10-K · March 11, 2026
Evofem is a commercial-stage women’s sexual and reproductive health company marketing PHEXX (FDA approved May 22, 2020; launched Sept 2020) and SOLOSEC (global rights acquired July 14, 2024; relaunched Nov 2024). Q4…
Earnings analysis · 10-Q
EVFM earnings analysis
Filed May 15, 2026 · Our reading of the company's report
The latest report
Evofem Biosciences reported a modest increase in revenue and demonstrated significant improvements in operating cash flow for the first quarter of 2026 compared to the same period last year. Efforts to expand the…
Read full summary
Evofem Biosciences reported a modest increase in revenue and demonstrated significant improvements in operating cash flow for the first quarter of 2026 compared to the same period last year. Efforts to expand the commercial reach of its products PHEXX and SOLOSEC are ongoing, though the company faces liquidity challenges with only $2.4 million in cash on hand.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Gross margin
- 61.5%
What stood out
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Revenue Growth
Net product sales increased to $899K, up 6% from $845K year-over-year.
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Improvement in Gross Margin
Gross margin for 2026Q1 improved to 61.5% compared to 60.3% in 2025Q1.
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Operating Cash Flow Surge
Net cash provided by operating activities rose to $2.3M, a 311% increase from $0.56M in the prior year.
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Segment Expansion Initiatives
New distribution agreement for SOLOSEC in sub-Saharan Africa adds growth potential.
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Significant Decrease in R&D Expenses
R&D expenses decreased from $5.05M in 2025Q1 to $518K in 2026Q1, a reduction of over 90%.
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Cash Position Maintained
Cash and cash equivalents totaled $2.4M, although insufficient for upcoming operational needs.
What to watch
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Liquidity Concerns
The company has a working capital deficit of $72.7M as of March 31, 2026.
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Dependence on Continuous Funding
Cash on hand is insufficient to fund operations for the next 12 months.
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Market Adoption Risks
Sales momentum for PHEXX may be impacted by decreased wholesaler purchases prior to price changes.
Management's outlook
Management anticipates revenue growth through enhanced marketing and sales strategies in 2026.
Earlier filings 4
10-Q · November 13, 2025
Evofem reported quarterly product revenue of $4,952,000 (up from $4,496,000 in Q3 2024) and produced operating income of $951,000 for the three months ended September 30, 2025, a swing from an operating loss of…
10-Q · August 14, 2025
Evofem reported Q2 product sales of $4.825M (up $0.665M, +16.0% vs. Q2 2024) and GAAP diluted loss per share of $(0.02). Gross margin expanded to ~84.3% while operating margin deteriorated to -25.9% due to $6.076M of…
10-Q · May 15, 2025
Evofem reported Q1 2025 product sales of $845,000 and turned to net income of $956,000 (basic EPS $0.01; diluted $0.00), versus a net loss of $(4,809,000) in Q1 2024. Revenue fell materially versus prior-year Q1…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.