SAN DIEGO, Nov. 15, 2021 /PRNewswire/ -- Evofem Biosciences,
Inc., (NASDAQ: EVFM) ("Evofem" or the "Company"), today reported
financial results for the three- and nine-month periods ended
September 30, 2021.
"We are extremely excited by the initial results of our
celebrity DTC campaign, which is driving an increase in awareness
of Phexxi among our target audience and substantial growth in
prescriptions filled," said Saundra
Pelletier, Evofem's Chief Executive Officer. "As we continue
to reach more women who have had similarly negative experiences
with hormonal contraception, it remains our priority to ensure that
all women have access to Phexxi as a non-hormonal birth control
option."
"We have achieved the goal of the first phase of our marketing
strategy, to build a strong foundation of Phexxi prescribers and
users. With the maturity of our marketing approach, we expect to
reduce operating expenses by approximately $50 million in 2022," concluded Pelletier.
Third quarter and recent highlights include:
- Launched "House Rules," our national direct-to-consumer (DTC)
campaign with celebrity spokeswoman Annie
Murphy aimed at broadening awareness and driving uptake of
our hormone-free contraceptive, Phexxi® (lactic acid,
citric acid and potassium bitartrate) vaginal gel.
- 94% increase in new prescriptions, 81% increase in total
prescriptions and 82% increase in dispensed units of Phexxi in the
six weeks after "House Rules" launched, versus the preceding six
week period.
- More than 19,000 Phexxi prescriptions were filled and more than
21,000 units were dispensed to patients during the third quarter of
2021, an increase of 48% and 44%, respectively, compared to the
second quarter of 2021.
- Over 10,000 healthcare providers have prescribed Phexxi to
date, reflecting ongoing growth in the prescriber base.
- 29% increase in ex-factory sales in the third quarter compared
to the second quarter of 2021.
- Numerous meetings held with key healthcare policy makers in
both houses of Congress, the federal Health Resources &
Services Administration (HRSA), the Department of Treasury and the
Vice President's office to educate key policymakers on the need to
update the Office of Women's Health (OWH) birth control guide.
- Submitted the registration for Femidence™ for hormone-free,
on-demand birth control to the Mexican Regulatory Agency
COFEPRIS.
- Discussions ongoing with potential global and regional partners
for commercialization of Phexxi in key international markets.
Financial Results
For the three months ended
September 30, 2021, Phexxi net
product sales were $1.7 million.
Ex-factory sales growth in the third quarter of 2021 drove a 29%
increase in gross revenues as compared to the second quarter of
2021.
Total operating expenses increased 5% to $45.1 million for the third quarter of 2021
compared to $43.0 million in the
second quarter of 2021.
- Cost of goods sold was $1.0
million, reflecting higher Phexxi ex-factory sales.
- Research and development costs were $8.7
million, a 2% increase compared to the second quarter of
2021, reflecting higher enrollment in the Phase 3 EVOGUARD trial.
This trial is funded in part by the proceeds from the Adjuvant
convertible notes issued in 2020.
- Selling and marketing costs were $30.5
million, a 12% increase compared to the second quarter of
2021 due primarily to higher media expenses related to the "House
Rules" DTC marketing campaign.
- General and administrative costs were $5.0 million, a 23% decrease compared to the
second quarter of 2021, primarily due to reductions in
payroll-related expenses, including stock-based compensation and
headcount.
As a result, loss from operations was $43.4 million for the three months ended
September 30, 2021.
Total other expense, net, was $30.7
million in the third quarter of 2021, and mainly included a
$29.5 million change in fair value as
a result of mark-to-market adjustments related to the convertible
notes issued under the April 2020
agreement and $1.2 million in
interest expense.
Net loss attributable to common stockholders was $74.1 million, or $(0.48) per share, for the quarter ended
September 30, 2021.
Cash and cash equivalents were $14.9
million at September 30, 2021.
In addition, at September 30, 2021,
$9.0 million in restricted cash from
the Adjuvant notes was available for use.
Subsequent Material Event
In October 2021, Evofem strengthened its balance
sheet with $10 million in gross
proceeds from the sale of Series B Convertible Preferred Stock to
an institutional investor.
Conference Call
As previously announced, the Evofem
management team will host a conference call to discuss its
financial results for the second quarter ended September 30, 2021 and business highlights on
Monday, November 15, 2021 at
4:30 p.m. ET (1:30 p.m. PT).
The webcast (live and archived) and related slide presentation
can be accessed through
https://evofem.investorroom.com/2021Q3Results or
https://edge.media-server.com/mmc/p/xmw874kh.
Please connect to the webcast at least 15 minutes prior to the
start of the call to download any software that may be
required.
If participating by phone, please dial in approximately 15
minutes prior to the start of the call using (866) 503-5561 (U.S.
toll-free) or (253) 336-2965, and referring to conference ID
7464495.
