aibioEvofem amends Adjuvant convertible note terms and payment date
Tickers EVFM
The Fourth Amendment, dated April 10, 2026, makes the notes payable in full at the earliest of three events. It bars prepayment for six months without Adjuvant's consent.
Key facts
- Company
- Evofem Biosciences, Inc. (OTC: EVFM)
- News type
- Distress
- Primary source
- Evofem Biosciences, Inc. 8-K (2026-04-16)
Evofem Biosciences, Inc. entered into a fourth amendment to its securities purchase agreement with Adjuvant Global Health Technology Fund, L.P. and Adjuvant Global Health Technology Fund DE, L.P. The amendment is effective April 10, 2026, and the company reported it in a Form 8-K dated April 16, 2026. The 8-K is signed by Saundra Pelletier, Chief Executive Officer.
The amendment
The original securities purchase agreement is dated October 14, 2020, and was amended before this fourth amendment. Under it, Adjuvant bought convertible promissory notes from the company. The fourth amendment changes the date on which the notes are payable in full to the earliest of three events: six months after the effective date, a change of control at Adjuvant's election, and any acceleration of the notes under Section 8 of the agreement.
The notes may not be prepaid before the date six months after the effective date without Adjuvant's prior written consent. The fourth amendment is filed as Exhibit 10.1 to the 8-K.
The filing does not state the principal amount of the notes, their interest rate or the amount outstanding.
The company and its background
Evofem describes itself in its annual report on Form 10-K, filed March 11, 2026, as a San Diego-based commercial-stage biopharmaceutical company focused on women's sexual and reproductive health. Its first product, PHEXX, was approved by the FDA on May 22, 2020, and is the first and only non-hormonal prescription contraceptive vaginal gel, according to the company.
The company acquired global rights to SOLOSEC in July 2024 and relaunched the brand in November 2024. Its strategy for PHEXX centers on the U.S. market, with partners handling ex-U.S. commercialization, including Pharma 1 Drug Store, LLC for the Middle East and North Africa.
The company's 10-K says Pharma 1 Drug Store, LLC licensed PHEXX and SOLOSEC in the Middle East and North Africa in July 2024 and May 2025. Pharma 1 filed for regulatory approval of PHEXX in the United Arab Emirates in June 2025 and of SOLOSEC there in September 2025, and it is expected to launch PHEXX in the UAE in 2026.
The 10-K cites National Center for Health Statistics data showing that approximately 15.9 million women in the U.S. do not want to get pregnant and will not use a hormonal contraceptive.
The 10-K says Saundra Pelletier has served as Chief Executive Officer, President and Executive Director since February 2015, and as interim Chair of the Board since November 2021.
SOLOSEC is FDA-approved for bacterial vaginosis in females 12 years of age and older and for trichomoniasis in people 12 years of age and older. The 10-K describes it as a complete course of therapy in one dose.
Financial position
Financial data tagged in the company's SEC filings show net income of $391,000 for the fiscal year ended December 31, 2025, compared with a net loss of $8.9 million for 2024. Cash from operations was negative $2.0 million for 2025 and negative $3.9 million for 2024.
Year-end cash and cash equivalents were $578,000 at the end of 2025 and $741,000 at the end of 2024.
What the filing does not say
The 8-K does not describe the reasons for the amendment or any new financing that would repay the notes. The notes now fall due in full six months after April 10, 2026, or sooner on a change of control or acceleration, and the company cannot prepay them without Adjuvant's consent. The company held $578,000 in cash at the end of 2025 and used $2.0 million in operations that year, and the filing names no source of repayment. It gives no amount owed, so the size of the problem is unknown.