4Q/FY 2023 Earnings Call
March 14, 2024

Disclaimers
Evoke cautions you that statements included in this presentation that are not a description of historical facts are forward-looking statements. In some cases, you can identify forward-looking
statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or“continue” or the negatives of these terms or other similar expressions. These statements are based on the company’s current beliefs and expectations. These forward-looking statements include
statements regarding: guidance regarding 2024 net product sales; the Company’s commercialization plans, and commercial activities to be conducted by EVERSANA; potential future prescribing
trends for GIMOTI based on market surveys of healthcare providers or the Company’s marketing efforts; projected cash runway and expected intellectual property protection and regulatory
exclusivity for GIMOTI. The inclusion of forward-looking statements should not be regarded as a representation by Evoke that any of its plans will be achieved. Actual results may differ from those set
forth in this presentation due to the risks and uncertainties inherent in Evoke’s business, including, without limitation: Evoke’s and EVERSANA’s ability to successfully drive market demand for GIMOTI;
Evoke may not be able to achieve its guidance for 2024; the results of market surveys may not predict prescribing trends by doctors or acceptance by patients, and are not intended to reflect or
imply actual prescriptions or sales to date; Evoke’s ability to obtain additional financing as needed to support its operations; Evoke is dependent on EVERSANA to commercialize GIMOTI andEVERSANA has the right to terminate the commercialization agreement in certain circumstances, including a quarterly termination right because net profit has been negative for two
consecutive quarters; Evoke’s dependance on third parties for the manufacture of GIMOTI; Evoke may use its capital resources sooner than expected; warrantholders may choose not to exercise
any of the outstanding warrants; Evoke’s ability to obtain and maintain intellectual property protection and regulatory exclusivity for GIMOTI; and other risks detailed in Evoke’s periodic reports itfiles with the Securities and Exchange Commission (SEC). You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Evoke
undertakes no obligation to revise or update this presentation to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionarystatement. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This presentation also contains estimates and other statistical data made byindependent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not togive undue weight to such estimates. In addition, projections, assumptions, and estimates of our future performance and the future performance of the markets in which we operate arenecessarily subject to a high degree of uncertainty and risk. These and other factors could cause results to differ materially from those expressed in the estimates made by the independentparties and by us.

2At doctor’s office, and there is a 30-year-old male patient whosuffers from Type I diabetes and severe gastroparesis. He came infor a follow up and told the office that GIMOTI has changed his life
– he hasn’t been to the hospital since he started it.”(Patient had been going to the hospital about every 6 weeks.)-Nurse Practitioner, Abingdon, VA

3

GIMOTI has advantages over oral therapies that specifically
apply to patients with gastroparesis
Rapid Absorption•••

4

Demonstrated Efficacy

GIMOTI bypasses the GItract, thereby eliminating
issues with delayedemptying•

GIMOTI enters the bloodstream as early as 15 min•9.5X blood levels at 15min compared to oral
metoclopramide

In Phase 2 trial, GIMOTI 10or 20 mg was significantly
better than 10 mg oral
metoclopramide
In Phase 3 trial, moderate
to severe patients had
symptom relief as early
as week 1 (first time pointmeasured)Better Outcomes••

In a real-world trial,
compared to oral
metoclopramide, GIMOTI–Reduced office visits by 36%–

Reduced ER visits by 60%–

Reduced hospitalizations by 68%

Nearly 2/3 of patientstaking GIMOTI had
previously taken oral
metoclopramide

GIMOTI doubled net revenue in 2023 over 2022, primarily throughimproved execution and building evidence in support of the brand5•

Grew New Rx's by 88% and Total Rx’s by 100% YoY•Grew base of prescribers by 72% while improving depth of prescribing by 36%•

Improved our targeting and reach of HCPs who treat gastroparesis•

Launched HRU data demonstrating reduction in ER visits and hospitalizations at a lower
cost compared to oral metoclopramide through plenary presentations at DDW and ACG•

Successfully transitioned to an upgraded pharmacy partner•

Increased the number of patients on therapy by more than double

The depth and breadth of prescribing continue to steady growsimultaneously

Depth of Prescribing(Average Rx’s per Prescriber)

6

5.3

4.9

5

2,000

4.6
4.3
3.8

4

3.9

1,748
1,582

3.3
3

1,000

1,016

2.2

814
669

500

258
129
2020 Q4 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q402

11,1922.7
1.9

1,500

1,394

3.0

1.6
1.3
44341

425542

Quarter

62,500

Breadth of Prescribing

28% of allprescribers LTD
have prescribed 5or more times(Cumulative Number of Prescribers Since Launch)Longitudinal Average Depth of Prescribing by QuarterWe will improve performance through disciplined execution ofthese 2024 Strategic Imperatives for GIMOTI

