Evofem Biosciences Announces Financial Results for the Second Quarter of 2024
Evofem Biosciences reported financial results for Q2 2024, showing significant improvements:
- Net product sales increased 69% to $4.2 million
- Operating loss improved 81% to $1.4 million
- Total operating expenses decreased 43% to $5.5 million
Key developments include:
- Acquisition of global rights to SOLOSEC, a single-dose antibiotic for sexual health infections
- Licensing of Phexxi commercial rights in the Middle East
- Partnership with Hello Alpha to offer Phexxi as hormone-free contraception
- 7.4% lower rebate on Phexxi prescriptions to Medi-Cal
- Issuance of fifth U.S. patent for Phexxi
The company received $2.0 million from Aditxt, Inc. to reinstate the Merger Agreement and through preferred stock sale.
Evofem Biosciences ha riportato risultati finanziari per il secondo trimestre del 2024, mostrando miglioramenti significativi:
- Le vendite nette di prodotti sono aumentate del 69% a 4,2 milioni di dollari
- La perdita operativa è migliorata dell'81% a 1,4 milioni di dollari
- Le spese operative totali sono diminuite del 43% a 5,5 milioni di dollari
Sviluppi chiave includono:
- Acquisizione dei diritti globali su SOLOSEC, un antibiotico monodose per infezioni legate alla salute sessuale
- Licenza dei diritti commerciali di Phexxi nel Medio Oriente
- Collaborazione con Hello Alpha per offrire Phexxi come contraccezione priva di ormoni
- Rebato del 7,4% inferiore sulle prescrizioni di Phexxi a Medi-Cal
- Emissione del quinto brevetto negli Stati Uniti per Phexxi
L'azienda ha ricevuto 2,0 milioni di dollari da Aditxt, Inc. per reintegrare l'Accordo di Fusione e attraverso la vendita di azioni privilegiate.
Evofem Biosciences reportó resultados financieros para el segundo trimestre de 2024, mostrando mejoras significativas:
- Las ventas netas de productos aumentaron un 69% a 4,2 millones de dólares
- La pérdida operativa mejoró un 81% a 1,4 millones de dólares
- Los gastos operativos totales disminuyeron un 43% a 5,5 millones de dólares
Los desarrollos clave incluyen:
- Adquisición de los derechos globales de SOLOSEC, un antibiótico de dosis única para infecciones de salud sexual
- Licenciamiento de los derechos comerciales de Phexxi en Medio Oriente
- Asociación con Hello Alpha para ofrecer Phexxi como anticonceptivo sin hormonas
- Descuentos del 7,4% más bajos en las recetas de Phexxi a Medi-Cal
- Emisión de la quinta patente en EE. UU. para Phexxi
La empresa recibió 2,0 millones de dólares de Aditxt, Inc. para restablecer el Acuerdo de Fusión y a través de la venta de acciones preferentes.
Evofem 바이오사이언스는 2024년 2분기 재무 결과를 발표하며 상당한 개선을 보였습니다:
- 순제품 매출이 69% 증가하여 420만 달러에 달했습니다.
- 영업 손실이 81% 개선되어 140만 달러가 되었습니다.
- 총 영업 비용이 43% 감소하여 550만 달러로 줄었습니다.
주요 개발 사항은 다음과 같습니다:
- 성 건강 감염을 위한 단일 용량 항생제 SOLOSEC의 글로벌 권리 인수
- 중동에서 Phexxi 상업적 권리 라이센스
- 호르몬이 없는 피임으로 Phexxi를 제공하기 위한 Hello Alpha와의 파트너십
- Medi-Cal에서 Phexxi 처방의 리베이트가 7.4% 감소
- Phexxi에 대한 미국의 다섯 번째 특허 발급
회사는 Merger Agreement를 재개하기 위해 Aditxt, Inc.로부터 200만 달러를 받았으며, 이는 우선주 판매를 통해 이루어졌습니다.
