aibioEvofem Biosciences pushes Adjuvant note maturity to December 1, 2026
Tickers EVFM
Evofem moved the maturity of convertible notes held by Adjuvant to December 1, 2026, and removed some affirmative covenants. The 8-K gives no repayment plan, and the company's year-end cash was $578,000.
Key facts
- Company
- Evofem Biosciences, Inc. (OTC: EVFM)
- News type
- Financings
- Primary source
- Evofem Biosciences, Inc. 8-K (2026-10-15)
Evofem Biosciences, Inc. (EVFM) entered a fifth amendment to its securities purchase agreement with Adjuvant Global Health Technology Fund, L.P. and Adjuvant Global Health Technology Fund DE, L.P. on October 9, 2026. The company reported it in a Form 8-K dated October 15, 2026, signed by chief executive Saundra Pelletier.
The original agreement is dated October 14, 2020. Under it, Adjuvant purchased convertible promissory notes from Evofem. A convertible note is a loan that the holder can turn into company stock instead of being repaid in cash.
What the amendment changes
The fifth amendment sets the date the notes are payable in full at the earliest of three events. The first is December 1, 2026. The second is the completion of a Change of Control, if Adjuvant elects that date. The third is any acceleration of the notes under Section 8 of the agreement.
The notes may not be prepaid before December 1, 2026 without Adjuvant's prior written consent. The amendment also removes certain affirmative covenants under Section 7.1 of the agreement. Affirmative covenants are promises a borrower makes to take specified actions while a loan is outstanding. The 8-K does not list which covenants were removed beyond that section reference, and the amendment itself is filed as Exhibit 10.1, which the 8-K does not reproduce.
Lenders and advisers
The holders of the notes are the two Adjuvant funds named above. The 8-K names no placement agent, underwriter or financial adviser for the amendment or the original notes. It also names no counsel for Evofem or for Adjuvant.
Cash and the maturity date
The company's annual report, filed March 11, 2026, reports cash and cash equivalents of $578,000 at December 31, 2025, down from $741,000 a year earlier. Cash used in operations was $2.0 million in 2025, against $3.9 million in 2024. The company reported net income of $391,000 for 2025, after a net loss of $8.9 million in 2024. The quarterly report puts cash and cash equivalents at $285,000 on June 30, 2026.
Against the December 1, 2026 maturity, the 8-K does not say how the notes will be repaid, whether by cash, by conversion or by a new financing. It does not say whether the holders have agreed to any further extension.
The business
Evofem describes itself in its annual report as a San Diego-based commercial-stage biopharmaceutical company committed to women's sexual and reproductive health. Its first commercial product, Phexxi, was approved by the FDA on May 22, 2020, for the prevention of pregnancy and launched in the United States in September 2020. The company describes Phexxi as the first and only non-hormonal prescription contraceptive vaginal gel, used by inserting it up to 60 minutes before intercourse.
The company acquired global rights to SOLOSEC on July 14, 2024 and relaunched the brand in November 2024. SOLOSEC is an FDA-approved single-dose oral antimicrobial that the company says covers a complete course of therapy for two common sexual health infections. Outside the United States, the company says its strategy is to commercialize its products through partnerships and license agreements.
What comes next
The 8-K describes no further steps. It does not say whether Evofem has discussed a refinancing, a sale or a conversion of the notes, and it does not give a schedule for any payment. The notes' December 1, 2026 date is the only dated obligation the filing sets out.