Evofem Biosciences, Inc. SEC Filings

Evofem Biosciences, Inc. incurred new subordinated debt by issuing a promissory note to HUB Cyber Security, Ltd. with an aggregate original principal amount of $706,304. The note bears interest at 12% per annum, compounded monthly, and matures eleven months after July 8, 2026, unless due earlier under its terms.

The note also carries a $2,000 per week Monitoring Fee starting on issuance (approximately $94,000 if outstanding through maturity) and a one-time $14,126 Administration Fee, both payable at maturity. It may be prepaid at any time without premium or penalty, and is a subordinated obligation. Covenants restrict mergers, major asset sales, liquidation, material changes to the business, and certain shareholder payments, and require notice of judgments and events of default. Standard default triggers apply, while defaults alleged by the company’s senior noteholder are expressly excluded as events of default under this note.

Evofem Biosciences, Inc. reported first quarter 2026 results, showing small revenue growth but a return to loss. Net sales were $0.9 million for the three months ended March 31, 2026, slightly above $0.8 million a year earlier, driven by higher pricing and a better gross-to-net mix for PHEXX and SOLOSEC.

Total operating expenses were $5.5 million, leading to a net loss of $5.5 million, or $(0.04) per share, compared with net income attributable to common stockholders of $1.0 million, or $0.01 per basic share, in the prior-year quarter. The balance sheet shows cash and cash equivalents of $1.5 million and a stockholders’ deficit of $77.6 million, highlighting ongoing financial strain.

The company is pursuing growth by commercializing its FDA-approved products PHEXX and SOLOSEC outside the U.S., including a new distribution agreement for SOLOSEC in Sub-Saharan Africa and ongoing regulatory review for both products in the United Arab Emirates. Management reiterates forward-looking statements that emphasize plans for cost reductions, manufacturing efficiencies, and ex-U.S. expansion, while warning about limited cash resources, dependence on new capital or business development transactions, and its ability to continue as a going concern.

Evofem Biosciences reports first-quarter 2026 results showing a small commercial base and significant financial strain. Product sales, net, were $0.9 million, up slightly from $0.8 million a year earlier, while total operating expenses were $5.5 million, leading to an operating loss of $4.6 million and a net loss of $5.5 million attributable to common stockholders, or $(0.04) per share.

Cash, cash equivalents and restricted cash totaled $2.4 million as of March 31, 2026, versus current liabilities of $78.8 million, leaving a working capital deficit of about $72.7 million and a stockholders’ deficit of $77.6 million. Management states that these conditions and dependence on new financing raise substantial doubt about the company’s ability to continue as a going concern.

The company continues commercial activities for non-hormonal contraceptive gel PHEXX and antimicrobial SOLOSEC, expanding through ex-U.S. licensing and distribution agreements in the Middle East, North Africa and sub-Saharan Africa. However, large outstanding convertible and senior notes and extensive potential dilution underscore that the capital structure remains highly leveraged and complex.

Evofem Biosciences has signed a five-year exclusive distributorship agreement with Clovis Davis Pharmaceuticals to commercialize SOLOSEC (secnidazole) 2 g oral granules in sub-Saharan Africa. Clovis Davis will handle distribution, promotion, marketing, and sales across the Territory.

Local regulatory filings will rely on Evofem’s existing U.S. FDA registration dossier for SOLOSEC, an approved single-dose oral antibiotic for bacterial vaginosis and trichomoniasis. The company highlights significant unmet need, noting that bacterial vaginosis is estimated to affect 25% of women in sub-Saharan Africa, and that in Ethiopia an estimated 10.9 million women may be eligible for SOLOSEC treatment.

Evofem Biosciences, Inc. entered into a fourth amendment to its Securities Purchase Agreement with Adjuvant Global Health Technology Fund entities covering previously issued convertible promissory notes. The amendment sets the notes’ maturity as the earlier of six months after April 10, 2026, an Adjuvant‑elected change of control, or any contractual acceleration, and restricts prepayment before six months without Adjuvant’s written consent.

Evofem Biosciences, Inc. reports that it has mutually terminated its License and Supply Agreement with Windtree Therapeutics, Inc., which had made Windtree a manufacturer and supplier of PHEXXI® (lactic acid, citric acid, and potassium bitartrate). The parties entered into a Termination Agreement effective March 13, 2026.

The company states that there are no termination or other fees payable in connection with ending this agreement, helping avoid an immediate financial charge from this change. Certain customary provisions of the original agreement that are meant to survive termination will remain in effect.

Evofem Biosciences reported its fifth consecutive year of net sales growth and a return to profitability for 2025. Full-year net sales were $20.2 million, up from $19.4 million, as higher PHEXX WAC, a better gross-to-net ratio, and a full year of SOLOSEC sales supported growth.

Total operating expenses fell to $16.8 million, a $10.2 million reduction, driving operating income of $3.4 million versus a $7.7 million loss in 2024. Net income attributable to common stockholders was $0.3 million, or $0.00 per basic and diluted share, compared with a $9.0 million net loss, or ($0.11) per share.

In the fourth quarter of 2025, net sales rose to $9.6 million from $7.1 million, a 35% increase, with operating income improving to $3.3 million from a $1.0 million loss. Quarterly net income reached $2.8 million, or $0.02 per basic share and $0.00 per diluted share, versus a $3.0 million net loss a year earlier.

Evofem Biosciences, Inc. is a San Diego-based commercial-stage biopharmaceutical company focused on women’s sexual and reproductive health. It markets two FDA-approved products: PHEXX, the first and only non-hormonal, on-demand contraceptive vaginal gel, and SOLOSEC, a single-dose oral antimicrobial for bacterial vaginosis and trichomoniasis.

The company targets U.S. women who avoid hormonal methods or seek hormone-free backup, including those using GLP-1 drugs that may reduce oral contraceptive effectiveness. Outside the U.S., Evofem pursues partnerships, starting with a MENA licensing deal where a partner has filed for PHEXX and SOLOSEC approval in the UAE.

Evofem outsources manufacturing and held about three months of PHEXX inventory as of December 31, 2025. It reversed a $1.9 million contingent royalty liability after a key patent-term extension was definitively denied, recording this as a gain. Protection now relies on Evofem-owned Orange Book-listed patents expected to extend U.S. exclusivity for PHEXX into 2033 and SOLOSEC into 2041. As of March 9, 2026, 132,530,081 common shares were outstanding, and the non-affiliate float was valued at about $1.2 million as of June 30, 2025.

Evofem Biosciences, Inc. reported that it has posted its current corporate slide presentation to the Investors section of its website. The same presentation is being used at various industry and investor conferences to provide updates and summaries of the company’s business.

The slide deck is included as Exhibit 99.1 to this report and is described as having been prepared as of January 12, 2026. Evofem states that it has no obligation to update, supplement, or amend these materials and clarifies that the information in the exhibit is being furnished, not filed, so it is not automatically subject to certain Exchange Act liabilities or incorporation by reference into other securities law documents.