Evofem Biosciences, Inc.
EVFM evidence brief
What we can confirm
- Market Cap:
- $1.1M
What it means
What to watch
Prepared research question
What matters most for EVFM—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · EVFM
Evofem Biosciences, Inc. (EVFM) is a women's sexual and reproductive health company commercializing two FDA-approved products, PHEXX (contraceptive gel) and SOLOSEC (oral antimicrobial for bacterial vaginosis and trichomoniasis), while facing significant financial challenges including negative shareholders' equity and reliance on additional financing to sustain operations.
Key risk: Negative equity
Market Cap
$1.1M
Cash Runway
—
Lead Asset
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Next Catalyst
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Financial data as of Jun 30, 2026.
Evofem Biosciences, Inc. (EVFM) is a women's sexual and reproductive health company commercializing two FDA-approved products, PHEXX (contraceptive gel) and SOLOSEC (oral antimicrobial for bacterial vaginosis and trichomoniasis), while facing significant financial challenges including negative shareholders' equity and reliance on additional financing to sustain operations.
- Evofem markets two FDA-approved products: PHEXX (a non-hormonal contraceptive vaginal gel) and SOLOSEC (a single-dose oral antimicrobial for bacterial vaginosis and trichomoniasis) [pipeline].
- As of 2026-06-30, the company reported total revenue of $2.6M, net income of -$11.0M, and negative shareholders' equity of -$87.5M [sec].
- The company's common stock was moved to the OTC Markets Group's OTCID tier on July 1, 2025 [sec_mda · as of 2026-08-14].
- Evofem has licensed commercial rights for PHEXX and SOLOSEC in the Middle East and North Africa (MENA) region to Pharma 1 Drug Store, LLC [pipeline].
- Management plans to meet cash flow needs over the next 12 months through product revenue, milestone payments, payable restructuring, and additional dilutive or non-dilutive funding [sec_mda · as of 2026-08-14].
What works
- Evofem has two FDA-approved products (PHEXX and SOLOSEC) already on the market, providing a revenue base and established regulatory standing [pipeline].
- The company has secured licensing partnerships for international commercialization in the MENA region, which may expand revenue streams without full internal infrastructure [pipeline].
- SOLOSEC offers a differentiated single-dose oral treatment for two common infections (BV and trichomoniasis), potentially capturing market share from existing therapies [sec_mda · as of 2026-08-14].
What to weigh
- The company has negative shareholders' equity of -$87.5M as of 2026-06-30, indicating accumulated losses exceed assets [sec].
- Evofem's financial statements are prepared on a going concern basis, but the company explicitly notes that disruptions in commercialization or supply chains could have a material adverse effect [sec_mda · as of 2026-08-14].
- The company's cash flow plans rely heavily on obtaining additional financing through stock issuance, partnerships, or business combinations, which introduces uncertainty [sec_mda · as of 2026-08-14].
- A reverse stock split (ratio between 1-for-500 and 1-for-1,500) was approved by stockholders in November 2025 but had not been effectuated as of August 2026, suggesting ongoing capital structure challenges [sec_mda · as of 2026-08-14].
From the filings
Quoted directly from source documents.
Evofem's financial statements are prepared on a going concern basis but note risks of disruption.
“The condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities, in the normal course of business, and does not include any adjustments t”
SEC MD&A · August 14, 2026
The company's common stock was moved to the OTC Markets OTCID tier on July 1, 2025.
“The Company's Common Stock was moved to and began trading on the Over-the-Counter Integrated Disclosure (OTCID), the new basic reporting market tier launched by the OTC Markets Group, at market open on July 1, 2025.”
SEC MD&A · August 14, 2026
SOLOSEC is an FDA-approved single-dose oral antimicrobial for BV and trichomoniasis.
“SOLOSEC is an FDA-approved single-dose oral antimicrobial agent that provides a complete course of therapy for the treatment of two common sexual health infections - bacterial vaginosis (BV) and trichomoniasis.”
SEC MD&A · August 14, 2026
Stockholders approved a reverse stock split in November 2025, not yet effectuated.
“On November 26, 2025, the Company's stockholders approved a reverse stock split of the Company's issued and outstanding shares of Common Stock at a ratio of between 1-for-500 and 1-for-1,500 . The Company's board of directors has not effectuated the reverse stock split as of the date of filing of this Quarterly Report.”
SEC MD&A · August 14, 2026
Risks & what to watch (4)›
Key risks
- Negative equity — Shareholders' equity of -$87.5M as of 2026-06-30 indicates severe financial distress [sec].
- Cash flow dependency — Operations rely on obtaining additional financing through stock issuance, partnerships, or business combinations [sec_mda · as of 2026-08-14].
- Commercialization disruption — Disruptions in PHEXX or SOLOSEC commercialization or supply chains could materially adversely affect business [sec_mda · as of 2026-08-14].
- Reverse stock split uncertainty — Approved reverse stock split not yet effectuated, indicating potential capital structure instability [sec_mda · as of 2026-08-14].
What to watch
- Whether Evofem can secure additional financing or strategic partnerships to fund operations over the next 12 months [sec_mda · as of 2026-08-14].
- Progress on international commercialization of PHEXX and SOLOSEC in the MENA region through the Pharma 1 partnership [pipeline].
- Any regulatory milestones under the SOLOSEC License and Supply Agreement that could trigger milestone payments [sec_mda · as of 2026-08-14].
- Effectuation of the approved reverse stock split and its impact on the company's capital structure [sec_mda · as of 2026-08-14].
Sources: Pipeline · SEC filings · SEC MD&A · Generated October 4, 2026 · How we verify sources →
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Evidence & data
Financials
Institutional Holdings
Source: SEC Form 13F · as of Jun 2020Institutional holders
1
Total value held
$14K
| Holder | Shares | Value |
|---|---|---|
| bit capital gmbh | 5,000 | $14K |
Short Interest
as of Apr 6, 2026- % of float
- 11.0%
- Days to cover
- 0.2
- Shares short
- 69,462
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
EVFM short interestGovernance
Frequently asked questions
What is the AI investment thesis for Evofem Biosciences, Inc.?
Evofem Biosciences, Inc. (EVFM) is a women's sexual and reproductive health company commercializing two FDA-approved products, PHEXX (contraceptive gel) and SOLOSEC (oral antimicrobial for bacterial vaginosis and trichomoniasis), while facing significant financial challenges including negative shareholders' equity and reliance on additional financing to sustain operations.
Who is the CEO of Evofem Biosciences, Inc.?
Ms. Saundra Pelletier is the chief executive officer of Evofem Biosciences, Inc. (EVFM).
Where is Evofem Biosciences, Inc. headquartered?
Evofem Biosciences, Inc. (EVFM) is headquartered in San Diego, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.