Evofem Biosciences a annoncé ses résultats financiers pour le deuxième trimestre de 2024, montrant des améliorations significatives :
- Les ventes nettes de produits ont augmenté de 69 % pour atteindre 4,2 millions de dollars
- La perte opérationnelle s'est améliorée de 81 % pour atteindre 1,4 million de dollars
- Les dépenses opérationnelles totales ont diminué de 43 % pour atteindre 5,5 millions de dollars
Les développements clés incluent:
- Acquisition des droits mondiaux sur SOLOSEC, un antibiotique en dose unique pour les infections de santé sexuelle
- Licences des droits commerciaux de Phexxi au Moyen-Orient
- Partenariat avec Hello Alpha pour proposer Phexxi comme contraception sans hormone
- Remise de 7,4 % inférieure sur les prescriptions de Phexxi à Medi-Cal
- Délivrance du cinquième brevet américain pour Phexxi
L'entreprise a reçu 2,0 millions de dollars de Aditxt, Inc. pour rétablir l'accord de fusion et par le biais de la vente d'actions privilégiées.
Evofem Biosciences hat die finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht und dabei erhebliche Verbesserungen gezeigt:
- Der Nettoumsatz von Produkten stieg um 69 % auf 4,2 Millionen US-Dollar
- Der operative Verlust verbesserte sich um 81 % auf 1,4 Millionen US-Dollar
- Die Gesamtausgaben sanken um 43 % auf 5,5 Millionen US-Dollar
Schlüsselergebnisse umfassen:
- Erwerb der globalen Rechte für SOLOSEC, ein Einzeldosis-Antibiotikum für Infektionen im Bereich sexuelle Gesundheit
- Lizenzierung der kommerziellen Rechte von Phexxi im Nahen Osten
- Partnerschaft mit Hello Alpha, um Phexxi als hormonfreie Verhütungsmethode anzubieten
- 7,4 % niedrigere Rückvergütung auf Phexxi-Rezepte an Medi-Cal
- Erteilung des fünften US-Patents für Phexxi
Das Unternehmen erhielt 2,0 Millionen US-Dollar von Aditxt, Inc., um den Fusionsvertrag wiederherzustellen und durch den Verkauf von Vorzugsaktien.
- Net product sales increased 69% year-over-year to $4.2 million
- Operating loss improved 81% to $1.4 million compared to Q2 2023
- Total operating expenses decreased 43% to $5.5 million
- Acquired global rights to SOLOSEC, expanding product portfolio
- Licensed Phexxi commercial rights in the Middle East, expanding market reach
- Negotiated 7.4% lower rebate on Phexxi prescriptions to Medi-Cal
- Strengthened intellectual property with fifth U.S. patent for Phexxi
- Received $2.0 million from Aditxt, Inc. for merger agreement and preferred stock sale
- Still operating at a loss of $1.4 million in Q2 2024
- Low cash position with only $0.7 million in restricted cash as of June 30, 2024
Insights
Evofem's Q2 2024 results show significant operational improvements, but challenges remain. Net product sales increased
Evofem's strategic moves in women's health are noteworthy. The acquisition of SOLOSEC, a single-dose antibiotic for bacterial vaginosis and trichomoniasis, addresses significant unmet needs in sexual health. This complements Phexxi, their hormone-free contraceptive, creating a more comprehensive portfolio. The partnership with Hello Alpha to offer Phexxi via telemedicine is timely, especially for women using GLP-1 drugs who need non-hormonal options. The fifth U.S. patent for Phexxi strengthens their intellectual property position. However, more clinical data on real-world effectiveness and safety profiles of both products will be important for long-term market penetration and physician adoption.
Evofem's market strategy shows promise but faces hurdles. The Middle East licensing deal for Phexxi opens new markets, while partnerships with Hello Alpha and Modern Remedies enhance distribution. The
— Improved loss from operations by
— Acquired SOLOSEC, a commercially attractive, single-dose oral antibiotic FDA-approved to treat two pervasive sexual health infections —
— Forged ex-
- Acquired global rights to SOLOSEC® (secnidazole) 2g oral granules, a single-dose oral antibiotic FDA approved to treat two common sexual health infections - bacterial vaginosis and trichomoniasis.