Establish the belief in
GIMOTI outcomes due toits nasal ROA

7

Improve fill rate ofGIMOTI

Uncover TD concerns andclarify risks of GIMOTI

StrategicImperatives

Key tactics are being implemented to support growthEstablish the belief
in GIMOTI
outcomes due to its
nasal ROARWE Data

Key Activities• HRU Data
• Cost Data

Uncover TDconcerns andclarify risks
of GIMOTI

Improve fill rateof GIMOTI

Retail Leakage
Capture• EHR, Pharmacy, andPatient Alerts

Put TD into
Perspective

ASPN Optimization• Improved patientcommunication• Expand dispensing
pharmacy network• Shift from “fear-andavoid” to “educateand-monitor”

ASPN = Asembia Specialty Pharmacy Network8As acceptance and trial grew, we improved our distribution
and increased access to GIMOTI
Evolution of our pharmacy network

Oct ’20 – July ‘22

July ’22 – Nov ‘23• Implemented quickly• Integrated with MD
workflow• Manual processes• Enrollment form
• Longer time to fill

Nov ’23 - Present
In addition to prior upgrades• Ability to e-prescribe• Real-time patientcommunication• Automated refill• End-to-end automation• Improved speed to fill

• Transparency of Rx statusthrough portals• Ability to grow pharmacy
network

ASPN = Asembia Specialty Pharmacy Network9

ASPN is a critical lever to improving our fill rate
Pharmacy Transition Metrics

Improved conversion rateof a NRx to a fill
↑ 2%Less reliance on patient
affordability programs tofill scripts

Lower rates of patientabandonment

↑ 6%

↓ 12%

Improvement in conversion rate↑ 22%

Improvement if excluding ASPN’s
in-process Rxs

of fills that are reimbursed with ASPNof patient led abandonment

Improvement Areas
Communication

ASPN = Asembia Specialty Pharmacy Network
10ProcessNetwork

Communicating with Prescribers, Pharmacists, and Patients toHelp Curb Retail Leakage at Key Leverage Points

11Remind HCPs to Write toASPN Pharmacies at the Pointof Prescription

Intercept Scripts
Sent to RetailCovering nearly 50% of allEHRs with messaging

Helping to redirect 1,500+
scripts to ASPN

Patients treated with GIMOTI had significantly lower rates of healthcare
resource utilization compared to oral metoclopramide1
Nearly two-thirds of patients in GIMOTI arm
previously took oral metoclopramide

Total Healthcare Cost* in GIMOTI arm were$15,227 lower2

Lower costs were also seen in Outpatient hospital visits,
Lab/home/telehealth visits, Office/clinic visits. Pharmacy costs within theGIMOTI group were higher than the oral metoclopramide group (p=ns)*Total Healthcare cost = Total Medical Costs – Pharmacy Costs; please see McCallum poster for complete information
1. Kunkel D. Reducing real-world healthcare resource utilization for patients with diabetic gastroparesis (DGP) treated with metoclopramide nasal spray versus oral metoclopramide. Plenary lecture
presentation at: Digestive Disease Week; May 6-9, 2022; Chicago, IL.
2. McCallum R, Cline M, Shokoohi M, Marium S, Kish J, Kunkel DC. Superiority of nasal spray compared to orally administered metoclopramide in reducing healthcare costs for treating
diabetic gastroparesis patients. Abstract presented at: American College of Gastroenterology Annual Scientific Meeting; October 20-25, 2023; Vancouver, BC.
12

Initial feedback from payers demonstrates that our HRU data
may have potential to impact coverage decisions
Preliminary Payer market research feedback(N=20)

Additional evidence generation* underconsideration to further strengthen the value story

Objective: test receptivity of HRU and cost dataand potential impact on coverage for GIMOTIGIMOTI Non-Coverers (N=10):
Effect of Data on Reconsidering Coverage

40%

20%
Yes• Data as-is was enoughfor 4/10 GIMOTI noncoverers to reconsider

440%60%
Yes with Modifications

280%

100%

Hospitalization
length of stay andreadmit rates

Avoidance ofMedicalProceduresNo• Mostly wanted to see
more detail of drivers forcost savings• Do not value
retrospective economic
data (n=1)• Peer-review would addcredibility• Cost saving did not justify
GIMOTI’s cost (n=1)

GIMOTI Coverers (N=10): Effect of Data on Reconsidering Coverage• 5 payers would ease process/documentation for obtaining coverage*Sample endpoints listed. A full list will be assembled as part of the RWD/E Feasibility Assessment and/or study protocols/synopses.
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Reduction inPrescription Burden

