Evofem (OTC: EVFM) Q1 2026 loss, low cash and ex-US growth push
Rhea-AI Filing Summary
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.
Positive
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Negative
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Insights
Evofem posts modest Q1 sales, deeper loss, and remains financially strained.
Evofem generated product sales of $899,000 in Q1 2026, up slightly from $845,000 a year earlier, mainly from higher pricing and a better gross-to-net mix for PHEXX and SOLOSEC. However, operating expenses of $5.5M drove an operating loss of $4.6M.
Net loss attributable to common stockholders was $5.5M, versus net income of $953,000 in Q1 2025, with the prior period boosted by a one-time $5.6M research and development expense reduction. The balance sheet shows cash of $1.5M, total current liabilities of $78.8M, and a stockholders’ deficit of $77.6M, underscoring leverage and liquidity pressure.
The company’s strategy centers on ex-U.S. commercialization of PHEXX and SOLOSEC, including a Sub-Saharan Africa distribution deal and ongoing Emirates Drug Establishment review in the UAE. Forward-looking statements explicitly highlight limited cash resources and the ability to continue as a going concern as key risks, so subsequent filings will be important for updates on capital raising and regulatory milestones.
8-K Event Classification
Key Figures
Key Terms
forward-looking statements regulatory
cost of goods sold financial
Phase 4 clinical trial medical
going concern financial
stockholders’ deficit financial
convertible and redeemable preferred stock financial
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 2.02. Results of Operations and Financial Condition.
On May 18, 2026, Evofem Biosciences, Inc. (the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information set forth in this item 2.02 and in Exhibit 99.1 is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934 and is not to be incorporated by reference into any filing of the registrant under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in such a filing.
Forward-Looking Statements
The press release incorporated into this Current Report on Form 8-K includes “forward-looking statements,” within the meaning of the safe harbor for forward-looking statements provided by Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Words such as, but not limited to, “anticipate,” “aim,” “believe,” “contemplate,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “suggest,” “strategy,” “target,” “will,” “would,” and similar expressions or phrases, or the negative of those expressions or phrases, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements include but are not limited to Evofem’s expectations regarding the anticipated impact of COGS reduction initiatives, future sales trends, cost-reduction initiatives, manufacturing efficiencies, international market expansion, and the Company’s ability to obtain additional financing or other strategic alternatives. Forward-looking statements are based on current assumptions and involve known and unknown risks and uncertainties, many of which are beyond the Company’s control. Important factors that could cause actual results to differ materially from those discussed or implied in the forward-looking statements include, but are not limited to, limited cash resources, dependence on new capital or business development transactions to fund operations, potential delays in regulatory approvals, changes in market demand, manufacturing and supply chain risks, the nonrecurring nature of certain recent gains, together with those that are disclosed in the Company’s SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 11, 2026 and any subsequent filings. All forward-looking statements are expressly qualified in their entirety by such factors. Evofem undertakes no obligation to update or revise any forward-looking statement except as required by law, and investors are cautioned not to place undue reliance on such statements given the Company’s current liquidity position and evolving business conditions.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Press Release dated May 18, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EVOFEM BIOSCIENCES, INC. | ||
| Date: May 18, 2026 | By: | /s/ Ivy Zhang |
| Ivy Zhang | ||
| Chief Financial Officer | ||
Exhibit 99.1
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, CA, May 18, 2026 — 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.
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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.
Forward-Looking Statements
This press release includes “forward-looking statements,” within the meaning of the safe harbor for forward-looking statements provided by Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Words such as, but not limited to, “anticipate,” “could,” “estimate,” “expect,” “target,” “hypothesize,” “intend,” “potential,” “strategy,” “will,” and similar expressions or phrases, or the negative of those expressions or phrases, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements include but are not limited to, Evofem’s expectations regarding the anticipated impact of COGS reduction initiatives, the commercialization of PHEXX and SOLOSEC, the timing and outcome of the EDE review of the submissions for PHEXX and SOLOSEC in the UAE, and the timing and magnitude of anticipated future commercial orders for and product launches in ex-U.S. markets. Forward-looking statements are based on current assumptions and involve known and unknown risks and uncertainties, many of which are beyond the Company’s control. Important factors that could cause actual results to differ materially from those discussed or implied in the forward-looking statements include, but are not limited to, limited cash resources, the Company’s ability to continue as a going concern, dependence on new capital or business development transactions to fund operations, potential delays in regulatory approvals, changes in market demand, manufacturing and supply chain risks, the nonrecurring nature of certain recent gains, risks related to the Company’s limited revenue base relative to operating expenses, and its reliance on third-party licensees and distributors for ex-U.S. commercialization, together with those that are disclosed in the Company’s SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 11, 2026, Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 filed with the SEC on May 15, 2026, and any subsequent filings. All forward-looking statements are expressly qualified in their entirety by such factors. Evofem undertakes no obligation to update or revise any forward-looking statement except as required by law, and investors are cautioned not to place undue reliance on such statements given the Company’s current liquidity position and evolving business conditions.
Sources
| 1. | National Institute of Allergy & Infectious Diseases (NIAID) of the National Institutes of Health. Award number R01AI183266: Refining Trichomonas vaginalis treatment in women and men. |
Connect with Us
ir@evofem.com
media@evofem.com
Financial Tables Follow
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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 | ||||
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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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