Evoke Pharma Inc (EVOK) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: November 13, 2025

Risk Assessment Details

Potential Dilution: 469.75% of current shares
Recent Dilution: 112.06% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
1.7M
Potential Supply
8.1M
Additional shares possible
Splits
1 Split 1 Reverse
Past 2 years

Summary

EVOK currently has 1.72M outstanding shares. with significant dilution risk as 8.09M authorized shares could dilute existing holders by 469.7%. The company has significantly diluted shareholders by 112.06% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 1 stock split (positive for accessibility) and 1 reverse split (concerning signal).

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Nov 13, 2025

10-Q filing | 1.7M shares outstanding

1.7M 8.1M
Aug 14, 2025

10-Q filing | 1.6M shares outstanding

1.6M 8.3M
May 13, 2025

10-Q filing | 1.5M shares outstanding

1.5M 8.3M
Mar 13, 2025

10-K filing | 1.5M shares outstanding

1.5M 8.3M
Nov 07, 2024

10-Q filing | 1.4M shares outstanding

1.4M 8.4M
Sep 27, 2024

8-K filing: Evoke Pharma, Inc. entered into an amendment with certain affiliates of Nantahala Capital Management, LLC to reduce the exercise price with respect to 250,627 Series A Warrants and 250,627 Series C Warrants from $8.16 to $0.01, and expects to raise approximately $2.4 million in gross proceeds pursuant to this amendment and the exercise of Series B Warrants. ($4.8M proceeds)

730K 9.1M
Aug 29, 2024

S-3 filing: Evoke Pharma files an S-3 form offering common stock for up to $1.9 million via an at-the-market offering through Wainwright, in addition to a shelf offering for up to $50 million in various securities including common stock, preferred stock, and debt securities.

730K 9.1M
Aug 13, 2024

S-3 filing: This prospectus relates to the issuance of up to 3,266,107 shares of our common stock issuable upon the exercise of outstanding warrants and also relates to the issuance of up to 2,555,106 pre-funded warrants to purchase shares of common stock, which allows a Holder to elect to receive Pre-Funded Warrants upon exercise of Series A Warrants, Series B Warrants and Series C Warrants in lieu of shares of our common stock.

730K 8.6M
Aug 13, 2024

10-Q filing | 0.7M shares outstanding

730K 8.6M
Aug 01, 2024
Stock Split

8-K filing: Stock split 1-for-12 | Outstanding: 9,082,139 → 734,867

730K 270K
May 14, 2024

10-Q filing | 9.1M shares outstanding

9.1M 3M
Mar 14, 2024

10-K filing | 8.5M shares outstanding

8.5M 3.6M
Feb 09, 2024

8-K filing: Evoke Pharma, Inc. entered into an underwriting agreement for the issuance and sale of 5,134,731 common stock units at $0.68 per unit and 5,894,680 pre-funded warrant units at $0.6799 per unit, with an expected closing date of February 13, 2024. ($6.1M proceeds)

3.3M 8.7M
Feb 08, 2024

S-1/A filing: This S-1/A filing relates to a potential offering of common stock with an estimated net proceeds of $6.1 million, intended for working capital, general corporate purposes, and potential acquisitions, based on a price of $0.75 per share, with 3,343,070 shares of common stock outstanding as of September 30, 2023.

3.3M 8.7M
Jan 11, 2024

S-1/A filing: Evoke Pharma, Inc. is filing an S-1/A registration statement for the offering of common stock units and pre-funded warrant units, with each unit including common stock or pre-funded warrants and Series A, B, and C warrants.

3.3M 600K
Jan 04, 2024

S-1/A filing: This is an S-1/A filing for an offering that includes common stock, pre-funded warrants, and common warrants.

3.3M 600K
Dec 19, 2023

S-1/A filing: This is an S-1/A filing for a proposed offering of common stock, pre-funded warrants, and common warrants.

3.3M 600K
Dec 15, 2023

S-1/A filing: This is an S-1/A filing for Evoke Pharma, Inc. regarding the registration of common stock, pre-funded warrants, and common warrants, with Craig-Hallum Capital Group LLC and Laidlaw & Company (UK) Ltd. as underwriters.

3.3M 600K
Nov 09, 2023

S-1 filing: This is an S-1 filing for a proposed offering of common stock, pre-funded warrants and common warrants underwritten by LAIDLAW & COMPANY (UK) LTD.

3.3M 600K
Nov 09, 2023

10-Q filing | 3.3M shares outstanding

3.3M 600K
Aug 10, 2023

10-Q filing | 3.3M shares outstanding

3.3M 600K
May 15, 2023

10-Q filing | 3.3M shares outstanding

3.3M 600K
Mar 21, 2023

10-K filing | 3.1M shares outstanding

3.1M 800K
Nov 09, 2022

10-Q filing | 3.3M shares outstanding

3.3M 600K
Aug 10, 2022

10-Q filing | 3.2M shares outstanding

3.2M 790K
May 20, 2022
Stock Split

8-K filing: Stock split 1-for-12 | Outstanding: 40,116,877 → 3,343,073

3.3M 600K
May 10, 2022

10-Q filing | 40.1M shares outstanding

40M 7.3M
Mar 08, 2022

10-K filing | 32.9M shares outstanding

33M 14M
Nov 10, 2021

10-Q filing | 32.7M shares outstanding

33M 15M
Aug 12, 2021

10-Q filing | 32.4M shares outstanding

32M 15M
May 12, 2021

10-Q filing | 32.4M shares outstanding

32M 15M
Mar 11, 2021

10-K filing | 32.4M shares outstanding

32M 15M
Dec 22, 2020

S-3 filing: The company is filing an S-3 form to offer and sell up to $100 million in common stock, preferred stock and debt securities from time to time.

26M 21M
Nov 10, 2020

10-Q filing | 26.4M shares outstanding

26M 0
Aug 06, 2020

10-Q filing | 26.0M shares outstanding

26M 0
May 12, 2020

10-Q filing | 24.7M shares outstanding

25M 0
Mar 12, 2020

10-K filing | 24.4M shares outstanding

24M 0
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