are mostly diabetic, and that's what the original indication was for had gastroparesis beforehand, very mild perhaps and then missed and addition of GLP-1 sort of unmasked or exacerbated those issues, we're not certain exactly. And then in order to be completed denovo new patients coming on with us, we have read stories online have some persons claiming that there's it's totally denovo. They had no problems beforehand. I still think it's just early days around that.
And then in terms of whether or not your Modi has been used with any of these patients. Of course, we're not promoting or anything of that nature. We do receive prescriptions from physicians and will pursue authorization for whatever reason they so choose to write it forward. And I myself happen to admit a nurse practitioner who did have significant symptoms associated with her own treatment of herself with Gobi and use commodity to treat herself and her symptoms with that. And that was her decision we found out after the fact. So and we also are hearing from physicians at the conferences they're asking questions about utilizing promoting to help patients with these problems because they do either do have gastroparesis or it mimics it very, very keenly. So and I think physicians are starting to find their own ways to deal with problems, which may impact again be gastroparesis.
David Gonyer
And yes, just to say just one thing I would point out that So this was not in our forecast assumptions for 2024, it doesn't just be upside. So I want to make sure that's clear as well.
Yale Jen
Okay. That's great. And again, congrats on that and nice performance so far.
David Gonyer
Thank you.
Matthew D’Onofrio
Thank you.
Operator
This concludes the Q&A portion of today's call. I would now like to turn the call back over to Matthew D’Onofrio for any additional or closing remarks.
Matthew D’Onofrio
Yes. Thank you. Well, building on the momentum from 2023, our guidance for net revenue, again, is that $14 million target for 2024, and that represents nearly a threefold increase from last year. This forecast is supported by our our strategy, the investments and our has been central to strengthen and health care providers belief on the value of promoting. Again, we continue to strive for improved execution and the breadth and depth of prescription rates while continuing to invest in the evidence that supports to motivate outstanding brand. We look forward to sharing our progress over the course of the year and really appreciate you all for your continued support. Thank you very much.
And we'll we'll close the summary.
Operator
Thank you, sir. This concludes the -- I'm sorry. This concludes today's Evoke Pharma fourth-quarter and full-year 2023 earnings call and webcast. You may disconnect your line at this time and have a wonderful day.
