Evofem Reports First Quarter 2026 Financial Results and Provides Business Update
— Advancing Strategy to Increase and Diversify Revenue through Ex-U.S. Commercialization —
SAN DIEGO--(BUSINESS WIRE)--$EVFM #BV--Women’s health innovator Evofem Biosciences, Inc. (Evofem or the Company) (OTCID: EVFM), today announced financial results for the first quarter ended March 31, 2026.
“Evofem continues to execute our strategy to increase revenues and to diversify and reduce risk in our revenue stream,” said Saundra Pelletier, CEO of Evofem. “A key component of this strategy is commercializing our FDA-approved sexual health products outside the U.S. through strategic alliances such as the ones we have forged for MENA and Sub-Saharan Africa. We look forward to non-dilutive capital from each of these markets in 2026.”
Notable advances in 2026 to-date include:
- Expanded our global reach into Sub-Saharan Africa through a distribution agreement with Clovis Davis Pharmaceuticals for SOLOSEC® (secnidazole) 2g oral granules.
- The Emirates Drug Establishment (EDE) review of the submissions for marketing approval of PHEXX® (lactic acid, citric acid and potassium bitartrate) and SOLOSEC in the United Arab Emirates (UAE) is ongoing. The EDE issued favorable pricing certificates for PHEXX in late 2025.
- Advanced patient recruitment in an investigator-led, NIH-funded Phase 4 clinical trial evaluating the effectiveness and cost-effectiveness of SOLOSEC (single-dose, one time) versus metronidazole (twice daily for seven days) for the treatment of Trichomonas vaginalis in men and women. Study investigators hypothesize that the rate of repeat infections with T. vaginalis will be 1.75 lower in the SOLOSEC group versus the multi-dose oral metronidazole arm and that single-dose SOLOSEC will have higher initial cost but will be more cost effective compared to multi-dose metronidazole, largely due to lower breakthrough rates of infection.1
First Quarter Financial Results
For the three months ended March 31, 2026, net sales were $0.9 million, versus $0.8 million in the prior year period. The increase was primarily due to the higher WAC and more favorable gross-to-net ratio for both PHEXX and SOLOSEC and higher SOLOSEC ex-factory sales in the 2026 period, partially offset by lower ex-factory sales for PHEXX in the 2026 period following the exceptionally high level of PHEXX purchasing by wholesalers in December 2025 ahead of the January 2026 price increase.
Total operating expenses were $5.5 million in the first quarter of 2026, compared to $6.1 million in the prior year period, after excluding a one-time $5.6 million reduction in research and development expense as a result of its successful settlement of a portion of its trade payables with multiple vendors.
As a result, net loss was $5.5 million, or $(0.04) per basic and diluted share, in the first quarter of 2026. This compares to net income attributable to common stockholders of $1.0 million, or $0.01 per basic and $0.00 per fully diluted share, in the first quarter of 2025.
About Evofem
Evofem Biosciences is a San Diego-based pharmaceutical company commercializing two FDA-approved sexual and reproductive health products:
- PHEXX® (lactic acid, citric acid, and potassium bitartrate) – the first and only hormone-free, on-demand prescription contraceptive vaginal gel. Visit phexx.com to learn more and for important safety information.
- SOLOSEC® (secnidazole) 2g oral granules – an FDA-approved oral antibiotic for the treatment of two sexual health diseases: bacterial vaginosis (BV), a common vaginal infection, in females 12 years of age and older, and trichomoniasis, a common sexually transmitted infection (STI), in people 12 years of age and older. SOLOSEC provides a complete course of therapy in just one dose. Visit solosec.com to learn more and for important safety information.
PHEXX® and SOLOSEC® are registered trademarks of Evofem Biosciences, Inc.
EVOFEM BIOSCIENCES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (In thousands)
As of
March 31, 2026
December 31, 2025
Cash and cash equivalents
$
1,491
$
Restricted cash and cash equivalents
$
888
$
578
Trade accounts receivable, net
$
560
$
12,480
Total current liabilities
$
78,752
$
84,820
Total stockholders’ deficit
$
(77,630
)
$
(74,336
)
Total liabilities, convertible and redeemable preferred stock and stockholders’ deficit
$
7,442
$
20,274
EVOFEM BIOSCIENCES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (In thousands, except share and per share data)
Three Months Ended March 31,
2026
2025
Product sales, net
$
899
$
845
Operating Expenses:
Cost of goods sold
410
365
Amortization of intangible asset
75
223
Research and development, net
518
(5,035
)
Selling and marketing
2,093
2,600
General and administrative
2,372
2,365
Total operating expenses
5,468
518
Income (loss) from operations
(4,569
)
327
Other income (expense):
Interest income
2
8
Other expense, net
(737
)
(600
)
Change in fair value of financial instruments
(162
)
1,221
Total other income (expense), net
(897
)
629
Income (loss) before income tax expense
(5,466
)
956
Income tax expense
1
Net income (loss)
(5,465
)
956
Convertible and redeemable preferred stock deemed dividends
(20
)
(3
)
Net income (loss) attributable to common stockholders
$
(5,485
)
$
953
Net income (loss) per share attributable to common stockholders:
Basic
$
(0.04
)
$
0.01
Diluted
$
(0.04
)
$
0.00
Weighted-average shares used to compute net income (loss) per share attributable to common shareholders:
Basic
133,246,864
118,164,046
Diluted
133,246,864
6,155,035,291
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