Evofem reports first quarter 2026 net loss of $5.5 million

Evofem Biosciences, Inc. reported financial results for the first quarter ended March 31, 2026, in a press release dated May 18, 2026. Net sales were $0.9 million for the quarter, compared with $0.8 million in the prior-year period. Net loss was $5.5 million, or $(0.04) per basic and diluted share, compared with net income attributable to common stockholders of $1.0 million, or $0.01 per basic share, in the first quarter of 2025.

The quarter

The company said the sales increase was primarily due to higher wholesale acquisition cost and a more favorable gross-to-net ratio for both PHEXX and SOLOSEC, along with higher SOLOSEC ex-factory sales. Lower PHEXX ex-factory sales partly offset the increase, after wholesalers bought an unusually high level of PHEXX in December 2025 ahead of a January 2026 price increase.

Total operating expenses were $5.5 million in the first quarter of 2026, compared with $6.1 million a year earlier. That figure excludes a one-time $5.6 million reduction in research and development expense from the settlement of a portion of the company's trade payables with multiple vendors.

The statement of operations shows product sales, net, of $899 thousand, compared with $845 thousand a year earlier. Cost of goods sold was $410 thousand, compared with $365 thousand. Selling and marketing expense was $2,093 thousand, compared with $2,600 thousand, and general and administrative expense was $2,372 thousand, compared with $2,365 thousand. Total current liabilities were $78,752 thousand at March 31, 2026, compared with $84,820 thousand at December 31, 2025.

Balance sheet and strategy

The condensed balance sheet shows cash and cash equivalents of $1,491 thousand at March 31, 2026, and restricted cash and cash equivalents of $888 thousand. Total stockholders' deficit was $(77,630) thousand at that date, compared with $(74,336) thousand at December 31, 2025.

The release refers to the company's Form 10-Q for the quarter ended March 31, 2026, which was filed with the SEC on May 15, 2026. The company's strategy centers on selling its FDA-approved products outside the United States through alliances. It has an agreement with Clovis Davis Pharmaceuticals for SOLOSEC in sub-Saharan Africa, and it said the review of PHEXX and SOLOSEC submissions by the Emirates Drug Establishment in the United Arab Emirates is ongoing. The Emirates Drug Establishment issued favorable pricing certificates for PHEXX in late 2025.

The release also describes an investigator-led, NIH-funded Phase 4 trial comparing single-dose SOLOSEC with multi-dose oral metronidazole for Trichomonas vaginalis, which is in patient recruitment.

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.

What comes next

Chief Executive Officer Saundra Pelletier said the company looks forward to non-dilutive capital from the MENA and Sub-Saharan Africa markets during 2026. That is an expectation, not a signed payment, and the release gives no amounts. Quarterly sales are under $1 million against a stockholders' deficit of $(77,630) thousand and cash of $1,491 thousand, and the net loss compares with income a year earlier that the release does not explain. The release's forward-looking statements cover the timing and magnitude of anticipated ex-U.S. commercial orders and product launches, and name the company's reliance on third-party licensees and distributors for ex-U.S. commercialization as a risk. It lists limited cash resources and the company's ability to continue as a going concern among its risk factors. The forward-looking statements also refer to the expected impact of cost of goods sold reduction initiatives.

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