A telephone replay will be available for 24 hours after the call
at (855) 859-2056 (U.S.) or (404) 537-3406 (International),
conference ID 7464495.
About Evofem Biosciences, Inc.
Evofem Biosciences,
Inc., (NASDAQ: EVFM) is developing and commercializing innovative
products to address unmet needs in women's sexual and reproductive
health, including hormone-free, woman-controlled contraception and
protection from certain sexually transmitted infections (chlamydia
and gonorrhea). The Company's first FDA-approved product, Phexxi,
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. Learn more at phexxi.com and
evofem.com.
Phexxi® is a registered trademark and Femidence™
is a trademark of Evofem Biosciences.
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, evaluations and judgments related to
potential growth, momentum and trajectory, the ongoing and future
impact of the "House Rules" campaign, matters relating to the
ongoing development of EVO100, matters relating to regulatory
reform for contraceptive coverage, and expected reductions in
operating expenses. Various factors could cause actual
results to differ materially from those discussed or implied in the
forward-looking statements, and 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, or that could impair the value of Evofem Biosciences'
assets and business, are disclosed in the Company's SEC filings,
including its Annual Report on Form 10-K for the year ended
December 31, 2020 filed with the SEC
on March 4, 2021. 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.
Investor Relations
Contact
|
Media
Contact
|
Amy
Raskopf
|
Ellen
Thomas
|
Evofem Biosciences,
Inc.
|
Evofem Biosciences,
Inc.
|
araskopf@evofem.com
|
ethomas@evofem.com
|
Mobile: (917)
673-5775
|
Mobile: (718)
490-3248
|
(Tables follow)
EVOFEM
BIOSCIENCES, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEET DATA
|
(Unaudited)
|
(In
thousands)
|
|
|
September 30,
2021
|
|
December 31,
2020
|
Cash and cash
equivalents
|
$
|
14,856
|
|
|
$
|
48,892
|
|
Restricted
cash
|
9,384
|
|
|
22,559
|
|
Trade accounts
receivable, net
|
4,031
|
|
|
1,067
|
|
Total current
liabilities
|
94,687
|
|
|
77,283
|
|
Total
liabilities
|
126,254
|
|
|
108,621
|
|
Total stockholders'
equity (deficit)
|
(58,827)
|
|
|
1,347
|
|
EVOFEM
BIOSCIENCES, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited)
|
(In thousands, except
share and per share data)
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Product sales,
net
|
$
|
1,712
|
|
|
$
|
278
|
|
|
$
|
4,674
|
|
|
$
|
278
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Cost of goods
sold
|
955
|
|
|
317
|
|
|
2,300
|
|
|
317
|
|
Research and
development
|
8,701
|
|
|
4,217
|
|
|
24,470
|
|
|
11,104
|
|
Selling and
marketing
|
30,468
|
|
|
14,700
|
|
|
88,230
|
|
|
32,553
|
|
General and
administrative
|
4,957
|
|
|
7,200
|
|
|
19,057
|
|
|
24,077
|
|
Total operating
expenses
|
45,081
|
|
|
26,434
|
|
|
134,057
|
|
|
68,051
|
|
Loss from
operations
|
(43,369)
|
|
|
(26,156)
|
|
|
(129,383)
|
|
|
(67,773)
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest
income
|
3
|
|
|
21
|
|
|
14
|
|
|
152
|
|
Other
expense
|
(1,190)
|
|
|
(657)
|
|
|
(3,521)
|
|
|
(1,010)
|
|
Loss on issuance of
financial instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
(64,049)
|
|
Change in fair value
of financial instruments
|
(29,505)
|
|
|
(3,105)
|
|
|
(20,737)
|
|
|
30,971
|
|
Total other expense,
net
|
(30,692)
|
|
|
(3,741)
|
|
|
(24,244)
|
|
|
(33,936)
|
|
Loss before income
tax
|
(74,061)
|
|
|
(29,897)
|
|
|
(153,627)
|
|
|
(101,709)
|
|
Income tax
expense
|
—
|
|
|
(2)
|
|
|
(11)
|
|
|
(2)
|
|
Net loss
|
$
|
(74,061)
|
|
|
$
|
(29,899)
|
|
|
$
|
(153,638)
|
|
|
$
|
(101,711)
|
|
Net loss per share,
basic and diluted
|
$
|
(0.48)
|
|
|
$
|
(0.37)
|
|
|
$
|
(1.27)
|
|
|
$
|
(1.63)
|
|
Weighted-average
shares used to compute net loss per
share, basic and diluted
|
154,265,434
|
|
|
81,206,101
|
|
|
120,691,057
|
|
|
62,434,949
|
|
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SOURCE Evofem Biosciences, Inc.