Wed, May 15, 10:53 AM (72 days ago)
Evofem Biosciences, Inc. reported its financial results for the quarter ended March 31, 2024. The company experienced a 38% year-over-year decline in net product sales to $3.6 million, attributed to timing of price increases and operational disruptions. Cost of goods sold decreased by 50% to $0.68 million, reflecting lower sales volumes and the absence of re-packaging costs incurred in the prior year. Research and development expenses rose slightly to $0.59 million, while selling and marketing expenses dropped by 39% to $2.3 million due to reduced personnel and marketing costs. General and administrative expenses fell by 22% to $2.8 million, driven by lower facilities and professional service costs. The company reported a net loss of $4.8 million, widening from $2.4 million in the same period last year, primarily due to a $3.3 million loss on financial instruments issuance. Evofem's liquidity remains a concern with a working capital deficit of $67.3 million and cash reserves of $0.7 million, insufficient to sustain operations for the next 12 months. The company is seeking additional funding through various means, including equity issuance and partnerships.