Burden of Illness

SafetyTardive Dyskinesia is likely preventing some providers fromprescribing GIMOTI for appropriate patients
Tardive Dyskinesia is a serious movement disorder that causes involuntary movements of the face or body

Inform on who’s at risk

Educate on Incidence
The 2022 ACG Guideline† statesthat the estimated risk of TD
from metoclopramide is likely

<1%1

•

>65 years of age•Use of dopaminereceptor blocking agents•Mental health disorders•Moderate to severe Liveror Renal impairment•Risk increases with longer
duration of use

Encourage Monitoring
No Tardive Dyskinesia (TD) Has Been
Reported With GIMOTI•

During the clinical development
program2•To EVOKE PHARMA® since thelaunch of GIMOTI in October
20202*

Monitor patients closely anddiscontinue GIMOTI if they develop
signs or symptoms of TD3† 2013 ACG Guideline indicated risk at 1-10%*As of January 2024.
References: 1. Camilleri M, et al. Am J Gastroeneterol. 2022 Aug 1;117(8):1197-1220. 2. Data on file. EVOKE PHARMA®. 3. Gimoti® (metoclopramide) nasal spray. Prescribing information. EVOKE PHARMA® ; 2021.

14

Focused effort to educate providers on tardive dyskinesia will
support appropriate benefit : risk assessment

Educate Sales
Team

Educate Motility
Specialists

Educate Providers

Educate Patients

What should I know
about the risk of TD
with GIMOTI?

Patient handout

Peter McAllister, MD
Neurology KOL

15

Symposia planned at Society
Meeting discussing

Resource for field sales force

Resource for patientsHistorical P&L and Balance Sheet/Capitalization
2023
USD in thousands

2022

Revenue2,509

Cost of goods

Gross ProfitResearch & development
Selling, general & administration

Q1810

Q2Q3Q4YTD

1,131

1,563

1,677

5,181

370

5157

35

59

202

2,139759

1,074

1,528

1,618

4,979

301

67

92

-

23

182

9,624

2,848

2,766

3,131

3,483

12,228

Total operating expenses

9,925

2,915

2,858

3,131

3,506

12,410Operating income (loss)(“EBIT”)(7,786)(2,156)(1,784)(1,603)(1,888)(7,431)Other income (expense)

(438)

(88)

(83)

(90)

(100)

(361)

(8,224)(2,244)(1,867)(1,693)(1,988)(7,792)Net loss

16

Cash & Cash Equiv.

$4.7 million

Debt$6.6 million(as of 12/31/2023)(as of 12/31/2023)

Eversana Credit Agreement (Note)• Agreement provides for a $5m facility• Interest: 10.0% paid at maturity• Maturity: 12/31/2026
Additional cash infusion Feb 2024

GLP-1’s May Expand the Diabetic Gastroparesis MarketDiabetes and Delayed Gastric Emptying is the key patient typeThe market for GLP-1 agonists is growing withdisease expansion• Diabetes–54.9 million US population with diabetes by 2030–

80% of adults with type-2 in the US meet the criteria for GLP-1 receptor agonists orSGLT2 inhibitors–

Only about one in 10 used either medication from 2017 to 2020

• Obesity

Glucagon-like peptide (GLP-1) based therapies
affect glucose control through several mechanisms• Enhancement of glucose-dependent insulin secretion• Reduction of postprandial glucagon and food intake• Slowed gastric emptying
https://jamanetwork.com/journals/jama/article-abstract/2810542
https://www.uptodate.com/contents/glucagon-like-peptide-1-based-therapies-for-the-treatment-of-type-2-diabetes-mellitus
https://www.healio.com/news/primary-care/20230227/most-adults-with-diabetes-eligible-for-glp1-ras-sglt2-inhibitors-but-few-receive-themhttps://www.ncbi.nlm.nih.gov/pmc/articles/PMC5278808/
https://www.cnbc.com/2023/10/23/wall-street-hikes-forecasts-for-anti-obesity-drug-sales-to-100-billion.html

17–

Estimate ~13% US penetration (15 million adults) by 2030–

Excludes diabetes usage

Executive Summary

18•

2023 was a positive year of growth from which we can build momentum in 2024•

Projecting 2024 Net Revenue of $14.0M•

Established a focused strategy and investment to strengthen belief in GIMOTI•

Further improved execution to improve breadth and depth of prescribing•

Continued investment in developing evidence to support the brandTHANK YOU

4Q/FY 2023 Earnings CallMarch 14, 2024