Evofem Biosciences, Inc. reported a net loss of $5.5 million for the first quarter of 2026, a significant decline from a net income of $1.0 million in the same period of 2025. The company's revenue for the quarter was $899,000, reflecting a 6% increase from $845,000 in the prior year, primarily driven by higher wholesale acquisition costs (WAC) for its contraceptive product, PHEXX®, and increased sales of SOLOSEC®, which was relaunched in November 2024. However, the overall financial performance was impacted by a decrease in sales volume for PHEXX due to prior stockpiling by wholesalers ahead of a price increase.
Operating expenses for the quarter totaled $5.5 million, up from $518,000 in the previous year, largely due to a one-time reduction in research and development expenses in 2025 that did not recur. The cost of goods sold increased by 12% to $410,000, attributed to a write-off of expired raw materials. The company also reported a decrease in amortization of intangible assets, which fell to $75,000 from $223,000, reflecting a reduction in the value of the SOLOSEC intangible asset.
Evofem's total liabilities as of March 31, 2026, stood at $80.2 million, down from $89.7 million at the end of 2025. The company had a working capital deficit of $72.7 million and an accumulated deficit of $902.9 million. As of the end of the first quarter, Evofem had approximately $2.4 million in cash and cash equivalents, which management indicated is insufficient to fund operations for the next 12 months. The company is exploring various strategies to improve liquidity, including increasing product sales, restructuring payables, and seeking additional funding through equity or debt financing.
In terms of strategic developments, Evofem has entered into a distributorship agreement with Clovis Davis Pharmaceuticals, Inc. for the distribution of SOLOSEC in sub-Saharan Africa, which is expected to enhance its market presence. The company has also licensed commercial rights for PHEXX and SOLOSEC in the Middle East and North Africa to Pharma 1 Drug Store, with regulatory approvals in progress. Despite these efforts, Evofem continues to face significant challenges, including the need to address material weaknesses in internal controls and the ongoing risk of default on its debt obligations, which raises substantial doubt about its ability to continue as a going concern.
About Evofem Biosciences, Inc.
Evofem Biosciences is a biopharmaceutical company specializing in women’s sexual and reproductive health. Its core products include PHEXXI, a hormone-free, prescription vaginal gel for contraception, and SOLOSEC, an oral treatment for bacterial vaginosis and trichomoniasis. The company focuses on innovative, woman-controlled solutions, leveraging strong physician relationships and strategic partnerships to expand access in the U.S. and global markets.
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