- Licensed Phexxi® (lactic acid, citric acid and potassium bitartrate) commercial rights in the
Middle East to Emirati pharmaceutical company Pharma 1 Drug Store. - Partnered with leading telemedicine company Hello Alpha to add Phexxi to its commercial offering as a hormone-free contraception solution for women, especially those on GLP-1s and others looking for hormone-free birth control.
- Negotiated a
7.4% lower rebate on Phexxi prescriptions to Medi-Cal, theCalifornia state Medicaid program service covering more than 15.4 million lives. - Launched a partnership with Modern Remedies, one of the top pharmacies in the Northeast, to dispense Phexxi.
- Strengthened intellectual property with the issuance and Orange Book listing of the fifth
U.S. patent covering Phexxi. - Delivered net sales of
for the second quarter of 2024, an increase of$4.2 million 69% compared to the prior year quarter. - Reduced total operating expenses to
, a$5.5 million 43% decrease compared to the prior year quarter. - Improved loss from operations
81% versus the prior year quarter to .$1.4 million - Received
from Aditxt, Inc. (Nasdaq: ADTX), including$2.0 million in May 2024 to reinstate the Merger Agreement and$1.0 million from the sale of preferred stock to Aditxt in July and August 2024. Under the recently amended and restated Merger Agreement, the companies are working to close the contemplated transaction in late 2024.$1.0 million
"Evofem continues to prove that with a disciplined and committed team we can maneuver through challenges in the market and successfully execute our strategy to expand and diversify our revenue stream. In addition to delivering strong second quarter results, we closed two transformative business development deals that will improve access to differentiated treatment options that impact women's daily lives," said Saundra Pelletier, CEO of Evofem Biosciences. "Women don't need more choices; they need better ones, and Evofem will continue to deliver on that promise."
Financial Results
For the three months ended June 30, 2024, net product sales were
Total operating expenses were
- Selling and marketing costs were essentially unchanged at
for the second quarter of each year.$2.2 million - General and administrative costs were
, a decrease of$2.3 million 54% compared to the prior year quarter. - Research and development costs were
, a decrease of$0.3 million 33% compared to the prior year quarter. - Cost of goods sold (COGS) were
, a$0.8 million 66% decrease compared to the prior year period primarily due to two items that resulted in atypically high COGS in the second quarter of 2023: i) a recorded increase in the inventory excess and obsolescence reserve, and ii) the effect of re-packaging to reflect the extended shelf life approved by the FDA in June 2022.
As a result, operating loss improved to
Net income attributable to common stockholders was
Liquidity
In May 2024, we received
At June 30, 2024, Evofem had
In July and August 2024, we raised
About Evofem Biosciences
Evofem Biosciences, Inc., is commercializing innovative products to address unmet needs in women's sexual and reproductive health. The Company's first FDA-approved product, Phexxi® (lactic acid, citric acid and potassium bitartrate), is a hormone-free, on-demand prescription contraceptive vaginal gel. It comes in a box of 12 pre-filled applicators and is applied 0-60 minutes before each act of sex.
In July 2024 Evofem broadened its commercial offering with the acquisition of 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.
In December 2023, Evofem entered into a Merger Agreement with Aditxt, Inc. (Nasdaq: ADTX) under which Aditxt intends to acquire Evofem. The parties amended and restated the Merger Agreement, as amended, in its entirety in July 2024 and are targeting to close in late 2024.
