Evofem Biosciences, Inc. reported its financial results for the second quarter of 2025, revealing a net loss of $1.8 million, a significant decrease from a net income of $1.4 million in the same period last year. The company's product sales increased by 16% to $4.8 million compared to $4.2 million in the prior year, primarily driven by the addition of SOLOSEC, a recently acquired product, and an increase in the wholesale acquisition cost (WAC) effective January 1, 2025. However, total revenue for the first half of 2025 fell to $5.7 million, down 27% from $7.8 million in the first half of 2024, largely due to lower sales volume of PHEXXI, the company's flagship product.
Operating expenses for the second quarter rose to $6.1 million, up from $5.5 million in the same quarter of 2024. This increase was attributed to higher selling and marketing expenses, which grew by 17% to $2.6 million, reflecting costs associated with the PDUFA fee for SOLOSEC. Conversely, general and administrative expenses decreased by 19% to $1.8 million, primarily due to reduced facility and professional service costs. Research and development expenses also saw a significant increase, rising 176% to $746,000, driven by higher outside service costs.
Evofem's balance sheet as of June 30, 2025, showed total assets of $14.4 million, down from $23.8 million at the end of 2024. The company reported a working capital deficit of $64.9 million and an accumulated deficit of $898.5 million. Cash and cash equivalents were reported at $0.7 million, all of which is restricted cash. The company has indicated that its current liquidity is insufficient to fund operations for the next 12 months, raising substantial doubt about its ability to continue as a going concern.
Strategically, Evofem has focused on expanding its product offerings and market reach. The company acquired global rights to SOLOSEC in July 2024 and has since relaunched the product. Additionally, Evofem has entered into licensing agreements for PHEXXI and SOLOSEC in the Middle East and North Africa (MENA) region, with Pharma 1 Drug Store, LLC, which is responsible for regulatory approvals and distribution in the region. The company is also pursuing partnerships to enhance its commercialization efforts and has halted clinical development of other investigational products to concentrate resources on PHEXXI and SOLOSEC.
Looking ahead, Evofem plans to continue its focus on increasing product sales and exploring additional funding options, including potential collaborations and partnerships. The company aims to leverage its existing commercial infrastructure to drive growth and expand its market presence, particularly in international markets. However, the ongoing financial challenges and the need for additional capital raise concerns about the company's operational sustainability in the near term.
About Evofem Biosciences, Inc.
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