Follow us on:
LinkedIn: https://www.linkedin.com/company/evofem
Facebook: http://www.facebook.com/Evofem
X (f/k/a Twitter): https://x.com/Evofem
Phexxi® 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 including, without limitation, statements related to the Company's anticipated financial performance, expected timing to relaunch SOLOSEC, and the likelihood of success and anticipated timing to close the contemplated Aditxt transaction. You are cautioned not to place undue reliance on these forward-looking statements, which are current only as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Important factors that could cause actual results to differ materially from those discussed or implied in the forward-looking statements are disclosed in the Company's SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 27, 2024, Quarterly Report on Form 10-Q for the three months ended March 31, 2024 filed with the SEC on May 12, 2024, and any subsequent filings. All forward-looking statements are expressly qualified in their entirety by such factors. The Company does not undertake any duty to update any forward-looking statement except as required by law.
Contact
Amy Raskopf
Evofem Biosciences, Inc.
araskopf@evofem.com
(917) 673-5775
ir@evofem.com
-- Financial Tables Follow –
EVOFEM BIOSCIENCES, INC. AND SUBSIDIARIES | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited) | ||||||||
(In thousands, except par value and share data) | ||||||||
As of | ||||||||
June 30, 2024 | December 31, | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | - | $ | - | ||||
Restricted cash | 692 | 580 | ||||||
Trade accounts receivable, net | 4,617 | 5,738 | ||||||
Total current liabilities | 73,178 | 72,463 | ||||||
Total stockholders' deficit | (69,315) | (66,510) | ||||||
Total liabilities, convertible and redeemable preferred stock and stockholders' deficit | $ | 8,551 | $ | 10,554 |
EVOFEM BIOSCIENCES, INC. AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Product sales, net | $ | 4,160 | $ | 2,458 | $ | 7,763 | $ | 8,267 | ||||||||
Operating Expenses: | ||||||||||||||||
Cost of goods sold | 769 | 2,293 | 1,453 | 3,669 | ||||||||||||
Research and development | 270 | 402 | 864 | 942 | ||||||||||||
Selling and marketing | 2,243 | 2,197 | 4,588 | 6,051 | ||||||||||||
General and administrative | 2,267 | 4,902 | 5,091 | 8,520 | ||||||||||||
Total operating expenses | 5,549 | 9,794 | 11,996 | 19,182 | ||||||||||||
Loss from operations | (1,389) | (7,336) | (4,233) | (10,915) | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest income | 6 | 8 | 10 | 26 | ||||||||||||
Other income (expense), net | (558) | (1,127) | (1,174) | (1,445) | ||||||||||||
Loss on issuance of financial instruments | (25) | (27) | (3,300) | (111) | ||||||||||||
Gain on debt extinguishment | - | - | 1,120 | - | ||||||||||||
Change in fair value of financial instruments | 3,325 | (73) | 4,127 | 1,539 | ||||||||||||
Total other income (expense), net | 2,748 | (1,219) | 783 | 9 | ||||||||||||
Income (loss) before income tax | 1,359 | (8,555) | (3,450) | (10,906) | ||||||||||||
Income tax expense | (8) | (3) | (8) | (6) | ||||||||||||
Net income (loss) | 1,351 | (8,558) | (3,458) | (10,912) | ||||||||||||
Convertible preferred stock deemed dividends | (47) | - | (94) | - | ||||||||||||
Net income (loss) attributable to common stockholders | $ | 1,304 | $ | (8,558) | $ | (3,552) | $ | (10,912) | ||||||||
Net income (loss) per share attributable to common stockholders: | ||||||||||||||||
Basic | $ | 0.02 | $ | (5.43) | $ | (0.07) | $ | (6.60) | ||||||||
Diluted | $ | (0.00) | $ | (5.43) | $ | (0.07) | $ | (6.60) | ||||||||
Weighted-average shares used to compute net income (loss) per share attributable to common shareholders: | ||||||||||||||||
Basic | 66,773,313 | 1,576,158 | 48,983,853 | 1,654,026 | ||||||||||||
Diluted | 1,613,722,212 | 1,576,158 | 48,983,853 | 1,654,026 |
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SOURCE Evofem Biosciences, Inc.
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